# EDGAR Filing Document

**Accession Number:** 0002046216
**File Stem:** 0001213900-25-050918
**Filing Date:** 2025-6
**Character Count:** 1436688
**Document Hash:** 715a2dd3116f327a1dc44617c953f259
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-050918.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001213900-25-050918

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beta FinTech Holdings Ltd
- **CENTRAL INDEX KEY:** 0002046216
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287759
- **FILM NUMBER:** 251021608

**BUSINESS ADDRESS:**
- **STREET 1:** RM3326, EAST BLOCK,CHINA MERCHANTS TOWER
- **STREET 2:** 168-200 CONNAUGHT ROAD CENTRAL
- **CITY:** SHEUNG WAN
- **STATE:** K3
- **ZIP:** 00000
- **BUSINESS PHONE:** 852 3590 9488

**MAIL ADDRESS:**
- **STREET 1:** RM3326, EAST BLOCK,CHINA MERCHANTS TOWER
- **STREET 2:** 168-200 CONNAUGHT ROAD CENTRAL
- **CITY:** SHEUNG WAN
- **STATE:** K3
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on June 3, 2025.

#### Registration No. 333-[•]

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

#### _________________________

#### FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933

#### _________________________

#### Beta FinTech Holdings Limited<br> 贝塔金融科技控股有限公司<br> (Exact name of registrant as specified in its charter)

#### _________________________

---

| | | |
|:---|:---|:---|
|  **Cayman Islands** | **6199** | **Not Applicable** |
|  (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification Number) |

---

**Beta FinTech Holdings Limited<br>Rm3326, East Block, China Merchants Tower<br>168-200 Connaught Road Central, Sheung Wan, Hong Kong<br>+852 3590 9488<br>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

#### Cogency Global Inc.

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

#### New York, NY 10168

#### 800-221-0102

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

#### _________________________

#### With a Copy to:

---

| | | |
|:---|:---|:---|
|  **Henry Yin, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place**<br> **Central, Hong Kong SAR**<br> **852-3923-1111** | **Xiaoqin (Sherry) Li, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Avenue**<br> **New York, NY 10154**<br> **212**-407-4000 | **Fang Liu, Esq.**<br> **VCL Law LLP**<br> **1945 Old Gallows Road, Suite 260**<br> **Vienna, VA 22182**<br> **703**-919-7285 |

---

#### _________________________
**Approximate date of commencement of proposed sale to the public:** Promptly after the effective date of this registration statement.

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

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

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

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

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

Emerging growth company ☒

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

**The 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.**

------

[**Table of Contents**](#TOC001)

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

---

| | |
|:---|:---|
|  **SUBJECT TO COMPLETION** | **PRELIMINARY PROSPECTUS DATED JUNE 3, 2025** |

---

#### 2,000,000 Ordinary Shares

#### Beta FinTech Holdings Limited<br> 贝塔金融科技控股有限公司
This is an initial public offering of the ordinary shares, $0.001 par value per share ("Ordinary Shares") of Beta FinTech Holdings Limited (the "Company," "Beta Cayman," "we," "us," or "our"). We are offering on a firm commitment basis our Ordinary Shares. Prior to this offering, there has been no public market for Ordinary Shares. We expect the initial public offering price will be in the range of $4 to $6 per Ordinary Share. We have reserved the symbol "BTFT" for purposes of listing our Ordinary Shares on the Nasdaq Capital Market and have applied to list our Ordinary Shares on the Nasdaq Capital Market. This offering is contingent upon us listing our Ordinary Shares on the Nasdaq Capital Market. There can be no assurance that we will be successful in listing our Ordinary Shares on the Nasdaq Capital Market.

**Investors purchasing shares in this offering are purchasing shares of Beta Cayman, a Cayman Islands holding company, rather than the shares of Beta Cayman's subsidiaries that mainly conduct substantive business operations in Hong Kong. Beta Cayman is not an operating company, but is rather a holding company incorporated in the Cayman Islands. Beta Cayman has no material operations of its own, and conducts substantive business operations through its subsidiaries. Our subsidiaries are controlled by Beta Cayman through equity ownership. For a description of our corporate structure, see "Our History and Structure" beginning on page 47. Investors in this offering may never directly hold any equity interests in Beta Cayman's subsidiaries.**

**Investing in Beta Cayman's Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "Risk Factors" beginning on page 13 to read about factors you should consider before buying Beta Cayman's Ordinary Shares.**

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 Ordinary Shares offered in this prospectus are shares 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 Hong Kong. Investors of our Ordinary Shares should be aware that they may never directly hold equity interests in our subsidiaries.

Neither Beta Cayman nor the Company's subsidiaries (together with Beta Cayman, the "Group" or "our Group") conduct any business in Mainland China, and our operations are only located in Hong Kong. However, the Group has customers and vendors from Mainland China, and in light of the PRC government's recent expansion of authority in Hong Kong, we may be subject to uncertainty about any future actions of the PRC government or authorities in Hong Kong, and it is possible that all the legal and operational risks associated with being based in and having operations in Mainland China may also apply to operations in Hong Kong in the future. There is no assurance that there will not be any changes in the economic, political and legal environment in Hong Kong. The PRC government may intervene or influence our current and future operations in Hong Kong at any time, or may exert more control over offerings conducted overseas and/or foreign investment in issuers like Beta Cayman. Such governmental actions, if and when they occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could result in a material change in our operations and/or the value of our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could significantly limit or completely hinder our ability to continue our Group's operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may cause the value of our Ordinary Shares to significantly decline or be worthless.

------

[**Table of Contents**](#TOC001)

We are aware that recently, the PRC government has initiated a series of regulatory actions and new policies to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a variable interest entity ("VIE") structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Our Company holds equity interests in its subsidiaries in Hong Kong, British Virgin Islands and USA, and does not operate its business through VIE. However, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any. It is also highly uncertain what the potential impact such modified or new laws and regulations will have on the Company's subsidiaries' daily business operations, its ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges. These actions could result in a material change in our Group's operations and could significantly limit or completely hinder our ability to complete this Offering or cause the value of our Ordinary Shares to significantly decline or become worthless.

On February 17, 2023, the China Securities Regulatory Commission (the "CSRC") released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No. 1 to No. 5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures and, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. The Company understands that as of the date of this prospectus, the Group has no operations in Mainland China and is not required to complete filing procedures with the CSRC pursuant to the requirements of the Trial Measures. While the Group has no current operations in Mainland China, should our Group have any future operations in Mainland China through any subsidiaries in the PRC, and should our Group (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require our Group to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the Cyberspace Administration of China (the "CAC") or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our operations in Mainland China, as well as limit our ability to pay dividends outside of Mainland China, limit our operations in Mainland China, delay or restrict the repatriation of the proceeds from this offering into Mainland China or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in Mainland China entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of our Ordinary Shares. In addition, if the CSRC, the CAC or other PRC regulatory agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in Mainland China and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

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

------

[**Table of Contents**](#TOC001)

As advised by our PRC counsel, AllBright Law Offices (Fuzhou), as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities, including the CSRC or the CAC, before listing in the U.S. and to issue our Ordinary Shares to foreign investors, none of the PRC laws and regulations apply to the Group's business, regardless of whether directly or indirectly via counterparties or other third parties, none of the Group's previous, current and planned operations with PRC companies subject it to PRC laws and regulations, and the Group is not regulated by any regulator in Mainland China, because (i) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China; (ii) we and our subsidiaries do not have any operations in Mainland China (although the Group has customers and vendors from Mainland China); (iii) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (iv) we are headquartered in Hong Kong with our officers and all members of the board of directors based in Hong Kong and all of our revenues and profits are generated by our subsidiaries in Hong Kong and BVI and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in ours audited consolidated financial statements for the same period; (v) although Beta International Securities Limited ("Beta HK") may collect and store certain data (including certain personal information) from its clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and Beta HK will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, and the regulations in China regarding illegal collection and use of personal information through mobile applications do not apply to the Group, given that: (a) as of date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than ten thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (b) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data Beta HK has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, Beta HK has not been informed by any PRC governmental authority of being classified as an "Operator" or a "data processor" that is subject to CAC cybersecurity review or a CSRC review; and (vi) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

We also understand that Beta Cayman and its subsidiaries are not required to obtain any permissions or approvals from any PRC authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Group or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in Mainland China could change rapidly in the future. In the event that (i) the PRC government expands the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and our Group is required to obtain such permissions or approvals; or (ii) our Group inadvertently concluded that relevant permissions or approvals were not required or that our Group did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our Group's operations in Hong Kong and our Group's ability to offer or continue to offer our Ordinary Shares to investors and could cause the value of such securities to significantly decline or become worthless.

Furthermore, as more stringent criteria, including the Holding Foreign Companies Accountable Act (the "HFCAA") have recently been imposed by the SEC and the Public Company Accounting Oversight Board (the "PCAOB"), our Ordinary Shares may be prohibited from trading if our auditor cannot be fully inspected. On December 23, 2022, the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA") was enacted, which amended the HFCAA 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 consecutive years.

On December 16, 2021, the PCAOB issued a report on its determination that the PCAOB is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in the PRC, because of positions taken by PRC authorities in those jurisdictions (the "Determination"). The PCAOB made these determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA.

On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, consistent with the HFCAA and the PCAOB will

------

[**Table of Contents**](#TOC001)

be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in Mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB will consider the need to issue a new determination. Notwithstanding the foregoing, in the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such lack of inspection could cause our securities to be delisted from the stock exchange.

On December 29, 2022, legislation titled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to the AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuing pursuing ongoing investigations and may initiate new investigations as needed. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — *Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to* inspect *or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022 the AHFCAA was enacted which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus, reducing the time before the securities may be prohibited from trading or delisted.*" We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to our Group. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected.

Our auditor, WWC, P.C., the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess WWC, P.C.'s compliance with applicable professional standards. WWC, P.C. is headquartered in San Mateo, California with no branches or offices outside the United States and has been inspected by the PCAOB on a regular basis, with the last inspection in November 2021.

As a holding company, Beta Cayman may rely on dividends and other distributions on equity paid by its subsidiaries for its cash and financing requirements. Beta Cayman has the power and capacity under the laws of the Cayman Islands and its memorandum and articles of association (as amended from time to time) to provide funding to its subsidiaries incorporated in Hong Kong through loans or capital contributions. Beta Cayman's subsidiaries are permitted under the laws of their jurisdictions to provide funding to Beta Cayman through dividend distributions. If any of Beta Cayman's subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to Beta Cayman. As of the date of this prospectus, the Company's subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other; nor do they maintain cash management policies or procedures dictating the amount of such funding or how funds are transferred. There can be no assurance that the PRC government will not intervene or impose restrictions to prevent the cash maintained in Hong Kong from being transferred out or restrict the deployment of the cash into our business or for the payment of dividends. During the years ended June 30, 2023 and 2024, Beta Cayman did not declare or pay any dividends or distributions and there were no transfer of assets among Beta Cayman and its subsidiaries. We do not have any current intentions to distribute further earnings. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from the Company's subsidiaries by way of dividend payments. See "Dividend Policy" for further details.

------

[**Table of Contents**](#TOC001)

We are both an "emerging growth company" and a "foreign private issuer" as defined under the U.S. federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for this and future filings. See "Prospectus Summary — Implications of Our Being an 'Emerging Growth Company' and a 'Foreign Private Issuer'."

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(4)</sup>** |
|  Initial public offering price<sup>(1)</sup> | $[•] | $[•] |
|  Underwriting discounts and commissions (7%) for sales to investors introduced by the underwriter<sup>(</sup><sup>2</sup><sup>)</sup> | $[•] | $[•] |
|  Proceeds, before expenses, to us<sup>(</sup><sup>3</sup><sup>)</sup> | $[•] | $[•] |

---

____________

(1) Determined based on the proposed minimum offering price per share.

(2) We have agreed to pay the underwriters a fee equal to 7% of the gross proceeds of the offering from investors introduced by the underwriters. The calculation above is based on the assumption that all shares sold in this offering were to investors introduced by the underwriters. Proceeds to the Company will be higher if any shares sold in this offering were to investors introduced by us. See "Underwriting" for additional disclosure regarding underwriting compensation payable by us.

(3) The total estimated expenses related to this offering are set forth in the section entitled "Underwriting — Discounts and Expenses."

(4) Assumes that the underwriters do not exercise any portion of their over-allotment option.

The underwriters are selling 2,000,000 Ordinary Shares (or 2,300,000 Ordinary Shares if the underwriters exercise their over-allotment option in full) in this offering on a firm commitment basis.

An underwriting discount or spread equal to seven percent (7%) of the offering price. The Registration Statement of which this prospectus is a part also covers the Ordinary Shares issuable upon the exercise thereof. For additional information regarding our arrangement with the underwriters, please see "Underwriting" beginning on page 131.

We have granted the underwriters an option, exercisable for 45 days following the effective date of this prospectus, to purchase up to an additional fifteen percent (15%) of the Ordinary Shares offered in this offering on the same terms to cover over-allotments.

The underwriters expect to deliver the Ordinary Shares against payment in U.S. dollars to purchasers on or about [•], 2025.

**Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

**Cathay Securities, Inc.**

Prospectus dated [•], 2025

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T99600) | 1 |
|  [RISK FACTORS](#T99601) | 13 |
|  [DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS](#T99602) | 38 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T99603) | 40 |
|  [USE OF PROCEEDS](#T99604) | 42 |
|  [DIVIDEND POLICY](#T99605) | 43 |
|  [CAPITALIZATION](#T99606) | 44 |
|  [DILUTION](#T99607) | 45 |
|  [OUR HISTORY AND STRUCTURE](#T99608) | 47 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99609) | 49 |
|  [INDUSTRY](#T99610) | 77 |
|  [OUR BUSINESS](#T99611) | 85 |
|  [REGULATIONS](#T99612) | 100 |
|  [MANAGEMENT](#T99613) | 110 |
|  [EXECUTIVE COMPENSATION](#T99614) | 112 |
|  [PRINCIPAL SHAREHOLDERS](#T99615) | 113 |
|  [RELATED PARTY TRANSACTIONS](#T99616) | 114 |
|  [DESCRIPTION OF SHARE CAPITAL](#T99617) | 115 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T99618) | 123 |
|  [TAXATION](#T99619) | 125 |
|  [UNDERWRITING](#T99620) | 131 |
|  [LEGAL MATTERS](#T99621) | 136 |
|  [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#T99622) | 136 |
|  [EXPERTS](#T99623) | 136 |
|  [INTEREST OF NAMED EXPERTS AND COUNSEL](#T99624) | 136 |
|  [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#T99625) | 136 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T99626) | 137 |
|  [INDEX TO FINANCIAL STATEMENTS](#T99627) | F-1 |

---

i

[**Table of Contents**](#TOC001)

#### About this Prospectus
We and the underwriters have not authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by us or on our behalf or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the Shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. For the avoidance of doubt, no offer or invitation to subscribe for Ordinary Shares is made to the public in the Cayman Islands. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations, and prospects may have changed since that date.

Unless otherwise indicated, information contained or incorporated by reference in this prospectus concerning our industry, including our general expectations and market opportunity, is based on information from our own management estimates and research, as well as from industry and general publications and research, surveys and studies conducted by third parties. Management estimates are derived from publicly available information, our knowledge of our industry and assumptions based on such information and knowledge, which we believe to be reasonable. In addition, assumptions and estimates of our and our industry's future performance are necessarily uncertain due to a variety of factors, including those described in "Risk Factors" beginning on page 13 of this prospectus. These and other factors could cause our future performance to differ materially from our assumptions and estimates.

For investors outside the United States: We have not done anything that would permit the offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities described herein and the distribution of this prospectus outside the United States.

**Our financial statements are prepared and presented in accordance with U.S. GAAP. Our historical results do not necessarily indicate our expected results for any future periods.**

ii

[**Table of Contents**](#TOC001)

#### Conventions that Apply to this Prospectus
Unless otherwise indicated or the context requires otherwise, references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ascent BVI" means Ascent Capital Management Investment Limited, a company incorporated in the British Virgin Islands, and a direct wholly-owned subsidiary of our Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beta HK" means Beta International Securities Limited (貝塔國際證券有限公司), a company incorporated in Hong Kong on October 19, 1990, and an indirect wholly-owned subsidiary of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beta BVI" means Beta Capital International Holdings Limited (贝塔资本国际控股有限公司), a company incorporated in the British Virgin Islands, and a direct wholly-owned subsidiary of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beta Hengrui" means Beta Hengrui Capital Limited (贝塔衡睿资本有限公司), a company incorporated in the British Virgin Islands, and an indirect wholly-owned subsidiary of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Beta US" means Beta International (USA) Corp., a company incorporated in Delaware, and an indirect wholly-owned subsidiary of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company," "Beta Cayman," "our Company," "we," "us," or "our" means Beta FinTech Holdings Limited (贝塔金融科技控股有限公司), incorporated in Cayman Islands with limited liability on August 20, 2024 as an investment holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Group," "our Group," means our Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HK$," "Hong Kong dollars" or "HKD" means the legal currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China for the purposes of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" means the ordinary shares of the Company, par value $0.001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC" or "China" means the People's Republic of China including Hong Kong and Macau and, excluding, for the purpose of this prospectus, Taiwan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC authorities," "PRC government" or "PRC regulatory agencies" means the authorities, government or regulatory agencies of Mainland China for the purpose of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC laws" or "PRC laws and regulations" means the laws and regulations of Mainland China for the purpose of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC legal and regulating system" means the legal and regulating system of Mainland China for the purpose of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC policies" are to the policies of Mainland China for the purpose of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PRC securities laws" means the securities laws of Mainland China for the purpose of this prospectus only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" or "Securities and Exchange Commission" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SFC" means the Securities and Future Commission of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" means the U.S. Securities Act of 1933, as amended, supplemented or modified from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$," "$," "U.S. dollars" or "USD" means United States dollar(s), the lawful currency of the U.S.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S." or "United States" means the United States of America.

iii

[**Table of Contents**](#TOC001)

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

Our Group's business is mainly conducted in Hong Kong through our Hong Kong subsidiary, Beta HK, using Hong Kong dollars, the currency of Hong Kong. We also conduct limited business through our BVI subsidiary, Beta BVI, using U.S. dollars, the currency of the United States. 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 Hong Kong dollars 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).

iv

[**Table of Contents**](#TOC001)

#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Ordinary Shares, discussed under "Risk Factors" before deciding whether to buy our Ordinary Shares. This prospectus contains certain estimates and information from an industry report commissioned by us and prepared by Frost & Sullivan ("Sullivan" and the report, the "Sullivan Report"), an independent market research firm, regarding our industries.* 

#### Overview
We, through the operating subsidiaries (mainly Beta HK for the last two fiscal years), are a Hong Kong-based financial services provider.

The service offerings of Beta HK comprises of the following: (i) placing services, (ii) securities dealing and brokerage services, (iii) margin loans and IPO financings, and (iv) underwriting services for U.S. dollar-denominated municipal bonds of PRC companies. Additionally, we provide financial advisory services mostly through Beta BVI.

<u><u>Our Competitive Strengths</u></u>

Our management team, composed of seasoned professionals with extensive experience in Hong Kong's financial services industry, excels in business strategy, compliance, financial oversight, and operations management. The core team, also major shareholders, has five years of IPO placing experience and has successfully placed four IPOs on HKEX in the past fiscal year. We have seen significant growth in our online brokerage services, resulting in increased trade volume and customer accounts. Rising financial literacy and investable assets in Hong Kong have fueled demand for access to major stock markets like the U.S. and HKEX. Our main customers are young, affluent, and highly engaged, with strong potential for personal wealth growth. Effective customer acquisition strategies have led to high retention and engagement rates. Beta INT Securities, the mobile app we use, supported by industry-leading vendors and advanced technology, ensures low latency, high security, and comprehensive market information, enhancing the trading experience. The app's user-friendly design makes it accessible and easy to use. We also offer reasonable fees to build long-term relationships and trust with clients, reinforcing its brand image.

<u><u>Our Strategies</u></u>

We aim to become the leading financial services provider by leveraging our strengths and pursuing several growth strategies. We plan to expand our securities dealing and brokerage market presence to the U.S., where customer demand has surged, with nearly half of brokerage commission income already derived from trades of securities listed on U.S. stock markets. To support this, we have established a U.S. subsidiary, Beta US, with the goal to develop investment banking and broker-dealer services. Additionally, Beta HK intends to broaden its margin loans and IPO financing services, which have seen increased demand since January 2024, by enhancing capital resources and complying with regulatory guidelines. Strengthening placing services in Hong Kong is another focus, with efforts to capitalize on market growth, expand industry networks, and recruit experienced staff. Furthermore, we are developing underwriting services for U.S. dollar-denominated municipal bonds issued by PRC companies, targeting investments in a volatile market with rising interest rates. We are also considering other potential lines of business, and have incorporated Beta Hengrui as our vehicle for such future purposes. By implementing these strategies, we aim to respond to market demands, expand our client base, and drive revenue growth, positioning itself as a leading financial services provider.

<u><u>Corporate Information</u></u>

Our principal executive offices are located at 3326, China Merchants Tower, Shun Tak Centre, Central, Hong Kong, and our phone number is +852 3590 9488. We maintain a corporate website at [ ]. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

[**Table of Contents**](#TOC001)

#### Corporate Structure
The following diagrams illustrate our corporate structure, including our subsidiaries and consolidated affiliated entities, as of the date of this prospectus and immediately upon the completion of this offering, based on a proposed number of 2,000,000 Ordinary Shares being offered, assuming no exercise of the underwriters' over-allotment option. For more details on our corporate history, please refer to "Our History and Structure."

![](tflowchart_003.jpg)

#### Transfers of Cash to and From Our Subsidiaries
As part of our cash management policies and procedures, our management monitors the cash position of the Company's subsidiaries regularly and prepares budgets on a monthly basis to ensure they have the necessary funds to fulfill their obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need

[**Table of Contents**](#TOC001)

for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our Board. Other than as discussed above, we did not adopt or maintain any cash management policies or procedures as of the date of this prospectus.

Cash is transferred through our organization in the following manner: (i) funds are transferred to the Company's subsidiaries from Beta Cayman as needed in the form of capital contributions or shareholder loans, as the case may be; and (ii) dividends or other distributions may be paid by the Company's subsidiaries to Beta Cayman.

Beta Cayman has the power and capacity under the laws of the Cayman Islands to provide funding to our subsidiaries in other jurisdictions subject to certain restrictions laid down in the Companies Act (Revised) and memorandum and articles of association of Beta Cayman. Under the Companies Act (Revised), a Cayman Islands company may make a dividend distribution to its shareholders if the directors are satisfied, on reasonable grounds, that such Cayman Islands company will, immediately after the distribution, satisfy the solvency test, meaning that the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

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

As we are a holding company, our ability to make dividend payments, if any, would be contingent upon our receipt of funds from our subsidiaries. As of the date of this prospectus, our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other. Other than the above, we did not adopt or maintain any cash management policies and procedures dictating the amount of such funding or how funds are transferred and our subsidiaries have not experienced any difficulties or limitations on their ability to transfer cash between each other, to distribute earnings from our subsidiaries to Beta Cayman and to settle amounts owed under any applicable agreements as of the date of this prospectus.

Since incorporation, Beta Cayman has not declared or paid any dividends or distributions and there has been no transfer of assets among Beta Cayman and its subsidiaries.

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

See "Dividend Policy" for more information.

#### Summary of Risk Factors
Investing in our Ordinary Shares involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our Ordinary Shares. Below please find a summary of the principal risks we face, organized under relevant headings. These risks are discussed more fully in the section titled "Risk Factors."

#### Risks Related to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The software and technology solutions used for our online application, Beta INT Securities, is provided by and maintained by a third party, and the smooth operation of our business is dependent on the uninterrupted operation of such software and technology solutions. Any disruption of the operations of the software and technology solutions, whether arising out of errors or negligence of such third party or otherwise, may adversely and materially affect our business.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is difficult to predict how the PRC government may implement policy changes on the municipal bonds market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our IPO placing services in Hong Kong are highly sensitive to economic circumstances, and a weak economy may adversely and materially impact this part of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fail to obtain and maintain licenses and permits necessary to conduct our operations in Hong Kong, and our business may be materially and adversely affected as a result of any changes in the laws and regulations governing the financial services industry in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our reputation and brand recognition is crucial to our business. Any harm to our reputation or failure to enhance our brand recognition may materially and adversely affect our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in labor costs in the Hong Kong may adversely affect our business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our existing insurance may not sufficiently cover the risks related to our business operation.

#### Risks Relating to Doing Business in Hong Kong
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations are mainly in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain. (See page 19 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the PRC 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. (See page 20 of this prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the AHFCAA was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted.

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

#### Risks Related to Our Corporate Structure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our major shareholders have substantial influence over our Company and his interests may not be aligned with the interests of our other shareholders.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although as a foreign private issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the Nasdaq Capital Market, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the United States courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies.

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

#### Risks Related to Our Securities and This Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our Ordinary Shares prior to this offering, and if an active trading market does not develop you may not be able to resell our Ordinary Shares at or above the price you paid, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial public offering price for our Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will experience immediate and substantial dilution in the net tangible book value of Ordinary Shares purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial future sales of our Ordinary Shares or the anticipation of future sales of our Ordinary Shares in the public market could cause the price of our Ordinary Shares to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to pay dividends for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish research or reports about our business, or if the publish a negative report regarding our Ordinary Shares, the price of our Ordinary Shares and trading volume could decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price for our Ordinary Shares may be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility in our Ordinary Shares price may subject us to securities litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the Nasdaq Capital Market, although we exempt from certain corporate governance standards applicable to US issuers as a foreign private issuer, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.

#### HOLDING FOREIGN COMPANIES ACCOUNTABLE ACT (the "HFCAA")
The HFCAA was enacted on December 18, 2020. The HFCAA states that 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 the company's shares from being traded on a national securities exchange or in the over-the-counter trading market in the United States.

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

[**Table of Contents**](#TOC001)

On June 22, 2021, the U.S. Senate passed the AHFCAA, which was enacted on December 23, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years and thus, reducing the time before the securities may be prohibited from trading or delisted. On December 29, 2022, legislation titled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions ("Commission-Identified Issuers"). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the public accounting firm's foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a "foreign issuer," as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCAA. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.

Our auditor, WWC, P.C., the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with applicable professional standards. WWC, P.C. is headquartered in San Mateo, California and has been inspected by the PCAOB on a regular basis, with the last inspection in November 2021. As of the date of this prospectus, our auditor is not subject to and not affected by the PCAOB's December 2021 Determination Report.

On December 16, 2021, the PCAOB issued a report on its determinations ("Determination Report") that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor is headquartered in San Mateo, California and did not appear as part of the report and was not listed under its appendix A or appendix B. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the PCAOB determinations.

On August 26, 2022, the PCAOB signed a Statement of Protocol (the "SOP") Agreement with the CSRC and China's MOF. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreements"), establish a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in Mainland China and Hong Kong, as required under U.S. law. Under the SOP Agreements the PCAOB shall have independent discretion to select any firms for inspection or investigation and has the unfettered ability to retain any information as needed.

On December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, and voted to vacate the Determination Report. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuing pursuing ongoing investigations and may initiate new investigations as needed. However, if the PCAOB is unable to inspect or investigate completely the Company's auditor because of a position taken by an authority in a foreign jurisdiction, or the PCAOB re-evaluates its determination as a result of any obstruction with the implementation of the SOP, then such lack of inspection or re-evaluation could cause trading in the Company's securities to be prohibited

[**Table of Contents**](#TOC001)

under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. Accordingly, the HFCAA calls for additional and more stringent criteria to be applied to emerging market companies upon assessing the qualification of their auditors, especially the non-U.S. auditors who are not inspected by the PCAOB. These developments could add uncertainties to the Company's offering. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — *Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the AHFCAA was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our securities may be prohibited from trading or delisted.*"

We cannot assure you whether Nasdaq or other regulatory authorities will apply additional or more stringent criteria to us. Such uncertainty could cause the market price of our Ordinary Shares to be materially and adversely affected.

#### REGULATORY APPROVAL OF THE PRC

#### Permission Required from Hong Kong and PRC Authorities
As advised by our Hong Kong counsel, Han Kun Law Offices LLP ("Han Kun"), based on their understanding of the current Hong Kong laws, as of the date of this prospectus, neither we nor our subsidiaries in Hong Kong are required to obtain any permission or approval from the Hong Kong authorities to issue our Ordinary Shares to foreign investors. We are also not required to obtain permissions or approvals from any PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including the CSRC or the CAC.

As advised by our PRC counsel, AllBright Law Offices (Fuzhou) since the Company and its subsidiaries currently have no operations in the Mainland China, as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities, including the CSRC or the CAC, before listing in the U.S. and to issue our Ordinary Shares to foreign investors, none of the PRC laws and regulations apply to the Group's business, regardless of whether directly or indirectly via counterparties or other third parties, none of the Group's previous, current and planned operations with PRC companies subject it to PRC laws and regulations, and the Group is not regulated by any regulator in Mainland China, because (i) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China; (ii) we and our subsidiaries do not have any operations in Mainland China; (iii) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (iv) we are headquartered in Hong Kong with our officers and all members of the board of directors based in Hong Kong and all of our revenues and profits are generated by our subsidiaries in Hong Kong and BVI and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in ours audited consolidated financial statements for the same period; (v) although Beta HK may collect and store certain data (including certain personal information) from its clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and Beta HK will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, given that: (a) as of date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than ten thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (b) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data Beta HK has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, Beta HK has not been informed by any PRC governmental authority of being classified as an "Operator" or a "data processor" that is subject to CAC cybersecurity review or a CSRC review; and (vi) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

[**Table of Contents**](#TOC001)

We also understand that the Company's subsidiaries are not required to obtain any permissions or approvals from any PRC authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authority. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

In the event that (i) the PRC government expanded the categories of industries and companies whose foreign securities offerings are subject to review by the CSRC or the CAC and that we are required to obtain such permissions or approvals; or (ii) we inadvertently concluded that relevant permissions or approvals were not required or that we did not receive or maintain relevant permissions or approvals required, any action taken by the PRC government could significantly limit or completely hinder our operations in Hong Kong and our ability to offer or continue to offer Ordinary Shares to investors and could cause the value of our Ordinary Shares to significantly decline or become worthless. See "Risk Factors — Risks Relating to Doing Business in Hong Kong — *If the PRC government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in 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*."

#### RECENT REGULATORY DEVELOPMENT IN MAINLAND CHINA
We are aware that, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in Mainland China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over Mainland China-based companies listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.

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 July 10, 2021, the CAC issued a revised draft of the Cybersecurity Review Measures ("Revised Draft"), which required that, among others, in addition to Critical Information Infrastructure Operator ("CIIO"), any Data Processing Operator ("DPO") controlling personal information of no less than one million users that seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further listed the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or 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. Based on a set of Q&As published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Pursuant to the Regulations on Network Data Security Management promulgated by the CAC on August 30, 2024 and expected to be effective on January 1, 2025, where network data handlers carry out network data processing activities that affect or may affect national security, they shall undergo a national security review in accordance with relevant national regulations. Where it is necessary to provide important data generated or collected by a network data handler during its operation within the territory of the PRC to overseas parties, such provision shall pass the security assessment for data cross-border transmission organized by the state cyberspace administration. A network data handler should identify and declare important data according to relevant state laws, but if such data that has not been identified or publicly announced by the relevant regions or departments as "important data," no security assessment is required for the cross-border transmission of such data.

[**Table of Contents**](#TOC001)

Given the nature of the Company's subsidiaries' business, we believe this risk is not significant. Our subsidiaries are neither CIIOs nor DPOs as defined in the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on the Company's subsidiaries' business, operations or this offering as we do not believe that the Company's subsidiaries are deemed to be operators of critical information infrastructure or data processors controlling personal information of no less than one million users, that are required to file for cybersecurity review before listing in the U.S. since (i) only Beta HK is incorporated and operating in Hong Kong and the Revised Review Measures remain unclear whether they shall be applicable to a Hong Kong company; (ii) our subsidiaries operate without any subsidiary nor VIE structure in Mainland China; (iii) as of the date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than ten thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; and (iv) as of the date of this prospectus, the Company's subsidiaries have not been informed by any PRC governmental authority of any requirement that they file for a cybersecurity review. Therefore, we believe that the Company's subsidiaries are not covered by the permission and requirements from the CSRC or the CAC.

Nevertheless, since these statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated. If the Revised Review Measures are adopted into law in the future and if any of the Company's subsidiaries is deemed an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, the listing of our Ordinary Shares on U.S. exchanges could be subject to CAC's cybersecurity review. If we become subject to the CAC or any other governmental agency, we cannot assure you that we will be able to list our Ordinary Shares on U.S. exchanges, or continue to offer securities to investors, which would materially affect the interest of the investors and cause significantly depreciation of the price of our Ordinary Shares or render them worthless.

#### Recent PCAOB Developments
Under the AHFCAA, which amended the HFCAA, our Ordinary Shares may be prohibited from being traded on a national exchange if the PCAOB is unable to inspect our auditors for two consecutive years beginning in 2021. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.

Our auditor, WWC, P.C., the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. Our auditor has been inspected by the PCAOB on a regular basis with the last inspection in November 2021. As of the date of this prospectus, our auditor is not subject to and not affected by the PCAOB's December 2021 Determination Report.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor is headquartered in San Mateo, California, and did not appear as part of the report and was not listed under its appendix A or appendix B.

On August 26, 2022, the CSRC, the MOF, and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, consistent with the HFCAA, and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong.

[**Table of Contents**](#TOC001)

On December 23, 2022, the AHFCAA was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly.

On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision to the AHFCAA and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years.

The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuing pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China in 2023 and beyond, or if we fail to, among others, meet the PCAOB's requirements, including retaining a registered public accounting firm that the PCAOB determines it is able to inspect and investigate completely, we will be identified as a "Commission-identified Issuer," and upon the expiration of the applicable years of non-inspection under the HFCAA and relevant regulations, the Ordinary Shares will be delisted and will not be permitted for trading over the counter. Such a delisting or prohibition would substantially impair your ability to sell or purchase the Ordinary Shares, and the risk and uncertainty associated with delisting would have a negative impact on the price of the Ordinary Shares. Moreover, the HFCAA or other efforts to increase U.S. regulatory access to audit information could cause investor uncertainty for affected issuers, including us, and the market price of the Ordinary Shares could be adversely affected. Such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.

#### Impact of COVID-19
The COVID-19 outbreak has adversely affected (and a significant outbreak of other infectious diseases could result in an additional widespread health crisis that could adversely affect) the economies and financial markets worldwide, and the business of the Company could be materially and adversely affected by the COVID-19 outbreak and any such other outbreak. Furthermore, our business may be adversely affected if continued concerns relating to COVID-19 continue to restrict travel, or result in the Company's personnel, vendors and services providers being unavailable to pursue their business objectives free of COVID-19 related restrictions. The extent to which COVID-19 impacts our business in the future will depend on future developments, which are highly uncertain and cannot be predicted, including for example new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact. If the disruptions posed by COVID-19 or other matters of global concern continue for an extended period of time, our ability to pursue our business objectives may be materially adversely affected. In addition, our ability to raise equity and debt financing which may be adversely impacted by COVID-19 and other events, including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all.

#### Implications of Our Being an "Emerging Growth Company" and a "Foreign Private Issuer"
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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";

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to obtain an attestation and report from our independent registered accounting firm on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• will not be required to conduct an evaluation of our internal control over financial reporting for two years.

We intend to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act, or such earlier time that we no longer meet the definition of an emerging growth company.

We will remain an emerging growth company until the earliest of: (i) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (ii) the last day of the fiscal year during which the fifth anniversary of the date of this offering occurs; (iii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which would occur if the market value of our Ordinal Shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter; or (iv) the date on which we have issued more than $1.00 billion in non-convertible debt securities during any three-year period.

Upon completion of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specific information, or current reports on Form 8-K, upon the occurrence of specified significant events.

Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer.

[**Table of Contents**](#TOC001)

#### THE OFFERING

---

| | |
|:---|:---|
|  **Securities offered by us** | 2,000,000 Ordinary Shares |
|  **Over-allotment option** | We have granted the underwriters an option, exercisable for 45 days from the Effective Date, to purchase up to an aggregate of 300,000 additional Ordinary Shares at the initial public offering price, less underwriting discounts. |
|  **Price per share** | We currently estimate that the initial public offering price will be in the range of $4 to $6 per share. |
|  **Ordinary Shares outstanding prior to completion of this offering** | <br>18,000,000 Ordinary Shares<br> See "Description of Share Capital" for more information. |
|  **Ordinary Shares outstanding immediately after this offering** | <br>20,000,000 Ordinary Shares assuming no exercise of the underwriters' over-allotment option.<br> 20,300,000 Ordinary Shares assuming full exercise of the underwriters' over-allotment option. |
|  **Listing** | We have applied to have our Ordinary Shares listed on the Nasdaq Capital Market. |
|  **Proposed Ticker symbol** | "BTFT" |
|  **Transfer Agent** | Transhare |
|  **Use of proceeds** | We intend to use the proceeds from this offering to the updating and improvement of our current product offerings; the applications for brokerage licenses to be made to the relevant regulators in the United States and certain Southeast Asian countries; and operating purposes. See "Use of Proceeds" on page 42 for more information. |
|  **Lock-up** | All of our directors and officers have agreed, subject to certain exceptions, not to sell, transfer, or dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for our Ordinary Shares for a period of 180 days after the date of this prospectus. See "Ordinary Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  **Risk factors** | The Ordinary Shares offered hereby involve a high degree of risk. You should read "Risk Factors" beginning on page 13 for a discussion of factors to consider before deciding to invest in our Ordinary Shares. |

---

[**Table of Contents**](#TOC001)

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

#### Risks Related to Our Business
***The software and technology solutions used for our online application, Beta INT Securities, is provided by and maintained by a third party, and the smooth operation of our business is dependent on the uninterrupted operation of such software and technology solutions. Any disruption of the operations of the software and technology solutions, whether arising out of errors or negligence of such third party or otherwise, may adversely and materially affect our business.***

A key component of our online trading application, Beta INT Securities, is dependent on software and technology solutions provided by third parties, and in the event that such software and technology solutions are disrupted, our business could be adversely and materially affected. For instance, if our third-party provider experiences technical difficulties or fails to maintain the system properly, our customers might face difficulties accessing our services, which could result in delays, loss of customer trust, and potential financial losses. Additionally, any security vulnerabilities or breaches could compromise sensitive customer data, leading to legal liabilities and further damaging our reputation.

#### Uncertainty with respect to the PRC legal system could affect our potential PRC clients and as a result, our business could be adversely affected.
As almost all of our clients in the placing business and municipal bonds underwriting business are conducted, and a majority of their assets are located, in the PRC, these clients' operations are governed principally by PRC laws and regulations. The PRC legal system is based on written statutes while prior court decisions can only be cited as reference. Since 1979, the PRC Government has promulgated laws and regulations in relation to economic matters such as foreign investment, corporate organization and governance, commerce, taxation, foreign exchange and trade, with a view to developing a comprehensive system of commercial law. However, China has not developed a fully integrated legal system and recently enacted laws and regulations that may not sufficiently cover all aspects of economic activities in the PRC.

In particular, because these laws and regulations are relatively new, and because of the limited volume of published decisions and their non-binding nature, the interpretation and enforcement of these laws and regulations involve uncertainties. In addition, the PRC legal system is based, in part, on government policies and internal rules (some of which are not published on a timely basis or at all) that may have a retroactive effect. As a result, our potential PRC clients may not be aware of the its violation of these policies and rules until sometime after the violation. In addition, any litigation in the PRC may be protracted and result in substantial costs and diversion of resources and management's attention and it may be difficult to obtain a swift and equitable enforcement of laws in the PRC, or the enforcement of judgements by a court of another jurisdiction. These uncertainties relating to the interpretation and implementation of PRC laws and regulations may adversely affect the legal protections and remedies that are available to our potential PRC clients in their operations. As a result, our potential PRC clients may be adversely affected and lack the motive and/or resources to issue bonds overseas.

***Our IPO placing services in Hong Kong are highly sensitive to economic circumstances, and a weak economy may adversely and materially impact this part of our business.***

Investor confidence may diminish during periods of economic weakness, resulting in decreased demand for new equity offerings and lower subscription rates for IPOs. Furthermore, economic instability often leads to increased market volatility, which can further dissuade potential investors from participating in IPOs. This heightened uncertainty can also negatively impact the valuation of companies seeking to go public, potentially resulting in lower proceeds from IPOs and adversely affecting our profitability.

[**Table of Contents**](#TOC001)

***We may not be able to grow at the historical rate of growth, and if we fail to manage our growth effectively, our business may be materially and adversely affected.***

Beta HK, our major operating subsidiary, commenced its business October 19, 1990 and has experienced a period of rapid growth in recent years. Our net revenue grew 1,775% from the fiscal year ended June 30, 2023 to the fiscal year ended June 30, 2024. We anticipate significant continuing growth in the foreseeable future. However, we cannot assure you that we will grow at the historical rate of growth. Our rapid growth has placed, and will continue to place, a significant strain on our management, personnel, systems and resources. To accommodate our growth, we will need to implement a variety of new and upgraded operational and financial systems, procedures and controls, including the improvement of our accounting and other internal management systems. We also will need to recruit, train, manage and motivate client relationship managers and other employees and manage our relationships with an increasing number of clients. Moreover, as we introduce new financial services or enter into new markets, we may face unfamiliar market and operational risks and challenges which we may fail to successfully address. We may be unable to manage our growth effectively, which could have a material adverse effect on our business.

#### Our operating history may not provide an adequate basis to judge our future prospects and results of operations.
Beta HK, our major operating subsidiary, commenced its business October 19, 1990, and it started the securities businesses since 2004. However, we cannot assure you that our efforts to further develop these businesses will be successful. If our stock brokerage business or any other financial service businesses fail to grow, our future growth will be materially and adversely affected. Although we recorded net income for the fiscal year ended June 30, 2024, we cannot assure you that our results of operations will not be adversely affected for the fiscal year ending June 30, 2025 or any future period. Past results of operations achieved by us should not be taken as indicative of the rate of growth, if any, that can be expected in the future. As a result, you should consider our future prospects in light of the risks and uncertainties experienced by companies in a rapidly evolving and increasingly competitive market in Hong Kong.

***The operating entities' business may rely on a few customers that each account for more than 10% of our total sales. Interruptions in operations in such major clients may have an adverse effect on our business, financial condition, and results of operations.***

The operating entities rely on a few customers that each account for more than 10% of our total sales. For the year ended June 30, 2024, three customers accounted for approximately 35%, 24% and 22% of the Company's total revenue, respectively. For the year ended June 30, 2023, seven customers accounted for approximately 11%, 10%, 10%, 10%, 10%, 10% and 10% of the Company's total revenue, respectively. For the six months ended December 31, 2024, three customers accounted for approximately 27%, 23% and 13% of the Company's total revenue, respectively. For the six months ended December 31, 2023, no customer accounted for more than 10% of the Company's total revenue.

As of June 30, 2024, two customers accounted for approximately 72% and 18% of the Company's loans to customers balance, respectively. As of June 30, 2023, there were no loans to customers. As of December 31, 2024, three customers accounted for approximately 35%, 18% and 15% of the Company's loans to customers balance, respectively.

As of June 30, 2024, four customers accounted for approximately 15%, 14%, 14% and 13% of the Company's payables to customers balance, respectively. As of June 30, 2023, four customers accounted for approximately 18%, 18%, 18% and 18% of the Company's payables to customers balance, respectively. As of December 31, 2024, two customers accounted for approximately 16% and 12% of the Company's payables to customers balance, respectively.

Additionally, in 2024, Beta HK recognized all of its revenue under the HK dollar-denominated bonds that it participated underwriting in, from only one borrower, and the three bonds that Beta HK completed underwriting for this borrower were all listed on the MOX.

In view of the above, there is no guarantee that the operating entities will not have a concentration of customers or suppliers in the future. Such customers and third-party suppliers are independent entities with their own operational and financial risks that are beyond the operating entities' control. If any of these customers or suppliers breach or terminate their contracts with the operating entities, or experience significant disruptions to their operations, the operating entities will be required to find and enter into contracts with one or more customers or suppliers as replacement. It could be costly and time-consuming to find alternative customers and suppliers, and these customers or suppliers may not be available at reasonable terms or at all. As a result, this could harm the operating entities' business and financial results and result in lost or deferred revenue.

[**Table of Contents**](#TOC001)

***We may fail to obtain and maintain licenses and permits necessary to conduct our operations in Hong Kong, and our business may be materially and adversely affected as a result of any changes in the laws and regulations governing the financial services industry in Hong Kong.***

The laws and regulations governing the financial services industry in Hong Kong are mainly the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), or the SFO, and its subsidiary legislation. Depending on the type of products and services being offered, financial service providers may be subject to the supervision and scrutiny by different authorities, and may be required to obtain and hold different licenses or permits. See "Regulation" for further details.

We currently hold the following licenses, through Beta HK, from the Securities and Futures Commission of Hong Kong, or the SFC: SFO Type 1 and 4 License, for conducting regulated activities related to dealing and advising on securities. We cannot assure you that we will be able to maintain our existing licenses, qualifications or permits, renew any of them when their current term expires or obtain additional licenses necessary for our future business expansion. Failure to comply with the applicable laws, rules and regulations may result in fines, injunctive orders, deregistration and other penalties, as well as adverse reputational risk, including negative publicity or perception. In extreme cases, we may be hampered or prevented from conducting business in a normal manner and some or all of our licenses may be suspended or revoked. Withdrawal, amendment, revocation or cancellation of any regulatory approval in respect of any part of our activities could cause us to cease conducting a particular regulated activity or change the way in which it is conducted. Furthermore, we have to ensure continuous compliance with all applicable laws, regulations and guidelines, and satisfy the SFC that Beta HK remains fit and proper to be licensed. If there is any change or tightening of the relevant laws, regulations and guidelines, it may materially and adversely affect our business operation. We cannot assure you that we will be able to maintain our qualification to sell private investment fund products or other regulated fund products. Accordingly, our business operations and financial results might be materially and adversely affected.

We may also be subject to regulatory inspections and investigations from time to time. With respect to SFC investigations, we may be subject to secrecy obligations under the SFO whereby we are not permitted to disclose certain information relating to the SFC investigations. Also, unless we are specifically named as the party that is being investigated under the SFC investigation, we generally do not know whether we, any member of our Group, or any of their respective directors or staff or any responsible officer or licensed representative of Beta HK is the subject of the SFC investigations. If the results of the inspections or investigations reveal serious misconduct, the SFC may take disciplinary actions which would lead to revocation or suspension of licenses, public or private reprimand or imposition of pecuniary penalties against us, our responsible officers or licensed representative and/or any of our staff. Any of such disciplinary actions could have an adverse impact on our business operations and financial results.

With respect to our stock brokerage services operation, while we believe that we are not required to obtain additional licenses, we cannot assure you that the SFC or any other regulators do not have additional requirements. In such cases, we may need to cease the provision of such services or obtain the relevant licenses and qualifications.

In addition, if future Hong Kong regulations require that we obtain additional licenses or permits in order to continue to conduct our business operations, there is no guarantee that we would be able to obtain such licenses or permits in a timely fashion, or at all. It is also possible that changes or adverse outcomes of regulatory reviews would restrict the range of services that we are able to offer or the fees that we are able to charge. This could increase our costs of maintaining regulatory compliance. If any of these situations occur, our business, financial condition and prospects would be materially and adversely affected.

***Our reputation and brand recognition is crucial to our business. Any harm to our reputation or failure to enhance our brand recognition may materially and adversely affect our business, financial condition and results of operations.***

Our reputation and brand recognition, which depends on earning and maintaining the trust and confidence of high net worth and ultra-high net worth individuals or enterprises that are current or potential clients, is critical to our business. Our reputation and brand is vulnerable to many threats that can be difficult or impossible to control, and costly or impossible to remediate. Regulatory inquiries or investigations, lawsuits initiated by clients or other third parties, employee misconduct, perceptions of conflicts of interest and rumors, among other things, could substantially damage our reputation, even if they are baseless or satisfactorily addressed. Moreover, any negative media publicity about the financial service industry in general or product or service quality problems of other firms in the industry, including our competitors, may also negatively impact our reputation and brand. If we are unable to maintain a good reputation or further enhance our brand recognition, our ability to attract and retain clients and key employees could be harmed and, as a result, our business and revenues would be materially and adversely affected.

[**Table of Contents**](#TOC001)

#### Our business is subject to risks related to lawsuits and other claims brought by our clients.
We are subject to lawsuits and other claims in the ordinary course of our business. In particular, we may face arbitration claims and lawsuits brought by our clients. This risk may be heightened during periods when clients are experiencing losses. Actions brought against us may result in settlements, awards, injunctions, fines, penalties or other results adverse to us including harm to our reputation. Even if we are successful in defending against these actions, the defense of such matters may result in our incurring significant expenses. Predicting the outcome of such matters is inherently difficult, particularly where claimants seek substantial or unspecified damages, or when arbitration or legal proceedings are at an early stage. A substantial judgment, award, settlement, fine, or penalty could be materially adverse to our operating results or cash flows for a particular future period, depending on our results for that period.

***Failure to manage our liquidity and cash flows may materially and adversely affect our financial conditions and operating results. As a result, we may need additional capital, and financing may not be available on terms acceptable to us, or at all.***

We generated cash flows from operating activities in the amount of $600,959 in the fiscal year ended June 30, 2024, an increase of $2,042,468 compared to cash flows used in operating activities in the amount of $1,441,509 in the fiscal year ended June 30, 2023. In addition, we generated a net income of approximately $1,044,892 during the fiscal year ended June 30, 2024. We cannot assure you that our business model will allow us to generate positive cash, given our substantial expenses in relation to our revenue at this stage of our Group's development. Inability to collect our commissions from service providers in a timely and sufficient manner, or the inability to offset our expenses with adequate revenue, may adversely affect our liquidity, financial condition and operating results. Although we believe that our cash on hand and anticipated cash flows from operating activities will be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the next 12 months, we cannot assure that this will be the case. We may need additional cash resources in the future if we experience changes in business conditions or other developments. We may also need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisition, capital expenditure or similar actions, or to grow our business substantially. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure that financing will be available in amounts or on terms acceptable to us, if at all.

#### We may be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt our business and operations.
We cannot be certain that our operations or any aspects of our business do not or will not infringe upon or otherwise violate trademarks, copyrights, know-how or other intellectual property rights held by third parties. We may be from time to time in the future subject to legal proceedings and claims relating to the intellectual property rights of others. In addition, there may be third-party trademarks, copyrights, know-how or other intellectual property rights that are infringed by our products, services or other aspects of our business without our awareness. Holders of such intellectual property rights may seek to enforce such rights against us in Hong Kong or other jurisdictions. If any third-party infringement claims are brought against us, we may be forced to divert some resources from our business and operations to defend against these claims, regardless of their merits.

Additionally, the application and interpretation of Hong Kong's intellectual property right laws and the procedures and standards for granting trademarks, copyrights, know-how or other intellectual property rights in Hong Kong are still evolving and are uncertain, and we cannot ensure that Hong Kong courts or regulatory authorities would agree with our analysis. If we were found to be in violation of the intellectual property rights of others, we may be subject to liability for our infringement activities or may be prohibited from using such intellectual property, and we may incur licensing fees or be forced to develop alternatives of our own. As a result, our business and operating results may be materially and adversely affected.

[**Table of Contents**](#TOC001)

#### Our performance and growth depends on our ability to develop an increasing client base and our ability to provide evolving and high-quality services.
Beta HK has spent significant financial resources on agent systems and marketing activities to attract new clients in a cost effective manner, providing satisfactory services on its platform in a timely manner and at favorable price terms. However, the trading needs are evolving as their investment demands change. If we fail to acquire new clients and retain existing clients by offering services that cater to their evolving investment and trading needs, Beta HK may not be able to maintain and continue to grow the trading volume on its platform, thus affecting our income and operating results.

#### If we fail to retain existing clients, in particular those that have highly frequent transactions, we may see reduced income and operating results.
Our clients may not continue to place or increase their trading orders on Beta HK's platform if it cannot match the prices offered by other market players or if it fails to deliver satisfactory services. Failure to deliver services in a timely manner at competitive prices with satisfactory experience will cause our clients to lose confidence in us and use Beta HK's platform less frequently or even stop using Beta HK's platform altogether, which in turn will materially and adversely affect our performance.

#### Our income and operating results may be affected by our clients' trading volume, which fluctuates and is affected by factors beyond our control.
Weaknesses in the markets in which we operate, including economic slowdowns, have historically resulted in reduced trading volumes for us. Declines in market values of securities can result in lower revenues and profitability from transaction execution activities, which can further result in our reduced revenues and profitability.

#### We are subject to general economic and political conditions in Hong Kong, the PRC and the United States.
Economic and political conditions such as macroeconomic and monetary policies, legislation and regulations affecting the financial and securities industries, upward and downward trends in the business and financial sectors, inflation, currency fluctuations, availability of short-term and long-term funding sources, cost of funding and the level and volatility of interest rates could positively or negatively impact our revenues and profitability. For example, a trade dispute between China and the United States could negatively impact the performance of the market, which further results in a significant fluctuation of our income and operating results. In particular, our results of operations are closely affected by the macro-economic conditions in Hong Kong. Any deterioration of the economy in Hong Kong, decrease in disposable income of consumers, fear of a recession and decrease in consumer confidence may lead to a reduction in the number of customers that sign up with us, which could materially adversely affect our financial condition and results of operations.

***Competition for employees is intense, and we may not be able to attract and retain the qualified and skilled employees needed to support our business.***

We believe our success depends on the efforts and talent of Xianxin Xiang, our CEO and director, and Shaojie Sun, our director. Our future success depends on our continued ability to attract, develop, motivate and retain qualified and skilled employees. Competition for highly skilled technical, risk management and financial personnel is extremely intense. We may not be able to hire and retain these personnel at compensation levels consistent with our existing compensation and salary structure. Some of the companies with which we compete for experienced employees have greater resources than we have and may be able to offer more attractive terms of employment.

In addition, we plan to invest significant time and expenses in training our employees, which we expect will increase their value to competitors who may seek to recruit them. If we fail to retain our employees, we could incur significant expenses in hiring and training their replacements, and the quality of our services and our ability to serve our high net worth clients, resulting in a material adverse effect to our business.

#### Increases in labor costs in the Hong Kong may adversely affect our business and results of operations.
The economy in Hong Kong has experienced increases in inflation and labor costs in recent years. As a result, average wages in Hong Kong are expected to continue to increase. In addition, we are required by Hong Kong laws and regulations to maintain various statutory employee benefits, including mandatory provident fund scheme and

[**Table of Contents**](#TOC001)

work-related injury insurance, to provide statutorily required paid sick leave, annual leave and maternity leave, and pay severance payments or long service payments. The relevant government agencies may examine whether an employer has complied with such requirements, and those employers who fail to comply commit a criminal offence and may be subject to fines and/or imprisonment. *See "Hong Kong Regulations — Regulations related to employment and labor protection — Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong)"* for details. We expect that our labor costs, including wages and employee benefits, will continue to increase. Unless we are able to control our labor costs or pass on these increased labor costs to our users by increasing the fees of our services, our financial condition and operating results may be adversely affected.

#### Our existing insurance may not sufficiently cover the risks related to our business operation.
We maintain business insurance, more precisely for corporations licensed by the SFC and the insurance covers fidelity and crime risks, such as loss of client assets due to theft by employees or other fraudulent acts. However, it does not cover errors and omissions claims or pure unauthorized trading where there is no intent for direct fraud. We also plan to purchase directors and officers liability insurance prior to this offering. While our management believes that we have sufficient insurance coverage for our business operations in line with industry standards and business practices in Hong Kong, and although we may be able to increase our insurance coverage when required, we cannot guarantee that our existing insurance policies will sufficiently cover all potential liabilities or risks associated with our business operations. In the event that our insurance does not or is insufficient to compensate, or should we be unable to effect any insurance, for the losses or damages arising from the potential liabilities, our financial condition and results of operations could be adversely affected.

As a public company, we expect the laws, rules and regulations governing U.S. public companies will make it 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 the event that our existing insurance coverage is insufficient to indemnify us against all or any losses, our business, financial condition, results of operations and prospects may be materially and adversely affected.

#### We face risks related to natural disasters, health epidemics and other outbreaks, which could significantly disrupt our operations.
From early 2020 to mid 2023, the outbreak of the COVID-19 pandemic led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings, and caused significant disruption to worldwide economic activities, including economic activities in Hong Kong. The COVID-19 pandemic outbreak in Hong Kong in early 2022 resulted in temporary pandemic-related lockdowns causing companies in Hong Kong such as Beta HK, as well as Beta HK's business partners and customers, to implement temporary adjustments to work schedules and travel plans and to implement alternative work arrangements for some employees to work from home and collaborate remotely Beta HK's employees, who contracted or were suspected of having contracted COVID-19, were required to be quarantined, resulting in disruption to the business of Beta HK. Subsequently, in light of the reduced severity of the COVID-19 pandemic in Hong Kong, Beta HK's alternative work arrangement was largely abolished. The World Health Organization declared COVID-19 is no longer a global health emergency on May 5, 2023.

As of the date of the prospectus, the Hong Kong government has abolished its entry restrictions and significantly lessened the COVID-19 control measures.

We have witnessed huge market fluctuations in the global capital and financial markets since 2020. Due to the instability of global financial markets and other economic and financial challenges brought about by COVID-19, the deterioration of the economic condition of global capital and financial markets due to the continuous COVID-19 control measures, the significant market volatility and declines in general economic activities in Hong Kong and globally, have severely dampened the confidence of customers in the global and Hong Kong's financial markets and their willingness to conduct fundraising activities in the HKSE, or trade in the secondary market. Given the general slowdown in economic conditions globally and volatility in the capital markets in the post-COVID-19 period, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. Any future impact on our results of operations will depend on, to a large extent, future developments and actions taken by government authorities and other entities to promote economic recovery or prevent future outbreaks of infectious diseases, almost all of which are beyond our control. We will continue to monitor the situation throughout 2025 and beyond closely.

[**Table of Contents**](#TOC001)

In addition to the impact of COVID-19, we are vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures, technology platform failures or internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our ability to provide products and services on our platform.

#### Risks Relating to Doing Business in Hong Kong
***Our operations are mainly in Hong Kong. However, due to the long arm provisions under the current PRC laws and regulations, the PRC government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. Changes in the policies, regulations, rules, and the enforcement of laws of the PRC government may also be quick with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system cannot be certain.***

Beta Cayman is a holding company, and we conduct our operations mainly in Hong Kong through Beta HK. As at the date of this prospectus, we are not materially affected by recent statements by the PRC government indicating an intention to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in Mainland China-based issuers. However, due to certain long arm provisions in the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in Mainland China as they may affect Hong Kong. The PRC government may choose to exercise additional oversight and discretion over Hong Kong, and the policies, regulations, rules, and the enforcement of laws of the PRC government to which we are subject to may change rapidly and with little advance notice to us or our shareholders. As a result, the application, interpretation, and enforcement of new and existing laws and regulations in the PRC and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system are uncertain. In addition, these PRC laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, which may result in inconsistency with our current policies and practices. New laws, regulations, and other government directives in the PRC may also be costly to comply with, and such compliance or any associated inquiries or investigations or any other government actions may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delay or impede our development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• result in negative publicity or increase our operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require significant management time and attention; and

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

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

The PRC government may intervene or influence our operations at any time and may exert more control over offerings conducted overseas and foreign investment in Mainland China-based issuers, which may result in a material change in our operations and/or the value of our Ordinary Shares. The promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case, that restrict or otherwise unfavorably impact our ability to conduct our business could require us to change certain aspects of our business to achieve compliance, decrease demand for our services, reduce revenues, increase costs, require us to obtain more licenses, permits, approvals or certificates, or subject us to additional liabilities. To the extent any new or more stringent measures are implemented, our business, financial condition and results of operations could be adversely affected, and the value of our Ordinary Shares could decrease or become worthless.

[**Table of Contents**](#TOC001)

***If the PRC 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.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Risks in relation to cybersecurity review under the Revised Review Measures***

Recent statements by the PRC government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in 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 which listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. Furthermore, on July 10, 2021, the CAC issued a revised draft of the Measures for Cybersecurity Review for public comments, which required that, among others, in addition to "operator of critical information infrastructure", any "data processor" controlling personal information of no less than one million users which seeks to list in a foreign stock exchange should also be subject to cybersecurity review, and further elaborated the factors to be considered when assessing the national security risks of the relevant activities. On December 28, 2021, the CAC, the National Development and Reform Commission ("NDRC"), and several other administrations jointly issued the revised Measures for Cybersecurity Review, or 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. Based on a set of Q&As published on the official website of the State Cipher Code Administration in connection with the issuance of the Revised Review Measures, an official of the said administration indicated that an online platform operator should apply for a cybersecurity review prior to the submission of its listing application with non-PRC securities regulators. Moreover, the CAC released the draft of the Regulations on Network Data Security Management in November 2021 for public consultation, which among other things, stipulates that a data processor listed overseas must conduct an annual data security review by itself or by engaging a data security service provider and submit the annual data security review report for a given year to the municipal cybersecurity department before January 31 of the following year. Pursuant to the Regulations on Network Data Security Management promulgated by the CAC on August 30, 2024 and expected to be effective on January 1, 2025, where network data handlers carry out network data processing activities that affect or may affect national security, they shall undergo a national security review in accordance with relevant national regulations. Where it is necessary to provide important data generated or collected by a network data handler during its operation within the territory of the PRC to overseas parties, such provision shall pass the security assessment for data cross-border transmission organized by the state cyberspace administration. A network data handler should identify and declare important data according to relevant state laws, but if such data that has not been identified or publicly announced by the relevant regions or departments as "important data," no security assessment is required for the cross-border transmission of such data.

It remains unclear whether a Hong Kong company shall be subject to the Revised Review Measures. We do not currently expect the Revised Review Measures to have an impact on our business, operations or this offering. As advised by our PRC counsel, AllBright Law Offices (Fuzhou), although Beta HK may collect and store certain data (including certain personal information) from its clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and Beta HK will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, and the regulations in China regarding illegal collection and use of personal information through mobile applications do not apply to the Group, given that: (a) as of date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than one thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (b) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data Beta HK has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, Beta HK has not been informed by any PRC governmental authority of being classified as an "Operator" or a "data processor" that is subject to CAC cybersecurity review or a CSRC review. In addition, pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in

[**Table of Contents**](#TOC001)

Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy). If any of our subsidiaries is subject to the Revised Review Measures and is deemed an "operator of critical information infrastructure" or a "data processor" controlling personal information of no less than one million users, our operation and the listing of our Ordinary Shares in the U.S. could be subjected to CAC's cybersecurity review in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii) Risks in relation to filling procedures and requirements under the Trial Administrative Measures***

On February 17, 2023, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which came into effect on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No. 1 to No. 5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations by providing substantially the same requirements for filings of overseas offering and listing by domestic companies, yet made the following updates compared to the Draft Overseas Listing Regulations: (a) further clarification of the circumstances prohibiting overseas issuance and listing; (b) further clarification of the standard of indirect overseas listing under the principle of substance over form, and (c) adding more details of filing procedures and requirements by setting different filing requirements for different types of overseas offering and listing. Pursuant to the Trial Measures, the Guidance Rules and Notice, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedure and report relevant information to the CSRC within three working days following its submission of initial public offerings or listing application. The companies that have already been listed on overseas stock exchanges or have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing and will complete their overseas offering and listing prior to September 30, 2023 are not required to make immediate filings for its listing yet need to make filings for subsequent offerings in accordance with the Trial Measures. The companies that have already submitted applications for an initial public offering to overseas supervision administrations prior to the effective date of the Trial Measures but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing may arrange for the filing within a reasonable time period and should complete the filing procedure before such companies' overseas issuance and listing.

As advised by our PRC counsel, AllBright Law Offices (Fuzhou), since the Company and its subsidiaries currently have no operations in the Mainland China, as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities before listing in the U.S. and to issue our Ordinary Shares to foreign investors, including CSRC because (i) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China, nor is it controlled by any Mainland Chinese company or individual directly or indirectly; (ii) we and our subsidiaries do not have any operations in Mainland China; (iii) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; and (iv) we are headquartered in Hong Kong with our officers and all members of the board of directors based in Hong Kong and all of our revenues and profits are generated by our subsidiaries in Hong Kong and BVI and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in ours audited consolidated financial statements for the same period; (v) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).

While we have no current operations in Mainland China, should we have any future operations in Mainland China and should we (i) fail to receive or maintain such permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, or (iii) applicable laws, regulations, or interpretations change and require us to obtain such permissions or approvals in the future, we may face sanctions by the CSRC, the Cyberspace Administration of China (the "CAC") or other PRC regulatory agencies. These regulatory agencies may also impose fines and penalties on our operations in Mainland China, as well as limit our ability to pay dividends outside of Mainland China, limit our operations in Mainland China, delay or restrict the repatriation of the proceeds from this offering into Mainland China or take other actions that could have a material adverse effect on our business as well as the trading price of our Ordinary Shares. We may be required to restructure our operations to comply with such regulations or potentially cease operations in the PRC entirely. The CSRC, the CAC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery

[**Table of Contents**](#TOC001)

of our Ordinary Shares. In addition, if the CSRC, the CAC or other regulatory PRC agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any action taken by the PRC government could significantly limit or completely hinder our operations in the PRC and our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless.

We also understand that neither Beta Cayman nor any of our subsidiaries are required to obtain any permissions or approvals from any PRC authorities to operate their businesses as of the date of this prospectus. No permissions or approvals have been applied for by the Company or denied by any relevant authorities. However, uncertainties still exist, due to the possibility that laws, regulations, or policies in the PRC could change rapidly in the future.

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

***Compliance with Hong Kong's Personal Data (Privacy) Ordinance and any such other existing or future data privacy related laws, regulations and governmental orders may entail significant expenses and could materially affect our business.***

Although we are not subject to cybersecurity review by the CAC nor any other PRC authorities for this offering or required to obtain regulatory approval regarding the data privacy and personal information requirements from the CAC nor any other PRC authorities for our and our subsidiaries' operations Hong Kong, because our major operations take place in Hong Kong, we are subject to a variety of laws and other obligations regarding data privacy and protection in Hong Kong.

In particular, the Personal Data (Privacy) Ordinance (Chapter 486 of the laws of Hong Kong) (the "PDPO" or the "Personal Data (Privacy) Ordinance") imposes a duty on any data user who, either alone or jointly with other persons, controls the collection, holding, processing or use of any personal data which relates directly or indirectly to a living individual and can be used to identify that individual. Under the PDPO, data users shall take all practicable steps to protect the personal data they hold from any unauthorized or accidental access, processing, erasure, loss, or use. Once collected, such personal data should not be kept longer than necessary for the fulfilment of the purpose for which it is or is to be used and shall be erased if it is no longer required, unless erasure is prohibited by law or is not in the public interest. The PDPO also confers on the Privacy Commissioner for Personal Data ("Privacy Commissioner") power to conduct investigations and institute prosecutions. The data protection principles (collectively, the "DPP" or the "Data Protection Principles"), which are contained in Schedule 1 to the PDPO, outline how data users should collect, handle, and use personal data, complemented by other provisions imposing further compliance requirements. The collective objective of DPPs is to ensure that personal data is collected on a fully informed basis and in a fair manner, with due consideration towards minimizing the amount of personal data collected. Once collected, the personal data should be processed in a secure manner and should only be kept for as long as necessary for the fulfilment of the purposes of using the data. Use of the data should be limited to or related to the original collection purpose. Data subjects are given certain rights, inter alia: (a) the right to be informed by a data user whether the data user holds personal data of which the individual is the data subject; (b) if the data user holds such data, to be supplied with a copy of such data; and (c) the right to request correction of any data they consider to be inaccurate. The Privacy Commissioner may carry out criminal investigations and institute prosecution for certain offenses. Depending on the severity of the cases, the Privacy Commissioner will decide whether to prosecute or refer cases involving suspected commission to the Department of Justice of Hong Kong. Victims may also seek compensation by civil action from data users for damage caused by a contravention of the PDPO. The Commissioner may provide legal assistance to the aggrieved data subjects if the Commissioner deems fit to do so.

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

[**Table of Contents**](#TOC001)

#### Beta HK's activities may be deemed as provision of securities brokerage services in Mainland China, and thus may subject Beta HK to rectifications.
According to the Regulation on the Supervision and Administration of Securities Companies promulgated by the PRC State Council on July 29, 2014, an overseas securities operating institution shall obtain approval from the securities regulatory authority for operating a securities business or setting up a representative office within Mainland China. The Measures for the Administration of Securities Brokerage Business effected on March 4, 2023, further illustrate that overseas securities operating institutions that carry out activities such as marketing and account opening of overseas securities trading services in Mainland China directly or through their affiliates and cooperative institutions without any approval, may be subject to regulatory warnings, correction orders, condemnation and fines.

As of the date of this prospectus, except as described below, neither Beta Cayman nor its subsidiaries own or control, directly or indirectly, any domestic assets, interests or domestic operating entities in Mainland China and Beta Cayman subsidiaries' operations are mainly in Hong Kong. Beta HK launched its securities brokerage business online where a minimal portion of its customers are Mainland Chinese nationals who can access Beta HK's integrated electronic trading platform for securities brokerage from Mainland China. As of December 31, 2024, approximately 8% of Beta HK's clients in securities brokerage services are in Mainland China. These customers are using their foreign exchange funds and Beta HK will not accept funds from Mainland China nor will they convert such RMB funds into the foreign exchange nor transfer such funds out of Mainland China to the offshore trading accounts opened with Beta HK. Beta HK has never directly or through any affiliated or cooperative institutions in Mainland China engaged in marketing, opened trading accounts, or engaged other activities related to overseas securities brokerage services in Mainland China and Beta HK has never directly or through any such affiliated or cooperative institutions conducted marketing, opened trading accounts or engaged other particular events primarily targeting the Mainland Chinese nationals residing in Mainland China for overseas securities brokerage services in Hong Kong and/or out of Mainland China. Beta HK does not hold any license or permit in relation to providing securities brokerage business in Mainland China. As of the date of this prospectus, although all customers of Beta HK's underwriting services for U.S. dollar-denominated municipal bonds are PRC companies, these municipal bonds will not be issued in mainland China and our services will not need obtain relevant licenses or permits from relevant PRC regulatory bodies.

As of the date of this prospectus, neither Beta Cayman nor its subsidiaries have received any notifications of any non-compliance of the Regulation on the Supervision and Administration of Securities Companies and the Measures for the Administration of Securities Brokerage Business. However, since a minimal portion of customers are Mainland Chinese nationals and Chinese regulations have not provided clear definition regarding "operating securities business within Mainland China", we cannot assure you that allowing access to Beta HK's integrated electronic trading platform for securities brokerage by Mainland Chinese nationals will not be deemed to be operating securities brokerage business in Mainland China, which may subject Beta HK to further inquiries or rectifications. If certain of Beta HK's activities were deemed by relevant regulators as provision of securities brokerage services in Mainland China, Beta HK will be required to obtain relevant licenses or permits from relevant regulatory bodies, including the CSRC, and failure of obtaining such licenses or permits may subject Beta HK to regulatory actions and penalties, including fines, suspension of parts or all of Beta HK's operations, and temporary suspension or block of Beta HK's websites and mobile application in Mainland China. In such cases, Beta HK's business, and our financial condition, results of operations and prospects may be materially and adversely affected.

***Although the audit report included in this prospectus is prepared by U.S. auditors who are currently inspected by the PCAOB, there is no guarantee that future audit reports will be prepared by auditors inspected by the PCAOB and, as such, in the future, investors may be deprived of the benefits of such inspection. Furthermore, trading in our securities may be prohibited under the HFCAA if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 23, 2022, the AHFCAA was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before the securities may be prohibited from trading or delisted.***

As an auditor of companies that are registered with the SEC and publicly traded in the United States and a firm registered with the PCAOB, our auditor is required under the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. The PCAOB is currently unable to conduct inspections without the approval of the PRC government authorities. Currently, our U.S. auditor is inspected by the PCAOB, and we have no operations in Mainland China. However, if

[**Table of Contents**](#TOC001)

there is significant changes to current political arrangements between Mainland China and Hong Kong, companies operating in Hong Kong like us may face similar regulatory risks as those operated in Mainland China and we cannot assure you that our auditor's work will continue to be able to be inspected by the PCAOB.

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

As part of a continued regulatory focus in the United States on access to audit and other information currently protected by national law, in particular Mainland China's, in June 2019, a bipartisan group of lawmakers introduced bills in both houses of the U.S. Congress which, if passed, would require the SEC to maintain a list of issuers for which PCAOB is not able to inspect or investigate the audit work performed by a foreign public accounting firm completely. The proposed Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges ("EQUITABLE") Act prescribes increased disclosure requirements for these issuers and, beginning in 2025, the delisting from U.S. national securities exchanges, such as the Nasdaq, of issuers included on the SEC's list for three consecutive years. It is unclear if this proposed legislation will be enacted. Furthermore, there have been recent deliberations within the U.S. government regarding potentially limiting or restricting Mainland China-based companies from accessing U.S. capital markets.

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements in the HFCAA. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year under a process to be subsequently established by the SEC. The final amendments require any identified registrant to submit documentation to the SEC establishing that the registrant is not owned or controlled by a government entity in the public accounting firm's foreign jurisdiction, and also require, among other things, disclosure in the registrant's annual report regarding the audit arrangements of, and government influence on, such registrants. Under the HFCAA, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor is not inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted.

On June 22, 2021, the U.S. Senate passed the AHFCAA, which was enacted on December 23, 2022, amending the HFCAA to require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus, reducing the time before our Ordinary Shares may be prohibited from trading or delisted. On December 29, 2022, legislation titled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act") was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to AHFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two.

[**Table of Contents**](#TOC001)

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

On November 5, 2021, the SEC approved the PCAOB's Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions ("Commission-Identified Issuers"). The final amendments require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is not owned or controlled by a governmental entity in the public accounting firm's foreign jurisdiction. The amendments also require that a Commission-Identified Issuer that is a "foreign issuer," as defined in Exchange Act Rule 3b-4, provide certain additional disclosures in its annual report for itself and any of its consolidated foreign operating entities. Further, the release provides notice regarding the procedures the SEC has established to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by the HFCAA. The SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. A Commission-Identified Issuer will be required to comply with the submission and disclosure requirements in the annual report for each year in which it was identified. If a registrant is identified as a Commission-Identified Issuer based on its annual report for the fiscal year ended December 31, 2021, the registrant will be required to comply with the submission or disclosure requirements in its annual report filing covering the fiscal year ended December 31, 2022. The final amendments became effective on January 10, 2022.

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCAA. The report further listed in its Appendix A and Appendix B, Registered Public Accounting Firms Subject to the Mainland China Determination and Registered Public Accounting Firms Subject to the Hong Kong Determination, respectively. Our auditor, WWC, P.C., is headquartered in San Mateo, California, and did not appear as part of the report under the lists in its appendix A or appendix B.

On August 26, 2022, the CSRC, the MOF, and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong, consistent with the HFCAA, and the PCAOB will be required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC.

On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China and Hong Kong.

On December 23, 2022, the AHFCAA was enacted, which amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three. As a result, the time period before the Company's securities may be prohibited from trading or delisted has been decreased accordingly.

On December 29, 2022, the Consolidated Appropriations Act was signed into law by President Biden, which contained, among other things, an identical provision to the AHFCAA and amended the HFCAA by requiring the SEC to prohibit an issuer's securities from trading on a national securities exchange or in the over-the-counter market in the United States if its auditor is not subject to PCAOB inspections for two consecutive years instead of three years.

[**Table of Contents**](#TOC001)

The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and has resumed regular inspections since March 2023. The PCAOB is continuing pursuing ongoing investigations and may initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in Mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control.

If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China in 2023 and beyond, or if we fail to, among others, meet the PCAOB's requirements, including retaining a registered public accounting firm that the PCAOB determines it is able to inspect and investigate completely, we will be identified as a "Commission-identified Issuer," and upon the expiration of the applicable years of non-inspection under the HFCAA and relevant regulations, the Ordinary Shares will be delisted and will not be permitted for trading over the counter. Such a delisting or prohibition would substantially impair your ability to sell or purchase the Ordinary Shares, and the risk and uncertainty associated with delisting would have a negative impact on the price of the Ordinary Shares. Moreover, the HFCAA or other efforts to increase U.S. regulatory access to audit information could cause investor uncertainty for affected issuers, including us, and the market price of the Ordinary Shares could be adversely affected. Such a prohibition would significantly affect our ability to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition, and prospects.

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

While the CSRC, the SEC and the PCAOB have entered into the SOP Agreements regarding the inspection of PCAOB-registered accounting firms in Mainland China, there can be no assurance that we will be able to comply with requirements imposed by U.S. regulators if there is significant change to current political arrangements between Mainland China and Hong Kong, or if any component of our auditor's work papers become located in Mainland China in the future. Delisting of our Ordinary Shares would force holders of our Ordinary Shares to sell their Ordinary Shares. The market price of our Ordinary Shares could be adversely affected as a result of anticipated negative impacts of these executive or legislative actions upon, regardless of whether these executive or legislative actions are implemented and regardless of our actual operating performance.

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

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

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

On May 20, 2020, the U.S. Senate passed the HFCAA, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCAA on December 2, 2020, and the HFCAA was signed into law on December 18, 2020. On June 22, 2021, the U.S. Senate passed the AHFCAA, enacted on December 23, 2022, amending the HFCAA to require the

[**Table of Contents**](#TOC001)

SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, thus reducing the time before our Ordinary Shares may be prohibited from trading or delisted.

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

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

#### The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our subsidiaries.
Hong Kong is a Special Administrative Region ("SAR") of the PRC. Following British colonial rule from 1842 to 1997, China assumed sovereignty under the "one country, two systems" principle. The Hong Kong SAR's constitutional document, the Basic Law, ensures that the current political situation will remain in effect for 50 years. Hong Kong has enjoyed the freedom to function with a high degree of autonomy for its affairs, including currencies, immigration and customs operations, and its independent judiciary system and parliamentary system. On July 14, 2020, the United States signed an executive order to end the special status enjoyed by Hong Kong post-1997. As the autonomy currently enjoyed may be compromised, it could potentially impact Hong Kong's common law legal system and may, in turn, bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn, materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof, or the pre-emption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our clients.

***The enactment of the Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "Hong Kong National Security Law") and the Safeguarding National Security Ordinance could impact our Hong Kong subsidiary, which represents substantially all of our business.***

On June 30, 2020, the Standing Committee of the PRC National People's Congress adopted the Hong Kong National Security Law. This law defines the duties and government bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offenses — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. On July 14, 2020, the U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing the U.S. administration to impose blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong's autonomy. On August 7, 2020, the U.S. government imposed HKAA-authorized sanctions on eleven individuals, including HKSAR chief executive Carrie Lam. On October 14, 2020, the U.S. State Department submitted to relevant committees of Congress the report required under HKAA, identifying persons materially contributing to "the failure of the Government of China to meet its obligations under the Joint Declaration or the Basic Law." The HKAA further authorizes secondary sanctions, including the imposition of blocking sanctions, against foreign financial institutions that knowingly conduct a significant transaction with foreign persons sanctioned under this authority. The imposition of sanctions may directly affect the foreign financial institutions as well as any third parties or customers dealing with any foreign financial institution that is targeted. On March 19, 2024, the Legislative Council of Hong Kong passed the Safeguarding National Security bill. The Safeguarding National Security Ordinance (effective on March 23, 2024) was enacted according to the Article 23

[**Table of Contents**](#TOC001)

of the Basic Law of the Hong Kong Special Administrative Region which stipulates that Hong Kong shall enact laws on its own to prohibit any act of treason, secession, sedition, subversion against the central people's government, or theft of state secrets. The Safeguarding National Security Ordinance mainly covers five types of offences: treason, insurrection, offences in connection with state secrets and espionage, sabotage endangering national security and related activities, and external interference and organizations engaging in activities endangering national security. It is difficult to predict the full impact of the Hong Kong National Security Law, HKAA and the Safeguarding National Security Ordinance on Hong Kong and companies located in Hong Kong, which represents substantially all of our business. If our subsidiaries are determined to be in violation of the Hong Kong National Security Law or the HKAA or the Safeguarding National Security Ordinance, our business operations, financial position, and results of operations could be materially and adversely affected.

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

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

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

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

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

[**Table of Contents**](#TOC001)

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

#### Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.
The majority of our revenues and expenses are denominated in Hong Kong dollars. Although the exchange rate between the Hong Kong dollar to the U.S. dollar has been pegged since 1983, we cannot assure you that the Hong Kong dollar will remain pegged to the U.S. dollar. Any significant fluctuations in the exchange rates between Hong Kong dollars to U.S. dollars may have a material adverse effect on our revenue and financial condition. For example, to the extent that we are required to convert U.S. dollars we receive from this offering into Hong Kong dollars for our operations, fluctuations in the exchange rates between Hong Kong dollars against the U.S. dollar would have an adverse effect on the amounts we receive from the conversion. We have not used any forward contracts, futures, swaps or currency borrowings to hedge our exposure to foreign currency risk.

#### Risks Related to Our Corporate Structure

#### Our major shareholders have substantial influence over our Company and his interests may not be aligned with the interests of our other shareholders.
As of the date of this prospectus, Xianxin Xiang, our Chairman and CEO, Shaojie Sun, our director, and Cong Gao (collectively, "Major Shareholders"), beneficially own an aggregate of approximately 90% of our issued and outstanding Ordinary Shares through their respective special-purpose vehicles. As a result of our Major Shareholders' collective substantial shareholding, our Major Shareholders have a substantial influence over our business, including decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other significant corporate actions. Our Major Shareholders may take actions that are not in the best interests 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 might reduce the price of our Ordinary Shares. These actions may be taken even if they are opposed by our other shareholders.

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

To implement Section 404 of the Sarbanes-Oxley Act of 2002, the SEC adopted rules requiring public companies to include a report of management on the company's internal control over financial reporting. Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Our management has not completed an assessment of the effectiveness of our internal control over financial reporting and our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting.

We will be subject to the requirement that we maintain internal controls and that management perform periodic evaluation of the effectiveness of the internal controls. Effective internal control over financial reporting is important to prevent fraud. As a result, our business, financial condition, results of operations and prospects, as well as the market for and trading price of our Ordinary Shares, may be materially and adversely affected if we do not have effective internal controls. Before this offering, we were a private company with limited resources. As a result, we may not discover any problems in a timely manner and current and potential shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Ordinary Shares. The absence of internal controls over financial reporting may inhibit investors from purchasing our Ordinary Shares and may make it more difficult for us to raise funds in a debt or equity financing.

In accordance with the provisions of the JOBS Act, we and our independent registered public accounting firm were not required to, and did not, perform an evaluation of our internal control over financial reporting as of June 30, 2024, in accordance with the provisions of Section 404 of the Sarbanes-Oxley Act. Accordingly, we cannot assure you

[**Table of Contents**](#TOC001)

that we have identified all, or that we will not in the future have additional, material weaknesses. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act after the completion of this offering.

Additional material weaknesses or significant deficiencies may be identified in the future. If we identify such issues or if we are unable to produce accurate and timely financial statements, our stock price may decline and we may be unable to maintain compliance with the Nasdaq listing rules.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.***

The Nasdaq listing rules requires listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of the Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our Company may decrease as a result. In addition, the Nasdaq listing rules also requires U.S. domestic issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. We, as a foreign private issuer, are not subject to these requirements. The Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain ordinary share issuances. We intend to comply with the requirements of the Nasdaq listing rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under the Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection to investors.

***Although as a foreign private issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the Nasdaq Capital Market, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. We cannot assure you that we will be able to meet those initial listing requirements at that time. Even if our securities are listed on the Nasdaq Capital Market, we cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market.

In addition, following this offering, in order to maintain our listing on the Nasdaq Capital Market, we will be required to comply with certain rules of the Nasdaq Capital Market, including those regarding minimum stockholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our common stock is a "penny stock," which will require brokers trading in our common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

[**Table of Contents**](#TOC001)

To qualify for listing, we will need to meet the pre-tax income standard requirements of having net income of $750,000 in either the last fiscal year or two out of three most recent fiscal years, total shareholders' equity of above at least $4 million in the most recent fiscal year (on a pro forma basis for the initial public offering), having at least 400 round lot holders, a minimum bid price of $4 per Ordinary Share, a minimum of 1 million publicly-held shares, the market value of publicly held Ordinary Shares of at least $4 million, in addition to meeting the board independence requirement.

***If we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer.***

We expect to qualify as a foreign private issuer upon the completion of this offering. As a foreign private issuer, we will be exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as United States domestic issuers, and we will not be required to disclose in our periodic reports all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign private issuer immediately following the completion of this offering, we may cease to qualify as a foreign private issuer in the future.

***You may face difficulties in protecting your interests as a shareholder, as Cayman Islands law provides substantially less protection when compared to the laws of the United States and it may be difficult for a shareholder of ours to effect service of process or to enforce judgements obtained in the United States courts.***

Our corporate affairs are governed by our memorandum and articles of association and by the Companies Act (Revised) and common law of the Cayman Islands. The rights of shareholders to take legal action against our directors and us, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from English common law. Decisions of the English courts are generally of persuasive authority but are not binding on the courts of the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedents in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and provide significantly less protection to investors. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action before the United States federal courts. The Cayman Islands courts are also unlikely to impose liabilities against us in original actions brought in the Cayman Islands, based on certain civil liability provisions of United States securities laws.

Currently, all of our operations are conducted outside the United States, and all of our assets are located outside the United States. All of our directors and officers are nationals or residents of jurisdictions other than the United States and a substantial portion of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon 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.

As a result of all of the above, our shareholders may have more difficulty in protecting their interests through actions against us or our officers, directors or Major Shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

***We are an "emerging growth company" within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies, this could make it more difficult to compare our performance with other public companies*.***

We are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act)

[**Table of Contents**](#TOC001)

are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accountant standards used.

***As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our Ordinary Shares less attractive to investors.***

For as long as we remain an "emerging growth company", as defined in the JOBS Act, we will elect to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies", including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders of more mature companies. If some investors find our Ordinary Shares less attractive as a result, there may be a less active trading market for our Ordinary Shares and our share price may be more volatile.

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."
Upon consummation of this offering, we will incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, 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. We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30<sup>th</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company," or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we 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.

[**Table of Contents**](#TOC001)

#### Anti-takeover provisions in our memorandum and articles of association may discourage, delay or prevent a change in control.
Some provisions of our amended and restated memorandum and articles of association, to be effective on our listing, may discourage, delay or prevent a change in control of our Company or management that shareholders may consider favorable, including, among other things, the provisions that authorize our board of directors to issue shares with preferred, deferred or other special rights or restrictions.

#### Our board of directors may decline to register transfers of Ordinary Shares in certain circumstances.
Our board of directors may, in its sole discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our directors may also decline to register any transfer of any share unless (i) the instrument of transfer is lodged with us, accompanied by the certificate for the shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer; (ii) the instrument of transfer is in respect of only one class of shares; (iii) the instrument of transfer is properly stamped, if required; (iv) 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; or (v) a fee of such maximum sum as the Nasdaq Capital Market may determine to be payable, or such lesser sum as our board of directors may from time to time require, is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal. The registration of transfers may, after compliance with any notice required in accordance with the rules of the Nasdaq Capital Market, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 days in any year.

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

#### You may be unable to present proposals before annual general meetings or extraordinary general meetings not called by shareholders.
Cayman Islands law provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Advance notice of not less than five (5) clear days is required for the convening of our annual general shareholders' meeting and any other general meeting of our shareholders. A quorum required for a meeting of shareholders consists of at least one or more shareholders entitled to vote and present in person or by proxy, representing not less than one-third of all voting power of the Company's share capital in issue throughout the meeting.

#### Risks Related to Our Ordinary Shares and This Offering
***There has been no public market for our Ordinary Shares prior to this offering, and if an active trading market does not develop you may not be able to resell our Ordinary Shares at or above the price you paid, or at all.***

Prior to this public offering, there has been no public market for our Ordinary Shares. We expect to apply for our Ordinary Shares to be listed on the Nasdaq Capital Market. There is no guarantee that our application will be approved by the Nasdaq Capital Market. If an active trading market for our Ordinary Shares does not develop after this offering, the market price and liquidity of our Ordinary Shares will be materially adversely affected. The public offering price for our Ordinary Shares will be determined by negotiations between us and the underwriter and may bear little or no relationship to the market price for our Ordinary Shares after the public offering. You may not be able to sell any Ordinary Shares that you purchase in the offering at or above the public offering price. Accordingly, investors should be prepared to face a complete loss of their investment.

[**Table of Contents**](#TOC001)

***Our Ordinary Shares may be thinly traded and you may be unable to sell at or near ask prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.***

When our Ordinary Shares are approved by the Nasdaq Capital Market and begin trading on the Nasdaq Capital Market, our Ordinary Shares may be "thinly-traded", meaning that the number of persons interested in purchasing our Ordinary Shares at or near bid prices at any given time may be relatively small or non-existent. This situation may be attributable to a number of factors, including the fact that we are relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community that generate or influence sales volume, and that even if we came to the attention of such persons, they tend to be risk-averse and might be reluctant to follow an unproven company such as ours or purchase or recommend the purchase of our shares until such time as we became more seasoned. As a consequence, there may be periods of several days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. Broad or active public trading market for our Ordinary Shares may not develop or be sustained.

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

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

#### You will experience immediate and substantial dilution in the net tangible book value of Ordinary Shares purchased.
The initial public offering price of our Ordinary Shares is substantially higher than the (pro forma) net tangible book value per share of our Ordinary Shares. Consequently, when you purchase our Ordinary Shares in the offering and upon completion of the offering, you will incur immediate dilution of $3.43 per ordinary share, assuming an initial public offering price of $4.00. *See "Dilution."* In addition, you may experience further dilution to the extent that additional Ordinary Shares are issued upon exercise of outstanding options we may grant from time to time.

#### Future sales of the Company's Ordinary Shares could reduce the market price of its securities.
Substantial sales of the Company's Ordinary Shares on the Nasdaq Capital Market may cause the market price of its securities to decline. Sales by us or the Company's security holders of substantial amounts of the Company's Ordinary Shares, or the perception that these sales may occur in the future, could cause a reduction in the market price of our securities.

The issuance of any additional Ordinary Shares or any securities that are exercisable for or convertible into Ordinary Shares, may have an adverse effect on the market price of the Company's Ordinary Shares and will have a dilutive effect on the Company's existing shareholders and holders of Ordinary Shares.

***Substantial future sales of our Ordinary Shares or the anticipation of future sales of our Ordinary Shares in the public market could cause the price of our Ordinary Shares to decline.***

Sales of substantial amounts of our Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of our Ordinary Shares to decline. An aggregate of 18,000,000 Ordinary Shares is outstanding before the consummation of this offering and 20,000,000 Ordinary Shares will be outstanding immediately after the consummation of this offering. The Ordinary Shares outstanding after this offering will be available for sale upon the expiration of the lock-up period ending 180 days after the commencement of sales of the offering, subject to certain restrictions. *See "Ordinary Shares Eligible for Future Sale."* Any or all of these shares may be released prior to the expiration of the lock-up period at the discretion of the underwriter. Sales of these shares into the market could cause the market price of our Ordinary Shares to decline.

[**Table of Contents**](#TOC001)

#### We do not intend to pay dividends for the foreseeable future.
We currently intend to retain any future earnings to finance the operation and expansion of our business, and we do not expect to declare or pay any dividends in the foreseeable future. As a result, you may only receive a return on your investment in our Ordinary Shares if the market price of our Ordinary Shares increases.

***If securities or industry analysts do not publish research or reports about our business, or if the publish a negative report regarding our Ordinary Shares, the price of our Ordinary Shares and trading volume could decline.***

The trading market for our Ordinary Shares may depend in part on the research and reports that industry or securities analysts publish about us or our business. We do not have any control over these analysts. If one or more of the analysts who cover us downgrade us, the price of our Ordinary Shares would likely decline. If one or more of these analysts cease coverage of our Company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause the price of our Ordinary Shares and the trading volume to decline.

#### The market price for our Ordinary Shares may be volatile.
The market price for our Ordinary Shares may be volatile and subject to wide fluctuations due to factors such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the perception of U.S. investors and regulators of U.S. listed Hong Kong companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our quarterly operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity, studies or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions in Hong Kong securities industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capability to catch up with the technology innovations in the industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economic performance or market valuations of other similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of acquisitions, strategic partnerships, joint ventures or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addition or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of exchange rates between Hong Kong dollar and the U.S. dollar; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic or political conditions in Hong Kong, the Untied States and greater Asia region.

In addition, the securities market has from time to time experienced significant price and volume fluctuations that are not related to the operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of our Ordinary Shares.

#### Our results of operations are subject to fluctuations in the exchange rate between the U.S. dollar and the Hong Kong dollar.
Exchange rate fluctuations between the U.S. dollar and the Hong Kong dollar, as well as inflation in Hong Kong may negatively affect our earnings. A substantial majority of our revenues and a substantial portion of our expenses are denominated in U.S. dollars. However, a significant portion of the expenses associated with our Hong Kong operations, including facilities-related expenses, are incurred in Hong Kong dollars, and personnel-related expenses are expected to be incurred in Hong Kong dollars. Consequently, inflation in Hong Kong will have the effect of increasing the dollar cost of our operations in Hong Kong, unless it is offset on a timely basis by a devaluation of the Hong Kong dollar, as applicable, relative to the U.S. dollar. We cannot predict any future trends in the rate of inflation in Hong Kong or the rate of devaluation of the Hong Kong dollar, as applicable, against the U.S. dollar. In addition, we are exposed to the risk of fluctuation in the value of the Hong Kong dollar vis-a-vis the U.S. dollar. While the Hong Kong government has continued to pursue a fixed exchange rate policy, with the Hong Kong dollar pegged at approximately HK$7.80 to $1.00, we cannot assure you that such policy will be maintained. Any significant appreciation of the Hong Kong dollar against the U.S. dollar would cause an increase in our Hong Kong dollar expenses, as applicable, as recorded in our

[**Table of Contents**](#TOC001)

U.S. dollar denominated financial reports, even though the expenses denominated in Hong Kong dollars, as applicable, will remain unchanged. In addition, exchange rate fluctuations in currency exchange rates in countries or areas other than Hong Kong where we operate and do business may also negatively affect our earnings.

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

#### We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
Our management will have broad discretion in the application of the net proceeds, including for any of the purposes described in the section entitled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. The failure by our management to apply these funds effectively could harm our business.

***If we cannot satisfy, or continue to satisfy, the initial listing requirements and other rules of the Nasdaq Capital Market, although we exempt from certain corporate governance standards applicable to US issuers as a foreign private issuer, our securities may not be listed or may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We will seek to have our securities approved for listing on the Nasdaq Capital Market upon consummation of this offering. We cannot assure you that we will be able to meet those initial listing requirements at that time. Even if our securities are listed on the Nasdaq Capital Market, we cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market.

In addition, following this offering, in order to maintain our listing on the Nasdaq Capital Market, we must maintain a minimum share price of $1.00 and satisfy standards relative to minimum shareholders' equity, minimum market value of publicly held shares and various additional requirements. If we fail to comply with all listing standards applicable to issuers listed on the Nasdaq Capital Market, the Ordinary Shares may be delisted. If the Ordinary Shares are delisted, it could reduce the price of the Ordinary Shares and the levels of liquidity available to our shareholders. In addition, the delisting of the Ordinary Shares could materially and adversely affect our access to the capital markets and any limitation on liquidity or reduction in the price of the Ordinary Shares could materially and adversely affect our ability to raise capital.

If the Nasdaq Capital Market does not list our securities, or subsequently delists our securities from trading, we could face significant consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited availability for market quotations for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity with respect to our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Ordinary Share is a "penny stock," which will require brokers trading in our Ordinary Share to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

Delisting from the Nasdaq Capital Market could also result in other negative consequences, including the potential loss of confidence by our clients, business partners and employees, the loss of institutional investor interest and fewer business development opportunities.

[**Table of Contents**](#TOC001)

***We are subject to taxation in multiple jurisdictions. Tax laws in these jurisdictions are often complex and require us to make subjective determinations that may be scrutinized by tax regulators.***

We are subject to many different forms of taxation in each of our countries of operation, including income tax, withholding tax, property tax, VAT and other payroll-related taxes. Tax law and administration is complex, subject to change and varying interpretations and often requires us to make subjective determinations. Relevant tax authorities in such jurisdictions may not agree with the determinations that are made or the positions taken by us with respect to the application of tax law. Such disagreements could result in lengthy legal disputes, an increased overall tax rate applicable to us and, ultimately, in the payment of substantial amounts of tax, interest and penalties, which could have a material adverse effect on our business, results of operations and financial condition.

Additional tax expenses could accrue in relation to previous or subsequent tax assessment periods, which are still subject to a pending tax audit or have not been subject to a tax audit yet. Tax authorities in relevant jurisdictions could revise original tax assessments and substantially increase the tax burden (including interest and penalty payments) of the relevant entities. They may have the authority to review and adjust net operating loss or tax credit carryforwards that were generated prior to these periods if utilized in an open tax year. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations as they relate to the amount, character, timing or inclusion of revenue and expenses or the sustainability of income tax credits for a given audit cycle. The realization of any of these risks could have a material adverse effect on our business, results of operations and financial condition.

***If we or any of our non-U.S. subsidiaries are classified as a passive foreign investment company ("PFIC"), United States taxpayers who own our Ordinary Shares may have adverse United States federal income tax consequences.***

In general, we or any of our non-U.S. subsidiaries will be treated as a 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 or any of our non-U.S. subsidiaries 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 "*Material 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 or any of our non-U.S. subsidiaries 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 or the actual PFIC status for any of our non-U.S. subsidiaries 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 or the status of any of our non-U.S. subsidiaries 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.

[**Table of Contents**](#TOC001)

#### DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future financial and operating results, including revenues, income, expenditures, cash balances and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our growth, expansion and acquisition strategies, including our ability to meet our goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and future economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding our client base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our relationships with our offline business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relevant government policies and regulations relating to our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital requirements and our ability to raise any additional financing which we may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our intellectual property rights and secure the right to use other intellectual property that we deem to be essential or desirable to the conduct of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to hire and retain qualified management personnel and key employees in order to enable us to develop our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain the services of our CEO and CFO, who serve as our key executives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall industry and market performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other assumptions described in this prospectus underlying or relating to any forward-looking statements.

We describe material risks, uncertainties and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

#### Industry Data and Forecasts
This prospectus contains certain data and information that we obtained from various government and private publications including industry data and information from Frost & Sullivan. Statistical data in these publications also include projections based on a number of assumptions. The securities dealing and securities advisory industries in Hong Kong, the United States and greater Asia, may not grow at the rate projected by market data, or at all. Failure of

[**Table of Contents**](#TOC001)

this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Ordinary Shares. In addition, the new and rapidly changing nature of the financial service industries results in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our industry. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

[**Table of Contents**](#TOC001)

#### ENFORCEABILITY 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 corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides significantly less protection for investors than the United States.

Substantially all of our assets are located in Hong Kong. In addition, a majority of our directors and officers are nationals or residents of Hong Kong 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 Cogency Global Inc. 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.

Harney Westwood & Riegels, our Cayman Islands counsel, and Han Kun, our Hong Kong counsel, have advised us that there is uncertainty as to whether the courts of the Cayman Islands or Hong Kong would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the Cayman Islands or Hong Kong against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

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

[**Table of Contents**](#TOC001)

Han Kun has further advised us that Hong Kong has no treaties or other arrangements providing for reciprocal recognition and enforcement of judgments of courts with the United States in civil and commercial matters. However, a foreign judgment may be enforced in Hong Kong at common law by bringing an action in a Hong Kong court since the judgment may be regarded as creating a debt between the parties to it, provided that the foreign judgment, among other things, is a final judgment conclusive upon the merits of the claim and is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges. Such a judgment may not, in any event, be so enforced in Hong Kong if (a) it was obtained by fraud; (b) the proceedings in which the judgment was obtained were opposed to natural justice; (c) its enforcement or recognition would be contrary to the public policy of Hong Kong; (d) the court of the United States was not jurisdictionally competent; or (e) the judgment was in conflict with a prior Hong Kong judgment.

[**Table of Contents**](#TOC001)

#### USE OF PROCEEDS
Based upon an assumed initial public offering price of $4 per share, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately $6.3 million, assuming the underwriters do not exercise their over-allotment option.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $3.2 million, which is expected to be approximately 50% of the net proceeds, for the updating and improvement of our current product offerings, including to hire more employees and to improve and expand our online trading platform to more markets, and to expand the types of services offered to our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.3 million, which is expected to be approximately 20% of the net proceeds, for the applications for brokerage licenses to be made to the relevant regulators in the United States and the following Southeast Asian countries: Malaysia, Thailand, and Vietnam. Specifically, the fees and expenses related to obtaining a brokerage license in the United States is about $0.9 million, and the fees and expenses related to obtaining a brokerage license in a Southeast Asian country (either Thailand, Indonesia, or Malaysia), would be about $0.4 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.8 million, which is expected to be approximately 30% of the net proceeds, for operating purposes, including as capital required to provide margin financing to customers, and for marketing and business development efforts to increase revenue.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments. 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 unless and until we can raise the balance of the funds required through equity or debt financing to fully fund our proposed uses above.

[**Table of Contents**](#TOC001)

#### DIVIDEND POLICY
We have not previously declared or paid cash dividends and we have no plan to declare or pay any dividends in the near future on our shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business.

We are a holding Company incorporated in the Cayman Islands. We rely principally on dividends from our operating subsidiaries for our cash requirements, including any payment of dividends to our shareholders. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our operating subsidiaries.

The declaration, amount, and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws regarding solvency. Our board of directors will take into account general economic and business conditions; our financial condition and results of operations; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax, and regulatory restrictions; and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant.

Subject to the Companies Act and our articles of association, our Company in general meeting may declare dividends in any currency to be paid to the members but no dividend shall be declared in excess of the amount recommended by our board of directors. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of our memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law which is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

[**Table of Contents**](#TOC001)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to reflect the issuance of 1,980,000 new ordinary shares of the Company to an independent third party on January 21, 2025 at a cash consideration of approximately $1,130,306 resulting in total number of issued ordinary shares of 18,000,000 before this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect (1) the issuance and sale of 2,000,000 ordinary shares by us in this offering at the initial price of $4.00, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, per ordinary share with gross proceeds of $8,000,000, after deducting the estimated discounts to the underwriter of $560,000, non-accountable expense allowance of $80,000, and the estimated offering expenses borne by us of $1,086,875 (among which $393,374 was paid as of December 31, 2024 and recognized as deferred offering costs in the unaudited interim condensed consolidated financial statements as of December 31, 2024), resulting in net proceeds of $6,273,125, leading to a $2,000 increase in ordinary shares and $6,271,125 increase in additional paid-in capital; (ii) the receipt of subscription receivables of $16,020 on an as adjusted basis from original shareholders on the time of listing. There will be an aggregate increase in cash and cash equivalents of $6,682,519.

The adjustments reflected below are subject to change and are based upon available information and certain assumptions that we believe are reasonable. Total shareholders' equity and total capitalization following the completion of this offering are subject to adjustment based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this capitalization table in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the unaudited interim condensed consolidated financial statements and the related notes appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Actual** | **Pro <br>forma** | **Pro forma <br>as adjusted** |
|  | **$** | **$** | **$** |
|  Cash and cash equivalents | 1906055 | 3036361 | 9718880 |
|  Shareholder's Equity: |  |  |  |
|  Ordinary Shares, $0.001 par value, 50,000,000 Ordinary Shares authorized, 16,020,000 Ordinary Shares issued and outstanding as of December 31, 2024; 18,000,000 Ordinary Shares issued and outstanding per pro forma (including 1,980,000 shares issued on January 21, 2025), and 20,000,000 Ordinary Shares issued and outstanding per pro forma as adjusted (assuming 2,000,000 shares to be issued in this offering without over-allotment) | 16020 | 18000 | 20000 |
|  Additional paid-in capital | 7241687 | 8370013 | 14641138 |
|  Subscription receivables | (16020) | (16020) |  |
|  Accumulated losses | (2467972) | (2467972) | (2467972) |
|  Accumulated other comprehensive income | 12204 | 12204 | 12204  |
|  Total Shareholder's Equity | 4785919 | 5916225 | 12205370 |
|  Total Capitalization | 4785919 | 5916225 | 12205370 |

---

____________

If the Underwriter's over-allotment option to purchase additional shares from us was exercised in full, pro forma (i) Ordinary Shares would be 23,000,000 shares, (ii) additional paid-in capital would be $15,744,838, (iii) total shareholders' equity would be $13,309,370, and (iv) total capitalization would be $13,309,370.

A $1.00 increase (decrease) in the assumed initial public offering price of $4.00, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, per ordinary share would increase (decrease) each of additional paid-in capital, total shareholder's equity and total capitalization by $1,840,000 if the underwriters' over-allotment option is not exercised or $2,116,000 if the underwriters' over-allotment option is exercised in full, assuming the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts, and estimated expenses payable by us.

[**Table of Contents**](#TOC001)

#### DILUTION
If you invest in our Ordinary Shares, your interest will be diluted for each Ordinary Share you purchase to the extent of the difference between the initial public offering price per share and our net tangible book value per ordinary share after this offering. Dilution results from the fact that the initial public offering price per share is substantially in excess of the net tangible book value per share attributable to the existing shareholders for our presently outstanding Ordinary Shares.

Our net tangible book value as of December 31, 2024, was $4,033,971, or $0.22 per ordinary share (not including the 1,980,000 ordinary shares issued on January 21, 2025). After taking into account of the issuance of the 1,980,000 new ordinary shares to an independent third party on January 21, 2025 at a cash consideration of approximately $1,130,306, our net tangible book value as of December 31, 2024, would be $5,164,277, or $0.29 per ordinary share. Net tangible book value represents the amount of our total consolidated tangible assets (excluding intangible assets, net, right-of-use assets, net, deferred offering costs and deferred tax assets), less the amount of our total consolidated liabilities. Dilution is determined by subtracting the net tangible book value per share (as adjusted for the offering) from the initial public offering price per share and after deducting the estimated underwriting discounts and the estimated offering expenses payable by us.

After giving effect to our sale of 2,000,000 Ordinary Shares offered in this offering based on an assumed initial public offering price of $4.00, which is the low end of the estimated initial public offering price range set forth on the cover page of this prospectus, per ordinary share, after deduction of the estimated underwriting discounts and the estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2024, would have been $11,437,402, or $0.57 per outstanding share. This represents an immediate increase in net tangible book value of $0.28 per ordinary share to the existing shareholders, and an immediate dilution in net tangible book value of $3.43 per ordinary share to investors purchasing Ordinary Shares in this offering without exercise of over-allotment option. The as adjusted information discussed above is illustrative only.

The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  | **No Exercise of <br>Over-Allotment <br>Option** | **Full Exercise of <br>Over-Allotment <br>Option** |
|  Assumed Initial public offering price per share | $4.00 | $4.00 |
|  Net tangible book value per share as of December 31, 2024 (including the issuance of 1,980,000 new ordinary shares to an independent third party on January 21, 2025 at cash consideration of $1,130,306) | $0.29 | $0.29 |
|  Increase in net tangible book value per share attributable to payments by new investors | $0.28 | $0.33 |
|  Pro forma net tangible book value per share immediately after this offering | $0.57 | $0.62 |
|  Amount of dilution in net tangible book value per share to new investors in the offering | $3.43 | $3.38 |

---

The following tables summarize, on a pro forma as adjusted basis as of December 31, 2024 (including the issuance of 1,980,000 new ordinary shares to an independent third party on January 21, 2025 at cash consideration of $1,130,306), the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per share before deducting the estimated underwriting discounts and the estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary Shares<br> purchased** | **<br>Ordinary Shares<br> purchased** | **Total consideration** | **Total consideration** | **Average<br>price per<br>Ordinary<br>Share** |
|  **Over-allotment option not exercised** | **Number** | **Percent** | **Amount** | **Percent** | **Average<br>price per<br>Ordinary<br>Share** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Existing shareholders | 18000000 | 90.00% | $8388 | 51.18% | $0.47 |
|  New investors | 2000000 | 10.00% | $8000 | 4882% | $4.00 |
|  Total | 20000000 | 100.00% | $16388  | 100.00% | $0.82  |

---

[**Table of Contents**](#TOC001)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary Shares<br> purchased** | **<br>Ordinary Shares<br> purchased** | **Total consideration** | **Total consideration** | **Average<br>price per<br>Ordinary<br>Share** |
|  **Over-allotment option exercised in full** | **Number** | **Percent** | **Amount** | **Percent** | **Average<br>price per<br>Ordinary<br>Share** |
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
|  Existing shareholders | 18000000 | 88.67% | $8388 | 47.69% | $0.47 |
|  New investors | 2300000 | 11.33% | $9200 | 52.31% | $4.00 |
|  Total | 20300000 | 100.00% | $17588 | 100.00% | $0.87 |

---

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

[**Table of Contents**](#TOC001)

#### OUR HISTORY AND STRUCTURE
Our Company was incorporated in the Cayman Islands on August 20, 2024 under the Companies Act as an exempted company limited by shares. Our authorized share capital is currently $50,000 divided into 50,000,000 Ordinary Shares, par value $0.001 each.

Our Company holds equity interests in its subsidiaries in Hong Kong, British Virgin Islands and USA, and does not operate its business through VIE. As of the date of this prospectus, our company does not have any subsidiaries incorporated in Mainland China. Investors are purchasing the Ordinary Shares of the Company, a Cayman Islands holding company, and not in its subsidiaries. As a holding company, the Company may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends to its shareholders. The subsidiaries' ability to pay dividends to the Company may be restricted by the debt the subsidiaries incur on their own behalf or the laws and regulations applicable to them.

We are a holding company and do not carry on any operational business activities on our own. Instead, our business is mainly carried out through our operating subsidiaries, Beta HK and Beta BVI. Beta HK is indirectly held by our Company through Beta BVI.

Beta HK was initially incorporated in Hong Kong as a company limited by shares October 19, 1990, with the name Quite Choice Limited, and was initially engaged in the trading business. The company started the securities business in 2004. Beta BVI was incorporated in the British Virgin Islands as a company limited by shares on January 15, 2014. In August 2018, Wonderland International Financial Holdings Cooperation, the precedent of Beta BVI, acquired all outstanding shares of the precedent of Beta HK, with its previous name as Well Honest Securities Limited.

Additionally, we incorporated Beta Hengrui in March 2025 as a subsidiary under Beta BVI, as our vehicle for other potential lines of business that we are currently exploring.

We also own Ascent BVI, which owns Beta US. Ascent BVI is a holding company and Beta US has not started operations yet. Ascent BVI was incorporated in the British Virgin Islands on June 7, 2024. Beta US was incorporated on October 22, 2024 in Delaware, United States, with authorized share capital of 1,000 shares of common stock, par value $0.0001 per share. On December 5, 2024, pursuant to a securities subscription agreement executed between Beta US and Ascent BVI, Beta US issued 100 shares to Ascent BVI. As such, Beta US became a fully-owned subsidiary of Ascent BVI, and an indirect subsidiary of the Company.

[**Table of Contents**](#TOC001)

The following diagrams illustrate our corporate structure, including our subsidiaries and consolidated affiliated entities, as of the date of this prospectus and immediately upon the completion of this offering, assuming no exercise of the over-allotment option by the underwriters.

![](tflowchart_001.jpg)

![](tflowchart_002.jpg)

[**Table of Contents**](#TOC001)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br> FINANCIAL CONDITION AND RESULTS OF OPERATIONS
*The following management's discussion and analysis of financial condition and results of operations contains forward*-looking *statements which involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward*-looking *statements as a result of certain factors, including those set forth under "Risk Factors" and elsewhere in this prospectus. We assume no obligation to update forward*-looking *statements or the risk factors. You should read the following discussion in conjunction with our consolidated financial statements and related notes included elsewhere in this prospectus*.

**Overview**

Beta FinTech Holdings Limited (the "Company") is a company incorporated in Cayman Islands with limited liability on August 20, 2024 as an investment holding company. We through our subsidiary, Beta International Securities Limited ("Beta HK"), a limited liability corporation licensed with the Hong Kong Securities and Futures Commission ("HKSFC") to carry out regulated activities including Type 1 (Dealing in Securities) regulated activities and mainly offers securities dealings and brokerage services, underwriting and placing services and other financing services; and Type 4 (Advising on Securities) regulated activities in Hong Kong and mainly offer investment advisory services to customers.

We are a holding company incorporated in the Cayman Islands. Our Ordinary Shares offered in this prospectus are shares of our Cayman Islands holding company. As a holding company with no material operations of our own, we conduct our business through our subsidiaries. We own 100% equity interest of all our subsidiaries including the operating subsidiary in Hong Kong.

In connection with its proposed initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization") discussed under the section of "OUR HISTORY AND STRUCTURE".

After the Reorganization, the Company, together with its wholly-owned subsidiaries, are effectively controlled by the same controlling shareholder before the Reorganization.

In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholder controlled all these entities prior to and after the Reorganization. The consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. The results of operations for the period presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period. By eliminating the effects of intra-entity transactions in determining the results of operations for the period before the Reorganization, those results will be substantially the same as the results of operations for the period after the date of Reorganization.

Beta HK is a limited liability corporation licensed with the HKSFC (License No.: ABN652) to carry out regulated activities including Type 1 (Dealing in Securities) regulated activities and mainly offers securities dealings and brokerage services, underwriting and placing services and other financing services; and Type 4 (Advising on Securities) regulated activities in Hong Kong and mainly offer investment advisory services to customers. For Type 1 license, Beta HK is acting an exchange participant of the Hong Kong Exchanges and Clearing Limited ("HKEX") and provides quality securities dealing and brokerage, margin financing, securities custody and nominee services for customers under the Securities and Futures Ordinance. As a licensed securities broker, Beta HK provides a range of financial services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong stock trading through the internet, mobile app, and customer phone hotline

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities custody and nominee services; providing secure and reliable clearing and settlement procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access to debt capital markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity capital markets for issuers; offer placing for IPO and other equity placements, and marketing, distribution and pricing of lead-managed and co-managed offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Margin financing

For Type 4 (advising on securities) regulated activities under the HKSFC, Beta HK is engaged in providing advisory services on the securities trading.

[**Table of Contents**](#TOC001)

#### Emerging Growth Company
Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. 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. In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our common shares that are held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

#### Principal Factors Affecting Our Financial Performance
Our consolidated operating results are primarily affected by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *our ability to develop an increasing client base, provide evolving and high*-quality *services.*

Beta HK has spent significant financial resources on agent systems and marketing activities to attract new clients in a cost effective manner, providing satisfactory services on its platform in a timely manner and at favorable price terms. However, the trading needs are evolving as their investment demands change. If we fail to acquire new clients and retain existing clients by offering services that cater to their evolving investment and trading needs, Beta HK may not be able to maintain and continue to grow the trading volume on its platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *our ability to retain existing clients, in particular those that have highly frequent transactions.*

Our clients may not continue to place or increase their trading orders on Beta HK's platform if it cannot match the prices offered by other market players or if it fails to deliver satisfactory services. Failure to deliver services in a timely manner at competitive prices with satisfactory experience will cause our clients to lose confidence in us and use Beta HK's platform less frequently or even stop using Beta HK's platform altogether, which in turn will materially and adversely affect our performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *clients' trading volume, which fluctuates and is affected by factors beyond our control.*

Weaknesses in the markets in which we operate, including economic slowdowns, have historically resulted in reduced trading volumes for us. Declines in market values of securities can result in lower revenues and profitability from transaction execution activities, which can further result in our reduced revenues and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *general economic and political conditions in Hong Kong, the PRC and the United States.*

Economic and political conditions such as macroeconomic and monetary policies, legislation and regulations affecting the financial and securities industries, upward and downward trends in the business and financial sectors, inflation, currency fluctuations, availability of short-term and long-term funding sources, cost of funding and the level and volatility of interest rates could positively or negatively impact our revenues and profitability. For example, a trade dispute between China and the United States could negatively impact the performance of the market, which further results in a significant fluctuation of our income and operating results. In particular, our results of operations are closely affected by the macro-economic conditions in Hong Kong. Any deterioration of the economy in Hong Kong, decrease in disposable income of consumers, fear of a recession and decrease in consumer confidence may lead to a reduction in the number of customers that sign up with us, which could materially adversely affect our financial condition and results of operations.

[**Table of Contents**](#TOC001)

#### Basis of Presentation
Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the SEC. They include the financial statements of the Company and its wholly owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All significant assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation.

#### Critical Accounting Policies, Judgments and Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities as at the date of the consolidated financial statements and reported amounts of income and expenses during the reporting periods. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group's consolidated financial statements include allowance for expected credit losses, interest rate of lease and provision for income tax. Actual results may differ from these estimates.

We believe that the following accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting estimates. Accordingly, these are the policies we believe are the most critical to understanding and evaluating our consolidated financial condition and results of operations.

#### Loans to customers, net
Loans primarily include margin loans extended to customers, collateralized by customers' securities and are carried at the amount receivable (at amortized cost) net of allowance for expected credit losses. Collateral is required to be maintained at specified minimum levels, which is larger than the outstanding balance loans, at all times. The Company monitors margin levels and requires customers to provide additional securities as collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes. The Company has the right to realize any securities in customers' account at prevailing market prices in the situation of default.

The Company applies the practical expedient based on collateral maintenance provisions under Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, in estimating an allowance for credit losses for collateral-dependent assets. In accordance with the practical expedient, when the Company reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of credit losses when the collateral's fair value is greater than the amortized cost of the financial asset. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. The Company's policy is to charge off any delinquent margin loans, including the accrued interest on such loans. Accrued interest charged off is recognized as credit loss expense in the consolidated statements of operations and comprehensive income (loss). Customers with margin loans have agreed to allow the Company to pledge collateralized securities in accordance with applicable regulations. The collateral is not reflected in the consolidated financial statements. As of June 30, 2024 and 2023 and December 31, 2024, allowance for expected credit losses was nil resulting from the assessment of credit losses for loans to customers.

*<u>*<u>Receivables from customers and</u> <u>broker-dealers</u> <u>and clearing organization</u>*</u>*

Receivables from customers arise from (i) the brokerage transactions of dealing with investment securities for cash customers; and (ii) financial advisory services.

Receivables from broker-dealers and clearing organizations arise from the business of dealing with investment securities. Broker-dealers will require balances to be placed with them in order to proceed the US stock trading orders requested by the customers. Receivables from clearing organization typically represent proceeds receivable on trades that have yet to settle and are usually collected within two business days after the trade date.

In evaluating the collectability of receivables balances, the Company considers specific evidence including the aging of the receivable, the customers' payment history, its current creditworthiness, its underlying equity securities secured and current and future economic trends.

[**Table of Contents**](#TOC001)

The receivables from customers, broker-dealers and clearing organizations, such as HKEX, are viewed as past due or delinquent based on the recently payments records. The receivables from customers are generally settled within 3 months from the date of transaction. As of June 30, 2024 and 2023 and December 31, 2024, no receivables from customers and broker-dealers are past due or delinquent based on the repayment history of customers and broker-dealers. As of June 30, 2024 and 2023 and December 31, 2024, no receivables from clearing organizations are past due or delinquent as the receivables are normally being settled within two business days after the trade dates (for both buy and sell).

The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit losses. The receivables are written off after all collection efforts have ceased. As of June 30, 2024 and 2023 and December 31, 2024, the allowance for expected credit losses on receivables from customers, broker-dealers and clearing organizations was nil.

*<u>*<u>Revenue Recognition</u>*</u>*

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

The five-step model defined by ASC 606 requires the Group to (i) identify its contracts with clients, (ii) identify its performance obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices to its performance obligations in those contracts, and (v) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Group elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

The determination of whether revenues should be reported on a gross or net basis is based on the Group's assessment of whether it is the principal or an agent in the transaction in accordance with ASC 606-10-55 and depends on whether the promise to the customer is to provide the products or services or to facilitate a sale by a third party. The nature of the promise depends on whether the Group controls the products or services prior to transferring it. When the Group controls the products or services, the promise is to provide and deliver the products or services and revenue is presented gross. When the Group does not control the products or services, the promise is to facilitate the sale and revenue is presented net. To distinguish a promise to provide products or services from a promise to facilitate the sale from a third party, the Group considers the guidance of control in ASC 606-10-55-37A and the indicators in 606-10-55-39. The Group considers this guidance in conjunction with the terms in its arrangements with both suppliers and customers.

As a practical expedient, the Group elected to expend the incremental costs of obtaining a contract when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.

The Group does not offer any credits or discounts, rebates, price concessions or other similar privileges to customers. Due to the nature of services, the Group does not permit refund to customers.

The Company currently generates its revenue from the following main sources:

*1. Securities brokerage commissions and handling fee*

The Company acts as an agent to provide securities brokerage services in trades execution on behalf of customers, who are individual customers or corporate customers (such as brokers), in return for securities brokerage commission income. The Company enters into a distinct contract with customers that governs the terms and conditions for securities trade execution, which may be terminated at will in written notice by either the customer or the Company without any termination penalty. The commercial substance of the contract exists when a trade order is placed by the customer through the Company as the customer would have an obligation to pay consideration for its services. Trade execution and clearing services are bundled into a single performance obligation as they are both inputs to the single promise, i.e. security trading, and are not considered separately identifiable. Securities brokerage commission is charged on a fixed commission rate ranging at 0.006% to 0.03% of the transaction amount as quoted by the Company and stipulated

[**Table of Contents**](#TOC001)

in the contracts for trade execution. Hence, the securities brokerage commission is considered variable consideration. The entire securities brokerage commission is allocated to a single performance obligation. Securities brokerage commission is recognized at a point in time when the trades (buy or sell of securities) are executed since the benefit of the service transfers to the customer when the Company completes the order. Commission fees are directly charged from the customer's account when the transactions are executed by retaining the commission fees from transaction amount before transfer back the residual amount to customers.

Handling fee generated from provision of services such as dividend collection, share subscription services in relation to IPOs services that require the processing and handling of physical certificates or legal documents or accounts that have limited or no activity to individual customers or corporate customers (such as brokers). The Company enters into a distinct contract with customers that governs the terms and conditions for the above-mentioned services, which may be terminated at will in written notice by either the customer or the Company without a termination penalty. The commercial substance of the contract exists when services instruction is placed by the customer to the Company as the customer would have an obligation to pay consideration for its services. Dividend collection handling income is recognized at the time when the performance obligation has been satisfied by receiving dividends by the Company on behalf of customers. When the Company receives the cash dividend distributed by the securities on behalf of customers, the net dividend after deducting the dividend collection handling fee will be deposited into the customers' bank account. Dividend collection handling income is charged at fixed percentage of dividend collected and it is considered as variable consideration. New share subscription handling fee is recognized at the point in time when the performance obligation has been satisfied by successfully submitting IPO subscription to banks on behalf of customers. For new share subscription handling fee, the consideration is fixed with no variable consideration for every IPO subscription order. Other handling income charged for handling securities certificates is recognized at the point in time when the performance obligation has been satisfied by successfully processing or transferring of certificates from securities. There is no variable consideration but a fixed charge per instruction. The Company acts as an agent and handling income is directly charged from the customer's account when the transactions are executed. All handling fees are non-refundable and non-cancellable after execution was performed.

*2. Placing services*

The Group acts as placing agent by participating in placing exercises in IPOs or other fundraising activities in HKEX in return for placing commissions and/or fees.

The Company enters into a distinct placing agreement with its customers, generally the securities issuers for the provision of placing services. The placing services are distinct and identified as one performance obligation. The Company provides placing services by using its reasonable best efforts to procure potential subscribers and raise capital for securities issuers. The Company provides no guarantee for the successful procuring of potential investors and will not be penalized for any failed placing activities. The Company has no legal title of the securities for listing. The Company is entitled to placing commission based on fixed percentage of the gross amount of fundraising from the transaction, either IPO or other fundraising activities and is to be received in one lump sum payment at the completion of services as stipulated in the placing agreement. Hence, it is considered as variable consideration. As a result, revenue from providing placing services to customers is recognized at a point in time when the transaction and the performance obligations are completed, which is generally at the completion of an IPO, which is listing on HKEX, or the completion of a placement by client. In the situation of cessation of IPO or other fundraising activities by customers or failure of IPO or other fundraising activities, the Company is not entitled to receive any consideration. The contractual payment terms are typically due no more than 30 days from the completion of transaction. During the years ended June 30, 2024 and 2023 and the six months ended December 31, 2024 and 2023, all placing services have completed and received. No other obligations or follow-up actions are required by the Company after the placing activities have been completed.

*3. Underwriting services*

Beta HK acts as an underwriter for the Chinese companies who are seeking to issue the U.S. dollar-denominated municipal bonds in the capital market. Such services include soliciting potential buyers for the Chinese companies and assisting them to successfully issue the bonds in the market.

Beta HK enters into a distinct underwriting agreement with its customers, generally the private entities for issuing of bonds listed on Chongwa (Macao) Financial Asset Exchange Co., Ltd. ("MOX"), or HKEX. The underwriting services are distinct and identified as one performance obligation. Beta HK provides underwriting services by using its reasonable best efforts to procure potential subscribers and raise capital for bond issuers. Beta HK provides no

[**Table of Contents**](#TOC001)

guarantee for the successful procuring of potential investors and will not be penalized for any failed underwriting activities. Beta HK has no legal title of the bonds to be issued. Beta HK is entitled to underwriting commission based on fixed percentage of the gross amount of bond issue and is to be received in one lump sum payment at the completion of services as stipulated in the underwriting agreement. Hence, it is considered as variable consideration. As a result, revenue from underwriting services to customers is recognized at a point in time when the transaction and the performance obligations are completed, which is generally at the completion of successful listing of bonds on MOX or HKEX. In the situation of cessation of bond issue by customers or failure of underwriting service for the fundraising activities, Beta HK is not entitled to receive any consideration. The contractual payment terms are typically due no more than 30 days from the completion of transaction. No other obligations or follow-up actions are required by Beta HK after the underwriting activities have been completed. During the six months ended December 31, 2024, Beta HK completed underwriting services for three bonds successfully listed on MOX and a total consideration of US$412,262 was received and recognized as revenue from underwriting services. During the six months ended December 31, 2023, no such services were provided.

*4. Financial advisory services*

Beta BVI acts as a general coordinator and consultant to companies seeking to list on stock exchanges in the U.S., such as NASDAQ or NYSE, and guides its clients through the entire listing process. Such services encompass a broad scope, including selecting and engaging suitable intermediaries such as the potential issuer's securities and local counsels, auditors, lead underwriters, underwriters' counsels, printing companies, stock transfer companies, and investor relations firms. Beta BVI also organizes, coordinates, and supervises all intermediaries, according to the client's listing schedule, to ensure that the listing process remains on track, and helps its clients address and resolve any issues that arise during the listing process. Beta BVI also assists the investment bank in organizing and securing investments in the IPO (collectively, the "financial advisory services").

Beta BVI enters into distinct financial advisory agreements with its customers, generally the corporate customers pursuing listing on U.S. capital markets, for the provision of financial advisory services. The contracts have either one-year period or without specified expiry date but will be terminated/ended upon the successful listing of the customers. As the advisory services involve a series of tasks which are interrelated and are not separable or distinct as the customers cannot benefit from any standalone task and those tasks are the necessary process to complete performance obligation, i.e. assist customers to be listed on the stock exchanges in the U.S. They are not bundled or combined since every service agreement will be tailor-made based on customers' needs. Hence, it is impractical to complete the advisory services without those series of tasks mentioned above. The Group concludes that financial advisory services are accounted for as a single performance obligation. Pursuant to the agreements, the service fees are either (i) paid by one lump sum fixed fee upon the completion of performance obligation; or (ii) paid by installments with both (a) fixed portion to be paid in milestones, such as upon entering into the engagement letters, confidential submission of F-1 registration statement and public filing of F-1 registration statement, and (b) variable portion to be paid upon successful listing which is based on certain percentage of the gross proceeds obtained by the customers from the listing. The consideration is non-refundable unless unsuccessful listing by the customers due to non-controllable factors, such as change of regulations. Hence, revenue from providing financial advisory services to customers is recognized at a point in time when the transaction and the performance obligation are completed, i.e. the successful listing of the customers or expiry of contract and the termination is mutually agreed between Beta BVI and its customers. Contract liabilities will be recognized upon receipt of advance payment and transferred to revenue upon completion of performance obligation. During the six months ended December 31, 2024, US$390,905 was received in advance for the advisory services from the customers, US$350,840 was recognized as revenue from financial advisory service upon the completion of performance obligations and the remaining US$40,166 was recognized as contract liabilities as of December 31, 2024 since the services have not yet been completed at period end. While contract liabilities of US$192,103 recognized as of June 30, 2023 was transferred to revenue upon the completion of performance obligation for the six months ended December 31, 2024.

*5. Custodial and other related income*

The Company provides custodial service to investment companies to the individual customers in return of a monthly custodial fee and services income. The Company enters a distinct contract with its customers for the provision of custodial and other services. The Company concludes that each monthly custodian and other service is distinct and meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is, the benefit consumed

[**Table of Contents**](#TOC001)

by the customers is substantially similar for each month, even though the exact volume of services may vary. Therefore, the Company concludes that the monthly custodial and other services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The transaction price is variable consideration. The custodial income is charged at higher of approximately 0.2% per annum of the amount of investments under custody or at a fixed fee according to terms specified in the contract. The Company recognizes custodial income on a monthly basis when it satisfies its performance obligations throughout the contract terms based on output method. The amount is not refundable and there is no right of return. There is no contract asset that the Company has the right to consider in exchange for its services that the Company has transferred to its clients. Such right is not conditional on something other than the passage of time.

*6. Interest income*

The Company earns interest income primarily from its margin loans or IPO financing offered to customers in relation to the securities brokerage services. The Company enters into a contract with customer upon customer submission of financing application. The Company offers rolling margin loans or IPO financing to individual customers as a principal with its own funding. The transaction price is a variable consideration as interest income is charged at the prevailing interest rate over daily loan principal amount outstanding. Revenue is receivable upon passage of time and recognized over the period that the margin loans or IPO financing are outstanding. During the years ended June 30, 2024 and 2023, the effective interest rate ranges from 4.8% to 18.1% per annum. During the six months ended December 31, 2024 and 2023, the effective interest rate ranges from 4.8% to 12.87% per annum. Interest income is directly charged to the customer's account at each month end.

*<u>*<u>Lease</u>*</u>*

ASC 842 supersedes the lease requirements in ASC 840 "Leases", and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. All leases in the Group are accounted for as operating leases.

We determine if an arrangement is a lease at inception. On our balance sheet, our corporate office lease is included in operating lease right-of-use (ROU) assets, current portion of operating lease liability and operating lease liability, net of current portion.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU assets and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

The Financial Accounting Standards Board ("FASB") issued a Q&A in March 2020 that focused on the application of lease guidance in ASC 842 for lease concessions related to the effects of COVID-19. The FASB staff has said that entities can elect to not evaluate whether concessions granted by lessors related to COVID-19 are lease modifications. Entities that make this election can then apply the lease modification guidance in ASC 842 or account for the concession as if it were contemplated as part of the existing contract. The Company has elected to not treat the concessions as lease modifications and will instead account for the lease concessions as if they were contemplated as part of the existing leases. The Company has recorded negative variable lease expense and adjusted lease liabilities at the point in which the rent concession has become accruable.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of

[**Table of Contents**](#TOC001)

possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended June 30, 2024 and 2023 and the six months ended December 31, 2024 and 2023, the Company did not have any impairment loss against its operating lease right-of-use assets.

*<u>*<u>Income Taxes</u>*</u>*

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

*Cayman Islands*

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

*British Virgin Islands*

Ascent BVI and Beta BVI are incorporated in the BVI and are not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

*Hong Kong*

Beta HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2018/2019, Hong Kong profits tax rates are 8.25% on assessable profits up to HKD2 million (approximately US$255,787), and 16.5% on any part of assessable profits over HKD2 million (approximately US$255,787). Under Hong Kong tax law, the above-mentioned Hong Kong company is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

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

[**Table of Contents**](#TOC001)

#### Results of Operations — For the years ended June 30, 2024 and 2023
The following table sets forth a summary of the consolidated results of operations of us for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br>June 30,** | **For the years ended<br>June 30,** |
|  | **For the years ended<br>June 30,** | **For the years ended<br>June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 292727 | 30288 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 1900020 |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income | 127717 | 94931 |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – third parties | 27771 |  |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – related party | 145 |  |
|  **Total revenues** | 2348380 | 125219 |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 105822 |  |
| &nbsp;&nbsp;&nbsp; Staff costs and employee benefits | 697746 | 589087 |
| &nbsp;&nbsp;&nbsp; Legal and professional fees | 285362 | 39590 |
| &nbsp;&nbsp;&nbsp; Rent expense | 65182 |  |
| &nbsp;&nbsp;&nbsp; Technology expenses | 108233 | 174427 |
| &nbsp;&nbsp;&nbsp; Other general and administrative expenses | 107773 | 63367 |
|  **Total operating expenses** | 1370118 | 866471 |
|  **Income (loss) from operations** | 978262 | (741252) |
|  **Other income** |  |  |
| &nbsp;&nbsp;&nbsp; Bank interest income | 233036 | 63384 |
| &nbsp;&nbsp;&nbsp; Other (expense) income, net | (6299) | 53331 |
|  **Total other income, net** | 226737 | 116715 |
|  **Income (loss) before income tax expenses** | 1204999 | (624537) |
|  **Income tax expenses (benefit)** | 160107 | (110644) |
|  **Net income (loss)** | 1044892 | (513893) |

---

#### Revenues
For the years ended June 30, 2024 and 2023, we generated our revenues through (1) Securities brokerage commissions and handling fee; (2) placing services fee; (3) custodial and other service income; and (4) interest income from loans to customers. Set out below is a breakdown of our revenue for the years ended June 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** |  | |
|  | **2024** | **2023** | **Fluctuation** | **Fluctuation** |
|  | **US$** | **US$** | **US$** | **%** |
|  Securities brokerage commissions and handling fee | 292727 | 30288 | 262439 | 866% |
|  Placing services fee | 1900020 |  | 1900020 |  |
|  Custodial and other service income | 127717 | 94931 | 32786 | 35% |
|  Interest income from loans to customers – third parties | 27771 |  | 27771 | —% |
|  Interest income from loans to customers related party | 145 |  | 145 | —% |
|  Total Revenue | 2348380 | 125219 | 2223161 | 1775% |

---

Our total revenues increased by US$2,223,161 or 1,775%, from US$125,219 for the year ended June 30, 2023 to US$2,348,380 for the year ended June 30, 2024. The increase was mainly due to the commencement of our placing services and margin loans services from January 2024, which was attributable to 82% (US$1,927,936) of the total revenues for the year ended June 30, 2024 and overall increase in all other revenue streams. Further details were discussed separately below.

[**Table of Contents**](#TOC001)

#### Securities brokerage commissions and handling fee
Securities brokerage commissions represented the income from securities brokerage services in trades execution on behalf of customers, who are individual customers or corporate customers (i.e. brokers). Increase in revenues from securities brokerage commissions and handling fee by US$262,439 or 866% from US$30,288 for the year ended June 30, 2023 to US$292,727 for the year ended June 30, 2024 was mainly attributable to the combined effect of (i) the increase in daily trading brokerage income of US$26,057 or 138% which was mainly due to the increase in number of securities transactions by 197 from 1,362 with trading volume of US$300 million in aggregate for the year ended June 30, 2023 to 1,559 with trading volume of US$1,000 million in aggregate for the year ended June 30, 2024; and (ii) brokerage income from the subscription of IPO by the customers of US$221,305 for the year ended June 30, 2024 while there was no such transactions engaged by customers in prior year. During the year ended June 30, 2024, Beta HK upgraded its securities trading system in early 2024 so that customers can perform electronic subscription of IPOs through the Beta INT Securities while previously its customers could only subscribe IPOs via calls. Moreover, the HKEX upgraded its trading system which makes IPOs subscription process easier. As a whole, these improvements enhanced Beta HK customers' experiences on the subscriptions for IPOs and contributed the growth of Beta HK's increase in brokerage income from the subscription of IPOs by customers. As Beta HK plans to keep upgrading its securities trading system, we anticipate this revenue stream will keep growing next year.

In order to access Beta HK's securities dealing and brokerage services, a potential customer will have to first open an account with Beta HK. For the customer onboarding process, see "Business — Securities Dealing and Brokerage Services — Customer Onboarding Process."

#### Placing services fee
Placing services represented the placing exercises in IPOs or other fundraising activities performed in HKEX for the customers. In January 2024, Beta HK commenced the placing services. Beta HK's revenue for the placing services was generally recognized in the same period when the respective placements were completed. During the year ended June 30, 2024, Beta HK successfully assisted four customers in their placings, and received placing services fee from three customers. For these three projects, Beta HK recognized the revenue for the placing services fee of (1) US$559,535 with approximately US$14,388,000 placed by Beta HK at a placing commission rate of 3.9% upon the date of completion of placement in January 2024, (2) US$517,490 with approximately US$17,250,000 placed by Beta HK at a placing commission rate of 3.0% upon the date of completion of placement in January 2024, and (3) US$822,995 with approximately US$16,500,000 placed by Beta HK at a placing commission rate of 5.0% upon the date of completion of placement in April 2024. Subsequent to June 30, 2024, regarding the fourth project, Beta HK inadvertently recognized the revenue of US$128 in August 2024 with approximately US$9,208 placed by Beta HK at placing commission rate of 1.3%, for the placing services completed in May 2024. Due to the minimal amount of placing services, the management considers that no adjustment of revenue was required due to cutoff issue. Subsequent to June 30, 2024, Beta HK also entered into two contracts for placing services of secondary offerings, and both of them were completed as of December 31, 2024. For these two contracts, Beta HK recognized the revenue during the six months ended December 31, 2024, for the placing services fee of US$114,820 with approximately US$9,568,000 placed by Beta HK at a placing commission rate of 1.2%, and for the placing services fee of US$4,518 with approximately US$903,700 placed by Beta HK at a placing commission rate of 0.5% of gross proceed, respectively. We anticipate that the capital market for IPO in Hong Kong will be diminishing and expect that there is a decrease in revenue from placing services in future periods. Beta HK plans to prioritize its core business including its traditional securities brokerage and handling services for Hong Kong stock securities in Hong Kong Capital market, developing securities brokerage and handling services for U.S. listed securities through Beta HK's partners who have access to NYSE and Nasdaq capital market, underwriting services for U.S. dollar-denominated municipal bonds of PRC companies through our SFO Type 1 license in dealing with securities, as well as the commencement of financial advisory services in August 2024. In the meanwhile, Beta HK intends to continue offering placing services as part of its integrated capital markets solutions. However, Beta HK has been strategically adjusting the scope and focus of these services to align with market conditions and client demand since the first quarter of 2025. Beta HK's strategic adjustments to the scope and focus of placing services include (1) primarily targeting small-to-medium-sized enterprises and private placements; (2) scaling resources dedicated to placing services proportionally with market activity, with an emphasis on high-quality transactions; and (3) maintaining flexibility to recalibrate its participation in placing services based on regulatory changes, investor sentiment, and IPO pipeline developments in Hong Kong and adjacent markets. These changes align with market conditions and client demand, because (1) demand remains resilient in small-to-medium-sized enterprises and private placements, despite the general slowdown of Hong Kong IPO market; (2) high-quality transactions align with Beta HK's risk management and profitability criteria; and (3) this approach ensures continuity for existing clients while prudently managing exposure to a volatile IPO landscape.

[**Table of Contents**](#TOC001)

#### Custodial and other service income
Custodial and other service income represented the custodial service to investment companies for the custodian of securities on behalf of the customers. The custodial and other service income increase by US$32,786 or 35% from US$94,931 for the year ended June 30, 2023 to US$127,717 for the year ended June 30, 2024 was mainly due to the increase in custodial transactions.

All customers of such custodial and other services are among Beta HK's customers for securities brokerage commissions and handling services. Beta HK does not particularly set up standard to screen the customers to provide such custodial and other services.

#### Interest income from loans to customers
Interest income represented the margin loans granted to the individual customers for their trading of securities since January 2024 in which our subsidiary, Beta HK, obtained the license for extending margin loans. Increase in interest income from loans to customers by US$27,916 from nil for the year ended June 30, 2023 to US$27,916 for the year ended June 30, 2024 was mainly due to the commencement of extending margin loans to customers. The maximum margin loans will be granted no more than 50% (ranging 20%-50% in general) of the market value of existing securities being held in Beta HK's securities system and Beta HK has the right to dispose of the existing securities in case of default in margin loans. Before granting the margin loans to customers, Beta HK's assesses the creditability of the customers by taking into account of various factors including (i) the amount of existing securities being held through Beta HK's securities system; (ii) the existing securities being held listed in the main board of HKEX; (iii) requiring the customer to have trading record at least one month in Beta HK; and (iv) the credit rating of the stock securities being held by the customers in Beta HK.

#### Selling and marketing expenses
Selling and marketing expenses consist primarily of advertising and promotion expenses. During the years ended June 30, 2024 and 2023, we incurred selling and marketing expenses totaling US$105,822 and nil, respectively. The increase in selling and marketing expenses by US$105,822 was attributable to the newly signed one-year marketing service promotion agreement from January 25, 2024 to January 24, 2025 at a total consideration of approximately US$243,000 with an independent third party for promoting Beta HK's services in various social media and social platform for Beta HK's brand name, products and services. During the year ended June 30, 2024, US$121,521 was paid and US$105,822 was incurred and recognized as selling and marketing expense ratably over time. The remaining amount of US$15,699 was recognized as prepaid expenses as of June 30, 2024 and will be charged to selling and marketing expense in the following year once incurred and we expect to incur all the remaining costs associated with this agreement during the year ending June 30, 2025. There was no such expenditure during the year June 30, 2023. The remaining unpaid amount of US$121,479 which is associated with this one-year marketing service promotion agreement will be debited to selling and marketing expense once incurred ratably over time subsequent to June 30, 2024. In the future, we expect to incur expenses on marketing lower than the expenses incurred during the year ended June 30, 2024. We are not aware of any trends related to this expense category.

#### General and administrative expenses
For the years ended June 30, 2024 and 2023, general and administrative expenses mainly consist of staff costs and employee benefits, legal and professional fees, rent expense, technology expense and other miscellaneous administrative expenses.

The following table sets forth a breakdown of our general and administrative expenses for the years ended June 30, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | | |
|  | **2024** | **2023** | **Fluctuation** | **Fluctuation** |
|  | **US$** | **US$** | **US$** | **%** |
|  Staff costs and employee benefits | 697746 | 589087 | 108659 | 18% |
|  Legal and professional fees | 285362 | 39590 | 245772 | 621% |
|  Rent expense | 65182 |  | 65182  |  |
|  Technology expense | 108233 | 174427 | (66194) | (38)% |
|  Other general and administrative expenses | 107773 | 63367 | 44406 | 70% |
|  | 1264296 | 866471 | 397825 | 46% |

---

[**Table of Contents**](#TOC001)

*Staff costs and employee benefits*

Staff costs and employee benefits represented the salaries, bonus, commission and staff welfare paid or payable to the operation team, administrative department and management. Increase in staff costs and employee benefits by US$108,659 or 18% from US$589,087 for the year ended June 30, 2023 to US$697,746 for the year ended June 30, 2024 was mainly attributable to increase salaries by approximately US$115,000 due to a Chief Executive Officer newly joined the Company to cope with the business expansion during the year ended June 30, 2024, leading with a higher staff costs and employee benefits.

*Legal and professional fees*

Legal and professional fees mainly consist of audit fee, legal fee and professional fee for operation. Increase in legal and professional fees by US$245,772 or 621% from US$39,590 for the year ended June 30, 2023 to US$285,362 for the year ended June 30, 2024 was mainly due to the increase in IT professional fee of US$201,734 for the maintenance cost of the IT trading system launched during the year ended June 30, 2024 while there was no such expense for the year ended June 30, 2023.

*Rent expense*

During the years ended June 30, 2024 and 2023, we incurred rent expenses totaling US$65,182 and nil, respectively. The increase in rent expenses by US$65,182 was attributable to the newly signed lease agreement commenced in December 2023 with a lease term of two years.

#### Technology expense
Technology expenses mainly represent of the subscription costs for the future securities IT software. Decrease in technology expenses by US$66,194 or 38% from US$174,427 for the year ended June 30, 2023 to US$108,233 for the year ended June 30, 2024 was mainly attributable to cessation of subscription of future securities IT software since January 2024 due to the termination of such business in prior year.

*Other general and administrative expenses*

Other general and administrative expenses mainly consist of entertainments, travelling expenses, depreciation, bank charges etc. Increase in other general and administrative expenses by US$44,406 or 70% from US$63,367 for the year ended June 30, 2023 to US$107,773 for the year ended June 30, 2024 was mainly due to increase in entertainments and travelling expense for business purpose by management.

#### Other Income
Other income mainly consists of interest income from time deposits and management fee income for the years ended June 30, 2024 and 2023. Increase in other income by US$110,022 or 94% from US$116,715 for the year ended June 30, 2023 to US$226,737 for the year ended June 30, 2024 was mainly attributable to (i) increase in bank interest income by US$169,652 or 268% from US$63,384 for the year ended June 30, 2023 to US$233,036 for the year ended June 30, 2024 due to increase in principal amount of fixed deposit placed in the bank; which was partially offset by (ii) decrease in management fee income by US$68,902 due to the one-off management fee from a related party, Wonderland Capital International Holdings, for the year ended June 2023, for the involvement in daily operation of the related party by the Company while there was no such income for the year ended June 30, 2023.

#### Income tax expenses (benefit)
The following table sets forth a breakdown of income tax expenses (benefit) for the years ended June 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Current year's provision |  |  |
|  Deferred tax expenses (benefit) | 160107 | (110644) |
|  Income taxes expenses (benefit) | 160107 | (110644) |

---

[**Table of Contents**](#TOC001)

Provision for income tax expenses (benefit) primarily comprised deferred tax expenses (benefit)

Hong Kong current profits tax arose from the business operations of Beta HK in Hong Kong and their applicable tax rate is 16.5%. From year of assessment commencing on April 1, 2018, Hong Kong profits tax rates are 8.25% on assessable profits on the first HK$2 million and 16.5% on any assessable profits in excess of HK$2 million. Deferred tax benefit arose from the accumulated tax losses which can be utilized against taxable profits and the temporary difference between the carrying amounts and tax bases of assets.

Increase in income tax expenses (benefit) by US$270,751 from income tax benefit of US$110,644 for the year ended June 30, 2023 to income tax expense of US$160,107 for the year ended June 30, 2024 was mainly attributable to (i) the recognition of deferred tax assets of US$110,644 for the net operating losses arising during the year ended June 30, 2023; (ii) utilization of deferred tax assets of US$160,107 recognized in prior year due to taxable profits were generated during the year ended June 30, 2024.

#### Net income (loss)
Increase in net income (loss) by US$1,558,785 from net loss of US$513,893 for the year ended June 30, 2023 to US$1,044,892 for the year ended June 30, 2024, primarily due to increase in revenues and partially offset by the increase in operating expenses as mentioned above.

#### Results of Operations — For the six months ended December 31, 2024 and 2023
The following table sets forth a summary of the consolidated results of operations of us for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>December 31,** | **For the six months ended<br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 316991 | 25456 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 119466 |  |
| &nbsp;&nbsp;&nbsp; Underwriting services fee | 412262 |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income |  | 41822 |
| &nbsp;&nbsp;&nbsp; Financial advisory service income | 543469 |  |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – third parties | 125216 | 1849 |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – related party | 1032 |  |
|  **Total revenues** | 1518436 | 69127 |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 121999 |  |
| &nbsp;&nbsp;&nbsp; Staff costs and employee benefits | 384548 | 204387 |
| &nbsp;&nbsp;&nbsp; Legal and professional fees | 596053 | 19249 |
| &nbsp;&nbsp;&nbsp; Rent expense | 57575 | 10998 |
| &nbsp;&nbsp;&nbsp; Technology expenses | 169625 | 61844 |
| &nbsp;&nbsp;&nbsp; Other general and administrative expenses | 27047 | 67653 |
|  **Total operating expenses** | 1356847 | 364131 |
|  **Profit (Loss) from operations** | 161589 | (295004) |
|  **Other income** |  |  |
| &nbsp;&nbsp;&nbsp; Bank interest income | 129212 | 81571 |
| &nbsp;&nbsp;&nbsp; Other income, net | 32094 | 13 |
|  **Total other income, net** | 161306 | 81584 |
|  **Profit (Loss) before income tax expenses** | 322895 | (213420) |
|  **Income tax benefit (expenses)** | (20805) | 48927 |
|  **Net income (loss)** | 302090 | (164493) |

---

[**Table of Contents**](#TOC001)

#### Revenues
For the six months ended December 31, 2024 and 2023, we generated our revenues through (1) Securities brokerage commissions and handling fee; (2) placing services fee; (3) underwriting services fee; (4) custodial and other service income; (5) financial advisory service income; and (6) interest income from loans to customers. Set out below is a breakdown of our revenue for the six months ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended<br>December 31,** | **For the six months ended<br>December 31,** | | |
|  | **2024** | **2023** | **Fluctuation** | **Fluctuation** |
|  | **US$** | **US$** | **US$** | **%** |
|  Securities brokerage commissions and handling fee | 316991 | 25456 | 291535 | 1145% |
|  Placing services fee | 119466 |  | 119466 | N/A |
|  Underwriting services fee | 412262 |  | 412262 | N/A |
|  Custodial and other service income |  | 41822 | (41822) | (100)% |
|  Financial advisory service income | 543469 |  | 543469 | N/A |
|  Interest income from loans to customers – third parties | 125216 | 1849 | 123367 | 6672% |
|  Interest income from loans to customers related party | 1032 |  | 1032 | N/A |
|  Total Revenue | 1518436 | 69127 | 1449309 | 2097% |

---

Our total revenues increased by US$1,449,309 or 2,097%, from US$69,127 for the six months ended December 31, 2023 to US$1,518,436 for the six months ended December 31, 2024. The increase was mainly due to the commencement of our placing service and margin loans services from January 2024; financial advisory service from August 2024 and underwriting service from October 2024, which was attributable to 79% (US$1,201,445) of the total revenues for the six months ended December 31, 2024 as well as increase in securities brokerage commissions and handling fee being partially offset by decrease in custodial and other service income. Further details were discussed separately below.

#### Securities brokerage commissions and handling fee
Securities brokerage commissions represented the income from securities brokerage services in trades execution on behalf of customers, who are individual customers or corporate customers (i.e. brokers). Increase in revenues from securities brokerage commissions and handling fee by US$291,535 or 1,145% from US$25,456 for the six months ended December 31, 2023 to US$316,991 for the six months ended December 31, 2024 was mainly attributable to the combined effect of (i) the increase in daily trading brokerage income of US$238,502 or 1,267% which was mainly due to the increase in number of securities transactions by 6,602 from 343 with trading volume of US$25 million in aggregate for the six months ended December 31, 2023 to 6,945 with trading volume of US$397 million in aggregate for the six months ended December 31, 2024; (ii) brokerage income from the subscription of IPO by the customers of US$9,484 for the six months ended December 31, 2024 while there was no such transactions engaged by customers in prior period; and (iii) increase in handling charge for securities by US$43,549 or 656% for the six months ended December 31, 2024. Furthermore, Beta HK upgraded its securities trading system in early 2024 so that customers can perform electronic subscription of IPOs through the Beta INT Securities mobile application while previously its customers could only subscribe IPOs via calls. Moreover, the HKEX upgraded its trading system which makes IPOs subscription process easier. As a whole, these improvements enhanced Beta HK customers' experiences on the subscriptions for IPOs and resulted in the growth of Beta HK's increase in brokerage income from the subscription of IPOs by customers. As Beta HK plans to keep upgrading its securities trading system, we anticipate this revenue stream will keep growing in the foreseeable future.

In order to access Beta HK's securities dealing and brokerage services, a potential customer will have to first open an account with Beta HK. For the customer onboarding process, see "Business — Securities Dealing and Brokerage Services — Customer Onboarding Process."

[**Table of Contents**](#TOC001)

#### Placing services fee
Placing services represented the placing exercises in IPOs or other fundraising activities performed in HKEX or in the form of bond issue for the customers. In January 2024, Beta HK commenced the placing services. During the six months ended December 31, 2024, Beta HK successfully assisted three customers in their placings, and received placing services fee from these three customers and recognized as revenue for the period. For these three projects, Beta HK received the placing services fee of (1) US$128 with approximately US$9,208 placed by Beta HK at placing commission rate of 1.3% for the placement project completed in August 2024, (2) US$4,518 with approximately US$903,700 placed by Beta HK at a placing commission rate of 0.5% upon the date of completion of placement in September 2024, and (3) US$114,820 with approximately US$9,568,000 placed by Beta HK at a placing commission rate of 1.2% upon the date of completion of placement in November 2024. Subsequent to December 31, 2024, one agreement has been signed with another unrelated third party for a placing service. We anticipate that the capital market for IPO in Hong Kong will be diminishing and expect that there is a decrease in revenue from placing services in future periods. Beta HK plans to prioritize its core business including its traditional securities brokerage and handling services for Hong Kong stock securities in Hong Kong Capital market, developing securities brokerage and handling services for U.S. listed securities through Beta HK's partners who have access to NYSE and Nasdaq capital market, underwriting services for U.S. dollar-denominated municipal bonds of PRC companies through our SFO Type 1 license in dealing with securities, as well as the commencement of financial advisory services in August 2024. In the meanwhile, Beta HK intends to continue offering placing services as part of its integrated capital markets solutions. However, Beta HK has been strategically adjusting the scope and focus of these services to align with market conditions and client demand since the first quarter of 2025. Beta HK's strategic adjustments to the scope and focus of placing services include (1) primarily targeting small-to-medium-sized enterprises and private placements; (2) scaling resources dedicated to placing services proportionally with market activity, with an emphasis on high-quality transactions; and (3) maintaining flexibility to recalibrate its participation in placing services based on regulatory changes, investor sentiment, and IPO pipeline developments in Hong Kong and adjacent markets. These changes align with market conditions and client demand, because (1) demand remains resilient in small-to-medium-sized enterprises and private placements, despite the general slowdown of Hong Kong IPO market; (2) high-quality transactions align with Beta HK's risk management and profitability criteria; and (3) this approach ensures continuity for existing clients while prudently managing exposure to a volatile IPO landscape.

#### Underwriting services fee
Underwriting services represented the services to soliciting potential buyers for the Chinese companies and assisting them to successfully issue the bonds in the market. During the six months ended December 31, 2024, Beta HK has completed three underwriting services for one customer for three separate bond issuances. First bond issuance was successfully listed on MOX in October 2024 with a gross bond issue proceed of US$67,000,000 at 0.106% of gross bond issue proceed with underwriting commission income of US$71,100. Second bond issuance was successfully listed on MOX in November 2024 with a gross bond issue proceed of US$33,000,000 at 0.164% of gross bond issue proceed with underwriting commission income of US$54,240. Third bond issuance was successfully listed on MOX in December 2024 with a gross bond issue proceed of US$100,000,000 at 0.287% of gross bond issue proceed with underwriting commission income of US$286,922. Subsequent to December 31, 2024, Beta HK entered into another underwriting service agreement with a third unrelated party, a Chinese company, to soliciting potential buyers for bond issuance with a gross bond issue proceed of US$200,000,000 and this underwriting is still undergoing as at the report date.

#### Custodial and other service income
Custodial and other service income represented the custodial service to investment companies for the custodian of securities on behalf of the customers. The custodial and other service income decrease by US$41,822 or 100% from US$41,822 for the six months ended December 31, 2023 to Nil for the six months ended December 31, 2024 was mainly due to all custodial and related service contracts with customers have been terminated or expired on or before June 30, 2024 without renewal since the Company shifted its related resources to securities brokerage commissions and financial advisory services.

[**Table of Contents**](#TOC001)

#### Financial advisory service income
Beta BVI started providing financial advisory services in August 2024. Beta BVI acts as a general coordinator and consultant to companies seeking to list on stock exchanges in the U.S., such as NASDAQ or NYSE, and guides its clients through the entire listing process. Such services encompasses a broad scope, including selecting and engaging suitable intermediaries such as the potential issuer's securities and local counsels, auditors, lead underwriters, underwriters' counsels, printing companies, stock transfer companies, and investor relations firms. Beta BVI also organizes, coordinates, and supervises all intermediaries, according to the client's listing schedule, to ensure that the listing process remains on track, and helps its clients address and resolve any issues that arise during the listing process. Beta BVI also assists the investment bank in organizing and securing investments in the IPO.

The financial advisory service income increases by US$543,469 from Nil for the six months ended December 31, 2023 to US$543,469 for the six months ended December 31, 2024. In May 2024, Beta BVI entered into an agreement with an unrelated third party regarding listing plan for a service fee in cash consideration of US$192,629 (which was received and recognized as contract liabilities of US$192,103 as of June 30, 2024 upon receipt of service fee). The service was completed in September 2024 which was evidenced by the acknowledgement by customers, Beta BVI transferred the contract liabilities to revenue during the six months ended December 31, 2024. In August 2024, Beta BVI entered into another agreement with another unrelated third party regarding a listing plan for a service fee in cash consideration of US$350,840. The service was completed in September 2024 which was evidenced by the customer's successful listing on Nasdaq. Beta BVI recognized revenue during the six months ended December 31, 2024.

#### Interest income from loans to customers
Interest income represented the margin loans granted to the individual customers for their trading of securities since January 2024 in which our subsidiary, Beta HK, obtained the license for extending margin loans. Increase in interest income from loans to customers by US$124,399 from US$1,849 for six months ended December 31, 2023 to US$126,248 for the six months ended December 31, 2024 was mainly due to the commencement of extending margin loans to customers. The maximum margin loans will be granted no more than 50% (ranging 20%-50% in general) of the market value of existing securities being held in Beta HK's securities system and Beta HK has the right to dispose of the existing securities in case of default in margin loans. Before granting the margin loans to customers, Beta HK's assesses the creditability of the customers by taking into account of various factors including (i) the amount of existing securities being held through Beta HK's securities system; (ii) the existing securities being held listed in the main board of HKEX; (iii) requiring the customer to have trading record at least one month in Beta HK; and (iv) the credit rating of the stock securities being held by the customers in Beta HK.

#### Selling and marketing expenses
Selling and marketing expenses consist primarily of advertising and promotion expenses. The increase in selling and marketing expenses by US$121,999 was attributable to an one-year marketing service promotion agreement from January 25, 2024 to January 24, 2025 entered into at a total consideration of approximately US$243,500 with an independent third party for promoting Beta HK's services in various social media and social platform for Beta HK's brand name, products and services, in which the services were incurred and recognized as selling and marketing expense ratably over time. During the year ended June 30, 2024, we prepaid selling and marketing expenses of US$121,500. For the six months ended December 31, 2024, we further paid the remaining selling and marketing expenses totaling US$121,999. During the year ended June 30, 2024 US$105,800 was incurred and recognized as selling and marketing expenses and during the six months ended December 31, 2024 US$121,999 was incurred and recognized as selling and marketing expenses. The remaining amount US$15,781 paid was recognized as prepaid selling and marketing expenses as of December 31, 2024, which expected it will be incurred and recognized as selling and marketing expenses in the second half year of 2025. There was no such expenditure for the six months ended December 31, 2023. In the future, we expect to incur expenses on marketing lower than the expenses incurred during the six months ended December 31, 2024. We are not aware of any trends related to this expense category.

#### General and administrative expenses
For the six months ended December 31, 2024 and 2023, general and administrative expenses mainly consist of staff costs and employee benefits, legal and professional fees, rent expense, technology expense and other miscellaneous administrative expenses.

[**Table of Contents**](#TOC001)

The following table sets forth a breakdown of our general and administrative expenses for the six months ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six months ended<br>December 31,** | **For the six months ended<br>December 31,** | | |
|  | **2024** | **2023** | **Fluctuation** | **Fluctuation** |
|  | **US$** | **US$** | **US$** | **%** |
|  Staff costs and employee benefits | 384548 | 204387 | 180161 | 88% |
|  Legal and professional fees | 596053 | 19249 | 576804 | 2997% |
|  Rent expense | 57575 | 10998 | 46577 | 424% |
|  Technology expense | 169625 | 61844 | 107781 | 174% |
|  Other general and administrative <br>expenses | 27047 | 67653 | (40606) | (60)% |
|  | 1234848 | 364131 | 870717 | 239% |

---

*Staff costs and employee benefits*

Staff costs and employee benefits represented the salaries, bonus, commission and staff welfare paid or payable to the operation team, administrative department and management. Increase in staff costs and employee benefits by US$180,161 or 88% from US$204,387 for the six months ended December 31, 2023 to US$384,548 for the six months ended December 31, 2024 was mainly attributable to (i) increase salaries by approximately US$113,131 due to a Chief Executive Officer newly joined the Company to cope with the business expansion in financial year 2024; and (ii) increase in headcounts during the six months ended December 31, 2024 due to the plan to expand the business scale of the Company.

*Legal and professional fees*

Legal and professional fees mainly consist of audit fee, legal fee and professional fee for operation. Increase in legal and professional fees by US$576,804 or 2,997% from US$19,249 for the six months ended December 31, 2023 to US$596,053 for the six months ended December 31, 2024 was mainly due to the (i) increase in IT professional fee of US$231,155 for the maintenance cost of the IT trading system launched in 2024 while there was no such expense for the six months ended December 31, 2023; (ii) increase in professional fee of US$218,835 paid to auditor in relation to the Company's proposed listing on NASDA; and (iii) legal and professional fees paid to lawyer and other parties for the re-organization.

*Rent expense*

For the six months ended December 31, 2024 and 2023, we incurred rent expenses totaling US$57,575 and US$10,998, respectively. The increase in rent expenses by US$46,577 was attributable to the newly signed lease agreement commenced in December 2023 with a lease term of two years.

*Technology expense*

Technology expenses mainly represent of the subscription costs for the future securities IT software. Increase in technology expenses by US$107,781 or 174% from US$61,844 for the six months ended December 31, 2023 to US$169,625 for the six months ended December 31, 2024 was mainly attributable to one-off payment for termination of the existing securities IT software agreement since July 2024 due to the change of another new IT software.

*Other general and administrative expenses*

Other general and administrative expenses mainly consist of entertainment, travelling expenses, depreciation, bank charges etc. Decrease in other general and administrative expenses by US$40,606 or 60% from US$67,653 for the six months ended December 31, 2023 to US$27,047 for the six months ended December 31, 2024 was mainly due to decrease in management fee charged by related companies for administration since all the agreements for supporting the operation were entered into by the Company directly with the third parties rather than centralizing by the related companies resulted in no management fee was charged by related companies during the period.

[**Table of Contents**](#TOC001)

#### Other Income
Other income mainly consists of interest income from time deposits for the six months ended December 31, 2024 and 2023. Increase in other income by US$79,722 or 98% from US$81,584 for the six months ended December 31, 2023 to US$161,306 for the six months ended December 31, 2024 was mainly attributable to increase in bank interest income by US$47,641 or 58% from US$81,571 for the six months ended December 31, 2023 to US$129,212 for the six months ended December 31, 2024 due to increase in principal amount of fixed deposit placed in the bank during the six months ended December 31, 2024.

#### Income tax expenses (benefit)
The following table sets forth a breakdown of income tax benefit for the six months ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>December 31,** | **For the six months ended<br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Current year's provision |  |  |
|  Deferred tax expenses (benefit) | 20805 | (48927) |
|  Income taxes expenses (benefit) | 20805 | (48927) |

---

Provision for income tax expenses (benefit) primarily comprises deferred tax benefit.

Hong Kong current profits tax arose from the business operations of Beta HK in Hong Kong and their applicable tax rate is 16.5%. From year of assessment commencing on April 1, 2018, Hong Kong profits tax rates are 8.25% on assessable profits on the first HK$2 million and 16.5% on any assessable profits in excess of HK$2 million. Deferred tax benefit arose from the accumulated tax losses which can be utilized against taxable profits and the temporary difference between the carrying amounts and tax bases of assets. For the six months ended December 31, 2024 deferred tax expenses recognized was US$20,805 and for the six months ended December 31, 2023, deferred tax benefit recognized was US$48,927.

#### Net income (loss)
Decrease in net loss by US$466,583 from net loss of US$164,493 for the six months ended December 31, 2023 to net income of US$302,090 for the six months ended December 31, 2024, primarily due to increase in operating expenses and partially offset by the increase in revenue as mentioned above.

[**Table of Contents**](#TOC001)

#### Liquidity and Capital Resources — As of June 30, 2024 and 2023
The following table sets forth a breakdown of our current assets and liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1269472 | 3804344 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 7816206 | 6088071 |
| &nbsp;&nbsp;&nbsp; Loans to customers, net | 1571770 |  |
| &nbsp;&nbsp;&nbsp; Loans to customers – related parties, net | 26900 |  |
| &nbsp;&nbsp;&nbsp; Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers, net | 1458 | 26977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker-dealers and clearing organization, net | 1002775 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets, net | 94112 | 23909 |
| &nbsp;&nbsp;&nbsp; **Total current assets** | 11782693 | 9943301 |
|  **Current liabilities:** |  |  |
|  Payables to customers | 7763450 | 6084185 |
| &nbsp;&nbsp;&nbsp; Payables to customers – related parties | 2554 |  |
| &nbsp;&nbsp;&nbsp; Payables to clearing organization |  | 3859 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 42721 | 10781 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 192103 |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities – current | 92458 |  |
|  Amount due to a related party |  | 1276112 |
|  **Total current liabilities** | 8093286 | 7374937 |
|  **Net working capital** | 3689407 | 2568364 |

---

#### Loans to customers, net
Loans to customers primarily include margin loans extended to customers, collateralized by customers' securities and are carried at the amount receivable (at amortized cost) net of allowance for expected credit losses. Collateral is required to be maintained at specified minimum levels at all times. The minimum level of collateral required is 20% of the fair market value of existing securities being held. We monitor margin levels and require customers to provide additional securities collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes.

Increase in loans to customers by US$1,571,770 from nil as at June 30, 2023 to US$1,571,770 as at June 30, 2024 was mainly attributable to the commencement of extending margin loans to customers since the license obtained since January 2024.

We apply the practical expedient based on collateral maintenance provisions under Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, in estimating an allowance for credit losses for collateral-dependent assets. In accordance with the practical expedient, when the Company reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of credit losses when the collateral's fair value is greater than the amortized cost of the financial asset. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. The Company's policy is to charge off any delinquent margin loans, including the accrued interest on such loans. Accrued interest charged off is recognized as credit loss expense in the consolidated statements of operations and comprehensive income (loss). Customers with margin loans have agreed to allow the Company to pledge collateralized securities in accordance with applicable regulations. The collateral is not reflected in the consolidated financial statements. As of June 30, 2024 and 2023, allowance for expected credit losses was nil resulting from the assessment of credit losses for loans to customers.

[**Table of Contents**](#TOC001)

#### Receivables from customers, broker-dealers and clearing organization
Receivables from customers arise from (i) the brokerage transactions of dealing with investment securities for cash customers; and (ii) financial advisory services. Receivables from broker-dealers and clearing organizations arise from the business of dealing with investment securities. Broker-dealers will require balances to be placed with them in order to proceed the US stock trading orders requested by the customers. Receivables from clearing organization typically represent proceeds receivable on trades that have yet to settle and are usually collected within two business days after the trade date.

Increase in receivables from broker-dealers and clearing organization by US$1,002,775 from nil as at June 30, 2023 to US$1,002,775 as at June 30, 2024 was mainly attributable to expansion of their business to dealing with the U.S. listed securities markets through other brokers with license in trading of U.S. listed securities on behalf of the customers during the year ended June 30, 2024.

In evaluating the collectability of receivables balances, the Company considers specific evidence including the aging of the receivable, the customers' payment history, its current creditworthiness, its underlying equity securities secured and current and future economic trends.

As of June 30, 2024 and 2023, no receivables from customers and broker-dealers are past due or delinquent based on the repayment history of customers, broker-dealers and clearing organizations. As of June 30, 2024 and 2023, no receivables from clearing organizations are past due or delinquent as the receivables are normally being settled within two business days after the trade execution.

The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit losses. The receivables are written off after all collection efforts have ceased. As of June 30, 2024 and 2023, the allowance for expected credit losses on receivables from customers, broker-dealers and clearing organizations was nil.

#### Payables to customers
Payables to customers represent payables to the Company's customer in relation to the securities trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place with them in order to proceed the trading orders requested by its customers, clearing organization payables due on pending trades and payable on demand, as well as the bank balances held on behalf of customers for any forthcoming trades to be requested by customers. Increase in balance by US$1,679,265 or 27.6% from US$6,084,185 as of June 30, 2023 to US$7,763,450 as of June 30, 2024 was mainly due to increase in both number of customers making deposits to the Company and amount deposits made by customers for securities trading due to foreseeable positive outlook for both Hong Kong and U.S. capital markets.

#### Contract liabilities
Contract liabilities of US$192,103 as of June 30, 2024 represent advances received from a client in the current year in relation to the provision of consultancy services of reorganization and industry research for intended IPO. The contract liabilities will be recognized as revenue and credited to statement of operation upon completion of performance obligation (i.e. the successful listing of the customers) since there is no right of payment from customers before the completion of service. As of June 30, 2024, the services were under process and recognized the receipt of US$192,103 as contract liabilities. There was no such balance as of June 30, 2023.

#### Lease liabilities
Lease liabilities mainly related to tenancy of our office premises in Hong Kong. Increase in lease liabilities by US$128,216 from nil as of June 30, 2023 to US$128,216 as at June 30, 2024 was mainly attributable to new lease agreement commenced in December 2023 with a lease term of two years.

[**Table of Contents**](#TOC001)

#### Related parties balances

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of June 30,** | **As of June 30,** |
|  **Name and relationship** | **Nature** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  Xianxin Xiang – Shareholder and director of the Company | Loans to customers | 26900 |  |
|  Beta Information Services Limited – Entity controlled by shareholders of the Group | Prepaid expenses | 76841 |  |
|  Xianxin Xiang – Shareholder and director of the Company | Payables to customers | (2554) |  |
|  Wonderland International Financial Limited – Entity controlled by previous shareholder, Wonderland International Financial Holdings Company | Amount due to related parties |  | 1276112 |

---

Balances with related parties are unsecured and repayable on demand and non-interest bearing of which no interest income was recognized on the funds advanced except for the loans to Xianxin Xiang, director of the Company which bears an interest rate of 4.8% per annum. These balances are non-trade in nature except for the loans to customer and payable to customer.

#### Liquidity and Capital Resources — As of December 31, 2024 and June 30, 2024
The following table sets forth a breakdown of our current assets and liabilities as of the dates indicated:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2024** | **June 30,<br>2024** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1906055 | 1269472 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 10983439 | 7816206 |
| &nbsp;&nbsp;&nbsp; Loans to customers, net | 1556486 | 1571770 |
| &nbsp;&nbsp;&nbsp; Loans to customers – related parties, net |  | 26900 |
| &nbsp;&nbsp;&nbsp; Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers, net | 287521 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker-dealers and clearing organization, net | 1353115 | 1002775 |
|  Prepaid expenses and other current assets, net | 49124 | 94112 |
|  Amount due from shareholders | 3827 |  |
|  **Total current assets** | 16139567 | 11782693 |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payables to customers | 9072380 | 7763450 |
| &nbsp;&nbsp;&nbsp; Payables to customers – related parties | 2432 | 2554 |
| &nbsp;&nbsp;&nbsp; Payables to clearing organization | 3114155 |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 110623 | 42721 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 40166 | 192103 |
| &nbsp;&nbsp;&nbsp; Lease liabilities – current | 78594 | 92458 |
|  **Total current liabilities** | 12418350 | 8093286 |
|  **Net working capital** | 3721217 | 3689407 |

---

#### Loans to customers, net
Loans to customers primarily include margin loans extended to customers, collateralized by customers' securities and are carried at the amount receivable (at amortized cost) net of allowance for expected credit losses. Collateral is required to be maintained at specified minimum levels at all times. The minimum level of collateral required is 20%

[**Table of Contents**](#TOC001)

of the fair market value of existing securities being held. We monitor margin levels and require customers to provide additional securities collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes.

Decrease in loans to customers by US$15,284 from US$1,571,770 as at June 30, 2024 to US$1,556,486 as at December 31, 2024 was mainly attributable to the repayment from customers for margin loans outweighed the additional margin loans extended during the six months ended December 31, 2024.

We apply the practical expedient based on collateral maintenance provisions under Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, in estimating an allowance for credit losses for collateral-dependent assets. In accordance with the practical expedient, when the Company reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of credit losses when the collateral's fair value is greater than the amortized cost of the financial asset. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. The Company's policy is to charge off any delinquent margin loans, including the accrued interest on such loans. Accrued interest charged off is recognized as credit loss expense in the consolidated statements of operations and comprehensive income (loss). Customers with margin loans have agreed to allow the Company to pledge collateralized securities in accordance with applicable regulations. The collateral is not reflected in the consolidated financial statements. As of December 31, 2024 and June 30, 2024, allowance for expected credit losses was nil resulting from the assessment of credit losses for loans to customers.

#### Receivables from customers, broker-dealers and clearing organization
Receivables from customers arise from (i) the brokerage transactions of dealing with investment securities for cash customers; and (ii) financial advisory services. Receivables from broker-dealers and clearing organizations arise from the business of dealing with investment securities. Broker-dealers will require balances to be placed with them in order to proceed the US stock trading orders requested by the customers. Receivables from clearing organization typically represent proceeds receivable on trades that have yet to settle and are usually collected within two business days after the trade date.

Increase in receivables from broker-dealers and clearing organization by US$350,340 from US$1,002,775 as at June 30, 2024 to US$1,353,115 as at December 31, 2024 was mainly attributable to expansion of their business to dealing with the U.S. listed securities markets through other brokers with license in trading of U.S. listed securities on behalf of the customers during the six months ended December 31, 2024.

Increase in receivables from customers by US$286,063 from US$1,458 as of June 30, 2024 to US$287,521 as at December 31, 2024 was mainly attributable to the receivable of service fee of US$287,433 from a bond issuer in regard to the service completed in December 2024 and settled in subsequent in January 2025.

In evaluating the collectability of receivables balances, the Company considers specific evidence including the aging of the receivable, the customers' payment history, its current creditworthiness, its underlying equity securities secured and current and future economic trends.

As of December 31, 2024 and June 30, 2024, no receivables from customers and broker-dealers are past due or delinquent based on the repayment history of customers, broker-dealers and clearing organizations. As of December 31, 2024 and June 30, 2024, no receivables from clearing organizations are past due or delinquent as the receivables are normally being settled within two business days after the trade execution.

The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit losses. The receivables are written off after all collection efforts have ceased. As of December 31, 2024 and June 30, 2024, the allowance for expected credit losses on receivables from customers, broker-dealers and clearing organizations was nil.

#### Payables to customers
Payables to customers represent payables to the Company's customer in relation to the securities trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place with them in order to proceed the trading orders requested by its customers, clearing organization payables due on pending trades and payable on demand, as well as the bank balances held on behalf of customers for any forthcoming trades to be requested by customers. Increase in balance by US$1,308,930 or 16.9% from US$7,763,450 as of June 30, 2024 to

[**Table of Contents**](#TOC001)

US$9,072,380 as of December 31, 2024 was mainly due to increase in both number of customers making deposits to the Company and amount deposits made by customers for securities trading due to foreseeable positive outlook for both Hong Kong and U.S. capital markets for trading of security stocks.

#### Payables to clearing organization
Payables to clearing organization represent proceeds payables for securities trading per customers' instructions, for the transfer from the bank accounts of customers' monies held in trust for the benefit of its customers to the clearing organizations, were made as of December 31, 2024 but the monies were deducted from customers' monies bank accounts after two business days from the trade date, i.e. after December 31, 2024. Increase in balance by US$3,114,155 or 100% from Nil as of June 30, 2024 to US$3,114,155 as of December 31, 2024 was mainly due to the timing difference for the orders for securities trading place at last two dates of December 31 2024 but the monies were actually deducted from restricted cash on January 2 to 3, 2025.

#### Contract liabilities
Contract liabilities of US$40,166 as of December 31, 2024 and US$192,103 as of June 30, 2024 represent advances received from a client in the current year in relation to the provision of consultancy services of reorganization and industry research for intended IPO. The contract liabilities will be recognized as revenue and credited to statement of operation upon completion of performance obligation (i.e. the successful listing of the customers) since there is no right of payment from customers before the completion of service. As of December 31, 2024 and June 30, 2024, the services were under process and recognized the receipt of US$40,166 and US$192,103 as contract liabilities.

#### Lease liabilities
Lease liabilities mainly related to tenancy of our office premises in Hong Kong. Decrease in lease liabilities by US$49,622 from US$128,216 (including the non-current portion) as of June 30, 2024 to US$78,594 as at December 31, 2024 was mainly due to the amortization of lease during the six months ended December 31, 2024.

#### Related parties balances

---

| | | | |
|:---|:---|:---|:---|
|  **Name and relationship** | **Nature** | **As of** | **As of** |
|  **Name and relationship** | **Nature** | **December 31,<br>2024** | **June 30,<br>2024** |
|  |  | **US$** | **US$** |
|  Xianxin Xiang – Shareholder and director of the Company | Loans to customers |  | 26900 |
|  Beta Information Services Limited – Entity controlled by shareholders of the Group | Prepaid expenses |  | 76841 |
|  Jieying International Holdings Limited – Shareholder of the Company | Due from shareholder in relation to the operating administrative expenses paid on behalf by the Company | 1651 |  |
|  Real Wisdom Capital International Holdings Limited – Shareholder of the Company | Due from shareholder in relation to the operating administrative expenses paid on behalf by the Company | 2176 |  |
|  Xianxin Xiang – Shareholder and director of the Company | Payables to customers | (2432) | (2554) |
|  Beta Information Services Limited – Entity controlled by shareholders of the Group | Accrued IT consultancy service expense | (38621) |  |

---

Balances with related parties are unsecured and repayable on demand and non-interest bearing of which no interest income was recognized on the funds advanced except for the loans to Xianxin Xiang, director of the Company which bears an interest rate of 4.8% per annum. These balances are non-trade in nature except for the loans to customer and payable to customer. All balances will be settled by cash before listing.

[**Table of Contents**](#TOC001)

#### Cash Flows Analysis — For the years ended June 30, 2024 and 2023
The following table sets forth a summary of our cash flows information for the years indicated:

---

| | | |
|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Net cash provided by (used in) operating activities | 624902 | (1441509) |
|  Net cash used in investing activities | (73117) |  |
|  Net cash (used in) provided by financing activities | (1392852) | 18692 |
|  Net change in cash, cash equivalents and restricted cash | (841067) | (1422817) |
|  Cash and cash equivalents and restricted cash at beginning of the year | 9892415 | 11299673 |
|  Net foreign exchange differences | 34330 | 15559 |
|  Cash and cash equivalents and restricted cash at the end of the year | 9085678 | 9892415 |

---

#### Cash provided by (used in) operating activities
Our cash inflow from operating activities was principally from receipt of revenues. Our cash outflow in operating activities was principally for payment of staff costs and employee benefits and other operating expenses.

For the year ended June 30, 2024, we had net cash provided by operating activities of US$624,902 mainly arising from net income from our operation of US$1,044,892, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted of (i) depreciation of office equipment of US$700; (ii) amortization of intangible assets of US$13,571; and (iii) deferred tax expense of US$160,107. Changes in operating assets and liabilities mainly include (i) an increase in loans to customers of US$1,596,483 due to the commencement of extending margin loans to customers since the license obtained since January 2024; and (ii) an increase in receivables from brokers-dealers and clearing organizations of US$1,001,403 attributable to expansion of their business to dealing with the U.S. listed securities markets through other brokers with license in trading of U.S. listed securities on behalf of the customers during the year ended June 30, 2024; which was partially offset by (i) increase in payables to customers of US$1,657,729 which was mainly due to increase in both number of customers making deposits to the Company and amount deposits made by customers for securities trading due to foreseeable positive outlook for both Hong Kong and U.S. capital markets; (ii) a decrease in refundable deposits of US$168,453 due to withdrawal of deposit during the year; and (iii) an increase in contract liabilities of US$191,840 due to one-off advances received from a client in the current year in relation to the provision of consultancy services of reorganization and industry research for intended IPO which was still under process as of June 30, 2024.

For the year ended June 30, 2023, we had net cash used in operating activities of US$1,441,509 mainly arising from net loss from our operation of US$513,893, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted of depreciation of office equipment of US$3,101 and deferred tax benefit of US$110,644. Changes in operating assets and liabilities mainly include (i) a decrease in payables to customers of US$939,152 due to settlement to customers during the year; partially offset by (ii) a decrease in prepaid expenses and refundable deposit of US$66,614 driven by the utilization of prepayments; and (iii) a decrease in receivables from customers of US$65,624 as a result of settlement from customers during the year.

#### Cash used in investing activities
Our cash used in investing activities was mainly for the purchase of intangible assets and office equipment.

For the year ended June 30, 2024, net cash used in investing activities was US$73,117 represented (i) the purchase of intangible assets of US$69,063; and (ii) the purchase of office equipment of US$4,054.

For the year ended June 30, 2023, there was no net cash used in investing activities.

#### Net cash (used in) provided by financing activities
Our cash provided by financing activities was principally represented the fund transfer between the Company and related parties and deferred offering costs.

For the year ended June 30, 2024, net cash used in financing activities of US$1,392,852 consisted of (i) repayment to a related party of US$1,278,937; and (ii) prepaid deferred offering costs of US$113,915.

[**Table of Contents**](#TOC001)

For the year ended June 30, 2023, net cash provided by financing activities of US$18,692 represented repayment from a related party.

#### Cash Flows Analysis — For the six months ended December 31, 2024 and 2023
The following table sets forth a summary of our cash flows information for the six months indicated:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br>December 31,** | **For the six months ended<br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Net cash provided by operating activities | 4029037 | 6989668 |
|  Net cash used in investing activities |  | (71700) |
|  Net cash used in financing activities | (282809) | (1278952) |
|  Net change in cash, cash equivalents and restricted cash | 3746228 | 5639016 |
|  Cash and cash equivalents and restricted cash at beginning of the year | 9085678 | 9892415 |
|  Net foreign exchange differences | 57588 | 37946 |
|  Cash and cash equivalents and restricted cash at the end of the year | 12889494 | 15569377 |

---

#### Cash provided by operating activities
Our cash inflow from operating activities was principally from receipt of revenues. Our cash outflow in operating activities was principally for payment of staff costs and employee benefits and other operating expenses.

For the six months ended December 31, 2024, we had net cash provided by operating activities of US$4,029,037 mainly arising from net income from our operation of US$302,090, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted of (i) depreciation of office equipment of US$407; (ii) amortization of intangible assets of US$6,207; and (iii) deferred tax assets of US$20,805. Changes in operating assets and liabilities mainly include(i) increase in payables to customers of US$1,265,079 which was mainly due to increase in both number of customers making deposits to the Company and amount deposits made by customers for securities trading due to foreseeable positive outlook for both Hong Kong and U.S. capital markets and (ii) increase in payables to clearing organization of US$3,106,448 which was mainly due to timing difference for the transfer of customers' monies from restricted cash to clearing organization for security stocks trading; which were partially offset by (i) a decrease in contract liabilities of US$152,463 due to the recognition of revenue outweighed the receipt in the current period; (ii) an increase in receivables from brokers-dealers and clearing organizations of US$344,244 attributable to expansion of their business to dealing with the U.S. listed securities markets through other brokers with license in trading of U.S. listed securities on behalf of the customers during the six months ended December 31, 2024; and (iii) an increase in receivables from customers of US$285,348 attributable to the receivable of service fee of US$287,433 from a bond issuer in regard to the service completed in December 2024.

For the six months ended December 31, 2023, we had net cash provided by operating activities of US$6,989,668 mainly arising from net loss from our operation of US$164,493, as adjusted for non-cash items and changes in operating assets and liabilities. Adjustments for non-cash items consisted of (i) depreciation of office equipment of US$295; (ii) amortization of intangible assets of US$2,061; and (iii) deferred tax assets of US$48,927. Changes in operating assets and liabilities mainly include (i) an increase in payables to customers of US$7,074,987 which was mainly due to increase in both number of customers making deposits to the Company and amount deposits made by customers for securities trading due to foreseeable positive outlook for both Hong Kong and U.S. capital markets; and (ii) a decrease in refundable deposits of US$155,222 due to withdrawal of deposit during the six months ended December 31, 2023; partially offset by (i) an increase in receivables from brokers-dealers and clearing organizations of US$43,268 attributable to expansion of their business to dealing with the U.S. listed securities markets through other brokers with license in trading of U.S. listed securities on behalf of the customers during the six months ended December 31, 2023.

#### Cash used in investing activities
Our cash used in investing activities was mainly for the purchase of intangible assets and office equipment.

For the six months ended December 31, 2024, there was no net cash generated from or used in investing activities.

[**Table of Contents**](#TOC001)

For the six months ended December 31, 2023, net cash used in investing activities was US$71,700 represented (i) the purchase of intangible assets of US$69,063; and (ii) the purchase of office equipment of US$2,637.

#### Net cash used in financing activities
Our cash provided by financing activities was principally represented the fund transfer between the Company and related parties and deferred offering costs.

For the six months ended December 31, 2024, net cash used in financing activities of US$282,809 consisted of (i) advance to shareholders of US$3,818; and (ii) prepaid deferred offering costs of US$278,991.

For the six months ended December 31, 2023, net cash used in financing activities of US$1,278,952 represented repayment to a related party.

#### Liquidity and Capital Resources
As of December 31, 2024, we had cash and cash equivalents of US$1,906,055 and restricted cash of US$10,983,439. To date, we have financed our operations primarily through net cash flow from operations and the financing ability of existing shareholders. We expect to finance our operations and working capital needs in the near future from part of our net proceeds of the initial public offering and cash generated through operations.

We believe that our current levels of cash and cash flows from operations, combined with the net proceeds from this offering, will be sufficient to meet our anticipated cash needs for our operations and expansion plans for at least the next 12 months. We may, however, in the future require additional cash resources due to changing business conditions, implementation of our strategy to expand our business, or other investments or acquisitions we may decide to pursue. If our own financial resources are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities could result in dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand our business operations and could harm our overall business prospects.

#### Commitments
*Operating lease commitment as a lessee*

The maturity analysis of the Company's undiscounted non-cancellable operating lease obligations as of June 30, 2024 is as follows:

---

| | |
|:---|:---|
|  | **Operating <br>leases** |
|  | **US$** |
|  Year ending June 30, 2025 | 96697 |
|  Year ending June 30, 2026 | 36013 |
|  Total undiscounted lease obligations | 132710 |
|  Less: imputed interest | (4494) |
|  Lease liabilities recognized in the consolidated balance sheets | 128216 |

---

The maturity analysis of the Company's undiscounted non-cancellable operating lease obligations as of December 31, 2024 is as follows:

---

| | |
|:---|:---|
|  | **Operating<br>leases** |
|  | **US$** |
|  12 months ending December 31, 2025 | 80385 |
|  Total undiscounted lease obligations | 80385 |
|  Less: imputed interest | (1791) |
|  Lease liabilities recognized in the unaudited interim condensed consolidated balance sheets | 78594 |

---

[**Table of Contents**](#TOC001)

*Capital commitments*

As of December 31, 2024 and June 30, 2024 and 2023, our Group did not have any capital commitments.

#### Capital Expenditures
We incurred capital expenditure of HK$73,117 and HK$71,700 for the year ended June 30, 2024 and the six months ended December 31, 2023, respectively, which mainly related to purchase of securities trading software and office equipment while no capital expenditure for the six months ended December 31, 2024 and for the year ended June 30, 2023.

#### Off-Balance Sheet Arrangements
We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or that engages in leasing, hedging or research and development services with us.

#### Quantitative and Qualitative Disclosure About Market Risk

#### Credit risk
Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, loans to customers, receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties.

The Group believes that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of approximately US$102,991 effective from October 1, 2024 if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024 and 2023, cash balance of US$9,085,689 and US$9,892,415 as cash and cash equivalents and restricted cash was maintained at financial institutions in Hong Kong, respectively, and an aggregate of US$270,727 and US$162,646 were insured by the Hong Kong Deposit Protection Board, respectively. As of December 31, 2024, cash balance of US$12,889,494 as cash and cash equivalents and restricted cash was maintained at financial institutions in Hong Kong and an aggregate of US$357,396 were insured by the Hong Kong Deposit Protection Board, respectively.

The Group's credit risk on loans to customers is limited as collateral is required to be maintained at specified minimum levels at all times. The Company monitors margin levels and requires customers to provide additional collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes.

The Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group's receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

#### Concentration risk
For the six months ended December 31, 2024, three customers accounted for approximately 27%, 23% and 13% of the Company's total revenue, respectively, and one of the customers was from Beta HK's placing service and two customers were from financial advisory services. For the six months ended December 31, 2023, no customer accounted for more than 10% of the Company's total revenue. For the year ended June 30, 2024, three customers accounted for

[**Table of Contents**](#TOC001)

approximately 35%, 24% and 22% of the Company's total revenue, respectively, and all of these revenues were derived from Beta HK's placing service fees. For the year ended June 30, 2023, seven customers accounted for approximately 11%, 10%, 10%, 10%, 10%, 10% and 10% of the Company's total revenue, respectively.

As of December 31, 2024, three customers accounted for approximately 35%, 18% and 15% of the Company's loans to customers balance, respectively. As of June 30, 2024, two customers accounted for approximately 72% and 18% of the Company's loans to customers balance, respectively. As of June 30, 2023, there were no loans to customers.

As of December 31, 2024, two customers accounted for approximately 16% and 12% of the Company's payables to customers balance, respectively. As of June 30, 2024, four customers accounted for approximately 15%, 14%, 14% and 13% of the Company's payables to customers balance, respectively. As of June 30, 2023, four customers accounted for approximately 18%, 18%, 18% and 18% of the Company's payables to customers balance, respectively.

This concentration of business volume with the Group's major customers makes the entity vulnerable to a reduction in liquidity or income from operations, because the three major customers which accounted for approximately 27%, 23% and 12% of the Company's total revenue, respectively, for six months ended December 31, 2024 and approximately 35%, 24% and 22% of the Company's total revenue, respectively, for the year ended June 30, 2024 and were all about Beta HK's placing service fees. We anticipate that the capital market for IPO in Hong Kong will be diminishing and expect that there is a decrease in revenue from placing services in future periods. See "Risk Factors — Risks Related to Our Business — The operating entities' business may rely on a few customers that each account for more than 10% of our total sales. Interruptions in operations in such major clients may have an adverse effect on our business, financial condition, and results of operations." and "Risk Factors — Risks Related to Our Business — Our IPO placing services in Hong Kong are highly sensitive to economic circumstances, and a weak economy may adversely and materially impact this part of our business."

The Group manages the concentration of business volume by diversifying its business with different revenue sources including securities brokerage and handling services for U.S. listed securities through its partners that have access to NYSE and Nasdaq capital markets, underwriting services for U.S. dollar-denominated municipal bonds of PRC companies through our SFO Type 1 license in dealing with securities, as well as the commencement of financial advisory services. Moreover, our responsible officers manage the concentration risk by daily monitoring the status of securities being held in the Group, transaction types and deposit amount placed in the trading accounts to ensure lower risk of concentration. However, the Group expects a small number of customers to continue to make up a large portion of its revenue in future years.

#### Interest rate risk
The Group's exposure on fair value interest rate risk mainly arises from its fixed banks deposits with maturity dates ranging from one day to one month. It also has exposure on cash flow interest rate risk which is mainly arising from its current deposits with banks.

In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by the Group, such as cash and cash equivalents and restricted cash, at the end of the reporting period, the Group is not exposed to significant interest rate risk as the interest rates of cash at bank are not expected to change significantly.

#### Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. As of December 31, 2024, the Company was not subject to significant liquidity risk.

#### Foreign currency risk
The reporting currency of the Company is US$. To date the majority of the revenues and costs are denominated in Hong Kong Dollar and a significant portion of the assets and liabilities are denominated in Hong Kong Dollars. There was no significant exposure to foreign exchange rate fluctuations and the Company has not maintained any hedging policy against foreign currency risk. The management will consider hedging significant currency exposure should the need arise.

[**Table of Contents**](#TOC001)

#### INDUSTRY
***Unless otherwise indicated, all information and data provided in the section is cited from the industry report commissioned by us and issued by Frost & Sullivan. Although we believe the data and information included in the Frost & Sullivan report to be reliable, we have not independently verified the accuracy or completeness of the information and data included therein. This section also includes projections based on a number of assumptions. The online brokerage and related industries may not grow at the rate projected by market data, or at all. Failure of these markets to grow at the projected rate may have a material and adverse effect on our business and the market price of our Ordinary Shares.***

#### Overview
Through Beta HK, our major operating subsidiary, we mainly operate the following businesses within the financial sector: (i) placing services, (ii) securities dealing and brokerage services, (iii) margin loans and IPO financings, (iv) underwriting services for U.S. dollar-denominated municipal bonds of PRC companies. We set out below a brief overview of the following markets, to better provide the context of the industry in which we operate and/or plan to expand into: (a) Security Trading Markets; and (b) China LGFV Offshore Bond Market.

#### Security Trading Markets
Although we do not operate a securities exchange, the services that we provide to our customers and clients are inextricably linked to several security trading markets, and we thus set out below an overview of them.

#### Background
The trading of securities globally is generally facilitated by a number of key exchanges, including but not limited to the exchanges the following jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hong Kong: Hong Kong Stock Exchange (HKEX)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United States: New York Stock Exchange (NYSE) and NASDAQ Stock Market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Southeast Asia: Indonesia Stock Exchange (IDX), Stock Exchange of Thailand (SET), and Malaysian Exchange (Bursa Malaysia).

To put simply, these exchanges allow companies to list their securities, and enable a secondary market for the trading of such securities.

Through its brokerage services, Beta HK currently allows its customers to trade securities on the HKEX, NYSE and NASDAQ Stock Market, and certain China stock markets. Please see "Securities Dealing and Brokerage Services" on page 90 for more information.

#### Security Trading Market in Hong Kong
Beta HK operates in the security trading market in Hong Kong. HKEX security market consists of two trading platforms: the Main Board and the Growth Enterprise Market (GEM). The Main Board is designed for companies with a stable business foundation that meet profitability or other financial requirements. Companies listed on the Main Board include large corporations, banks, public institutions, and property developers. The GEM, as a secondary board and a stepping stone to the Main Board, is intended for companies that do not yet meet the listing requirements of the Main Board. As of November 12, 2024, there are 2,299 listed companies on the Main Board and 323 listed companies on the GEM.

Supported by macroeconomic factors including Hong Kong's high population density and strong GDP per capita, HKEX has positioned as a highly developed, urbanized region with a stable financial and legal system, attracting both regional and international investors, HKEX offers a wide array of securities, from equities and fixed income to derivative products, and serves as a primary gateway for Chinese companies seeking to access global capital. It is a dynamic and globally influential exchange with unique strengths in connecting East and West.

[**Table of Contents**](#TOC001)

*Source: World Bank, Frost & Sullivan*

#### Securities Trading Market in the U.S.
Although Beta HK does not directly operate in the securities trading market in the U.S., it works with its partners to execute such trades on behalf of its customers. The United States has several major securities exchanges, which mainly are the New York Stock Exchange (NYSE) and the NASDAQ Stock Market. The New York Stock Exchange

[**Table of Contents**](#TOC001)

(NYSE), located on Wall Street and founded in 1792, is one of the most influential exchanges in the world, with a rich history and strong legacy. It has strict listing requirements, including high profitability, market capitalization, and a significant public float. The NASDAQ Stock Market, established in 1971 by the National Association of Securities Dealers (NASD), was the world's first electronic stock exchange. With more flexible listing requirements, NASDAQ places greater emphasis on the growth potential and technological innovation of companies, attracting numerous high-tech, internet, and innovative firms.

The U.S. stock market provides a range of policies designed to facilitate listing and fundraising, including the registration system, which emphasizes information disclosure over profitability requirements; a tiered market structure, offering distinct market segments and clear pathways for companies to transition between them; the JOBS Act, which streamlines the listing process and reduces disclosure requirements for emerging growth companies; and innovative listing mechanisms such as direct listings and SPAC IPOs. These policies have enabled companies, including those transitioning from the OTC market, biotech firms, and others to access public capital with greater efficiency and flexibility.

We have included the following chart, because Beta HK works with its partners to execute such trades on behalf of its customers. In addition, we have set up Beta US, a subsidiary in the U.S., with the plan to develop our U.S. investment banking services and broker-dealer services.

[**Table of Contents**](#TOC001)

*Source: World Bank, Frost & Sullivan*

#### Securities Trading Market in Southeast Asia
We have not operated in the securities trading market in Southeast Asia yet. The security exchange markets in Southeast Asia, including those in Thailand, Indonesia, and Malaysia, reflect the region's dynamic growth fueled by rising populations and increasing GDP per capita. These countries possess young, rapidly urbanizing populations, leading to greater consumers pending and investment potential, which supports the expansion of their capital markets. The Indonesia Stock Exchange (IDX), established in 1912, is the sole exchange in the country supporting the trading of equities, fixed-income products, and derivatives. The Stock Exchange of Thailand (SET), established in July 1962, operates three markets: equities, bonds, and derivatives. While the Malaysian Exchange (Bursa Malaysia) is a holding company based in Malaysia.

Each exchange in Southeast Asia has developed robust frameworks to attract both domestic and foreign investment, fostering a diverse range of securities from equities and bonds to derivatives. The economic growth in these countries is complemented by strong governmental support for financial market development, including incentives for initial public offerings (IPOs) and sustainable finance initiatives. As these exchanges cater to growing middle-class populations and international investors looking to capitalize on emerging-market growth, they play an increasingly important role in facilitating capital formation and economic development across Southeast Asia.

We have included the following charts, because although Beta HK's current brokerage services do not enable its customers to trade securities on markets in Southeast Asia, we plan to expand to this area and use part of the proceeds from this Offering to apply for brokerage licenses to be made to the relevant regulators in the following Southeast Asian countries: Malaysia, Thailand, and Vietnam.

[**Table of Contents**](#TOC001)

*Notes: 1. Southeast Asia refers to Thailand, Indonesia and Malaysia in the chart; 2. Population refers to the sum of that in Thailand, Indonesia and Malaysia and GDP Per Capital refers to weighted average of that in Thailand, Indonesia and Malaysia in the chart.*

*Source: World Bank, Frost & Sullivan*

[**Table of Contents**](#TOC001)

***We have included the following information and charts, because (1) Beta HK operates in HK, (2) Beta HK works with its partners to execute such trades on behalf of its customers, and we have set up Beta US, a subsidiary in the U.S., with the plan to develop our U.S. investment banking services and broker***-dealer ***services, (3) Beta HK supports the trading of stock listed on China stock exchanges, through China Connect (as defined below), and (4) although Beta HK's current brokerage services do not enable its customers to trade securities on markets in Southeast Asia, we plan to expand to this area and use part of the proceeds from this Offering to apply for brokerage licenses to be made to the relevant regulators in the following Southeast Asian countries: Malaysia, Thailand, and Vietnam.***

#### Global Securities Trading Volume by Listing Venue
The global security market, which includes a diverse range of financial instruments such as stocks, bonds, exchange-traded funds (ETFs), derivatives, and other securities, experienced significant growth in trading volume, and it has reached USD 88.9 trillion in 2019 and is expected to reach USD 134.5 trillion in 2024, with a CAGR of 8.6%. Several key factors are driving this growth. These include the ongoing demand for capital from enterprises through capital markets, the continued rise in disposable income among retail investors, and the ongoing innovations in brokerage products and services that are enhancing market accessibility and efficiency. The slight decrease in global securities trading is due to the impact of COVID-19 and ongoing geopolitical conflicts. As the global economy recovers and geopolitical tensions ease, combined with increased liquidity and improved market sentiment, further growth in securities trading volume is expected.

*Note: Southeast Asia refers to Thailand, Indonesia and Malaysia in the chart.<br>Source: HKEX, NASDAQ, NYSE, SET, IDX, BURSA MALAYSIA, SSE, SZSE, Frost & Sullivan*

[**Table of Contents**](#TOC001)

#### Global Securities Online Trading Volume by Listing Venue
The global securities online trading penetration rate increased from 43.1% in 2019 to 57.5% in 2023, and it is expected to reach 58.9% in 2024. The increasing penetration of online securities trading is driven by technological advancements that enhance trading convenience, efficiency, and access to information. Additionally, evolving investor demands, heightened competition within the securities industry, and a favorable policy environment contribute to this growth.

*Note: Southeast Asia refers to Thailand, Indonesia and Malaysia in the chart.<br>Source: HKEX, NASDAQ, NYSE, SET, IDX, BURSA MALAYSIA, SSE, SZSE, Frost & Sullivan*

#### China Local Government Financing Vehicle (LGFV) Offshore Bond Market

#### Background of the LGFV Offshore Bond Market

LGFVs emerged as a mechanism for Chinese local governments to finance projects despite legal limitations on direct debt issuance. By establishing LGFVs, local governments bypass certain restrictions and indirectly support funding needs through bond issuance. Recently, LGFVs have turned to international capital markets to diversify funding sources, attract foreign investment and potentially benefit from favorable foreign interest rates or liquidity options.

Security companies or other financial institutions provide various services that are essential for the successful issuance, pricing and distribution of LGFV offshore bonds to investors as they assist in mitigating risks associated with LGFV offshore bonds' varying credit profiles and provide necessary global market access. By bridging LGFVs with international capital markets, underwriters play a critical role in broadening LGFVs' funding options, while their expertise and support can significantly enhance investor confidence and market stability for Chinese LGFV offshore bonds.

[**Table of Contents**](#TOC001)

#### China LGFV Offshore Bond Issuance Number and Scale
From 2019 to 2024 as expected, China's LGFV offshore bond issuance has shown a steady growth in both the number of issuances and total issuance scale, which is primarily driven by LGFVs seeking greater flexibility amid domestic deleveraging policies and local government debt control measures. Offshore bonds offer a strategic financing alternative as they face relatively lower regulatory bundles compared to onshore bonds, with fewer restrictions on funding use and a streamlined approval process. Furthermore, the need for infrastructure development and urbanization in China has kept the demand for LGFV funding high while global investors attracted by China's economic resilience and LGFV bonds' relatively stable returns, continue to show strong interest. Therefore, the issuance number and scale of China LGFV offshore bond is expected to reach 300 and USD 47.1 billion in 2024, representing a CAGR of 15.5% and 5.2% from 2019, respectively.

![](tbarchart_008.jpg)

#### Drivers and Trends of China LGFV Offshore Bond Industry
*Diversification of Funding Sources.* With stricter domestic financial regulations and rising debt concerns in China, LGFV are increasingly exploring offshore bonds to diversify their funds sources, allowing it to further penetrate into international capital especially through USD-dominated bonds, thus providing considerable flexibility to meet infrastructure financing needs. Offshore bonds help LGFVs avoid local credit restrictions and access a broader investor pool. Also, underwriters play a critical role in assisting LGFVs in entering foreign markets by structuring, pricing, and marketing these bonds in ways that align with the expectations and risk profiles of international investors, which is essential for helping LGFVs meet the standards required to attract offshore investors and present an attractive profile in unfamiliar markets.

*Increasing High*-yield *Appeal and Investor Demand.* With a relatively high potential yields compared to other international bonds, LGFV offshore bonds attract global and regional investors who are diversifying their portfolios with high-return assets. With emerging markets such as Southeast Asia rapidly growing, investors are increasingly interested in high-yield bonds tied to China's infrastructure expansion, with relatively attractive returns and a unique diversification opportunity. During the process, underwriters connect LGFVs with international investors by leveraging their market networks and knowledge of local demand by organizing roadshows, investor presentations and proving insights into the creditworthiness of LGFVs, easing concerns and bridging gap between China's financing vehicles and international investors.

*Enhanced Role of Underwriters.* The complicated risk profile of LGFV offshore bonds necessitates experienced underwriters to mitigate perceived risks for investors. Underwriters conduct thorough due diligence, establish fair pricing, and support secondary market liquidity to help sustain investor confidence. They also provide advisory services, guiding LGFV offshore bonds on regulatory compliance and market preferences. In international markets where regulatory landscapes and investment appetites differ, underwriters also localize the issuance process and ensure bonds adhere to regional standards. Their role in maintaining secondary market stability, managing perceived risks, and supporting liquidity is important by ensuring LGFV offshore bonds' security while gaining popularity, making LGFVs offshore bonds a viable option for long-term infrastructure investment.

[**Table of Contents**](#TOC001)

#### BUSINESS

#### Overview
We, through our operating subsidiaries (mainly Beta HK for the last two fiscal years), are a Hong Kong-based financial services provider.

We have two wholly owned subsidiaries: Beta BVI and Ascent BVI. Beta BVI wholly owns Beta HK and Beta Hengrui. Ascent BVI wholly owns Beta US. Beta BVI did not have any revenue in the fiscal years ended June 30, 2024 and 2023, but has minimal revenue after June 30, 2024. Ascent BVI is a holding company and does not have any operations. Beta US has not started any operations yet.

Beta HK is a direct subsidiary of Beta BVI. In the last two fiscal years, it was principally engaged in the provision of (i) securities dealing and brokerage services, (ii) margin loans and IPO financings, and (iii) placing services for Hong Kong IPOs. Our current operations are mainly carried out through Beta HK, which is licensed to conduct (i) Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and (ii) Type 4 (advising on securities) regulated activities under the SFO in Hong Kong. Beta HK is a Stock Exchange Participant and a participant of the HKSCC (direct clearing participant).

The list below sets forth the licenses obtained by Beta HK under the jurisdiction of Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HKSFC Type 1 License — Dealing in securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HKSFC Type 4 License — Advising on securities

At present, Beta's Responsible Officers with respect to activities regulated under the HK SFC licenses are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. IP Fai Kit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. LEUNG Yat Ying

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. XIANG Xianxin

The service offerings of Beta HK comprises of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Placing Services*. Starting from December 2023, Beta HK acts as placing agent of listed companies on HKEX in connection with their issuance or sale of securities, in return for placing commission based on fixed percentage of the gross amount of fundraising from the transaction, either IPO or other fundraising activities. Beta HK also charges investors a brokerage commission when they subscribe for or acquire securities in respect of offerings of listed issuers who engaged Beta HK to provide placing services in respect of the relevant securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities Dealing and Brokerage Services*. Beta HK started this business in 2004 under a different name and it changed its name to Beta International Securities Limited in December 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beta HK provides securities dealing and brokerage services for trading in securities on HKEX, through its proprietary online brokerage platform, "Beta INT Securities". Beta HK also acts as an intermediary between buyers and sellers of securities listed on the Main Board and GEM of HKEX, and facilitates its clients' trading of securities listed on selected overseas stock exchanges, including the United States through its another securities firm that has the appropriate licenses to process such trades, in return for brokerage commission income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beta HK facilitates the subscriptions to IPOs on HKEX, either conducted by Hong Kong issuers who engage Beta for placing services (see *Placing Services* above), or conducted by other financial services providers in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Margin Loans and IPO Financings*. Starting from January 2024, Beta HK also provides margin loans and IPO financings, for the purpose of purchasing securities in an IPO before the issuers are listed on HKEX and for general financing purposes. These margin loans enable Beta HK's customers to invest more than the required deposit of 10% – 30% of funds. In the case of an IPO, the loan provided by us, which is a short-term, interest-bearing loan, typically covers 95 – 98% of the investment amount, and is repaid right

[**Table of Contents**](#TOC001)

after the allotment result release. Once the investor is allotted shares cost over the required deposit and a part of loan is used for the shares, the shares can be sold and the proceeds are utilized to repay the loan of the financial institution, with any remaining balance going to the investor. Beta HK also offers margin financing to existing customers for general trading purposes, and charges its customers an interest rate of 4.8% – 6.8% on such loans.

In addition, Beta HK has been developing *Underwriting Services for U.S. dollar*-denominated *municipal Bonds of PRC Companies* in 2024. These municipal investment overseas bonds are U.S. dollar-denominated bonds issued by Chinese companies — generally by Chinese real estate developers, real estate investment platforms, and financial institutions, and could be attractive investments in a volatile market with rising interest rates. Our management has rich experience and project resources in U.S. dollar bond projects. Beta HK is currently promoting U.S. dollar bond projects in Zhejiang, Jiangsu, Shaanxi and other places. Because bond projects generally have a long cycle (4-6 months), as of the end of June 2024, no revenue was generated.

Beta Hengrui was incorporated on March 24, 2025, as our vehicle for other potential lines of business that we are currently exploring. At present, Beta Hengrui has not commenced operations.

Beta BVI started *Financial Advisory Services* in August 2024. Beta BVI acts as a general coordinator and consultant to companies seeking to list on stock exchanges in the U.S., such as NASDAQ or NYSE, and guides its clients through the entire listing process. Such services encompasses a broad scope, including selecting and engaging suitable intermediaries such as the potential issuer's securities and local counsels, auditors, lead underwriters, underwriters' counsels, printing companies, stock transfer companies, and investor relations firms. Beta BVI also organizes, coordinates, and supervises all intermediaries, according to the client's listing schedule, to ensure that the listing process remains on track, and helps its clients address and resolve any issues that arise during the listing process. Beta BVI also assists the investment bank in organizing and securing investments in the IPO.

Our revenues were US$2,348,380 and US$125,219 for the years ended June 30, 2024 and 2023, respectively. We recorded net income of US$1,044,892 and net loss of US$513,893 for the years ended June 30, 2024 and 2023, respectively. We plan to keep the business of our operating subsidiary, Beta HK, growing, by strengthening their securities brokerage, margin loans and IPO financings, and placement services. The diversified business portfolio allows Beta HK to create synergies between its business lines, generate new business opportunities for each business segment and provide integrated financial services to clients.

#### Competitive Advantages
We believe the following competitive strengths have contributed, and will contribute, to our growth.

*A proven and experienced management team consisting of industry veterans*

Our management team comprises experienced and competent professionals consisting of industry veterans in Hong Kong's financial services industry with substantial expertise and experience in formulating business strategies, monitoring and supervising compliance matters, overseeing financial condition and performance, and managing, executing and supervising our operations with an aim to provide services to our clients in a reliable, efficient and professional manner. Our members of our core management team, which are also among our Major Shareholders, have rich experience in the IPO placing business in Hong Kong, and bring with them strong management skills and business networks that are vital to our success. Amongst others, we have directly placed investments in the IPOs of four companies on HKEX over the past one year. Of these, 75% of such companies were introduced to us through our Major Shareholders and core management*.*

Leveraging on our management team's experience and networks in the financial industry, we believe that Beta HK would be able to respond promptly and appropriately to the ever-changing market conditions and environment as well as continue to expand our client base. Further, Beta HK has an experienced team of licensed representatives who are responsible for carrying out our regulated activities, together with our professional staff who carry out requisite business functions (including compliance, risk management, finance, accounting, and settlement). Under the direction of our management team, we are able to implement our business strategies, provide quality services to our clients, manage our compliance and risks, identify and capture business opportunities, maintain relationships with existing clients, and procure prospective clients.

[**Table of Contents**](#TOC001)

*A leading platform for trading global securities online among Hong Kong investors*

Over the past year, we saw tremendous growth in the usage of our online brokerage services since the launch of our mobile application — the total number of customer accounts increased from 7,499 as at June 30, 2023 to 7,781 as at June 30, 2024, and the monthly transaction amount increased from HKD9,561,532 as at June 30, 2023 to HKD189,550,928.72 as at June 30, 2024, representing an increase of 1,982%.

With the increasing amount of investable assets of individuals in Hong Kong, coupled with increasing financial literacy of the populace in Hong Kong, there is a growing demand for access to secondary capital markets by retail investors. The U.S. stock markets as well as HKEX are recognized as some of the most mature stock markets in the world with the largest market capitalization and the highest liquidity, and investing in companies listed on these exchanges has become an increasingly popular option amongst Hong Kong investors.

*High caliber retail customer base with great growth potential and engagement*

Specifically with respect to our securities dealing and brokerage services, as a result of the increasing financial literacy across investors in Hong Kong, as well as our effective and aggressive customer acquisition strategies, many of our current customers are young and affluent with high personal wealth growth potential. As of June 30, 2024, 33.18% of our individual customers were under 40 years old, and 18.79% had an annual income of over US$100,000. Based on our studies, we find that such customers have great potential to grow their personal wealth and engage in more investment activities in the future, and will become even more valuable customers as time passes.

This combination of demographic and behavioral characteristics signifies that our customers have high aptitude to engage and invest their assets on our trading platform.

*Deployment and usage of market-leading IT products and systems for a smooth user experience*

For our securities dealing and brokerage services, the cornerstone of that offering is our mobile application, Beta INT Securities. As such, we have ensured that the vendors that we have engaged in order to provide such services are industry-leading vendors that provide premium offerings to us, which will benefit our customers. Currently, we have engaged Longbridge Whale Technology Hong Kong Co., Ltd. ("Longbridge"), a prominent and well-respected brokerage service provider, to develop the Beta INT Securities and its back office system, and to provide relevant services.

Beta INT Securities is an application based on cutting-edge technology, and is highly usable, scalable, and secure. It provides full control of brokerage operations to us, and covers a variety of transaction methods, as well as markets (including HKEX, Nasdaq, and NYSE). Beta INT Securities also provides us and our customers with comprehensive market information from multiple sources. In addition, Beta INT Securities integrates market data and other information such as offering trends, credit ratings and institutional insights. It also allows us to manage financial risk through a number of methods, including by controlling the purchasing limits of our customers. Additionally, Beta INT Securities boasts significantly low latency (less than 5 milliseconds) for each trade, which makes it highly reliable, and which is crucial in enabling our customers to respond to market movements without delay. Additionally, the application is equipped with an open API framework to support future growth and expansion.

Related to Beta INT Securities Longbridge also develops and provides us with a back office system to support our customers' trading activities. The back office services provided by Longbridge supports a partially automated clearing system, which is capable of completing day-end clearing for 100,000 clients in just 20 minutes, and is able to realize real-time market monitoring and intelligent auto-closeout. It also features a variety of automation tools, including automatic margin adjustments, to enhance our risk control and compliance operation.

Beta INT Securities is designed to be highly accessible and easy to use by our customers. Amongst others, it boasts a simple interface, and allows our customers to trade in securities without hassle. We believe that Beta INT Securities' simplicity is crucial to its strong performance in the market, as it reduces barriers to access of the financial markets for our customers.

*Reasonable fee structure*

We believe in maximizing value and cultivating a long-term relationship with all of our clients and customers across all of our services. As such, we have structured our fees for each of our services to be reasonable. In our view, this is crucial to building trust and our brand image amongst our clients and customers.

[**Table of Contents**](#TOC001)

#### Our Growth Strategies
We aspire to, through our subsidiaries, become the leading financial services provider for all of our services. To achieve this goal, we intend to leverage on our existing strengths and pursue the following strategies:

*Expanding our securities dealing and brokerage market presence in relation to the United States exchanges*

We have observed an increasing trend in our customers' demand for securities trading on U.S. exchanges over the past one year. For the six months ended June 30, 2024, 43.4% of our brokerage commission income was derived from the trades in the United States market, whilst 56.6% were derived from HKEX. We currently rely on a third party to execute our customers' securities trades on United States exchanges. We have set up Beta US, a subsidiary in the U.S., with the plan to develop our U.S. investment banking services and broker-dealer services.

*Further development of our margin loans and IPO financings*

Beta HK has been offering margin loans and IPO financings since January 2024. This service applies to securities listed on HKEX and U.S. exchanges. Since January 2024, we have observed an increase in client's demand to provide margin financing to facilitate their purchase of securities listed on the stock exchanges and short-term IPO financing for subscription of shares, as well as for their general trading purposes. Margin financing refers to the loan of funds by a securities brokerage firm, for the purposes of carrying out margin trading on a leveraged basis, with the relevant securities purchased serving as collateral for the loan granted by the securities brokerage firm.

We intend to further broaden and develop the securities and IPO financing business. Amongst others, we intend to enlarge our capital resources, while being compliant with the relevant financial resources rules and the Guidelines for Securities Margin Financing Activities published by the SFC. We intend to apply part of the net proceeds from this offering to further develop our Beta HK's margin loans and IPO financings. With the expansion of the margin lending capabilities of Beta HK by increasing the amount of share capital which may be utilized for the purpose of granting margin loans, we intend to enhance the size and volume of margin loans that Beta HK may be able to extend to our clients, whilst still operating within our risk tolerance limits.

*Strengthening our placing services in HK*

The placing business of companies seeking to list on HKEX is one of our core businesses. Based on information published by HKEX, from 2021 to 2023, the number of IPOs on HKEX was 98, 90 and 73 respectively,<sup>1</sup> and from January 2024 to June 2024, there were 29 IPOs on HKEX.<sup>2</sup> Although the number of IPOs on HKEX appears to have been on a downward trend over the past few years, based on information available from HKEX, there are still a large number of companies that are currently undergoing their IPO processes for listing on HKEX, and we expect that there would be a reversal of this downward trend in the new few years.

Given this, we intend to further strengthen the market position of this business by capitalizing on opportunities arising from sustainable growth in the Hong Kong capital market by (i) extending Beta HK's industry networks; (ii) exploring business opportunities, in particular, to take up more significant values or to participate in a more significant manner (in terms of placing amounts) in respect of project engagements; and (iii) expanding the placing team of Beta HK through the recruitment of additional staff, including Responsible Officers of director-grade and above, and who possess extensive securities and equity capital markets experience, as well as network and staff dealers with equity capital market and finance experience.

*Developing underwriting services for U.S. dollar bond projects of PRC Companies*

One additional service offering that we are expanding into is to underwrite municipal bonds issued by companies in the PRC. In general, these municipal bonds are U.S. dollar-denominated bonds issued by Chinese companies — generally by Chinese real estate developers, real estate investment platforms, and financial institutions, and could be attractive investments in a volatile market with rising interest rates.

____________

1 Based on HKEX Annual Market Statistics for 2023, 2022 and 2021, source: *https://www.hkex.com.hk/Market*-Data*/Statistics/Consolidated*-Reports*/Annual*-Market-Statistics*?sc_lang=en*

2 Based on information contained within the monthly bulletin of HKEX, source: *https://www.hkex.com.hk/Market*-Data*/Statistics/Consolidated*-Reports*/Monthly*-Bulletin

[**Table of Contents**](#TOC001)

Our management has rich experience and project resources in U.S. dollar municipal bond projects. Beta HK is currently promoting U.S. dollar bond projects in Zhejiang, Jiangsu, Shaanxi and other places. Because bond projects generally have a long cycle (4-6 months), as of the end of June 2024, no revenue was generated. After June 30, 2024, we have underwrote three municipal bonds.

#### Services
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During the years ended June 30, 2024 and 2023 and the six months ended December 31, 2024, we provided the following services through Beta HK:

#### Hong Kong Placing Services
The placing of IPOs and secondary offerings in Hong Kong is one of Beta HK's core business lines, and our core management team has more than five years of experience in this regard. Beta HK started this business in the year ended June 30, 2024 and 81% of our revenue was derived from such services. In the year ended June 30, 2024, Beta HK participated in placing four offerings on HKEX and recognized the placing service fees on the first three offerings which were all IPOs during the year ended June 30, 2024.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Code** | **Issuer** | **Offering <br>Size** | **Roles of <br>Beta HK** | **Placing <br>Service Fees** | **Placed <br>Amount** | **Placing <br>Commission <br>Rate** | **Issuance <br>Date and <br>Completion <br>Date of <br>Placement** | **When <br>Revenue was <br>recognized** |
| 1 | 02503.HK | Zhongshen Jianye Holding Limited | HK$128.<br>70 million | Joint Bookrunner and Joint Lead Manager | US$559,535 | US$14,388,000 | 3.9% | 01/09/2024 | The year ended June 30, 2024 |
| 2 | 02477.HK | WellCell Holdings Co., Limited | HK$125.<br>00 million | Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager | US$517,490 | US$17,250,000 | 3.0% | 01/12/2024 | The year ended June 30, 2024 |
| 3 | 02515.HK | Tianjin Construction Development Group Co., Ltd. | HK$134.<br>88 million | Joint Bookrunner and Joint Lead Manager | US$822,995 | US$16,500,000 | 5.0% | 04/23/2024 | The year ended June 30, 2024 |
| 4 | 02556.HK | Marketingforce Management Ltd | HK$259.<br>41 million | Joint Bookrunner and Joint Lead Manager, Capital Market Intermediary | US$128 | US$9,208 | 1.3% | 05/16/2024 | Six months ended December 31, 2024<sup>(1)</sup> |

---

____________

(1) Beta HK inadvertently recognized the revenue in August 2024. Due to the minimal amount of placing services, the management considers that no adjustment of revenue was required due to cutoff issue.

During the six months ended December 31, 2024, Beta HK provided placing services of two secondary offerings, and recognized the revenues as of December 31, 2024.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Code** | **Issuer** | **Offering<br>Size** | **Roles of<br> Beta HK** | **Placing <br>Service Fees** | **Placed<br> Amount** | **Placing<br> Commission<br> Rate** | **Issuance <br>Date and <br>Completion<br> Date of <br>Placement** | **When <br> Revenue was <br>recognized** |
| 1 | 03313.HK | Artgo Holdings Limited | HK$22,515,000 | Capital Market Intermediaries | US$4,518 | US$903,700 | 0.5% | 09/25/2024 | Six months ended December 31, 2024 |
| 2 | 00286.HK | Aidigong Maternal & Child Health Limited | HK$74,508,000 | Placing Agent | US$114,820 | US$9,568,000 | 1.2% | 11/6/2024 | Six months ended December 31, 2024 |

---

[**Table of Contents**](#TOC001)

Our process for placing of IPOs of companies seeking to list on HKEX is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market research and due diligence*. First, we conduct a detailed market survey to analyze industry trends, investor needs and potential risks related to the proposed IPO. We also conduct due diligence on the issuing company, including reviewing the company's financial and operating conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Negotiation of issuance terms*. Based on the results of market research and due diligence, we negotiate with the company to determine the key terms of the issuance, including offer size, price per share, and placing discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Roadshow*. Once the terms of the offering are finalized, we will set up the bookkeeping records and attract investors to participate in the IPO subscription through various channels, including targeted push notifications through our application, Beta INT Securities, and professional investor roadshows. Investors interested in the upcoming listing will receive a detailed prospectus containing relevant information about the stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Order update and allocation*. We update the subscription orders we receive daily, and after the subscription period, we will allocate the IPO shares to investors who have placed orders on our platform based on the results of the allocation, which will be in line with the regulations of the relevant exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Settlement of placing fees*. After listing, we will settle the placing fees based on the placing rate and the amount placed.

#### Securities Dealing and Brokerage Services
Through Beta HK, we offer securities dealing and brokerage services to both individual customers and corporate customers in Hong Kong. In the years ended June 30, 2024 and 2023, 12% and 24% of our revenue was derived from such services.

*Types of trades supported*

As a holder of a Type 1 License issued by the Hong Kong SFC, we are permitted to deal directly in Hong Kong securities (a regulated activity under Hong Kong laws), and in this regard, we enable our clients to trade in securities listed on HKEX.

We also support the trading of stock listed on Shanghai Stock Exchange and Shenzhen Stock Exchange (collectively "China stock exchanges"), both of which are major stock exchanges in China, through Shanghai Hong Kong Stock Connect and the Shenzhen Hong Kong Stock Connect Stock Connect (collectively "China Connect"), respectively. China Connect, also known as the China Connect Service, is a trading and clearing service that allows international investors to access China's stock markets and for Mainland China investors to connect with global opportunities.

For trading on markets in the U.S., as we do not have direct trading rights on these exchanges, we work with our partners that have access to NYSE and Nasdaq.

*Executing Securities Transactions*

Through Beta HK, we provide our customers with access to major stock markets in HK, U.S. and China, and allow our customers to trade securities (including warrants) listed on these stock markets. Below are the major types of securities that our customers can trade:

---

| | | | |
|:---|:---|:---|:---|
|  | **Stock** | **ETF** | **Warrants** |
|  HKEX | ✓ | ✓ | ✓ |
|  U.S. stock exchanges (through partners) | ✓ | ✓ |  |
|  China stock exchanges (through China Connect) | ✓ |  |  |

---

Beta HK's systems allow for its customers to make various types of orders, including but not limited to limit orders, market orders, market at-auction limit orders, odd lot orders and enhanced limit orders. Beta HK's systems also allow it to aggregate orders in real-time, and to seamlessly execute trades directly with HKEX, or through its clearing house partners.

[**Table of Contents**](#TOC001)

Beta HK has obtained various licenses to conduct its business operations and has also obtained stock exchange trading rights to supplement its service offerings. To offer securities dealing and brokerage services, Beta HK holds HKSFC Type 1 License — Dealing in securities. Beta HK is also a Stock Exchange Participant and a participant of the HKSCC (direct clearing participant).

With respect to trading on U.S. stock exchanges, Beta HK is not required to hold any licenses for trading under the U.S. law, as its trades are executed by its partners.

With respect to trading on China stock exchanges, Beta HK does not make trades directly in China stock exchanges. Beta HK's trades are only executed through China Connect and Beta HK's counterparty is HKEX. Beta HK is not required to hold any licenses for trading from mainland China side.

*Beta INT Securities*

Through our mobile application, Beta INT Securities, we enable our customers to access and trade securities on these markets. Nearly all of our customers us access our securities dealing and brokerage services through Beta INT Securities. The mobile application, Beta INT Securities, is not available in Mainland China.

On the front-end, Beta INT Securities' interface was developed by Longbridge, one of our vendors, based on our specifications, and was designed to be accessible and easy-to-use for our customers. On the back-end, Beta INT Securities utilizes a leading system which is also developed by Longbridge. Beta INT Securities is an effective one-stop-shop for us, as it is a multi-functional system that provides the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pulls market data simultaneously from multiple sources and sends it to the front-end in real-time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structured to reduce latency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facilitates funds transfers to and from customers' bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Facilitates settlement of trades with HKEX and with various clearinghouse partners efficiently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allows us to control orders in response to unforeseen circumstances, such as halt of trading day due extraneous factors.

![](timage_004.jpg)

Screenshots of Our Beta INT Securities

As seen from the screenshots above, amongst others, the systems that Beta HK has in place for Beta INT Securities allows our customers to have real-time access to market data of numerous securities, from various sources and across various exchanges, and also allows customers to seamlessly make trades for these securities.

[**Table of Contents**](#TOC001)

The systems that Beta HK has in place also allow Beta HK to work with HKEX directly, as well as its overseas clearing house partners for U.S. stock exchanges and China Connect for China stock exchanges.

*Customer Onboarding Process*

In order to access Beta HK's securities dealing and brokerage services, a potential customer will have to first open an account with Beta HK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Online account opening for individual customers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beta HK's customers who access its securities dealing and brokerage services through Beta INT Securities can create an account with us conveniently, through the application. During the application process, they will need to provide information about themselves, including information such as name, date of birth, work experience, providing a photo ID, current financial status (i.e., whether in good financial standing), source of funds, and other relevant details as required under Hong Kong law. Beta HK also requires its customers to expressly agree to customer terms of service and other documents, including a comprehensive disclaimer of the risks involved with trading and investing in the secondary capital markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon the provision of required information and agreement to the terms and other required documents, Beta HK will verify the customer using cutting-edge facial recognition technology deployed by HA, a vendor, to match the customer's likeness against the customer's photo ID. Additionally, Beta HK conducts strict screening of each customer based on the information provided by the customer, in compliance with KYC and AML regulations of Hong Kong. Beta HK will approve a customer's account only after the foregoing is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Offline account opening for individual customers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For customers who prefer offline account opening, Beta HK offers the option for such customers to meet with its dedicated verification team. Clients are required to bring physical copies of necessary documents (including ID document, Hong Kong bank card, and address proof (issued within three months)) for verification required for account opening. Once they have been verified, Beta HK will approve their account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Account opening for corporate customers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For customers that are corporate entities, such customers would be subject to more stringent requirements. Beta HK will conduct thorough due diligence on each corporate customer, including verifying the identity and ultimate beneficial ownership of corporate entities, conducting a comprehensive background check, and conducting a customer risk assessment. Corporate customers will also be required to provide security for their accounts before Beta HK approves their accounts. Additionally, Beta HK will continue to monitor the accounts of all corporate customers, to ensure compliance with KYC and AML requirements.

Once a customer has successfully created an account, the customer would be required to fund the account before making any trades. Beta HK supports deposits in both USD and HKD. For transfers from banks outside of Hong Kong, Beta HK will only accept such transfers if they come from an account with the same name as the customer on record. All funds transferred to Beta HK by its customers are under its bank account with Bank of China (Hong Kong) Limited, and are protected by the Hong Kong Deposit Protection Scheme. This scheme applies to all authorized institutions in Hong Kong, including licensed banks, deposit-taking companies, and restricted license banks.

*Fees Charged*

Beta HK charges securities brokerage commission, for acting as an agent to provide securities brokerage services in trades execution on behalf of its customers. It also charges handling fees, which are generated from provision of services such as dividend collection, share subscription services in relation to IPOs services that require the processing and handling of physical certificates or legal documents or accounts that have limited or no activity to individual customers or corporate customers (i.e. brokers).

[**Table of Contents**](#TOC001)

For the years ended June 30, 2024 and 2023, our revenue from our securities dealing and brokerage services and handling fee was $292,727 and $30,288, respectively.

#### Margin Loans and IPO Financings
Beta HK started providing margin loans and IPO financings since January 2024. In the year ended June 30, 2024, 1% of our revenue was derived from such services.

*Margin Loans*

Beta HK provides margin loans to our customers in order for them to leverage their positions. Beta HK provides different amounts of financing to customers based on their trading volume and account funds, and then charges interest based on the amount and number of days the customer actually uses the financing. The margin financing loan can be outstanding for a maximum of 12 months, after the allotment of shares, depending on a combination of various factors, such as the transaction history and status of fund.

Our margin loans services are limited to our customers who have provided to Beta HK collateral on their accounts. We determine the value of the customer's required collateral in real-time based on a number of factors, including the value of assets and asset classes under the customer's account. Before granting the margin loans to customers, Beta HK's assesses the creditability of the customers by taking into account of various factors including (i) the amount of existing securities being held through Beta HK's securities system; (ii) the existing securities being held listed in the main board of HKEX; (iii) requiring the customer to have trading record at least one month in Beta HK; and (iv) the credit rating of the stock securities being held by the customers in Beta HK.

We have a comprehensive risk management process in place to manage the risk associated with our margin loans services. These include: (i) real-time monitoring and assessment of collateral required, (ii) dynamic margin ratios which are updated based on market conditions and other factors, (iii) margin calls to customers when positions become over-leveraged, and (iv) closing the customer's account if margin calls are not met. In addition, the SFC monitors Beta HK's financing business risks by monitoring its liquid capital.

To strengthen our risk management process further, we plan to introduce advanced risk assessment models to more accurately assess our customers' credit risk.

*IPO Financings*

When our customers subscribe for HK stock IPOs, they may apply for margin financing in order to purchase such IPO shares. Such margin financing would allow our customers to take a leveraged position with respect to such subscriptions.

This is how we provide our services to the IPO subscriptions:

First, Beta HK would conduct a risk assessment on each HK IPO, and set appropriate leverage limits. Beta HK would also conduct a risk assessment on each customer, based on several factors including the customer's cash flow, in order to determine the appropriate amount of financing available to each customer.

Next, after the allotment results of an IPO are announced, customers with stocks successfully allocated would have the purchase price of such stocks debited from their balances with Beta HK. Additionally, interest would begin running on the margin financing loan, until the position is de-leveraged. The margin financing loan can be outstanding for a maximum of 12 months, after the allotment of shares, depending on a combination of various factors, such as the transaction history and status of fund.

Beta HK has a comprehensive risk management process in place to control the risk in this line of business. These include (i) evaluation of fundamentals, liquidity, and subscription multiples, (ii) credit risk management for customers, (iii) contractual provisions allowing Beta HK to dispose of shares if a customer's account position is outside of accepted limits and the customer cannot finance margin calls, (iv) setting appropriate margin loan ceilings, and (v) providing regular updates to our clients on market developments and their accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. After June 30, 2024, we have started providing the following services:

*Underwriting Services for U.S. dollar-denominated Municipal Bonds of PRC Companies* 

Since 2024, Beta HK started providing underwriting services for U.S. dollar-denominated municipal bonds to PRC companies. Municipal bonds are debt securities issued by states, cities, counties and other governmental entities to fund day-to-day obligations and to finance capital projects such as building schools, highways or sewer systems. Beta

[**Table of Contents**](#TOC001)

HK focuses on the municipal bonds that are quoted in U.S. dollars and issued by Chinese companies — such as Chinese real estate developers, real estate investment platforms, and financial institutions for infrastructure construction projects entrusted by local government. Our management has rich experience and project resources in U.S. dollar bond projects. Because bond projects generally have a long cycle (4-6 months), no revenue was generated as of the end of June 2024.

The U.S. Dollar-denominated bonds that Beta HK participates in underwriting are usually listed on MOX or HKEX. In 2024, both borrowers of U.S. Dollar-denominated bonds that Beta HK participated in underwriting were enterprises from Zhejiang Province, Beta HK recognized all of its revenue under this service from only one borrower, and the three bonds that Beta HK completed underwriting for this borrower were all listed on MOX. None of these bonds had any credit ratings, and one borrower has a credit rating of BBB.

By providing the various underwriting services, Beta HK does not incur any liability, because Beta HK provides such services by using its reasonable best efforts to procure potential subscribers and raise capital for bond issuers. Beta HK provides no guarantee for the successful procuring of potential investors and will not be penalized for any failed underwriting activities Further, if any borrower defaulted on any such bonds, Beta HK has no responsibility or liability to pay off such bonds. Beta HK does not run a proprietary trading business. Buying the bonds it underwrites would exceed the business scope reported by Beta HK to the SFC.

*In the six months ended December 31, 2024, Beta HK participated in underwriting the following U.S. dollar*-denominated *bonds:*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Code** | **ISIN** | **Issuer** | **Issuance <br>Date** | **Listing <br>Exchange** | **Offering <br>Size** | **Rate** | **Due Date** | **Role of Beta <br>HK** | **Project <br>Nature** | **Issuer <br>Nature** | **Credit <br>Ratings** | **Revenue** |
| 1 | MOXTB24255 | XS2922597435 | Huzhou New <br>City Investment <br>Development <br>Group Co., Ltd. | 10/25/2024 | MOX | USD$67 <br>million | 6.50% | 10/25/2027 | Joint Global <br>Coordinator | Refinancing certain medium-term or long-term offshore indebtedness<br> resulting from the development of infrastructure construction projects such as commercial complexes and increasing the its general working capital. | A property development and construction entity based in Wuxing District, Huzhou Municipality, Zhejiang province of the PRC. | N/A | $71100 |
| 2 | MOXTB24255 | XS2922597435(1) | Huzhou New City Investment Development Group Co., Ltd. | 11/14/2024) | MOX | USD$33 <br>million | 6.5% | 10/25/2027<sup>(1)</sup> | Joint Global Coordinator | Refinancing certain medium-term or long-term offshore indebtedness<br> resulting from the development of infrastructure construction projects such as commercial complexes and increasing the its general working capital. | A property development and construction entity based in Wuxing District, Huzhou Municipality, Zhejiang province of the PRC. | N/A | $54240 |
| 3 | MOXTB24302 | XS2931834654 | Huzhou New City Investment Development Group Co., Ltd. | 12/5/2024 | MOX | USD$100 <br>million | 5.30% | 12/5/2027 | Joint Global Coordinator | Refinancing certain medium-term or long-term offshore indebtedness<br> resulting from the development of infrastructure construction projects such as commercial complexes and increasing the its general working capital. | A property development and construction entity based in Wuxing District, Huzhou Municipality, Zhejiang province of the PRC. | N/A | $286922 |
| 4 | 5303 | XS2925865078 | Nanxun <br>Communications <br>Investment <br>Group Co., Ltd. | 11/14/2024 | HKEX | USD$200 <br>million | 6.20% | 11/14/2027 | Joint <br>Bookruner | Repayment of the Borrower's existing mid-to-long term offshore indebtedness which was used for the construction of local transport infrastructure projects and replenishment of working capital. | Carry out the Nanxun District Government's blueprint for transport infrastructure development in Nanxun District. | BBB | $0<sup>(2)</sup> |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $412262 |

---

____________

(1) This No.2 bond issuance was a follow-on issuance to the No. 1 issuance. It is consolidated and formed a single series with the No. 1 bond issuance.

(2) While Beta HK participated in underwriting this bond issuance, it did not secure any amount for the borrower so Beta HK did not receive any service fee.

[**Table of Contents**](#TOC001)

#### Financial Advisory Services
Beta BVI started providing financial advisory services in August 2024. Beta BVI acts as a general coordinator and consultant to companies seeking to list on stock exchanges in the U.S., such as NASDAQ or NYSE, and guides its clients through the entire listing process. Such services encompasses a broad scope, including selecting and engaging suitable intermediaries such as the potential issuer's securities and local counsels, auditors, lead underwriters, underwriters' counsels, printing companies, stock transfer companies, and investor relations firms. Beta BVI also organizes, coordinates, and supervises all intermediaries, according to the client's listing schedule, to ensure that the listing process remains on track, and helps its clients address and resolve any issues that arise during the listing process. Beta BVI also assists the investment bank in organizing and securing investments in the IPO.

#### Our Customers
Customers of Beta HK's placing services include issuers listed on HKEX, companies seeking to be listed on HKEX and other SFO licensed corporations which act as the agents in respect of placing engagements.

For our securities dealing and brokerage services, our individual customers usually hear about us through word-of-mouth, whilst our corporate customers are typically referred to us by the management of Beta HK, professional parties, licensed employees, self-employed account executives, or by existing customers.

All customers of Beta HK's custodial and other services are among Beta HK's customers for securities brokerage commissions and handling services. Beta HK does not particularly set up standard to screen the customers to provide such custodial and other services.

For our margin loans and IPO financings, these are a subset of more financially-savvy customers that utilize our securities dealing and brokerage services.

Our customers of underwriting services for U.S. dollar-denominated municipal bonds are PRC companies. Our customers of financial advisory services are the companies that would like to go public in the U.S.

#### Our Suppliers
Beta HK engages various service providers to provide services necessary for our business operations, such as software vendor, overseas external brokers, and internet service providers, most of which are independent third parties. Amongst these, for our securities dealing and brokerage services, our main supplier is Longbridge responsible for developing our Beta INT Securities and its back office system.

[**Table of Contents**](#TOC001)

#### Interactions with China
While the Group does not have any physical presence in Mainland China and does not operate in Mainland China, the Group has the following customers, vendors, counterparties, and employees from Mainland China. The following chart and notes also list the nature and extent of the Group's previous (within the past two fiscal years), current and planned operations with PRC companies, and the extent of its interactions with Mainland China:

---

| | | | |
|:---|:---|:---|:---|
|  **Beta Entity** | **Business** | **Category** | **Description** |
|  Beta HK | Securities dealing and brokerage services | Customers<sup>(1)(2)</sup> | Part of the individual customers are Chinese citizens. |
|  Beta HK | Securities dealing and brokerage services | Vendors<sup>(2)</sup> | All funds transferred to Beta HK by its customers are under its bank account with Bank of China (Hong Kong) Limited, which is a HK subsidiary of the Bank of China. The funds are protected by the Hong Kong Deposit Protection Scheme. |
|  Beta HK | Securities dealing and brokerage services | Vendors<sup>(2)</sup> | Shenzhen Ruixin Information Service Co., providing trading consulting services and operation and maintenance services.<sup>(3)</sup> |
|  Beta HK | Securities dealing and brokerage services | Products | Beta HK supports the trading of stock listed on China stock exchanges, through China Connect, which is a trading and clearing service that allows international investors to access China's stock markets and for Mainland China investors to connect with global opportunities. |
|  Beta HK | Placing services | Customers | Some customers are the companies with the major or all operations in mainland China. |
|  Beta HK | Underwriting services for U.S. dollar-denominated municipal bonds<sup>(4)</sup> | Customers<sup>(2)(5)</sup> | All customers are PRC companies with the local governments as the ultimate beneficial owners. |
|  Beta HK | Underwriting services for U.S. dollar-denominated municipal bonds<sup>(4)</sup> | Vendors<sup>(2)</sup> | Beta HK engages PRC counsels on a project basis. |
|  Beta HK | Underwriting services for U.S. dollar-denominated municipal bonds<sup>(4)</sup> | Counterparties<sup>(2)</sup> | Beta HK works with other PRC service providers, such as auditing firms and translation agencies, on a project basis. |
|  Beta HK | N/A | Vendor | Beta HK maintains a WeChat official account to strengthen its brand equity, enhance its competitive advantages and expand its business. WeChat is a Chinese instant messaging, social media, and mobile payment app developed by Tencent, which is a Chinese multinational technology conglomerate and holding company headquartered in China. |
|  Beta HK | N/A | Employees<sup>(6)</sup> | Approximately half of Beta HK's employees are PRC citizens, and approximately half of these PRC citizens live in mainland China, and commute to HK. |

---

____________

(1) Beta HK only accepts the Chinese customers who have opened accounts at another HK based brokerage firm, pursuant to the HKEX requirements.

(2) Beta HK works with its customers and other vendors in HK and on line.

[**Table of Contents**](#TOC001)

(3) Beta HK started engaging Beta Information Services Limited since the fiscal year ended June 30, 2024. Beta Information Services Limited changed its name to Shenzhen Ruixin Information Service Co. in July 2024.

(4) Beta HK started underwriting services for U.S. dollar-denominated municipal bonds since the fiscal year ended June 30, 2024.

(5) Beta HK may visit these customers in mainland China once or twice before signing the engagement letters with the customers. After the clients sign the engagement letters in mainland China, they mail them to Beta HK and Beta HK countersign the engagement letters in HK. The U.S. dollar-denominated municipal bonds are not issued in mainland China.

(6) All of Beta HK's employees must work in HK.

In addition, the following chart shows the citizenship and residency of Beta Cayman's beneficial owners, directors and officers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **Beneficial <br>Owners** | **Directors** | **Officers** | **Citizenship** | **Residency** |
|  Xianxin Xiang | Yes | Yes | CEO | PRC | HK |
|  Shaojie Sun | Yes | Yes |  | PRC | HK |
|  Cong Gao | Yes |  |  | PRC | PRC |
|  Didi Zhang |  |  | CFO | PRC | PRC |
|  Chun Fai Fong |  | Nominee |  | HK | HK |
|  Haobing Fan |  | Nominee |  | PRC | PRC |
|  Christine Deschemin |  | Nominee |  | France | HK |

---

For the fiscal year ended June 30, 2024, approximately 81% of the Group's revenues generated from Mainland China offerings and clients. For the six months ended December 31, 2024, approximately 47% of the Group's revenues generated from Mainland China offerings and clients.

We are a Cayman Islands exempted company. We are headquartered in Hong Kong, and carry out our main business activities from Hong Kong. Although our subsidiaries have customers, vendors, and counterparties in Mainland China, we consider that the business transacted with them to have been transacted in Hong Kong. Our subsidiaries do not have any offices or branches in Mainland China and do not have operations in Mainland China.

**As advised by our PRC counsel, AllBright Law Offices (Fuzhou), as of the date of this prospectus, the Company is not required to obtain any permissions or approvals from PRC authorities, including the CSRC or the CAC, before listing in the U.S. and to issue our Ordinary Shares to foreign investors, none of the PRC laws and regulations apply to the Group's business, regardless of whether directly or indirectly via counterparties or other third parties, none of the Group's previous, current and planned operations with PRC companies subject it to PRC laws and regulations, and the Group is not regulated by any regulator in Mainland China, because (i) we do not, directly or indirectly, own or control any entity or subsidiary in Mainland China; (ii) we and our subsidiaries do not have any operations in Mainland China (although the Group has customers and vendors from Mainland China); (iii) we do not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure with any entity in Mainland China; (iv) we are headquartered in Hong Kong with our officers and all members of the board of directors based in Hong Kong and all of our revenues and profits are generated by our subsidiaries in Hong Kong and BVI and we have not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of the corresponding figure in ours audited consolidated financial statements for the same period; (v) although Beta HK may collect and store certain data (including certain personal information) from its clients, some of whom may be individuals in Mainland China, in connection with our business and operations for "Know Your Customers" purposes (to combat money laundering), we and Beta HK will not be deemed to be an "Operator" or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States, and the regulations in China regarding illegal collection and use of personal information through mobile applications do not apply to the Group, given that: (a) as of date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than ten thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their personal information and data; (b) we do not place any reliance on collection and processing of any personal information to maintain our business operation; (c) data processed in our business should not have a bearing on national security nor affect or may affect national security; (d) all of the data Beta HK has collected is stored in servers located in Hong Kong; and (e) as of the date of this prospectus, Beta HK has not been informed by any PRC governmental authority of being classified as an "Operator" or a "data processor" that is subject to CAC cybersecurity review or a CSRC review; and (vi) pursuant to the Basic Law of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and other matters that are not within the scope of autonomy).**

[**Table of Contents**](#TOC001)

#### Intellectual Property
Currently, Beta HK owns the domain name "betaints.com," which will expire on December 12, 2025 unless renewed by us. We intend to continuously renew this domain name. The information contained in, or accessible from, this website or any other website does not constitute a part of this prospectus.

#### Marketing and Brand Promotion
For our placing business, we generally source new clients and expand our business network through the personal networks of the management and account executives as well as referrals from the existing clients through the word-of-mouth. Specifically, our Responsible Officers are involved in pitching and liaising with our placing clients; and the staff dealers and account executives are responsible for sales and marketing activities, including maintaining regular communication and good relationships with clients, other business partners and professional parties involved in placing transactions.

With respect to our securities dealing and brokerage services, and our margin loans and IPO financings, we conduct targeted branding and marketing to attract potential customers using both online and traditional marketing channels. Our online marketing activities mainly include internet search engine results and advertisements on websites focused on trading and finance. We also promote our brand and trading platform through our corporate accounts on popular interactive social media platform. We benefit from cross-branding arrangements with third-party websites, and influential social media accounts, under which we cooperate to help improve each other's brand recognition. We leverage strongly on social media such as WeChat official account to strengthen our brand equity, enhance our competitive advantages and expand our business.

We regularly initiate branding activities through online and traditional marketing channels to promote our brand awareness among existing and potential customers around the world.

#### Competition
The financial services sector in Hong Kong is highly competitive due to the vast number of market players offering securities broking services, placing service, and underwriting services. For details of the competitive landscape of the financial service industry in Hong Kong and the market drivers, see "Industry". We have to compete effectively over competitors in terms of capital resources, pricing, client base, service coverage and quality, talents and brand recognition. Our competitors may have stronger capital resources, greater brand recognition in the market, more human resources, a wider range of services and longer operating histories than that of us. Apart from large multinational financial institutions, we also face competition from newly established local small and medium-sized financial services firms which offer similar range of services. Despite keen competition, we believe that our core competitive advantages, sound business planning and the contributions of our senior management have allowed us to rapidly stand out as a reputable financial services provider.

*Placing Services*

Pursuant to a search on SFC website on December 3, 2024, 1,565 licensed corporations were licensed or registered to carry on Type 1 (dealing in securities) regulated activity in Hong Kong. With the increasing number of listed companies in Hong Kong, equity fund raising on HKEX, either through IPOs or in the secondary market, has been substantial. IPOs have been a main source of equity funding.

While the market is active, competition in the placing business in Hong Kong is intense because of the relatively large number of market players. We face keen competition in provision of placing services in Hong Kong. We believe that competition in this market is primarily based on quality and scope of services, market reputation, business network, pricing, human and financial resources.

We have to compete with other market players, who may have more resources, offer a wider range of services and have a longer operating history than us. Such firms may leverage on their existing relationship with other companies, expertise, financial strength and established reputation to compete in the market. As a placing service provider, it is vital for us to maintain good relationships with our clients and investors and have a proven track record of fundraising supported by deep understanding of the market or industry and sufficient experience in advising on execution strategies, market timing, placing and allocation. As we continue to develop our placing business, we intend to leverage on our loyal and expanding retail client and investor base and devote further resources (including engaging research analysts to provide reports to support our equity capital markets department) to enhance our execution capability in providing placing services.

[**Table of Contents**](#TOC001)

*Securities dealing and brokerage services*

The online brokerage market in Hong Kong is highly competitive and rapidly evolving, and our primary competitors include online brokers and other firms providing online brokerage services.

Although some of our competitors may have greater financial resources or a larger customer base than we do, we believe that our accessible and easy-to-use trading platform, comprehensive customer services, innovative products and services, unparalleled user experience, robust infrastructure, and strong brand recognition are powerful competitive strengths in the fast-evolving online brokerage market.

#### Employees
We had eight full time employees and one part time employee as of June 30, 2024. We had six full time employees and no part time employees as of June 30, 2023.

We enter into individual employment contracts with selected employees to cover matters including non-competition and confidentiality arrangements. We generally formulate our employees' remuneration package to include salary and benefits. We provide our employees with social security benefits in accordance with all applicable regulations and internal policies.

#### Facilities / Properties
Our principal executive offices are based at Room 3326, 33/F, East Block, China Merchants Tower, Shun Tak Centre, 168-200, Connaught Road Central, Sheung Wan, Hong Kong (the "Premises"). The lease agreement has a term of 2 years from December 4, 2023 to December 3, 2025. The monthly rental fee for the Premises is HK$68,640.00, exclusive of government rates and government rent, management fee and air-conditioning charges, and all other outgoings and charges). Together with the government rates and government rent, management fee and air-condition charges, the total monthly rental fee for the Premises is HK$80,839.00. Pursuant to the terms of the lease agreement, we have placed a deposit of HK$404,195 with the landlord. The lease may be terminated upon one-month advance written notice by either party.

We believe that our subsidiaries' existing facilities are adequate for their current requirements and our subsidiaries will be able to enter into lease arrangements on commercially reasonable terms for future expansion.

#### Legal Proceedings
We and our subsidiaries are not currently a party to any litigation the outcome of which, if determined adversely to us or our subsidiaries, would individually or in the aggregate be reasonably expected to have a material adverse effect on our subsidiaries' business and/or our operating results, cash flows or financial condition. We and our subsidiaries may from time to time become a party to various legal, arbitration or administrative proceedings arising in the ordinary course of business.

#### Seasonality
Our subsidiaries currently do not experience seasonality in their operations.

#### Insurance
Under the Securities and Futures Ordinance, Beta HK, as a Participant of the SEHK and which carries out Type 1 regulated activities (dealing with securities), is required to take out and maintain insurance in relation to fidelity and crime risks in the manner prescribed by the Securities and Futures (Insurance) Rules. Beta HK has in place the License Holders Insurance Scheme (LHI), which is underwritten by Marsh (Hong Kong) Limited. The LHI does not cover professional indemnity or pure unauthorized trading where there is no intent or direct fund. The LHI, however, covers fidelity and crime risks, such as loss of client assets due to theft of employees or other fraudulent acts. The LHI has the expiring policy limit of HK$15,000,000 with an excess of HK$3,000,000 for every claim/loss.

In addition to the LHI, we also maintain property insurance which covers risks of Office Content, Business Interruption, Money and Assault, Public Liability, and Employee's Compensation, as well as Group Life and Medical insurance. We consider that our Company currently maintains adequate insurance policies.

Aside from the insurance coverage described above, we do not currently maintain nor plan to purchase directors and officers liability insurance in the future. Our directors consider the existing insurances that we have in place are adequate for our business.

[**Table of Contents**](#TOC001)

#### REGULATIONS
The Group conducts its major operations in Hong Kong. The Group also has customers, vendors and counterparties in Mainland China. This section sets forth a summary of the most significant rules and regulations that affect our business activities in Hong Kong and Mainland China.

#### Hong Kong Regulations

#### Regulations related to our Securities Dealing and Brokerage Services, Margin Loans and IPO Financings Services and Placing Services

#### Licensing regime
The Securities and Future Commission of Hong Kong, or the SFC, authorizes corporations and individuals through licenses to act as financial intermediaries. Under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), or the SFO, unless any exemption under the SFO applies, a corporation which is not an authorized financial institution but carries out the following activities must be licensed by the SFC: (i) carrying on a business in a regulated activity (or holding itself out as carrying on a business in a regulated activity); or (ii) actively marketing, whether by itself or another person on its behalf and whether in Hong Kong or from a place outside Hong Kong, to the public any services it provides, and such services would constitute a regulated activity if provided in Hong Kong.

#### Types of regulated activities
The SFO promulgates a single licensing regime where a person only needs one licence or registration to carry on different types of regulated activity as defined in Schedule 5 to the SFO provided that he is fit and proper to do so. There are 13 types of regulated activities, namely:

Type 1 Dealing in securities

Type 2 Dealing in futures contracts

Type 3 Leveraged foreign exchange trading

Type 4 Advising on securities

Type 5 Advising on futures contracts

Type 6 Advising on corporate finance

Type 7 Providing automated trading services

Type 8 Securities margin financing

Type 9 Asset management

Type 10 Providing credit rating services

<sup>#</sup>Type 11 Dealing in OTC derivative products or advising on OTC derivative products

<sup>#</sup>Type 12 Providing client clearing services for OTC derivative transactions

Type 13 Providing depositary services for relevant CISs

<sup>#</sup>Note: Not yet in operation for licensing purposes

As of the date of this prospectus, Beta HK is licensed to conduct (i) Type 1 (dealing in securities) regulated activities, and (ii) Type 4 (advising on securities) regulated activities under the SFO in Hong Kong.

#### Responsible Officer
Each licensed corporation should appoint at least two responsible officers to directly supervise the conduct of each regulated activity for which the licensed corporation operates and at least one of the responsible officers must be an executive director of the licensed corporation as defined under the SFO. As defined by the SFO, an "executive

[**Table of Contents**](#TOC001)

director" refers to a director of the corporation who actively participates in or is responsible for directly supervising the business of the regulated activity. All executive directors must seek SFC's prior approval as responsible officers accredited to the licensed corporation. Further, for each regulated activity, the licensed corporation should have at least one responsible officer available at all times to supervise the business of the regulated activity for which the corporation is licensed. The same individual may be appointed to be a responsible officer for more than one regulated activity, as long as he/she is fit and proper to be so appointed and there is no conflict in the roles assumed. A person who intends to apply to be a responsible officer must demonstrate that he/she satisfies the requirement in relation to sufficient authority and is fit and proper to be so approved. A responsible officer applicant must have sufficient authority to supervise the business of the regulated activity within the licensed corporation. Additionally, the responsible officer applicant must be competent, having regard to his/her academic/industry qualifications, relevant industry experience, management experience and regulatory knowledge.

#### Licensed Representative
An individual is required to be a licensed representative if he or she is performing a regulated function for his or her principal which is a licensed corporation in relation to a regulated activity carried on as a business, or he or she holds himself out as performing such a function. A person who intends to apply to be a licensed representative must demonstrate his or her competence requirement under the SFO. An applicant has to establish that he or she has the requisite basic understanding of the market in which he or she is to work as well as the laws and regulatory requirements applicable to the industry. The SFC will have regard to the applicant's academic and industry qualifications and regulatory knowledge in assessing the applicant's competence to be licensed as a licensed representative.

#### Managers-in -Charge of Core Functions, or the MICs
A licensed corporation is required to designate certain individuals as MICs and provide to the SFC information about its MICs and their reporting lines. MICs are individuals appointed by a licensed corporation to be principally responsible, either alone or with others, for managing each of the following eight core functions of the licensed corporation: (a) overall management oversight; (b) key business lines; (c) operational control and review; (d) risk management; (e) finance and accounting; (f) information technology; (g) compliance; and (h) anti-money laundering and counter-terrorist financing.

The management structure of a licensed corporation (including its appointment of MICs) should be approved by the board of the licensed corporation. The board should ensure that each of the licensed corporation's MICs has acknowledged his or her appointment as MIC and the particular core function(s) for which he or she is principally responsible.

As of the date of this prospectus, through Beta HK, we have registered and maintained the following licenses from SFC: (i) SFO Type 1 License, effective since January 31, 2024, for conducting regulated activities related to dealing in securities; (ii) SFO Type 4 License, effective since January 31, 2024, for conducting regulated activities related to advising on securities. Beta HK has appointed three responsible officers to directly supervise the conduct of each regulated activity that Beta HK licensed for.

#### Ongoing obligations for compliance by licensed corporations and intermediaries

#### Fit and proper requirement
In April 2017, the SFC issued the Licensing Handbook (last updated in October 24), which provides the ongoing obligations for compliance of a licensed corporation. In general, licensed corporations and licensed representatives must remain fit and proper at all times and must comply with all applicable provisions of the SFO and its subsidiary legislation as well as the codes and guidelines issued by the SFC.

The Fit and Proper Guidelines issued by the SFC under section 399 of the SFO summaries certain matters that the SFC will generally consider when determining whether the person is a fit and proper person to be licensed under the SFO. The Fit and Proper Guidelines apply to a number of persons including, among others, an individual who applies for license or is licensed under Part V of the SFO, a licensed representative who applies for approval or is approved as a responsible officer under Part V of the SFO, a corporation which applies for license or is licensed under Part V of the SFO and a substantial shareholder of a licensed corporation who applied for approval or is approved as a substantial shareholder under section 132 of the SFO.

[**Table of Contents**](#TOC001)

Under the Fit and Proper Guidelines, the SFC will consider the following matters of the applicant in addition to any other issues as it may consider to be relevant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) financial status or solvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) educational or other qualifications or experience having regard to the nature of the functions to be performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ability to carry on the regulated activity concerned competently, honestly, and fairly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reputation, character, reliability, and financial integrity of the applicant and other relevant persons as appropriate.

The SFC will consider the above matters in respect of the person (if an individual), the corporation and any of its officers (if a corporation).

In addition to the above, the SFC may also take into account of the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decisions made by such relevant authorities as stated in section 129(2)(a) of the SFO or any other authority or regulatory organization, whether in Hong Kong or elsewhere, in respect of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a corporation, any information relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other corporation within the group of companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any substantial shareholder or officer of the corporation or of any of its group companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a corporation licensed under section 116 or 117 of the SFO or registered under section of the SFO or an application for such license or registration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any information relating to any other person who will be acting for or on its behalf in relation to the regulated activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whether the person has established effective internal control procedures and risk management systems to ensure its compliance with all applicable regulatory requirements under any of the relevant provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a corporation licensed under section 116 or section 117 of the SFO or an application for the license, any information relating to any person who is or to be employed by, or associated with, the person for the purposes of the regulated activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the state of affairs of any other business which the person carries on or proposes to carry on.

The SFO empowers the SFC to take disciplinary actions, pursuant to section 194 or section 196 of the SFO, against a regulated person of a licensed person or registered institution respectively if: (a) the person is, or was at any time, guilty of misconduct; or (b) the SFC is of the opinion that the person is not a fit and proper person to be or to remain the same type of regulated person. Under section 132 of the SFO, the SFC would refuse the application for a person to become or continue to be a substantial shareholder of the licensed corporation concerned unless the relevant person satisfies the SFC that the corporation will remain a fit and proper person to be licensed if the application is approved.

*Maintenance of minimum paid-up share capital and liquid capital*

Depending on the type of regulated activity, licensed corporations must maintain at all times paid-up share capital and liquid capital not less than the specified amounts according to the Securities and Futures (Financial Resources) Rules (Chapter 571N of the Laws of Hong Kong) or the Financial Resources Rules. If a licensed corporation conducts more than one type of regulated activity, the minimum paid-up share capital and liquid capital that it must maintain shall be the highest amount required amongst those regulated activities. Beta HK is licensed to carry out Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Under the Financial Resources Rules, Beta HK shall, at all times, any minimum paid-up share capital of HK$10,000,000 (approximately $1,282,051) since Beta HK provides securities margin financing. As for the minimum liquid capital requirement, Beta HK shall, at all times, maintain a minimum liquid capital of HK$3,000,000 (approximately $384,615) according to the Financial Resources Rules. Beta HK is also required to submit monthly financial resources returns to the SFC as required under the Financial Resources Rules.

[**Table of Contents**](#TOC001)

If a licensed corporation offers credit facilities to its customers who would like to purchase securities on a margin basis, or provides financing for applications of shares in connection with IPOs, it must monitor its liquid capital level continuously in order to satisfy the Financial Resources Rules requirements. If the margin requirement of the licensed corporation increases, it would be required to maintain additional liquid capital. Pursuant to section 8A of the Securities and Futures (Client Securities) Rules (Cap 571H), the maximum aggregate market value of repledged securities must not exceed 140% of the value of margin loan balance at the end of a trading day. Further, pursuant to section 42(1) of the Financial Resources Rules, a licensed corporation licensed for Type 1 or Type 8 regulated activity shall include in its ranking liabilities, any amount receivable from any of its margin clients, when calculated on a client-by-client basis, exceeds 10% of the aggregate of amounts receivable from its margin portfolio.

*Maintenance of segregated accounts and custody and handling of client securities*

A licensed corporation and any associated entity of the licensed corporation must maintain segregated account(s), and custody and handling of client securities in accordance with the requirements of the Securities and Futures (Client Securities) Rules (Chapter 571H of the Laws of Hong Kong), or the SFCSR. The SFCSR sets out how intermediaries and any associated entity of the licensed corporation should manage client securities and securities collateral that are listed or traded on HKEX, and are received or held in Hong Kong by or on behalf of the intermediary or any associated entity of the licensed corporation in the course of the conduct of any regulated activity for which the intermediary is licensed or registered. Pursuant to section 10(1) of the SFCSR, an intermediary and any associated entity of the licensed corporation should take reasonable steps to ensure that client securities and securities collateral of the intermediary are not deposited, transferred, lent, pledged, re-pledged or otherwise dealt with except as provided in the SFCSR. Similarly, General Principle 8 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission requires a licensed person to ensure that client assets are promptly and properly accounted for and are adequately safeguarded.

*Maintenance of segregated account(s), and holding and payment of client money*

A licensed corporation and any associated entity of the licensed corporation must maintain segregated account(s), and holding and payment of client money in accordance with the requirements under the Securities and Futures (Client Money) Rules (Chapter 571I of the Laws of Hong Kong) or the SFCMR. The SFCMR sets out the requirements to ensure proper handling of client money. It prescribes the treatment of client money received or held in Hong Kong by licensed corporations or any associated entity of the licensed corporation.

*Issue of contract notes, statements of account and receipts*

A licensed corporation must issue contract notes, statements of accounts and receipts in accordance with the requirements under the Securities and Futures (Contract Notes, Statements of Account and Receipts) Rules (Chapter 571Q of the Laws of Hong Kong), or the SFCNR unless an exemption applies. The SFCNR requires all licensed corporations entering into contracts with or on behalf of their clients to provide contract notes to their clients in the course of regulated activities for which they are licensed or registered. For those intermediaries providing financial accommodation or entering into margined transactions with or on behalf of their clients, it is also required under the SFCNR that a statement of account including a summary of the details of the account is provided to clients. In addition, licensed corporations are required to provide a monthly statement summarizing activities in the account for the month and, subject to some exceptions, receipts for client assets received.

*Record keeping requirements*

A licensed corporation must keep records in accordance with the requirements under the Securities and Futures (Keeping of Records) Rules (Chapter 571O of the Laws of Hong Kong), or the Recording-Keeping Rules. The Recording-Keeping Rules requires licensed corporations to keep proper records. It prescribes the records are to be kept by licensed corporations to ensure that they maintain comprehensive records in sufficient detail relating to their businesses and client transactions for proper accounting of their business operations and clients' assets. In addition, the premises used for keeping records or documents required under the SFO and the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615 of the Laws of Hong Kong), or the AMLO, must be approved by the SFC as required under section 130 of the SFO. Records must also be kept in accordance with the AMLO and related guidelines, as well as applicable company and general law requirements.

[**Table of Contents**](#TOC001)

*Submission of audited accounts*

A licensed corporation must submit its audited accounts and other required documents in accordance with the requirements under the Securities and Futures (Accounts and Audit) Rules (Chapter 571P of the Laws of Hong Kong), or SFAAR. SFAAR prescribes the contents of the financial statements and the auditor's report of such accounts to be submitted by licensed corporations to the SFC. Licensed corporations and associated entities of licensed corporations or authorized financial institutions (except for those which are authorized financial institutions) are required to submit their financial statements, auditor's reports, and other required documents within four months after the end of each financial year as required under section 156(1) of the SFO.

*Payment of annual fees*

Licensed corporations, licensed persons and registered institutions should pay annual fees within one month after each anniversary date of the licenses or registrations under section 138(2) of the SFO.

*Maintenance of insurance*

A licensed corporation must maintain insurance against specific risks for specific amounts in accordance with the requirements under the Securities and Futures (Insurance) Rules (Chapter 571AI of the Laws of Hong Kong) unless exempted.

*Notification to the SFC of certain changes and events*

A licensed corporation is required by the Securities and Futures (Licensing and Registration) (Information) Rules (Chapter 571S of the Laws of Hong Kong) to notify the SFC of certain changes and events, which include, among others, (i) changes in the basic information of the licensed corporation, its controlling persons and responsible officers, or its subsidiaries that carry on a business in any regulated activity; (ii) changes in the capital and shareholding structure of the licensed corporation; and (iii) significant changes in the business plan of the licensed corporation.

*Submission of annual returns*

Section 138(4) of the SFO stipulates that each licensed corporation or licensed individual is required to submit an annual return to the SFC within one month after each anniversary date of his/her/its licenses. Failure to submit annual return before the due date could result in suspension and revocation of the license under sections 195(4)(b) and 195(6) of the SFO.

*Continuous professional training*

According to the Guidelines on Continuous Professional Training published by the SFC pursuant to section 399 of the SFO, a licensed corporation is held primarily responsible for designing and implementing a continuous education system best suited to the training needs of the individuals it engages which will enhance their industry knowledge, skills and professionalism. A licensed corporation should at least annually evaluate its training programs and make commensurate adjustments to cater for the training needs of the individuals it engages. Licensed individuals must undertake a minimum of 5 continuous professional training hours per calendar year for each regulated activity he or she engages in, except for Type 7 (providing automated trading services) regulated activity. The SFC also requires training on particular issues, such as anti-money laundering and counter-terrorist financing issues.

*Obligation for substantial shareholder*

Under sections 131 and 132 of the SFO, a person (including a corporation) has to apply for the SFC's approval before becoming or continuing to be, as the case may be, a substantial shareholder of a licensed corporation. An individual or a corporation will be a substantial shareholder of a licensed corporation if the relevant individual or corporation, either alone or with his or its associates, has more than 10% direct interests or 35% or more indirect interests in the shares of a licensed corporation ascribed under section 6 of Part 1 of Schedule 1 of the SFO. "associate" is defined under Part 1 of Schedule 1 to the SFO which includes associate relationships such as family member, employer and employee, a director and/or shareholder of the corporation, companies within the same groups of companies and trust, trustee and beneficiary owner, etc. Any person contravenes this requirement commits a criminal offence and is liable on conviction to a maximum fine of HK$1,000,000 (approximately US$128,205) and imprisonment for two years,

[**Table of Contents**](#TOC001)

and to a daily penalty of HK$5,000 (approximately US$641) for each day on which the offence is continued. A person, being aware that he or she becomes a substantial shareholder of a licensed corporation without the SFC's prior approval should, as soon as reasonably practicable and in any event within three business days after he or she becomes so aware, apply to the SFC for approval to continue to be a substantial shareholder of the licensed corporation.

*Other Approvals from the SFC*

Prior approval would also need to be obtained from the SFC in the circumstances such as addition or reduction of regulated activity, modification or waiver of licensing conditions, change in record-keeping premises and change of financial year end.

*Other key ongoing obligations*

Outlined below are other key ongoing obligations of a licensed corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of the prescribed fees to the SFC as described in Schedule 1 to the Securities and Futures (Fees) Rules (Chapter 571AF of the Laws of Hong Kong);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exhibit the printed license or certificate of registration (as the case may be) in a prominent place at its principal place of business in accordance with the requirements under the Securities and Futures (Miscellaneous) Rules (Chapter 571U of the Laws of Hong Kong); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with business conduct requirements under the Code of Conduct, the Internal Control Guidelines, Guidelines for Securities Margin Financing Activities and other applicable codes and guidelines issued by the SFC.

#### Exchange and Clearing Participantship
*Trading Rights*

In addition to the licensing requirements under the SFO, the rules promulgated by The Stock Exchange of Hong Kong Limited, or the SEHK require any person who wishes to trade on or through their respective facilities to hold a trading right, or the Trading Right. The Trading Right confers on its holder the eligibility to trade on or through the relevant exchange. However, the holding of a Trading Right does not, of itself, permit the holder to actually trade on or through the relevant exchange. In order to do this, it is also necessary for the person to be registered as a participant of the relevant exchange in accordance with its rules.

Stock Exchange Trading Rights are issued by the SEHK at a fee and in accordance with the procedures set out in their respective rules. Alternatively, Stock Exchange Trading Rights can be acquired from existing Trading Right holders subject to the rules of the respective exchanges.

*Exchange Participantship*

The table below sets out a summary of the requirements for becoming an exchange participant of Hong Kong Stock Exchange Participant:

---

| | |
|:---|:---|
|  | **Hong Kong Stock Exchange Participant** |
|  Legal Status | Being a company limited by shares incorporated in Hong Kong |
|  SFC Registration | Being a licensed corporation qualified to carryout Type 1 regulated activity under the SFO |
|  Trading Right | Holding a Hong Kong Stock Exchange Trading Right |
|  Financial Standing | Having good financial standing and integrity |
|  Financial Resources Requirement | Complying with the minimum capital requirement, liquid capital requirement and other financial resources requirements as specified by the FRR and the relevant rules of SEHK |

---

[**Table of Contents**](#TOC001)

*Clearing Participantship*

An entity must be an exchange participant of the relevant exchange before it can become a clearing participant of the following clearing houses, namely the Hong Kong Securities Clearing Company Limited, or the HKSCC, HKFE Clearing Corporation Limited, and The SEHK Options Clearing House Limited.

*HKSCC*

HKSCC has, among others, two categories of participantship: (1) the direct clearing participant; and (2) the general clearing participant. The requirements of direct clearing participantship are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to be an exchange participant of HKEX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to undertake to (i) sign a participant agreement with HKSCC; (ii) pay to HKSCC an admission fee of HK$50,000 in respect of each Hong Kong Stock Exchange Trading Right held by it; and (iii) pay to HKSCC its contribution to the guarantee fund of HKSCC as determined by HKSCC from time to time subject to a minimum cash contribution of the higher of HK$50,000 or HK$50,000 in respect of each Hong Kong Stock Exchange Trading Right held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to open and maintain a single current account with one of the Central Clearing and Settlement System of Hong Kong ("CCASS") designated banks and execute authorizations to enable the designated bank to accept electronic instructions from HKSCC to credit or debit the account for CCASS money settlement, including making payment to HKSCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide a form of insurance to HKSCC as security for liabilities arising from defective securities deposited by it into CCASS, if so required by HKSCC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to have a minimum liquid capital of HK$3,000,000.

As of the date of this prospectus, Beta HK is a participant of SEHK and a direct clearing participant of HKSCC.

#### Laws and Regulations Related to Privacy Protection
The Personal Data (Privacy) Ordinance (Chapter 486 of the Laws of Hong Kong), or PDPO, covers any personal data that relates directly or indirectly to a living individual in Hong Kong, can be used to directly or indirectly ascertain the identity of that individual, and exists in a form in which access or processing is practicable. It applies to a data user who, either alone or jointly or in common with other persons, controls the collection, holding, processing or use of the data. The PDPO imposes a statutory duty on data users to comply with the requirements of the six data protection principles contained in Schedule 1 to the PDPO. The PDPO provides that a data user shall not do an act, or engage in a practice, that contravenes such data protection principles unless the act or practice, as the case may be, is required or permitted under the PDPO.

Non-compliance with a data protection principle may lead to a complaint to the Privacy Commissioner for Personal Data in Hong Kong, or the Privacy Commissioner. The Privacy Commissioner may serve an enforcement notice to direct the data user to remedy the contravention and/or instigate prosecution actions. A data user who contravenes an enforcement notice commits an offense which may lead to a fine and/or imprisonment. Any person contravening an enforcement notice shall be liable to a maximum penalty of up to HK$50,000 and imprisonment for two years.

The PDPO also criminalizes, among others, misuse or inappropriate use of personal data in direct marketing activities; non-compliance with data access request and unauthorized disclosure of personal data obtained without data user's consent. The maximum penalty for breach under the PDPO is a fine of up to HK$1.0 million and imprisonment for up to five years.

#### Business registration requirement
The Business Registration Ordinance (Chapter 310 of the Laws of Hong Kong) requires every person carrying on any business to make an application to the Commissioner of Inland Revenue in the prescribed manner for the registration of that business. The Commissioner of Inland Revenue must register each business for which a business

[**Table of Contents**](#TOC001)

registration application is made and as soon as practicable after the prescribed business registration fee and levy are paid and issue a business registration certificate or branch registration certificate for the relevant business or the relevant branch, as the case may be.

#### Regulations related to employment and labor protection
*Employment Ordinance (Chapter 57 of the Laws of Hong Kong)*

The Employment Ordinance (Chapter 57 of the Laws of Hong Kong), or the EO, is an ordinance enacted for, amongst other things, the protection of the wages of employees and the regulation of the general conditions of employment and employment agencies. Under the EO, an employee is generally entitled to, amongst other things, notice of termination of his or her employment contract; payment in lieu of notice; maternity protection in the case of a pregnant employee; not less than one rest day in every period of seven days; severance payments or long service payments; sickness allowance; statutory holidays or alternative holidays; and paid annual leave of up to 14 days depending on the period of employment.

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

The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong), or the ECO, is an ordinance enacted for the purpose of providing for the payment of compensation to employees injured in the course of employment. As stipulated by the ECO, no employer shall employ any employee in any employment unless there is in force in relation to such employee a policy of insurance issued by an insurer for an amount not less than the applicable amount specified in the Fourth Schedule of the ECO in respect of the liability of the employer. According to the Fourth Schedule of the ECO, the insured amount shall be not less than HK$100,000,000 (approximately $12,800,000) per event if a company has no more than 200 employees. Any employer who contravenes this requirement commits a criminal offence and is liable on conviction to a fine of HK$100,000 (approximately $12,800) and imprisonment for two years. An employer who has taken out an insurance policy under the ECO is required to display a prescribed notice of insurance in a conspicuous place on each of its premises where any employee is employed. Any employer who, without reasonable cause, contravenes this requirement commits a criminal offence and is liable on conviction to a fine of HK$10,000 (approximately $1,290). As of the date of this prospectus, we believe our subsidiaries in Hong Kong have taken sufficient employee compensation insurances for its employees required under the ECO.

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

The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong), or the MPFSO, is an ordinance enacted for the purposes of providing for the establishment of non-governmental mandatory provident fund schemes, or the MPF Schemes. The MPFSO requires every employer of an employee of 18 years of age or above but under 65 years of age to take all practical steps to ensure the employee becomes a member of a registered MPF Scheme. Subject to the minimum and maximum relevant income levels, it is mandatory for both employers and their employees to contribute 5% of the employee's relevant income to the MPF Scheme. For a monthly-paid employee, the maximum relevant income level is HK$30,000 (approximately $3,830) per month and the maximum amount of contribution payable by the employer to the MPF Scheme is HK$1,500 (approximately $192). Any employer who, without reasonable cause, contravenes this requirement commits a criminal offence and is liable on conviction to a fine of HK$350,000 (approximately $44,700) and imprisonment for three years, and to a daily penalty of HK$500 (approximately $64) for each day on which the offence is continued.

#### Regulations related to Hong Kong Taxation
*Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)*

Under the Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong), where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

[**Table of Contents**](#TOC001)

*Tax on dividends*

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

*Capital gains and profit tax*

No tax is imposed in Hong Kong in respect of capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax which is imposed at the rates of 8.25% on assessable profits up to HK$2,000,000 (approximately US$256,000) and 16.5% on any part of assessable profits over HK$2,000,000 (approximately US$256,000) on corporations from the year of assessment of 2018/2019 onwards. Certain categories of taxpayers (for example, financial institutions, insurance companies and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

*Stamp duty*

Hong Kong stamp duty, currently charged at the ad valorem rate of 0.1% on the higher of the consideration for or the market value of the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.2% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HK$5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable may be imposed.

*Estate duty*

Hong Kong estate duty was abolished effective from February 11, 2006. No Hong Kong estate duty is payable by shareholders in relation to the shares owned by them upon death.

#### Regulations related to anti-money laundering and counter-terrorist financing
*Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong)*

The AMLO imposes requirements relating to client due diligence and record-keeping and provides regulatory authorities with the powers to supervise compliance with the requirements under the AMLO. In addition, the regulatory authorities are empowered to (i) ensure that proper safeguards exist to prevent contravention of specified provisions in the AMLO; and (ii) mitigate money laundering and terrorist financing risks.

*Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong)*

The Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong), or the DTROP, contains provisions for the investigation of assets suspected to be derived from drug trafficking activities, the freezing of assets on arrest and the confiscation of the proceeds from drug trafficking activities. Itis an offence under the DTROP if a person deals with any property knowing, or having reasonable grounds to believe, it to be the proceeds from drug trafficking. The DTROP requires a person to report to an authorized officer if he/she knows or suspects that any property (directly or indirectly) is the proceeds from drug trafficking or is intended to be used or was used in connection with drug trafficking, and failure to make such disclosure constitutes an offence under the DTROP.

*Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong)*

The Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong), or the OSCO, empowers officers of the Hong Kong Police Force and the Hong Kong Customs and Excise Department to investigate organized crime and triad activities, and it gives the Hong Kong courts jurisdiction to confiscate the proceeds from organized and serious crimes to issue restraint orders and charging orders in relation to the property of defendants of specified offences. The OSCO extends the money laundering offence to cover the proceeds of all indictable offences in addition to drug trafficking.

[**Table of Contents**](#TOC001)

*United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong)*

The United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong), or the UNATMO, provides that it is a criminal offence to: (i) provide or collect funds (by any means, directly or indirectly) with the intention or knowledge that the funds will be used to commit, in whole or in part, one or more terrorist acts; or (ii) make any funds or financial (or related) services available, directly or indirectly, to or for the benefit of a person knowing that, or being reckless as to whether, such person is a terrorist or terrorist associate. The UNATMO also requires a person to report his knowledge or suspicion of terrorist property to an authorized officer, and failure to make such disclosure constitutes an offence under the UNATMO.

*United Nations Sanctions Ordinance (Chapter 537 of the Laws of Hong Kong)*

The United Nations Sanctions Ordinance (Chapter 537 of the Laws of Hong Kong), or the UNSO, and its subsidiary regulations implement in Hong Kong the United Nations Security Council resolutions to impose targeted sanctions against certain jurisdictions, including but not limited to Afghanistan, Iran and the Democratic People's Republic of Korea, as instructed by the Ministry of Foreign Affairs of the PRC. There are prohibitions against trade-related activities, which include making available to, or for the benefit of, certain persons or entities, any funds or other financial assets or economic resources, or dealing with funds or other financial assets or economic resources of certain persons or entities from such jurisdictions, and a contravention or breach of different sanctions or trade restrictions in the regulations constitutes an offence under the UNSO.

*Weapons of Mass Destruction (Control of Provision of Services) Ordinance (Chapter 526 of the Laws of Hong Kong)*

The Weapons of Mass Destruction (Control of Provision of Services) Ordinance (Chapter 526 of the Laws of Hong Kong), or the WMDO provides that it is a criminal offence for a person to provide services to another person where the first-mentioned person believes or suspects, on reasonable grounds, that the services will or may assist the development, production, acquisition or stockpiling of weapons of mass destruction. The provision of services for the purposes of the WMDO covers a wide range of activities. The WMDO also provides for the criminal liability of the director, manager, secretary or other similar officer of a body corporate for offences committed by the body corporate with the consent and connivance of such officials.

*Guidelines issued by the SFC*

Licensed corporations are required to comply with the applicable anti-money laundering and counter-terrorist financing laws and regulations in Hong Kong as well as the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism, or the AML & CFT Guideline and the Prevention of Money Laundering and Terrorist Financing Guideline issued by the Securities and Futures Commission for Associated Entities issued by the SFC and as amended or supplemented by the SFC from time to time.

The AML & CTF Guideline provides guidance to licensed corporations and their senior management in designing and implementing their own anti-money laundering and counter-terrorist financing policies, procedures and controls in order to meet the relevant legal and regulatory requirements in Hong Kong. Pursuant to the AML & CTF Guideline, licensed corporations should, among other things, assess the risks of any new products and services before they are offered to the market, identify the client and verify the client's identity, conduct on-going monitoring of activities of the clients, maintain a database of names and particulars of terrorist suspects and designated parties and conduct on-going monitoring for identification of suspicious transactions.

[**Table of Contents**](#TOC001)

#### MANAGEMENT
Set forth below is information concerning our directors, executive officers and other key employees.

The following individuals are members of the Board and executive management of the Registrant.

---

| | | |
|:---|:---|:---|
|  ***Directors and Executive Officers*** | ***Age*** | ***Position/Title*** |
|  Xianxin Xiang | 42 | Chief Executive Officer and Director |
|  Didi Zhang | 33 | Chief Financial Officer |
|  Shaojie Sun | 31 | Director |
|  Chun Fai Fong | 46 | Director Nominee |
|  Haobing Fan | 36 | Director Nominee |
|  Christine Deschemin | 49 | Director Nominee |

---

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

***Mr. Xianxin Xiang*** is the Chief Executive Officer and a director of the Company. From November 2019 to January 2024, Mr. Xiang was the Chief Executive Officer of FTFT International Securities and Futures Limited. Mr. Xiang graduated from the Inner Mongolia Agricultural University in 2005, with a Bachelor of Management Science, and from University of Chinese Academy of Social Sciences in 2019, with a Master of Energy Management (awarded in partnership with Tulane University).

***Mr. Shaojie Sun*** is a director of the Company. From January 2023 to May 2024, he was the general manager of Shenning Tongren Culture Media Co., Ltd., where he was leading an entire team in the business. From January 2021 to January 2022, he was working as a contractor in a freelance capacity, for numerous clients. From August 2016 to June 2020, he was a sales director at Bank of Communications Kanglian Insurance Company. Mr. Sun graduated from Henan Polytechnic University in 2014 with a Bachelor of Accounting.

***Mr. Didi Zhang*** is the Chief Financial Officer of the Company. From July 2022 to November 2024, Mr. Zhang was the Chief Financial Officer of Oriental Ruixin (Hainan) Private Equity Fund Management Co., Ltd. From January 2021 to July 2022, Mr. Zhang was the assistant to the president of Guangdong Jumi Private Equity Securities Investment Fund Management Co., Ltd. From December 2018 to January 2021, Mr. Zhang was an auditor at Lixin Certified Public Accountants LLP. Mr. Zhang graduated from Bangor University in 2015 with a Bachelors of Science in Accounting and Finance, and from the City University of London, Cass Business School in 2016, with a Masters of Science in Investment Management.

***Mr. Chun Fai Fong*** will begin serving as our independent director immediately as of the Company's listing on the Nasdaq Capital Market. Mr. Fong will serve as chairman of the audit committee and as a member of the compensation and nominating and corporate governance committees. Since October 2024, Mr. Fong has been serving as the president of Mango Financial Limited. From September 2023 to September 2024, he served as advisor and chief financial officer of 91360 Med Tech (Nanjing) Co., Ltd. From August 2021 to September 2023, he served as the head of corporate finance of Ping An of China Capital HK Ltd (a member of Ping An Insurance (Group) Company of China, Ltd.). From October 2019 to January 2021, he served as head of corporate finance of CISI Capital Limited (a member of China Industrial Securities International Financial Group Limited). From August 2018 to September 2019, he served as executive director of Orient Capital Hong Kong Limited (a member of Orient Securities Co., Ltd). From July 2010 to September 2017, he served as executive director of BOCI Asia Limited (a member of Bank of China Limited). From May 2005 to January 2009, he was a senior manager at BNP Paribas (Asia Pacific) Limited. From January 2004 to May 2005, he was an associate at ICEA Capital Limited (a member of Industrial and Commercial Bank of China Limited). From June 2001 to December 2003, he was a staff accountant at Ernst & Young Hong Kong. Mr. Fong graduated from the University of Hong Kong in 2001, with a Bachelor degree in Actuarial Sciences.

***Mr. Haobing Fan*** will begin serving as our independent director immediately as of the Company's listing on the Nasdaq Capital Market. Mr. Fan will serve as chairman of the nominating and corporate governance committee and as a member of the audit and compensation committees. Mr. Fan is a partner at Dongguan Daozhi Investment Consulting Partnership. Since April 2023, Mr. Fan has been serving as a senior management research specialist at BYD Co., Ltd. From May 2019 to March 2023, he was general manager of Shenzhen Hongrui Management Consulting Co., Ltd. Mr. Fan graduated from the China Three Gorges University in 2010 with a Bachelor of Science in Electronic Information Science and Technology.

***Ms. Christine Deschemin*** will begin serving as our independent director immediately as of the Company's listing on the Nasdaq Capital Market. Ms. Deschemin will serve as chairman of the compensation committee and as a member of the audit and nominating and corporate governance committees. Since November 2017, Ms. Deschemin has been serving as a director of Alliance Francaise De Hong Kong. Ms. Deschemin is the CEO and founder of Renewed Edge Limited, which she founded in August 2016 and where she currently serves as CEO, and Upnow Health Limited,

[**Table of Contents**](#TOC001)

which she founded in January 2021 and where she currently serves as CEO. Ms. Deschemin received her Master of Science degree from Ecole Polytechnique in 1999, her Master of Science Degree from Ecole Nationale Superieure De L'aeronautique Et De L'espace in 2001, and her MBA in Business from Harvard Business School in 2007.

Pursuant to our amended and restated articles of association as we expect them to become effective upon completion of this offering, the minimum number of directors shall consist of not less than three persons and there shall be no maximum number of directors unless otherwise determined from time to time by the shareholders in a general meeting. Unless removed or re-appointed, each director shall hold office until the expiration of his term, or his resignation from the Board, or until his successor shall have been elected and qualified. At any annual general meeting held, our directors will be elected by a majority vote of shareholders eligible to vote at that meeting.

For additional information, *see "Description of Share Capital".*

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

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board of Directors
Our board of directors will consist of five directors upon closing of this offering.

#### Duties of Directors
Under Cayman Islands law, our directors have fiduciary duties to act honestly in good faith with a view to our best interests. Our directors also have a duty to exercise the skill they actually possess with the care and diligence that a reasonably prudent person would exercise in comparable circumstances. In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended from time to time. We have the right to seek damages if a duty owed by our directors is breached.

#### Terms of Directors and Executive Officers
Each of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such director holds office until the next following annual meeting of shareholders at which time such director is eligible for reelection. All of our executive officers are appointed by and serve at the discretion of our board of directors.

#### Qualification
There is currently no shareholding qualification for directors.

#### Insider Participation Concerning Executive Compensation
The board of directors of the Registrant, which currently consists of Messrs. Shaojie Sun and Xianxin Xiang, are making all determinations regarding executive officer compensation from the time the Company first entered into employment agreements with executive officers up until the time where the three independent directors will be installed.

#### Committees of the Board of Directors
We will establish three committees under the board of directors immediately upon closing of this offering: an audit committee, a compensation committee and a nominating and corporate governance committee. We expect to adopt a charter for each of the three committees.

#### Corporate Governance
Our board of directors has adopted a code of business conduct and ethics, which is applicable to all of our directors, officers and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering. We will also adopt an Insider Trading Policy which is applicable to all of our directors, officers and employees. We intend to disclose any amendments to these policies, and any waivers of these policies for our directors, officers and employees, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of Nasdaq.

[**Table of Contents**](#TOC001)

#### EXECUTIVE COMPENSATION

#### Summary Compensation Table
The following table sets forth certain information with respect to compensation for the years ended June 30, 2024 and 2023 earned by or paid to our chief executive officer and principal executive officer, our principal financial officer, and our other most highly compensated executive officers whose total compensation exceeded $100,000 (the "named executive officers").

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Name and Principal Position** | **Year <br>Ended <br>June 30,** | **Salary <br>($)** | **Bonus <br>($)** | **Stock <br>Awards <br>($)** | **Option <br>Awards <br>($)** | **Non-Equity <br>Incentive <br>Plan <br>Compensation** | **Deferred <br>Compensation <br>Earnings** | **Other** | **Total <br>($)** |
|  Xianxin Xiang, | 2024 | 29371 | 261901 |  |  |  |  | 959 | 292231 |
| &nbsp;&nbsp;&nbsp; Chief Executive Officer<sup>(1)</sup> | 2023 |  |  |  |  |  |  |  |  |
|  Didi Zhang, | 2024 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chief Financial Officer<sup>(2)</sup> | 2023 |  |  |  |  |  |  |  |  |

---

____________

(1) Xianxin Xiang started to receive the compensation from Beta HK as its Chief Executive Officer in February 2024.

(2) Didi Zhang was appointed as the Chief Financial Officer after June 30, 2024.

#### Agreements with Named Executive Officers
On December 1, 2024, we have entered into employment agreements with our executive officers, pursuant to which the payment of cash compensation and benefits shall become payable when the Company becomes a public reporting company in the US. Each of our executive officers is employed for a specified time period, which will be renewed upon both parties' agreement thirty days before the end of the current employment term. We may terminate the employment for cause, at any time, without notice or remuneration, for certain acts of the executive officer, including but not limited to the commitments of any serious or persistent breach or non-observance of the terms and conditions of the employment, conviction of a criminal offense, willful disobedience of a lawful and reasonable order, fraud or dishonesty, receipt of bribery, or severe neglect of his or her duties. An executive officer may terminate his or her employment at any time with a one-month prior written notice. Each executive officer has agreed to hold, both during and after the employment agreement expires, in strict confidence and not to use or disclose to any person, corporation or other entity without written consent, any confidential information.

Our employment agreement with Mr. Xianxin Xiang, our Chief Executive Officer and Director, has a fixed term from December 1, 2024 to November 30, 2026, and provides for monthly salary of HK$40,000 (excluding any fringe benefits generally provided by the Group at Mr. Xiang's job level and discretionary bonus).

Our employment agreement with Mr. Didi Zhang, our Chief Financial Officer, has a fixed term from December 1, 2024, to November 30, 2026, and provides for monthly salary of HK$20,000 (excluding any fringe benefits generally provided by the Group at Mr. Zhang's job level and discretionary bonus).

#### Compensation of Directors
For the fiscal years ended June 30, 2024 and 2023, we did not compensate our directors.

[**Table of Contents**](#TOC001)

#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **<br>Name of Beneficial Owners<sup>(1)</sup>** | **Shares <br>Beneficially Owned <br>Prior to This Offering** | **Shares <br>Beneficially Owned <br>Prior to This Offering** | **Shares <br>Beneficially Owned <br>After This Offering<sup>(2)</sup>** | **Shares <br>Beneficially Owned <br>After This Offering<sup>(2)</sup>** |
|  **<br>Name of Beneficial Owners<sup>(1)</sup>** | **Number** | **%** | **Number** | **%** |
|  **Directors and Executive Officers:** |  |  |  |  |
|  Xianxin Xiang<sup>(3)</sup> | 5286600 | 29.4 | 5286600 | 26.4 |
|  Shaojie Sun<sup>(4)</sup> | 5446800 | 30.3 | 5446800 | 27.2 |
|  Didi Zhang |  |  |  |  |
|  Chun Fai Fong |  |  |  |  |
|  Haobing Fan |  |  |  |  |
|  Christine Deschemin |  |  |  |  |
|  All directors and executive officers as a group (6 persons) | 10733400 | 59.6 | 10733400 | 53.7 |
|  **5% shareholders:** |  |  |  |  |
|  Jieying International Holdings Limited<sup>(4)</sup> | 5446800 | 30.3 | 5446800 | 27.2 |
|  Real Wisdom Capital International Holdings Limited<sup>(3)</sup> | 5286600 | 29.4 | 5286600 | 26.4 |
|  Amazing Genius International Limited<sup>(5)</sup> | 3612600 | 20.1 | 3612600 | 18.1 |
|  Cong Gao<sup>(5)</sup> | 3612600 | 20.1 | 3612600 | 18.1 |
|  WellCell Tech (HK) Co., Limited<sup>(6)</sup> | 1980000 | 11.0 | 1980000 | 9.9 |

---

____________

(1) Unless otherwise noted, the business address of each of the above entities or individuals is c/o Beta FinTech Holdings Limited, Rm3326, East Block, China Merchants Tower, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.

(2) Applicable percentage of ownership is based on 20,000,000 Ordinary Shares outstanding immediately after the offering.

(3) Xianxin Xiang, our CEO and Chairman, controls Real Wisdom Capital International Holdings Limited. As such, Xianxin Xiang is deemed to beneficially own 5,286,600 shares held Real Wisdom Capital International Holdings Limited.

(4) Shaojie Sun, our director, controls Jieying International Holdings Limited. As such, Shaojie Sun is deemed to beneficially own 5,446,800 shares held through Jieying International Holdings Limited.

(5) Cong Gao, one of our Major Shareholders, controls Amazing Genius International Limited. As such, Cong Gao is deemed to beneficially own 3,612,600 shares held through Amazing Genius International Limited.

(6) The address of WellCell Tech (HK) Co., Limited is Rm 6307-08,63/F, Central Plaza,18 Harbour Road, Wan Chai, Hong Kong.

[**Table of Contents**](#TOC001)

#### RELATED PARTY TRANSACTIONS
Except for the compensation and other arrangements described in "Executive and Director Compensation" elsewhere, our related party balances as of June 30, 2024 and 2023 and transactions since July 1, 2024 are identified as follows:

<u><u>Nature of relationships with related parties</u></u>

---

| | |
|:---|:---|
|  **Name** | **Relationship with the Company** |
|  Xianxin Xiang | Shareholder and director of the Company |
|  Beta Information Services Limited | Entity controlled by shareholders of the Group |
|  Wonderland International Financials Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |
|  Wonderland International Financial Holdings Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |

---

<u><u>Related parties transactions</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **<br>Name** | **<br>Nature** | **For the<br>years ended <br>June 30,** | **For the<br>years ended <br>June 30,** | **From July 1, <br>2024 to <br>November 30, <br>2024** |
|  **<br>Name** | **<br>Nature** | **2024** | **2023** | **From July 1, <br>2024 to <br>November 30, <br>2024** |
|  |  | **US$** | **US$** | **US$** |
|  Xianxin Xiang  | Interest income from margin loans | 145 |  | 934  |
|  Beta Information Services Limited | Professional fee | 153472 |  | 192562 |
|  Wonderland International Financial Holdings Limited | Management fee income |  | 68902 |  |
|  Wonderland International Financials Limited | Other general and administrative expenses – management fee expenses | 43230 | 34839 |  |

---

Management fee expenses represent service fees for general corporate management paid to Wonderland International Financial Holdings Limited. These corporate services were terminated on October 31, 2023.

<u><u>Related parties balances</u></u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **<br>Name** | **<br>Nature** | **As of <br>June 30,** | **As of <br>June 30,** | **As of <br>November 30,<br>2024** |
|  **<br>Name** | **<br>Nature** | **2024** | **2023** | **As of <br>November 30,<br>2024** |
|  |  | **US$** | **US$** | **US$** |
|  Xianxin Xiang | Loans to customers | 26900 |  | 69471 |
|  Beta Information Services Limited | Prepaid expenses | 76841 |  |  |
|  Xiang Xianxin | Payables to customers | (2554) |  |  |
|  Wonderland International Financial Limited | Amount due to related parties |  | 1276112 |  |

---

Balances with related parties are unsecured and repayable on demand and non-interest bearing of which no interest income was recognized on the funds advanced except for the loans to Xianxin Xiang, director of the Company which bears an interest rate of 4.8% per annum. These balances are non-trade in nature except for the loans to customer and payable to customer. All balances will be settled by cash before listing.

#### Employment Agreements
*See "Executive Compensation — Agreements with Named Executive Officers".*

#### Policy Concerning Related Party Transactions
On [\*], the Company's board of directors approved the adoption of its related party transaction policy, or the "Related Party Transaction Policy", which sets forth, among others, the definition of a related party transaction and its review process which requires the submission of transaction details, including name of the related party, transaction value, timing of the transaction and nature of the transaction. All transactions determined to be a related party transaction under the Related Party Transaction Policy by the Company's general counsel are submitted to the Audit Committee for review. The Audit Committee will review the related party transaction in its entirety with specific consideration to the independent nature between the related party and the transaction execution process, and that the execution of the transaction is in the best interest of the Company. If a related party transaction is a continuing transaction, the Audit Committee, at a minimum, will review the transaction on an annual basis.

[**Table of Contents**](#TOC001)

#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company with limited liability and our affairs are governed by our memorandum and articles of association, the Companies Act (As Revised) of the Cayman Islands, which is referred to as the Companies Act below, and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital consisted of 50,000,000 Ordinary Shares, with a par value of $0.001 each.

As of the date of this prospectus, there were 18,000,000 Ordinary Shares issued and outstanding.

Upon the closing of this offering, we will have 20,000,000 Ordinary Shares issued and outstanding, assuming no exercise of the over-allotment option. Our authorized share capital post-offering will be $500,000 divided into 500,000,000 Ordinary Shares of par value of $0.001 each.

Our amended and restated memorandum and articles of association will become effective immediately prior to completion of this offering. The following are summaries of material provisions of our amended and restated memorandum and articles of association and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

#### Objectives of Our Company
Under our 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. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

#### Dividends
The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. In addition, our shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Our amended and restated memorandum and articles of association provide that the directors may, before recommending or declaring any dividend, set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the directors, be applicable for meeting contingencies or for equalizing dividends or for any other purpose to which those funds may be properly applied. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit standing in our Company's share premium account or as otherwise permitted by the Companies Act, provided that in no circumstances may a dividend be paid if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which the distribution or dividend is paid.

#### Voting Rights
Subject to any rights and restrictions attached to any shares, on a show of hands every shareholder present in person and every person representing a shareholder by proxy shall, at a general meeting of the Company, each have one vote and on a poll every shareholder and every person representing a shareholder by proxy shall have one vote for each Ordinary Share of which he or the person represented by proxy is the holder. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is demanded.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the outstanding Ordinary Shares at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our amended and restated memorandum and articles of association. Holders of the Ordinary Shares may, among other things, divide or combine their shares by ordinary resolution.

[**Table of Contents**](#TOC001)

#### General Meetings of Shareholders
As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our amended and restated memorandum and articles of association provide that we may (but are not obliged to) in each calendar year hold a general meeting as our annual general meeting in which case we shall specify the meeting as such in the notices calling it, and the annual general meeting shall be held at such time and place as may be determined by our directors.

Shareholders' general meetings may be convened by a majority of our board of directors. Advance notice of at least five clear days is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of at least one shareholder present or by proxy, representing not less than one-third of all votes attaching to all of our shares in issue and entitled to vote.

The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our amended and restated memorandum and articles of association provide that upon the requisition of shareholders representing, as at the date of the deposit of the requisition, in aggregate not less than one-third of the votes attaching to the issued and outstanding shares of our Company that as at the date of the deposit entitled to vote at general meetings, our chairman or board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting.

#### Transfer of Ordinary Shares
Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Ordinary Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors.

#### Liquidation
On the winding up of our Company, if the assets available for distribution amongst our shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst our shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from those shares in respect of which there are monies due, of all monies payable to our Company for unpaid calls or otherwise. If our assets available for distribution are insufficient to repay the whole of the share capital, the assets will be distributed so that the losses are borne by our shareholders in proportion to the par value of the shares held by them.

#### Calls on Shares and Forfeiture of Shares
Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 calendar days prior to the specified time or times of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

#### Redemption, Repurchase and Surrender of Shares
We may issue shares on terms that such shares are subject to redemption, at our option or at the option of the holders of these shares, on such terms and in such manner as may be determined by our board of directors. We may also repurchase any of our shares on such terms and in such manner as have been approved by our board of directors or by an ordinary resolution of our shareholders. Under the Companies Act, the redemption or repurchase of any share may be paid out of our profits, out of the share premium account, or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if our Company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, our Company may accept the surrender of any fully paid share for no consideration.

[**Table of Contents**](#TOC001)

#### Variations of Rights of Shares
If at any time our share capital is divided into different classes or series of shares, the rights attached to any class or series of shares (unless otherwise provided by the terms of issue of the shares of that class or series), whether or not our Company is being wound-up, may be varied with the consent in writing of the holders of at least two-thirds of the issued shares of that class or series or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class or series. The rights conferred upon the holders of the shares of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation, allotment or issue of further shares ranking pari passu with such existing class of shares.

#### Issuance of Additional Shares
The Company's amended and restated memorandum of association authorizes its board of directors to issue additional Ordinary Shares from time to time as its board of directors shall determine, to the extent of available authorized but unissued shares. Under the Companies Act, there is no requirement for the directors of a company to obtain the approval of its shareholders for the issue of authorised but unissued shares.

However, NASDAQ Marketplace Rules require that a NASDAQ-listed company obtain shareholder approval for certain dilutive events, such as for the establishment or amendment of certain equity-based compensation plans, an issuance that will result in a change of control of the company, certain transactions other than a public offering involving issuances of a 20% or more interest in the company and certain acquisitions of the stock or assets of another company. We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of Nasdaq, we may at our option comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. While we intend to voluntarily follow most Nasdaq corporate governance rules, including rules regarding committee structure and director independence, as described above, we may choose to take advantage of some exemptions afforded to foreign private issuers, including but not limited to the exemption from the requirement to obtain shareholder approval for certain issuances of securities.

The Company's amended and restated memorandum and articles of association authorize its board of directors to establish from time to time one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividend rights, dividend rates, conversion rights, voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and terms of redemption and liquidation preferences.

The Company's board of directors may issue preference shares without action by its shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of Ordinary Shares.

#### Declaration of Interest
Pursuant to our amended and restated memorandum and articles of association, a director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the directors. A general notice given to the directors by any director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to the listing rules of the designated stock exchange and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

#### Compensation
Under the amended and restated memorandum and articles of association, the remuneration of the directors may be determined by our directors or by ordinary resolution of the shareholders.

[**Table of Contents**](#TOC001)

#### Borrowing Powers
Our directors may from time to time at their discretion exercise all the powers of the Company to raise or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any third party.

#### Qualification of Directors
There is no shareholding qualification for directors nor is there any specified age limit for directors.

#### Inspection of Books and Records
Holders of our Ordinary Shares will have no general right under Cayman Islands law to inspect or obtain copies of our corporate records (except for the amended and restated memorandum and articles of association of our Company, any special resolutions passed by our Company and the register of mortgages and charges of our Company). However, we will provide our shareholders with annual audited financial statements.

#### Exempted Company
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may issue negotiable or bearer shares or shares with no par value;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

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

[**Table of Contents**](#TOC001)

#### Mergers and Similar Arrangements
The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provided the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by a majority in number representing seventy-five per cent in value of the creditors or class of creditors, or is approved by seventy-five per cent in value of the shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of not less than 90.0% in value of the shares affected within four months, the offeror may, within a two-month period commencing on

[**Table of Contents**](#TOC001)

the expiration of such four month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted, a dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

#### Shareholders' Suits
In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

#### Indemnification of Directors and Executive Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our amended and restated memorandum and articles of association provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with our directors and executive officers prior to the completion of this offering, that provide such persons with additional indemnification beyond that provided in our amended and restated memorandum and articles of association.

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

#### Directors' Fiduciary Duties
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed

[**Table of Contents**](#TOC001)

basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

#### Shareholder Action by Written Resolution
Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our articles of association provide that any ordinary or special resolution of shareholders and any other action that may be taken by the shareholders at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, by all shareholders who would have been entitled to attend and vote at a meeting called for the purpose of passing such a resolution or taking any other action.

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

The Companies Act provides shareholders with only limited rights to requisition a general meeting. However, these rights may be provided in a company's articles of association. Our articles of association allow our shareholders holding at the date of deposit of requisition shares which carry in aggregate not less than one-third of all votes attaching to the issued and outstanding shares of our Company that as at the date of the deposit entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our chairman or board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. As an exempted Cayman Islands company, we may but are not obliged by law to call shareholders' annual general meetings. See "Ordinary Shares — General Meetings of Shareholders." for more information on the rights of our shareholders' rights to put proposals before the annual general meeting.

#### Cumulative Voting
Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled for a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands but our articles of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

#### Removal of Directors
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our articles of association, directors may be removed by an ordinary resolution of our shareholders. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any

[**Table of Contents**](#TOC001)

arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) is prohibited by law from being a director; or (v) is removed from office pursuant to any other provisions of our 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 the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

#### Dissolution; Winding up
Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our articles of association, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

#### Variation of Rights of Shares
Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our articles of association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.

#### Amendment of Governing Documents
Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under the Companies Act and our amended and restated memorandum and articles of association, our memorandum and articles of association may only be amended by a special resolution of our shareholders.

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

[**Table of Contents**](#TOC001)

#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there was no established public trading market for our Ordinary Shares. We cannot assure you that a liquid trading market for our Ordinary Shares will develop on Nasdaq or be sustained after this offering. Future sales of substantial amounts of shares in the public market, or the perception that such sales may occur, could adversely affect the market price of our Ordinary Shares. Further, since a large number of our Ordinary Shares will not be available for sale shortly after this offering because of the contractual and legal restrictions on resale described below, sales of substantial amounts of our Ordinary Shares in the public market after these restrictions lapse, or the perception that such sales may occur, could adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon completion of this offering, we will have 20,000,000 Ordinary Shares outstanding, assuming no exercise of the over-allotment option. All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of our Ordinary Shares in the public market could adversely affect prevailing market prices of our Ordinary Shares. Prior to this offering, there has been no public market for our Ordinary Shares, and while we intend to submit application for the Ordinary Shares to be listed on Nasdaq, we cannot assure you that a regular trading market will develop in the Ordinary Shares.

#### Lock-up Agreements
We have agreed that we will not offer, pledge, sell, contract to sell, grant any option, right or warrant to purchase, sell any option or contract to purchase, purchase any option or contract to sell, lend, or otherwise transfer or dispose of (including entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequence of ownership interests), directly or indirectly, any of our Ordinary Shares or any securities that are convertible into or exercisable or exchangeable for our Ordinary Shares, or file any registration statement with the SEC relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares (other than a registration statement on Form S-8) without the prior written consent of the underwriter for a period ending 180 days after the commencement of sales of the offering, except issuances pursuant to the exercise of employee share options outstanding on the date hereof and certain other exceptions.

Each of our directors, executive officers, and existing beneficial owners of 5% or more of our outstanding Ordinary Shares has agreed, subject to some exceptions, not to offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of (including entering into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequence of ownership interests), directly or indirectly, any of our Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or make any demand for or exercise any right with respect to, the registration of any Ordinary Shares or any security convertible into or exercisable or exchangeable for Ordinary Shares, without the prior written consent of the underwriter for a period ending 180 days after the commencement of sales of the offering. After the expiration of the 180-day period, Ordinary Shares held by our directors, executive officers or existing beneficial owners of 5% or more of our outstanding Ordinary Shares may be sold subject to the restrictions under Rule 144 under the Securities Act or by means of registered public offerings.

The 180-day restricted period is subject to adjustment under certain circumstances. If (1) during the last 17 days of the 180-day restricted period, we issue an earnings release or material news or a material event relating to us occurs; or (2) prior to the expiration of the 180-day restricted period, we announce that we will release earnings results during the 16-day period beginning on the last day of the 180-day period, the restrictions will continue to apply until the expiration of the 180-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event, unless, with respect to the restricted period applicable to us, our directors and executive officers and our existing beneficial owners of 5% or more of our outstanding Ordinary Shares, such extension is waived by the underwriter.

#### Rule 144
All of our Ordinary Shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

[**Table of Contents**](#TOC001)

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Ordinary Shares then outstanding, in the form of Ordinary Shares or otherwise, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

[**Table of Contents**](#TOC001)

#### TAXATION
*The following are material Cayman Islands tax, Hong Kong tax and U.S. federal income tax considerations relevant to an investment in our Ordinary Shares. This discussion does not address all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should consult their tax advisers regarding the Cayman Islands, Hong Kong, U.S. federal, state and local, and non*-U*.S. tax consequences of owning and disposing of our Ordinary Shares in their particular circumstances.*

<u>**<u>Cayman Islands Taxation</u>**</u>

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation, and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

No stamp duty is payable in the Cayman Islands on transfer of shares of Cayman Islands companies except for those which hold interests in land in the Cayman Islands.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) (the "Substance Act") together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Under the Substance Act, if a company is considered to be a "relevant entity" and is conducting one or more of the nine "relevant activities" then that company will be required to comply with the economic substance requirements in relation to the relevant activity from July 1, 2019. All companies whether a relevant entity or not is required to file an annual report in the Cayman Islands with the Companies Registry confirming whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

<u>**<u>Hong Kong Enterprise Taxation</u>**</u>

The following summary of certain relevant taxation provisions under the laws of Hong Kong is based on current law and practice, is subject to changes therein and does not constitute legal or tax advice. The summary does not purport to address all possible tax consequences relating to purchasing, holding or selling the Ordinary Shares, and does not take into account the specific circumstances of any particular investors, some of whom may be subject to special rules. Accordingly, each holder or prospective investor (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult its own tax advisers regarding the tax consequences of purchasing, holding or selling the Ordinary Shares. The discussion is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. There is no reciprocal tax treaty in effect between Hong Kong and the United States. Under the current laws of Hong Kong:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No profit tax is imposed in Hong Kong in respect of capital gains from the sale of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues gains from the sale of the Ordinary Shares by persons carrying on a trade, profession or business in Hong Kong where the gains are derived from or arise in Hong Kong from the trade, profession or business will be chargeable to Hong Kong profits tax, which is currently imposed at the rate of 16.5% on corporations and at a maximum rate of 15% on individuals and unincorporated businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains arising from the sale of the Ordinary Shares, where the purchases and sales of the Ordinary Shares are effected outside of Hong Kong such as, for example, on Cayman Islands, should not be subject to Hong Kong profits tax.

According to the current tax practice of the Hong Kong Inland Revenue Department, dividends paid on the Ordinary Shares would not be subject to any Hong Kong tax.

No Hong Kong stamp duty is payable on the purchase and sale of the Ordinary Shares.

Our subsidiaries incorporated in Hong Kong were subject to Hong Kong profit tax rates of 8.25% on assessable profits up to HK$2,000,000, and 16.5% on any part of assessable profits over HK$2,000,000, on their taxable income generated from operations in Hong Kong from year of assessment of 2018/2019 onwards, including the years of assessment of 2021/2022 and 2022/2023.

[**Table of Contents**](#TOC001)

Under Hong Kong tax laws, our Hong Kong subsidiaries are exempted from Hong Kong income tax on its foreign-derived income. In addition, payments of dividends from our Hong Kong subsidiaries to us are not subject to any withholding tax in Hong Kong. See "Dividend Policy" for further details on our dividend policy.

#### Tax Consequences Applicable to U.S. Holders of Our Ordinary Shares
The following discussion is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) and Non-U.S. Holders (as defined below) of the ownership and disposition of our Ordinary Share. This summary applies only to beneficial owners our Ordinary Share as capital assets (generally, property held for investment) and that have the U.S. dollar as their functional currency. This summary is based on U.S. federal tax laws in effect as of the date of this prospectus, on U.S. Treasury regulations in effect or, in some cases, proposed as of the date of this prospectus, and judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which could apply retroactively and could affect the tax consequences described below. No ruling has been sought from the Internal Revenue Service ("IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. Moreover, this summary does not address the U.S. federal estate, gift, backup withholding, and alternative minimum tax considerations, or any state, local, and non-U.S. tax considerations, relating to the ownership and disposition of our Ordinary Share. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding stock as part of a straddle, hedging, conversion or other integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• passive foreign investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's officers or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders who are not U.S. Holders;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the total combined voting power of all classes of our voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding Ordinary Share through such entities.

#### U.S. Holders
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Share that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions, or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Share, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Share and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Share.

**Persons considering an investment in our Ordinary ShareS should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership and disposition of our Ordinary Share including the applicability of U.S. federal, state and local tax laws and non**-U**.S. tax laws.**

#### Taxation of Dividends and Other Distributions on Our Ordinary Share
As discussed under "*Dividend Policy*" above, we do not anticipate that any dividends will be paid in the foreseeable future. Subject to the discussion below under "Passive Foreign Investment Company Rules," any cash distributions paid on our Ordinary Share out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder. Because we do not intend to determine our earnings and profits on the basis of U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. A non-corporate U.S. Holder will be subject to tax on dividend income from a "qualified foreign corporation" at a lower applicable capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met. A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) will generally be considered to be a qualified foreign corporation (i) if it is eligible for the benefits of a comprehensive tax treaty with the United States that the U.S. Secretary of Treasury determines is satisfactory for purposes of this provision and includes an exchange of information program, or (ii) with respect to any dividend it pays on stock that is readily tradable on an established securities market in the United States, including Nasdaq. It is unclear whether dividends that we pay on our Ordinary Share will meet the conditions required for the reduced tax rate. You are urged to consult your tax advisor regarding the availability of the lower rate for dividends paid with respect to our Ordinary Share. Dividends received on our Ordinary Share will not be eligible for the dividends-received deduction allowed to corporations.

Dividends will generally be treated as income from foreign sources for U.S. foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's individual facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit not in excess of any applicable treaty rate in respect of any foreign withholding taxes imposed on dividends received on our

[**Table of Contents**](#TOC001)

Ordinary Share. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for U.S. federal income tax purposes, in respect of such withholding, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex and their outcome depends in large part on the U.S. Holder's individual facts and circumstances. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

#### Taxation of Sale or Other Disposition of Ordinary Share
Subject to the discussion below under "Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss upon the sale or other disposition of Ordinary Share in an amount equal to the difference between the amount realized upon the disposition and the U.S. Holder's adjusted tax basis in such Ordinary Share. Any capital gain or loss will be long term if the Ordinary Share have been held for more than one year and will generally be U.S.-source gain or loss for U.S. foreign tax credit purposes. Long-term capital gains of non-corporate taxpayers are currently eligible for reduced rates of taxation. The deductibility of a capital loss may be subject to limitations. U.S. Holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Share, including the availability of the foreign tax credit under their particular circumstances.

#### Passive Foreign Investment Company Rules
A non-U.S. corporation, such as our Company or any of our non-U.S. subsidiaries, will be classified as a PFIC, for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For this purpose, cash and cash equivalents are categorized as passive assets and the company's goodwill and other unbooked intangibles are taken into account as non-passive assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock.

No assurance can be given as to whether we or any of our non-U.S. subsidiaries may be or may become a PFIC, as this is a factual determination made annually that will depend, in part, upon the composition of our income and assets. Furthermore, the composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this IPO. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming classified as a PFIC may substantially increase. In addition, because there are uncertainties in the application of the relevant rules, it is possible that the Internal Revenue Service may challenge our classification of certain income and assets as non-passive or our valuation of our tangible and intangible assets, each of which may result in our becoming a PFIC for the current or subsequent taxable years. If we were classified as a PFIC for any year during which a U.S. Holder held our Ordinary Share, we generally would continue to be treated as a PFIC for all succeeding years during which such U.S. Holder held our Ordinary Share even if we cease to be a PFIC in subsequent years, unless certain elections are made. Our U.S. counsel expresses no opinion with respect to our PFIC status or the PFIC status of any of our non-U.S. subsidiaries for any taxable year.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Share, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Share), and (ii) any gain realized on the sale or other disposition of Ordinary Share. Under these rules,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each prior taxable year, other than a pre-PFIC year, of the U.S. Holder.

If we are treated as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Share, or if any of our subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of any lower-tier PFICs for purposes of the application of these rules. U.S. Holders are urged to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that such stock is "regularly traded" within the meaning of applicable U.S. Treasury regulations. If our Ordinary Share qualify as being regularly traded, and an election is made, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Share held at the end of the taxable year over the adjusted tax basis of such Ordinary Share and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the Ordinary Share over the fair market value of such Ordinary Share held at the end of the taxable year, but such deduction will only be allowed to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Share would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, the U.S. Holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of our Ordinary Share in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

Furthermore, as an alternative to the foregoing rules, a U.S. Holder that owns stock of a PFIC generally may make a "qualified electing fund" election regarding such corporation to elect out of the PFIC rules described above regarding excess distributions and recognized gains. However, we do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

If a U.S. Holder owns our Ordinary Share during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual Internal Revenue Service Form 8621 and provide such other information as may be required by the U.S. Treasury Department, whether or not a mark-to-market election is or has been made. If we are or become a PFIC, you should consult your tax advisor regarding any reporting requirements that may apply to you.

You should consult your tax advisors regarding how the PFIC rules apply to your investment in our Ordinary Share.

#### Non-U .S. Holders
This section applies to you if you are a "Non-U.S. Holder." As used herein, the term "Non-U.S. Holder" means a beneficial owner of our Ordinary Shares (other than a partnership or other entity or arrangement treated as a partnership for U.S. Federal income tax purposes) who or that is for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a foreign corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate or trust that is not a U.S. Holder;

[**Table of Contents**](#TOC001)

but generally does not include an individual who is present in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult your tax advisor regarding the United States federal income tax consequences of the sale or other disposition of our securities.

Cash dividends paid or deemed paid to a Non-U.S. Holder with respect to the Ordinary Shares generally will not be subject to U.S. federal income tax unless such dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States).

In addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other taxable disposition of the Ordinary Shares unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of such sale or other disposition and certain other conditions are met (in which case, such gain from U.S. sources generally is subject to U.S. federal income tax at a 30% rate or a lower applicable tax treaty rate).

Cash dividends and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income tax rates as applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

#### Information Reporting and Backup Withholding
Certain U.S. Holders are required to report information to the Internal Revenue Service relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds US$50,000 (or a higher dollar amount prescribed by the Internal Revenue Service), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a U.S. financial institution). These rules also impose penalties if a U.S. Holder is required to submit such information to the Internal Revenue Service and fails to do so.

In addition, dividend payments with respect to our Ordinary Share and proceeds from the sale, exchange or redemption of our Ordinary Share may be subject to additional information reporting to the IRS and possible U.S. backup withholding. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on IRS Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on IRS Form W-9. A Non-U.S. Holder generally will eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the IRS and furnishing any required information. We do not intend to withhold taxes for individual Shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

**EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAX CONSEQUENCES OF PURCHASING, HOLDING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.**

[**Table of Contents**](#TOC001)

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

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Ordinary Share** |
|  Cathay Securities, Inc. | [ ] |
|  **Total** | [ ] |

---

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

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

#### Over-Allotment Option
The Company will promptly take all steps necessary to prepare and file the Registration Statement with respect to the Ordinary Shares and any other securities of the Company to be registered as set forth herein. Such Registration Statement will include appropriate financial statements as required by the SEC. Such Registration Statement shall register the Ordinary Shares (including, at the Representative's discretion, an over-allotment equal to 15% of the Ordinary Shares). For the purpose of covering over-allotments, the Company shall grant the Representative an option to purchase 15% of the Company's Ordinary Shares, in whole or in part, from time to time, within 45 days from the Effective Date.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **Without <br>Over-allotment** | **Full Exercise of <br>Over-allotment** |
|  Public offering price<sup>(1)</sup> | $| $| $|
|  Underwriting discounts to be paid by us:<sup>(2)</sup> | $| $| $|
|  Proceeds, before expenses, to us<sup>(3)</sup> | $| $| $|

---

____________

(1) Determined based on the proposed minimum offering price per share.

[**Table of Contents**](#TOC001)

(2) We have agreed to pay the Representative a discount equal to seven percent (7%) of the gross proceeds of this offering, provided, however, we have agreed that the underwriting commission and non-accountable expense allowance paid to the Representative should not be less than US$[ ] per share if this public offering occurs. The fees do not include the expense reimbursement as described below.

(3) It includes the non-accountable expenses, out-of-pocket expenses payable to underwriter(s) and other estimated listing expenses.

We have agreed to reimburse the Representative up to a maximum of US$235,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). In addition, at the closing of the offering, we shall reimburse the underwriter one percent (1%) of the gross proceeds of the offering as non-accountable expenses.

#### Lock-Up Agreements
The Underwriting Agreement will provide, among other items, that: (i) the Company's directors, officers and holders of more than 5% of the Company's securities (including warrants, options, convertible securities, and Ordinary Shares of the Company) to enter into a customary "lock-up" agreement in favor of CATHAY for a period of six (6) months starting from the Effective Date, and ii) each of the Company and any successors of the Company will agree, for a period of six (6) months from the closing of the IPO, that each will not (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

#### No Sales of Similar Securities
We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 180 days from the date of this prospectus.

#### Foreign Regulatory Restrictions on Purchase of our Ordinary Shares
We have not taken any action to permit a public offering of our Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Ordinary Shares and the distribution of this prospectus outside the United States.

#### Indemnification
We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement and to contribute to payments that the underwriters may be required to make for these liabilities.

#### Application for Nasdaq Listing
Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to list our Ordinary Shares on Nasdaq Capital Market under the symbol "BTFT." There can be no assurance that we will be successful in listing our Ordinary Shares on Nasdaq Capital Market or another national exchange and if such listing is not obtained then this offering will be terminated.

[**Table of Contents**](#TOC001)

#### Electronic Offer, Sale and Distribution of Ordinary Share
A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriter or selling group members, if any, or by their affiliates, and the underwriter may distribute prospectus electronically. The underwriter may agree to allocate a number of Ordinary Shares to selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriter or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Ordinary Shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Ordinary Shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the ordinary shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Ordinary Shares or preventing or delaying a decline in the market price of our Ordinary Shares. As a result, the price of our Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares, where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

[**Table of Contents**](#TOC001)

#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding placement discounts and commissions, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq Capital Market listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | $2113 |
|  Nasdaq Capital Market Listing Fee | $75000 |
|  FINRA | $2570 |
|  Legal Fees and Expenses | $486950 |
|  Accounting Fees and Expenses | $160000 |
|  Printing and Engraving Expenses | $30000 |
|  Miscellaneous Expenses | $332355 |
|  Total Expenses | $1086875 |

---

These expenses will be borne by us. Underwriting discounts and commissions will be borne by us in proportion to the numbers of Ordinary Shares sold in the offering.

[**Table of Contents**](#TOC001)

#### LEGAL MATTERS
The validity of the Ordinary Shares and certain other legal matters as to United States Federal and New York State law in connection with this offering will be passed upon for us by Loeb & Loeb LLP. The underwriter is being represented by VCL Law LLP with respect to legal matters of United States federal and New York State law. The validity of the Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Harney Westwood & Riegels, our counsel as to Cayman Islands law. Legal matters as to Hong Kong law will be passed upon for us by Han Kun Law Offices LLP. Certain legal matters as to PRC law will be passed upon for us by AllBright Law Offices (Fuzhou).

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING <br>AND FINANCIAL DISCLOSURE
None.

#### EXPERTS
The consolidated financial statements as of and for the years ended June 30, 2024 and 2023 as set forth in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of WWC, P.C., an independent registered public accounting firm, given on the authority as experts in auditing and accounting. WWC, P.C. is headquartered at 2010 Pioneer Court, San Mateo, CA 94403.

#### INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the Ordinary Shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal Underwriter, voting trustee, director, officer, or employee.

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to our directors, officers or persons controlling us, we have been advised that it is the SEC's opinion that such indemnification is against public policy as expressed in such act and is, therefore, unenforceable.

[**Table of Contents**](#TOC001)

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 1171)](#T111) | F-2 |
|  [Consolidated Balance Sheets as of June 30, 2024 and 2023](#T112) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended June 30, 2024 and 2023](#T113) | F-4 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended June 30, 2024 and 2023](#T114) | F-5 |
|  [Consolidated Statements of Cash Flows for the Years Ended June 30, 2024 and 2023](#T115) | F-6 |
|  [Notes to Consolidated Financial Statements](#T116) | F-7 |

---

---

| | |
|:---|:---|
|  | **Page** |
|  [**Report of Independent Registered Public Accounting Firm**](#T1000) | F-30 |
|  [Unaudited Interim Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2024](#T402) | F-31 |
|  [Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Six Months Ended December 31, 2024 and 2023](#T403) | F-32 |
|  [Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders' Equity for the Six Months Ended December 31, 2024 and 2023](#T404) | F-33 |
|  [Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2024 and 2023](#T405) | F-34 |
|  [Notes to Unaudited Interim Condensed Consolidated Financial Statements](#T406) | F-35 |

---

[**Table of Contents**](#TOC001)

#### Report of Independent Registered Public Accounting Firm
<u> To: </u>   <u> The Board of Directors and Shareholders of<br>Beta FinTech Holdings Limited </u>    

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Beta FinTech Holdings Limited and its subsidiaries (collectively the "Company") as of June 30, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders' equity, and cash flows for each of the years in the two-year period ended June 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](twwc_sig.jpg)

WWC, P.C.

Certified Public Accountants

PCAOB ID No.1171

We have served as the Company's auditor since 2024.

San Mateo, California

December 13, 2024

![](twwc_footer.jpg)

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### CONSOLIDATED BALANCE SHEETS

#### AS OF JUNE 30, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1269472 | 3804344 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 7816206 | 6088071 |
| &nbsp;&nbsp;&nbsp; Loans to customers, net | 1571770 |  |
| &nbsp;&nbsp;&nbsp; Loans to customers – related parties, net | 26900 |  |
| &nbsp;&nbsp;&nbsp; Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers, net | 1458 | 26977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker-dealers and clearing organization, net | 1002775 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 94112 | 23909 |
|  **Total current assets** | 11782693 | 9943301 |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 3610 | 250 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 96549 | 40836 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets, net | 126265 |  |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | 114071 |  |
| &nbsp;&nbsp;&nbsp; Refundable deposits | 269499 | 436620 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 205285 | 355169 |
|  **Total non-current assets** | 815279 | 832875 |
|  **TOTAL ASSETS** | 12597972 | 10776176 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payables to customers | 7763450 | 6084185 |
| &nbsp;&nbsp;&nbsp; Payables to customers – related parties | 2554 |  |
| &nbsp;&nbsp;&nbsp; Payables to clearing organization |  | 3859 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 42721 | 10781 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 192103 |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities – current | 92458 |  |
| &nbsp;&nbsp;&nbsp; Amount due to a related party |  | 1276112 |
|  **Total current liabilities** | 8093286 | 7374937 |
|  **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities – non-current | 35758 |  |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities | 9169 |  |
|  **Total non-current liabilities** | 44927 |  |
|  **TOTAL LIABILITIES** | 8138213 | 7374937 |
|  **COMMITMENTS AND CONTINGENCIES (Note 15)** |  |  |
|  **Shareholders' equity** |  |  |
|  Ordinary shares US$0.001 par value per share; 50,000,000 shares authorized; 16,020,000 shares issued and outstanding as of June 30, 2024 and 2023\* | 16020 | 16020 |
|  Additional paid-in capital | 7241687 | 7241687 |
|  Subscription receivables | (16020) | (16020) |
|  Accumulated losses | (2770062) | (3814954) |
|  Accumulated other comprehensive loss | (11866) | (25494) |
|  **Total shareholders' equity** | 4459759 | 3401239 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 12597972 | 10776176 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 13).

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

#### FOR THE YEARS ENDED JUNE 30, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>June 30,** | **For the years ended <br>June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 292727 | 30288 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 1900020 |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income | 127717 | 94931 |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – third parties | 27771 |  |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – related party | 145 |  |
|  **Total revenues** | 2348380 | 125219 |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 105822 |  |
| &nbsp;&nbsp;&nbsp; Staff costs and employee benefits | 697746 | 589087 |
| &nbsp;&nbsp;&nbsp; Legal and professional fees | 285362 | 39590 |
| &nbsp;&nbsp;&nbsp; Rental expenses | 65182 |  |
| &nbsp;&nbsp;&nbsp; Technology expenses | 108233 | 174427 |
| &nbsp;&nbsp;&nbsp; Other general and administrative expenses | 107773 | 63367 |
|  **Total operating expenses** | 1370118 | 866471 |
|  **Income (loss) from operations** | 978262 | (741252) |
|  **Other income** |  |  |
| &nbsp;&nbsp;&nbsp; Bank interest income | 233036 | 63384 |
| &nbsp;&nbsp;&nbsp; Other (expense) income, net | (6299) | 53331 |
|  **Total other income, net** | 226737 | 116715 |
|  **Income (loss) before income tax expenses** | 1204999 | (624537) |
|  **Income tax expenses (benefit)** | 160107 | (110644) |
|  **Net income (loss)** | 1044892 | (513893) |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 13628 | 5375 |
|  **Total comprehensive income (loss)** | 1058520 | (508518) |
|  **Earnings (loss) per ordinary share** |  |  |
|  Basic and diluted\* | 0.07 | (0.03) |
|  **Weighted average number of ordinary shares** |  |  |
|  Basic and diluted\* | 16020000 | 16020000 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 13).

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

#### FOR THE YEARS ENDED JUNE 30, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares\*** | **<br>Ordinary shares\*** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivables** | **Accumulated <br>losses** | **Accumulated <br>other <br>comprehensive <br>loss** | **Total <br>shareholders' <br>equity** |
|  | **Number of <br>shares** | **Amount** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivables** | **Accumulated <br>losses** | **Accumulated <br>other <br>comprehensive <br>loss** | **Total <br>shareholders' <br>equity** |
|  |  | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Balance as of July 1, 2022 | 16020000 | 16020 | 7241687 | (16020) | (3301061) | (30869) | 3909757 |
|  Foreign currency translation adjustment |  |  |  |  |  | 5375 | 5375 |
|  Net loss |  |  |  |  | (513893) |  | (513893) |
|  Balance as of June 30, 2023 | 16020000 | 16020 | 7241687 | (16020) | (3814954) | (25494) | 3401239 |
|  Foreign currency translation adjustment |  |  |  |  |  | 13628 | 13628 |
|  Net income |  |  |  |  | 1044892 |  | 1044892 |
|  Balance as of June 30, 2024 | 16020000 | 16020 | 7241687 | (16020) | (2770062) | (11866) | 4459759 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 13).

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE YEARS ENDED JUNE 30, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Cash flows from operating activities:** |  |  |
|  Net income (loss) | 1044892 | (513893) |
|  Adjustment to reconcile net income (loss) to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 700 | 3101 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 13571 |  |
| &nbsp;&nbsp;&nbsp; Deferred tax expenses (benefit) | 160107 | (110644) |
|  Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Loans to customers | (1596483) |  |
| &nbsp;&nbsp;&nbsp; Receivables from customers | 25581 | 65624 |
| &nbsp;&nbsp;&nbsp; Receivables from brokers-dealers and clearing organizations | (1001403) |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | (70022) | (21165) |
| &nbsp;&nbsp;&nbsp; Refundable deposits | 168453 | 87779 |
| &nbsp;&nbsp;&nbsp; Payables to customers | 1657729 | (939152) |
| &nbsp;&nbsp;&nbsp; Payables to clearing organizations | (3868) | (5502) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 31858 | (7657) |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 191840 |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities | 1947 |  |
|  **Cash provided by (used in) operating activities** | 624902 | (1441509) |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of intangible assets | (69063) |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment | (4054) |  |
|  **Cash used in investing activities** | (73117) |  |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Repayment to a related party | (1278937) |  |
| &nbsp;&nbsp;&nbsp; Repayment from a related party |  | 18692 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | (113915) |  |
|  **Cash (used in) provided by financing activities** | (1392852) | 18692 |
|  **Net change in cash, cash equivalents and restricted cash** | (841067) | (1422817) |
|  Cash, cash equivalents and restricted cash at beginning of the year | 9892415 | 11299673 |
|  Net foreign exchange differences | 34330 | 15559 |
|  **Cash and cash equivalents and restricted cash at the end of the year** | 9085678 | 9892415 |
|  **Reconciliation to amounts on consolidated balance sheets:** |  |  |
|  Cash and cash equivalents | 1269472 | 3804344 |
|  Restricted cash | 7816206 | 6088071 |
|  Total cash and cash equivalents and restricted cash | 9085678 | 9892415 |
|  **Supplemental schedule of non-cash financing activities:** |  |  |
|  Initial recognition of lease obligations related to right-of-use assets | 174998 |  |

---

The accompanying notes are an integral part of these financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

Beta FinTech Holdings Limited (the "Company") is a company incorporated in Cayman Islands with limited liability on August 20, 2024 as an investment holding company. The Company's registered office in the Cayman Islands is at Harneys Fiduciary (Cayman) Limited, 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands and its principal place of business operation is situated at Flat 3326, 33/F, China Merchants Tower Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company together with its subsidiaries (collectively the "Group") are primarily engaged in providing securities brokerage, underwriting and placing services and financial advisory service in Hong Kong.

Beta International Securities Limited was incorporated on October 19, 1990. It is a limited liability corporation licensed with the Hong Kong Securities and Futures Commission ("HKSFC") to carry out regulated activities including Type 1 (Dealing in Securities) regulated activities which mainly offer securities dealings and brokerage services, underwriting and placing services and other financing services; and Type 4 (Advising on Securities) regulated activities in Hong Kong which mainly offer investment advisory services to customers.

Ascent Capital Management Investment Limited is a company incorporated in British Virgin Islands with limited liability on June 7, 2024. It has no operation currently.

Beta International (USA) Corp. was incorporated by Mr. Gao Cong on October 22, 2024 on behalf of Ascent Capital as Ascent Capital's wholly-owned subsidiary, in Delaware, United States, with authorized share capital of 1,000 shares of common stock, at par value $0.0001 per share. On December 5, 2024, pursuant to a securities subscription agreement executed between Beta US and Ascent Capital, Beta US issued 100 shares, $0.0001 par value per share, to Ascent Capital. As such, Beta US became a fully-owned subsidiary of Ascent BVI.

Details of the Company and its subsidiaries are set out in the table as follows as of the report date:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **Date of<br>incorporation** | **Percentage of<br>effective<br>ownership as of<br>June 30,** | **Percentage of<br>effective<br>ownership as of<br>June 30,** | **Place of<br> incorporation** | **Principal<br> activities** |
|  **Name** | **Date of<br>incorporation** | **2024** | **2023** | **Place of<br> incorporation** | **Principal<br> activities** |
|  Beta FinTech Holdings Limited | August 20, 2024 | N/A | N/A | Cayman Islands | Investment holding |
|  Ascent Capital Management Investment Limited ("Ascent Capital") | June 7, 2024 | 100% | 100% | British Virgin Islands | Dormant |
|  Beta Capital International Holdings Limited ("Beta Capital") | January 15, 2014 | 100% | 100% | British Virgin Islands | Investment holding |
|  Beta International Securities Limited ("Beta International") | October 19, 1990 | 100% | 100% | Hong Kong | Providing securities brokerage, underwriting and placing services and financial advisory service in Hong Kong |
|  Beta International (USA) Corp. ("Beta US") | October 22, 2024 | 100% | 100% | Delaware | Dormant |

---

<u><u>Reorganization</u></u>

In connection with its proposed initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization"). The Reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 20, 2024, the Company was incorporated in the Cayman Islands with limited liability with authorized share capital of US$50,000 of par value of US$1 each. On its date of incorporation, the Company allotted and issued 3,400, 3,300 and 3,300 shares to each of the entity wholly-owned by Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, respectively, at an aggregate consideration of US$10,000.

[**Table of Contents**](#TOC001)

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On November 25, 2024, the entire ownership interest of Beta Capital was transferred from Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, who owns 34%, 33% and 33% of equity interest of Beta Capital, respectively, to the Company by way of share swap in which the Company allotted and issued 2,046.8, 1,986.6 and 1,986.6 shares, respectively, to each of the entity wholly-owned by Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, credited as fully paid ("Share Swap"). Upon completion of the Share Swap, Beta International has become indirectly wholly-owned subsidiaries of the Company, through Beta Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On November 25, 2024, the board of directors approved a share split of 1-for-1,000 shares and the article of association of the Company was amended that (i) the number of authorized shares increased from 50,000 shares to 50,000,000 shares; and (ii) the par value of the shares decreased from US$1.0 each to US$0.001 each. The authorized share capital of the Company remained unchanged at US$50,000. As a result, there are an aggregate of 16,020,000 share have been issued and Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin are holding 5,446,800, 5,286,600 and 5,286,600 ordinary shares, respectively, after the share split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On December 2, 2024, two independent individual investors acquired an aggregate 1,674,000 shares (approximately in aggregate 10.45% of the issued shares after Reorganization) from an entity wholly owned by Mr. Gao Cong.

After the Reorganization, the Company, together with its subsidiaries, are effectively controlled by the same group of shareholders, i.e. Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, before (100%) and after (89.55%) the Reorganization. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholders controlled all these entities prior to and after the Reorganization. The Company has retroactively restated all ordinary shares and per share data for all the periods presented. The consolidation of the Company and its subsidiaries have been accounted for using a historical cost basis and presented assuming that the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions. Furthermore, ASC 805-50-45-5 indicates that the financial statements and financial information presented for prior years also shall be retrospectively adjusted to furnish comparative information.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u><u>Basis of presentation</u></u>

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission.

<u><u>Principles of consolidation</u></u>

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All significant assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in consolidation.

<u><u>Foreign currency translation</u></u>

The Group uses United States Dollar ("US$" or "$") as its reporting currency. The functional currency of the Company and its subsidiaries in Cayman Islands and British Virgin Islands is US$ and the Company's subsidiary in Hong Kong is Hong Kong dollar ("HKD"), which is its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

In the consolidated financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the statements of operations during the year in which they occur.

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  Year-end spot rate | 7.8083 | 7.8363 |

---

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  Average rate | 7.8190 | 7.8373 |

---

<u><u>Use of estimates</u></u>

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities as at the date of the consolidated financial statements and reported amounts of income and expenses during the reporting periods. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group's consolidated financial statements include allowance for expected credit losses, interest rate of lease and provision for income tax. Actual results may differ from these estimates.

<u><u>Recently adopted accounting pronouncements</u></u>

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The new accounting standard introduced the current expected credit losses methodology ("CECL") for estimating allowances for credit losses. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized costs, including loans and trade receivables. ASU 2016-13 is effective for the Company, as an Emerging Growth Company ("EGC"), for annual and interim reporting periods beginning after December 15, 2022. The Company adopted the standard on July 1, 2023 using the modified retrospective method for all financial assets in scope. The adoption of the standard did not have a material impact on our consolidated statements of operations, or consolidated statements of cash flows.

<u><u>Fair value measurement</u></u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying amounts of cash and cash equivalents, restricted cash, loans to customers, receivables from customers, brokers-dealers and clearing organizations, other current assets, amounts due from related parties, refundable deposits, payables to customers, accrued expenses and other payables and amount due to a related party approximate their fair values because of their generally short maturities. The carrying amount of operating lease liabilities approximate their fair values since they bear an interest rate which approximates market interest rates.

<u><u>Related parties</u></u>

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

The details of related party transactions during the years ended June 30, 2024 and 2023 and balances as at June 30, 2024 and 2023 are set out in the Note 12.

<u><u>Cash and cash equivalents</u></u>

Cash and cash equivalents represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal or use. The Group maintains bank accounts in Hong Kong. Management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents.

<u><u>Restricted cash</u></u>

The balance of restricted cash represents the bank balance that the Company held in trust for the benefit of its customers. The Company maintains segregated bank accounts with authorized institutions to hold customers' monies arising from its normal course of business. The segregated customers account balance is restricted for customer transactions and governed by the Securities and Futures (Client Money) Rule under the Hong Kong Securities and Futures Ordinance. The Company has classified such segregated customers account balances as restricted cash and recognized the corresponding payables to customers under the liabilities section. Interest income from restricted cash belongs to the Company as agreed with the customers and will be transferred to the bank accounts of the Company on a monthly basis with acknowledgement from client from the bank accounts of restricted cash. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk on restricted cash.

<u><u>Loans to customers, net</u></u>

Loans primarily include margin loans extended to customers, collateralized by customers' securities and are carried at the amount receivable (at amortized cost) net of allowance for expected credit losses. No minimum deposit is required to open and maintain a margin account before customers commence trading of securities on a margin account. Collateral is required to be maintained at specified minimum levels, which is larger than the outstanding balance loans, at all times. The Company monitors margin levels and requires customers to provide same additional securities as collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

changes. The Company has the right to realize any securities in customers' account at prevailing market prices in the situation of default. Loans to customers are considered to be in default if customers fail to provide additional securities as collateral or reduce margin positions to maintain required margin levels within the specified timeframe, ranging from one day to one week, following a decrease in the fair value of the collateral below the minimum required threshold, ranging from 20% to 50%. The minimum required threshold is determined by representative officer of Beta HK on a case-by-case basis, by taking into account the previous transaction records and types of securities, which are then subject to risk level, qualities and/or risk level of asset to be pledged, transaction frequency and market conditions and so on. The margin levels maintained by Beta HK comply with Beta HK's internal risk management profile, as well as SFC regulatory requirements. For example, if a customer's collateral is one of the Blue Chip Stocks and the customer has previous transactions with good credibility, the Company will grant a margin loan of 50% of the fair value of the collateral to the customer.

The Company applies the practical expedient based on collateral maintenance provisions under Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, in estimating an allowance for credit losses for collateral-dependent assets. In accordance with the practical expedient, when the Company reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of credit losses when the collateral's fair value is greater than the amortized cost of the financial asset. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. The Company's policy is to charge off any delinquent margin loans, including the accrued interest on such loans. Accrued interest charged off is recognized as credit loss expense in the consolidated statements of operations and comprehensive income (loss). Margin loans are considered delinquent when customers fail to meet margin calls and evidenced by the bankruptcy of customers. All margin calls issued related to margin loans have been met as of June 30, 2024 and 2023. Customers with margin loans have agreed to allow the Company to pledge collateralized securities in accordance with applicable regulations. The collateral is not reflected in the consolidated financial statements. The Company is permitted to repledge any of the securities collateral. Pursuant to section 8A of the Securities and Futures (Client Securities) Rules (Cap 571H), the maximum aggregate market value of repledged securities must not exceed 140% of the value of margin loan balance at the end of a trading day. The Company is authorized to sell the securities collateral for the discharge and satisfaction of customers' settlement obligations and liabilities. During the years ended June 30, 2024 and 2023, there is no collateral that has been repledged or sold. As of June 30, 2024 and 2023, allowance for expected credit losses was nil resulting from the assessment of credit losses for loans to customers.

<u><u>Receivables from customers and</u> <u>broker-dealers</u> <u>and clearing organization, net</u></u>

Receivables from customers arise from (i) the brokerage transactions of dealing with investment securities for cash customers; and (ii) financial advisory services.

Receivables from broker-dealers and clearing organizations arise from the business of dealing with investment securities. Broker-dealers will require balances to be placed with them in order to proceed the US stock trading orders requested by the customers. Receivables from clearing organization typically represent proceeds receivable on trades that have yet to settle and are usually collected within two business days after the trade date.

In evaluating the collectability of receivables balances, the Company considers specific evidence including the aging of the receivable, the customers' payment history, its current creditworthiness, its underlying equity securities secured and current and future economic trends.

The receivables from customers, broker-dealers and clearing organizations, such as Hong Kong Exchanges and Clearing Limited ("HKEx"), are viewed as past due or delinquent based on the recent payments records. The receivables from customers are generally settled within 3 months from the date of transaction. As of June 30, 2024 and 2023, no receivables from customers and broker-dealers are past due or delinquent based on the repayment history of customers and broker-dealers. As of June 30, 2024 and 2023, no receivables from clearing organizations are past due or delinquent as the receivables are normally being settled within two business days after the trade dates (for both buy and sell).

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit losses. In order to manage the collectability of receivables from customers, broker-dealers, and clearing organizations properly, the Company has adopted the following policies. First, the Company issues customer statements or payment instruction letters monthly. Second, the Company monitors aging reports and sends reminders for settlement after one month of transaction date. If payments are overdue, the Company will further perform collection process including calling customers or sending emails to customers, negotiating the settlement plans, and resolving any disputes with customers and even taking legal action against the customers which will be the last resort. The receivables will be written off after all these collection efforts have ceased in which objective evidence is available for the uncollectible typically including the bankruptcy of customers, or the insolvency of broker-dealers or clearing organizations. As of June 30, 2024 and 2023, the allowance for expected credit losses on and written off of receivables from customers, broker-dealers and clearing organizations was nil since all of the receivables were subsequently settled within two days and no indication of default from any of our customers, broker-dealers or clearing organizations.

<u><u>Prepaid expenses</u></u>

Prepaid expenses mainly represented the prepaid professional fee to a related party for IT technical support to the Company, selling and marketing expenses and other general and administrative expenses. The balances are classified as current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2024 and 2023, management believes that the Group's prepaid expenses are not impaired.

<u><u>Property and equipment, net</u></u>

Property and equipment are stated at cost less accumulated depreciation and any impairment. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

<u> Furniture and fixtures </u>   <u> 5 years </u> <br> <u> Office equipment </u>   <u> 5 years </u> <br> <u> Computer equipment </u>   <u> 5 years </u>

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations and comprehensive income (loss). Expenditures for maintenance and repairs are charged to statements of operations and comprehensive income (loss) as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u><u>Intangible assets, net</u></u>

Intangible assets consist of eligibility rights to trade on or through HKEx and the right to use a trading system acquired by the Company. Intangible assets are originally recognized at cost. The useful lives of intangible assets are assessed to be either finite or indefinite.

The trading right on HKEx was originally recognized at cost. Management has determined that the trading right on HKEx have indefinite useful lives due to no expiry date for the access right which will be offered to the Company as long as the Company operates continuously. These intangible assets are not amortized but tested for impairment annually either individually or at the cash-generating unit level. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

The right to use a trading system is stated at cost less accumulated amortization and impairment losses, if any. It is amortized on a straight-line basis over the estimated useful life of three years arising from contractual rights.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Deferred offering costs</u></u>

The Company follows the requirements of the FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal and other expenses incurred through the balance sheet date that are directly related to the intended initial public offering ("IPO"). Deferred offering costs will be charged to shareholders' equity netted against the proceeds upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to statements of operations. As of June 30, 2024 and 2023, the Company deferred US$114,071 and nil of offering costs. Such costs will be deferred until the closing of the IPO, at which time the deferred costs will be offset against the offering proceeds.

<u><u>Refundable deposits</u></u>

Refundable deposits mainly represented the rental deposits for the corporate office and deposits to clearing organizations. Deposits are classified as non-current as they are not expected to be refunded within 12 months after the reporting period. As a clearing member firm of HKEx, the Company is exposed to clearing member credit risk. HKEx requires member firms to deposit cash to a clearing fund. If a clearing member defaults in its obligations to clearing organizations in an amount larger than its own margin and clearing fund deposits, the shortfall is absorbed pro rata from the deposits of the other clearing members. HKEx has the authority to assess their members for additional funds if the clearing fund is depleted. A large clearing member default could result in a substantial cost if the Company is required to pay such additional funds. The balances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of June 30, 2024 and 2023, management believes that the Group's refundable deposits are not impaired.

<u><u>Impairment of</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, "Property, Plant and Equipment".

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

There was no impairment loss recognized for the years ended June 30, 2024 and 2023.

<u><u>Payables to customers</u></u>

Payables to customers arise from the business of dealing with investment securities. Payables to customers represent payables to the Company's customer in relation to the securities trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place with them in order to proceed the trading orders requested by its customers due on pending trades and payable on demand, as well as the bank balances held on behalf of customers for any forthcoming trades to be requested by customers.

<u><u>Accrued expenses and other payables</u></u>

Accrued expenses and other payables primarily include accrued professional fee, employee salaries and benefits and other accruals and payables for the operation of the ordinary course of business.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Contract liabilities</u></u>

Contract liabilities represent advances received from a client in the current year in relation to the provision of consultancy services of reorganization and industry research for intended IPO. The Company bills its customers based upon contractual schedules. Advance payments received in excess of related accounts receivable are presented as contract liabilities on the consolidated balance sheets. The contract liabilities will be recognized as revenue and credited to statement of operation upon completion of performance obligation (i.e. the successful listing of the customers) since there is no right of payment from customers before the completion of service. As of June 30, 2024, the services were under process and recognized the receipt of US$192,103 as contract liabilities.

<u><u>Lease</u></u>

ASC 842 supersedes the lease requirements in ASC 840 "Leases", and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. All leases in the Group are accounted for as operating leases.

We determine if an arrangement is a lease at inception. On our balance sheet, our corporate office lease is included in operating lease right-of-use (ROU) assets, current portion of operating lease liability and operating lease liability, net of current portion.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU assets and lease liabilities on the consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

The Financial Accounting Standards Board ("FASB") issued a Q&A in March 2020 that focused on the application of lease guidance in ASC 842 for lease concessions related to the effects of COVID-19. The FASB staff has said that entities can elect to not evaluate whether concessions granted by lessors related to COVID-19 are lease modifications. Entities that make this election can then apply the lease modification guidance in ASC 842 or account for the concession as if it were contemplated as part of the existing contract. The Company has elected to not treat the concessions as lease modifications and will instead account for the lease concessions as if they were contemplated as part of the existing leases. The Company has recorded negative variable lease expense and adjusted lease liabilities at the point in which the rent concession has become accruable.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the years ended June 30, 2024 and 2023, the Company did not have any impairment loss against its operating lease right-of-use assets.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Revenue Recognition</u></u>

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

The five-step model defined by ASC 606 requires the Group to (i) identify its contracts with clients, (ii) identify its performance obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices to its performance obligations in those contracts, and (v) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Group elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

The determination of whether revenues should be reported on a gross or net basis is based on the Group's assessment of whether it is the principal or an agent in the transaction in accordance with ASC 606-10-55 and depends on whether the promise to the customer is to provide the products or services or to facilitate a sale by a third party. The nature of the promise depends on whether the Group controls the products or services prior to transferring it. When the Group controls the products or services, the promise is to provide and deliver the products or services and revenue is presented gross. When the Group does not control the products or services, the promise is to facilitate the sale and revenue is presented net. To distinguish a promise to provide products or services from a promise to facilitate the sale from a third party, the Group considers the guidance of control in ASC 606-10-55-37A and the indicators in 606-10-55-39. The Group considers this guidance in conjunction with the terms in its arrangements with both suppliers and customers.

As a practical expedient, the Group elected to expend the incremental costs of obtaining a contract when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.

The Group does not offer any credits or discounts, rebates, price concessions or other similar privileges to customers. Due to the nature of services, the Group does not permit refund to customers.

The Company currently generates its revenue from the following main sources:

*1. Securities brokerage commissions and handling fee*

The Company acts as an agent to provide securities brokerage services in trades execution on behalf of customers, who are individual customers or corporate customers (i.e. brokers), in return for securities brokerage commission income. The Company enters into a distinct contract with customers that governs the terms and conditions for securities trade execution, which may be terminated at will in written notice by either the customer or the Company without any termination penalty. The commercial substance of the contract exists when a trade order is placed by the customer through the Company as the customer would have an obligation to pay consideration for its services. Trade execution and clearing services are bundled into a single performance obligation as they are both inputs to the single promise, i.e. security trading, and are not considered separately identifiable. Securities brokerage commission is charged on a fixed commission rate ranging at 0.006% to 0.03% of the transaction amount as quoted by the Company and stipulated in the contracts for trade execution. Hence, the securities brokerage commission is considered variable consideration. The entire securities brokerage commission is allocated to a single performance obligation. Securities brokerage commission is recognized at a point in time when the trades (buy or sell of securities) are executed since the benefit of the service transfers to the customer when the Company completes the order. Commission fees are directly charged from the customer's account when the transactions are executed by retaining the commission fees from transaction amount before transfer back the residual amount to customers.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Handling fee generated from provision of services such as dividend collection, share subscription services in relation to IPOs services that require the processing and handling of physical certificates or legal documents or accounts that have limited or no activity to individual customers or corporate customers (i.e. brokers). The Company enters into a distinct contract with customers that governs the terms and conditions for the above-mentioned services, which may be terminated at will in written notice by either the customer or the Company without a termination penalty. The commercial substance of the contract exists when services instruction is placed by the customer to the Company as the customer would have an obligation to pay consideration for its services. Dividend collection handling income is recognized at the time when the performance obligation has been satisfied by receiving dividends by the Company on behalf of customers. When the Company receives the cash dividend distributed by the securities on behalf of customers, the net dividend after deducting the dividend collection handling fee will be deposited into the customers' bank account. Dividend collection handling income is charged at fixed percentage of dividend collected and it is considered as variable consideration. New share subscription handling fee is recognized at the point in time when the performance obligation has been satisfied by successfully submitting IPO subscription to banks on behalf of customers. For new share subscription handling fee, the consideration is fixed with no variable consideration for every IPO subscription order. Other handling income charged for handling securities certificates is recognized at the point in time when the performance obligation has been satisfied by successfully processing or transferring of certificates from securities. There is no variable consideration but a fixed charge per instruction. The Company acts as an agent and handling income is directly charged from the customer's account when the transactions are executed. All handling fees are non-refundable and non-cancellable after execution was performed.

*2. Placing services*

The Group acts as placing agent by participating in placing exercises in IPOs or other fundraising activities in HKEX in return for placing commissions and/or fees.

The Company enters into a distinct placing agreement with its customers, generally the securities issuers for the provision of placing services. The placing services are distinct and identified as one performance obligation. The Company provides placing services by using its reasonable best efforts to procure potential subscribers and raise capital for securities issuers. The Company provides no guarantee for the successful procuring of potential investors and will not be penalized for any failed placing activities. The Company has no legal title of the securities for listing. The Company is entitled to placing commission based on fixed percentage of the gross amount of fundraising from the transaction, either IPO or other fundraising activities and is to be received in one lump sum payment at the completion of services as stipulated in the placing agreement. Hence, it is considered as variable consideration. As a result, revenue from providing placing services to customers is recognized at a point in time when the transaction and the performance obligations are completed, which is generally at the completion of an IPO, i.e., listing on HKEX, or the completion of a placement by client. In the situation of cessation of IPO or other fundraising activities by customers or failure of IPO or other fundraising activities, the Company is not entitled to receive any consideration. The contractual payment terms are typically due no more than 30 days from the completion of transaction. During the years ended June 30, 2024 and 2023, all placing services have completed and received. No other obligations or follow-up actions are required by the Company after the placing activities have been completed.

*3. Custodial and other related income*

The Company provides custodial service to investment companies in return of a monthly custodial fee and services income. The Company enters a distinct contract with its customers for the provision of custodial and other services. The Company concludes that each monthly custodian and other service is distinct and meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is, the benefit consumed by the customers is substantially similar for each month, even though the exact volume of services may vary. Therefore, the Company concludes that the monthly custodial and other services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The transaction price is variable consideration. The custodial income is charged at higher of approximately 0.2% per annum of the amount of investments under custody or at a fixed fee according to terms specified in the contract. The Company recognizes custodial income on a monthly basis when it satisfies its performance

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

obligations throughout the contract terms based on output method. The amount is not refundable and there is no right of return. There is no contract asset that the Company has the right to consider in exchange for its services that the Company has transferred to its clients. Such right is not conditional on something other than the passage of time.

*4. Interest income from loans to customers*

The Company earns interest income primarily from its margin loans or IPO financing offered to customers in relation to the securities brokerage services. The Company enters into a contract with customer upon customer submission of financing application. The Company offers rolling margin loans or IPO financing to individual customers as a principal with its own funding. The transaction price is a variable consideration as interest income is charged at the prevailing interest rate over daily loan principal amount outstanding. Revenue is receivable upon passage of time and recognized over the period that the margin loans or IPO financing are outstanding. During the years ended June 30, 2024 and 2023, the effective interest rate ranges from 4.8% to 18.1% per annum. Interest income is directly charged to the customer's account at each month end.

Disaggregation of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Securities brokerage commissions and handling fee | 292727 | 30288 |
|  Placing services fee | 1900020 |  |
|  Custodial and other service income | 127717 | 94931 |
|  Interest income – third parties | 27771 |  |
|  Interest income – related party | 145 |  |
|  | 2348380 | 125219 |

---

Revenue disaggregated by timing of revenue recognition for the years ended June 30, 2024 and 2023 is disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Over time:** |  |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income | 127717 | 94931 |
| &nbsp;&nbsp;&nbsp; Interest income | 27916 |  |
|  **Point in time:** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 292727 | 30288 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 1900020 |  |
|  | 2348380 | 125219 |

---

<u><u>Other income</u></u>

Interest income is mainly generated from savings and time deposits which are less than three months, and is recognized on an accrual basis using the effective interest method. Intertest income receives from banks on a monthly basis.

<u><u>Government subsidies</u></u>

Government subsidies are recognized as income in other income or as deferred government subsidy before conditions attached to the government subsidy are met and charged to statements of income as other income once conditions are fulfilled.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Government subsidies mainly represented government grants received pursuant to the Employment Support Scheme ("ESS") under the Anti-epidemic fund from the Hong Kong Government to provide financial support to enterprises to retain their employees. Employers participating in ESS were required to undertake and warrant that they would: (i) not implement redundancies during the subsidy period; and (ii) spend all the wage subsidies on paying wages to their employees. There were no unfulfilled conditions nor other contingencies attached to the ESS funding. During the years ended June 30, 2024 and 2023, the Company recognized government subsidies of nil and US$12,760, respectively, as other income as no conditions unfulfilled.

<u><u>Selling and marketing expenses</u></u>

Selling and marketing expenses consist primarily of advertising and marketing expenses. The respective costs for promotion and marketing were charged to consolidated statements of operations and comprehensive income (loss) when they are incurred. During the years ended June 30, 2024 and 2023, we incurred selling and marketing expenses totaling US$105,822 and nil, respectively.

<u><u>General and administrative expenses</u></u>

General and administrative expenses mainly consist of employee salaries and welfares, office lease expense, office supplies and upkeep expenses, legal and professional fees, and other miscellaneous administrative expenses.

<u><u>Employee Benefits Plan</u></u>

The principal employee's retirement scheme is under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Contributions are made by both the employer and the employee at the rate of 5% on the employee's relevant salary income, subject to a cap of monthly relevant income of approximately US$3,837.

During the years ended June 30, 2024 and 2023, the total amount charged to the consolidated statements of operations in respect of the Company's costs incurred on the Mandatory Provident Fund Scheme were approximately US$12,535 and US$14,652, respectively.

<u><u>Income Taxes</u></u>

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

<u><u>Segment reporting</u></u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments. The Company uses the "management approach" in determining reportable operating segments. The management approach considers the

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Group's CODM is the chief executive director. Management, including the CODM, reviews operation results by revenue, operating expenses and income from operations of different services, while revenue is the profitability measure used by the CODM in making decisions about allocating resources and assessing performances. Based on management's assessment, the Company has determined that it has only one operating segment as defined by ASC 280, because the Company has only one team to provide services to customers. Hence, the Company's CODM assess the Company's performance and results of operations on a consolidated basis. The Company generates substantially all of its revenues from clients in Hong Kong. Accordingly, no geographical segments are presented. Substantially all of the Group's long-lived assets are located in Hong Kong.

<u><u>Earnings per share</u></u>

The Company computes earnings per share, or EPS, in accordance with ASC Topic 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the year. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (such as convertible securities, options and warrants) as if they had been converted at the beginning of the years presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended June 30, 2024 and 2023, there were no dilutive shares.

<u><u>Credit risk</u></u>

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, loans to customers, receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties.

The Group believes that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of approximately US$102,872 if the bank with which an individual/a company hold its eligible deposit fails. As of June 30, 2024 and 2023, cash balance of US$9,085,678 and US$9,892,415 as cash and cash equivalents and restricted cash was maintained at financial institutions in Hong Kong, respectively, and an aggregate of US$270,727 and US$162,646 were insured by the Hong Kong Deposit Protection Board, respectively.

The Group's credit risk on loans to customers is limited as collateral is required to be maintained at specified minimum levels at all times. The Company monitors margin levels and requires customers to provide additional collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes.

The Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group's loans to customers, receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

<u><u>Concentration risk</u></u>

For the year ended June 30, 2024, three customers accounted for approximately 35%, 24% and 22% of the Company's total revenue, respectively. For the year ended June 30, 2023, seven customers accounted for approximately 11%, 10%, 10%, 10%, 10%, 10% and 10% of the Company's total revenue, respectively.

As of June 30, 2024, two customers accounted for approximately 72% and 18% of the Company's loans to customers balance, respectively. As of June 30, 2023, there was no loans to customers.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

As of June 30, 2024, four customers accounted for approximately 15%, 14%, 14% and 13% of the Company's payables to customers balance, respectively. As of June 30, 2023, four customers accounted for approximately 18%, 18%, 18% and 18% of the Company's payables to customers balance, respectively.

<u><u>Interest rate risk</u></u>

The Group's exposure on fair value interest rate risk mainly arises from its fixed banks deposits with maturity dates ranging from one day to one month. It also has exposure on cash flow interest rate risk which is mainly arising from its current deposits with banks.

In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by the Group, such as cash and cash equivalents and restricted cash, at the end of the reporting period, the Group is not exposed to significant interest rate risk as the interest rates of cash at bank are not expected to change significantly.

<u><u>Liquidity risk</u></u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. As of June 30, 2024, the Company was not subject to significant liquidity risk.

<u><u>Foreign currency risk</u></u>

The reporting currency of the Company is US$. To date the majority of the revenues and costs are denominated in Hong Kong Dollar and a significant portion of the assets and liabilities are denominated in Hong Kong Dollars. There was no significant exposure to foreign exchange rate fluctuations and the Company has not maintained any hedging policy against foreign currency risk. The management will consider hedging significant currency exposure should the need arise.

<u><u>Recent accounting pronouncements</u></u>

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material impact on the financial position, results of operations, cash flows or disclosures.

In September 2022, the FASB issued ASU No. 2022-04, Liabilities — Supplier Finance Programs (Subtopic 450-50) which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

the reporting period, including a rollforward of those obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The standard's requirement to disclose the key terms of the programs and information about obligations outstanding is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The standard's requirement to disclose a rollforward of obligations outstanding will be effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (CODM), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity's consolidated financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. We are currently evaluating the impact the adoption of ASU 2023-06 will have on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income taxes (Topic 740), Improvements to Income Tax Disclosures, which provides guidance on the requirements such as the requirement that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The ASU should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impact the adoption of ASU 2023-09 will have on its consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated balance sheets, statements of operations and comprehensive income (loss) and cash flows.

**3. LOANS TO CUSTOMERS, NET**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Loans to customers, third parties | 1571770 |  |
|  Loan to customers, related parties | 26900 |  |
|  | 1598670 |  |
|  Less: allowance for expected credit losses |  |  |
|  Loans to customers, net | 1598670 |  |

---

[**Table of Contents**](#TOC001)

**4. RECEIVABLES FROM CUSTOMERS, BROKER-DEALERS AND CLEARING ORGANIZATION, NET**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Receivables from customers | 1458 | 26977 |
|  Receivables from broker-dealers | 978522 |  |
|  Receivables from clearing organization | 24253 |  |
|  | 1004233 | 26977 |
|  Less: allowance for expected credit losses |  |  |
|  Receivables from customers, broker-dealers and clearing organization, net | 1004233 | 26977 |

---

**5. PREPAID EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Prepaid selling and marketing expenses | 15699 |  |
|  Prepaid IT consultancy services fee | 76841 |  |
|  Others | 1572 | 23909 |
|  | 94112 | 23909 |

---

**6. PROPERTY AND EQUIPMENT**, **NET**

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Furniture and fixtures | 4371 | 9420 |
|  Office equipment | 7575 | 14411 |
|  Computers equipment | 15692 | 43612 |
|  Sub-total | 27638 | 67443 |
|  Less: accumulated depreciation | (24028) | (67193) |
|  Property and equipment, net | 3610 | 250 |

---

Depreciation expenses for the years ended June 30, 2024 and 2023 were $700 and $3,101, respectively.

**7. INTANGIBLE ASSETS**

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Indefinite life: |  |  |
|  Trading right in HKEx | 40982 | 40836 |
|  Finite life: |  |  |
|  Right to use trading system | 69157 |  |
|  Less: accumulated amortization | (13590) |  |
|  | 55567 |  |
|  Total intangible assets, net | 96549 | 40836 |

---

Amortization expenses on intangible assets with finite life for the years ended June 30, 2024 and 2023 were US$13,571 and nil, respectively.

[**Table of Contents**](#TOC001)

**8. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES**

The Company entered into a two-year non-cancellable operating lease agreement for lease of corporate office in Hong Kong. The Company's ROU assets and operating lease liabilities recognized in the consolidated balances sheets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Right-of-use assets |  |  |
|  Cost | 175237 |  |
|  Less: accumulated amortization | (48972) |  |
|  Right-of-use assets, net | 126265 |  |

---

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Operating lease liabilities |  |  |
|  Current portion | 92458 |  |
|  Non-current portion | 35758 |  |
|  Total | 128216 |  |

---

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  Operating leases: |  |  |
|  Weighted average remaining lease term (years) | 1.4 |  |
|  Weighted average discount rate | 5.5% |  |

---

During the years ended June 30, 2024 and 2023, the Company incurred lease expense of approximately $44,991 and nil, respectively.

The maturity analysis of the Company's non-cancelable operating lease obligations as of June 30, 2024 is as follows:

---

| | |
|:---|:---|
|  | **Operating<br> leases** |
|  | **US$** |
|  Year ending June 30, 2025 | 96697 |
|  Year ending June 30, 2026 | 36013 |
|  Total undiscounted lease obligations | 132710 |
|  Less: imputed interest | (4494) |
|  Lease liabilities recognized in the consolidated balance sheets | 128216 |

---

[**Table of Contents**](#TOC001)

**9. CONTRACT LIABILITIES**

The Group's contract liabilities include the advances from clients related to consultancy services on the Group's consolidated balance sheets. These payments are non-refundable are recognized as revenue when the Group's performance obligation is satisfied. The Group's contract liabilities are generally recognized as revenue within one to two years.

The movement of contract liabilities was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Balance at the beginning of the year |  |  |
|  Advance received | 191840 |  |
|  Exchange realignment | 263 |  |
|  Balance at the end of year | 192103 |  |

---

**10. OTHER INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Bank interest income | 233036 | 63384 |
|  Government subsidies |  | 12760 |
|  Management fee income (note) |  | 68902 |
|  Foreign exchange loss | (9769) | (29015) |
|  Others | 3470 | 684 |
|  Total | 226737 | 116715 |

---

____________

Note: Management fee income represents service fees for general corporate management received from an entity controlled by the previous shareholder, Wonderland International Financial Holdings Company.

**11. INCOME TAX**

<u><u>Cayman Islands</u></u>

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

<u><u>British Virgin Islands</u></u>

Ascent Capital and Beta Capital are incorporated in the BVI and are not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

<u><u>Hong Kong</u></u>

Beta International is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HKD2 million (approximately US$255,787), and 16.5% on any part of assessable

[**Table of Contents**](#TOC001)

**11. INCOME TAX** (cont.)

profits over HKD2 million (approximately US$255,787). Under Hong Kong tax law, the above-mentioned Hong Kong company is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

For the years ended June 30, 2024 and 2023, the Group generated substantially all of its taxable income in the Hong Kong. The tax expenses recorded in the Group's result of operations are almost entirely attributable to income earned in Hong Kong. Should the Company's operations expand or change in the future, where the Group generates taxable income in other jurisdictions, the Group's effective tax rates may substantially change.

Taxation in the consolidated statements of operations represents:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Hong Kong profits tax provision for the year: |  |  |
|  Current |  |  |
|  Deferred | 160107 | (110644) |
|  Total income tax expense | 160107 | (110644) |

---

The following table reconciles the statutory rate to the Group's effective tax rate:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  Statutory tax rate of the Company incorporated in Cayman islands | 0.0% | 0.0% |
|  Statutory tax rate of the entity incorporated in BVI | 0.0% | 0.0% |
|  Hong Kong statutory income tax rate | 16.5% | 16.5% |
|  Effect of temporary difference |  | (0.1)% |
|  Effect of permanent difference | 0.0% | (0.7)% |
|  Effect of non-taxable income | (3.2)% | 2.0% |
|  Effective tax rate | 13.3% | 17.7% |

---

#### Deferred tax
Significant components of the deferred tax assets are presented below:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Deferred tax assets: |  |  |
|  Net operating loss carry forwards | 205285 | 355169 |
|  Deferred tax assets | 205285 | 355169 |
|  Less: valuation allowance |  |  |
|  Total deferred tax assets, net | 205285 | 355169 |

---

The Group evaluated the recoverable amounts of deferred tax assets to the extent that future taxable profits will be available against which the net operating loss and temporary difference can be utilized. The carry forward of tax losses in Hong Kong generally has no time limit.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**11. INCOME TAX** (cont.)

Significant components of the deferred tax liabilities are presented below:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Deferred tax liabilities: |  |  |
|  Accelerated amortization | 9169 |  |
|  Total deferred tax liabilities | 9169 |  |

---

As of June 30, 2024 and 2023, the Group had tax payables of nil, respectively.

**12. RELATED PARTY TRANSACTIONS AND BALANCES**

<u><u>Nature of relationships with related parties</u></u>

---

| | |
|:---|:---|
|  **Name** | **Relationship with the Company** |
|  Mr. Xiang Xianxin | Shareholder and director of the Company |
|  Beta Information Services Limited | Entity controlled by shareholders of the Group |
|  Wonderland International Financials Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |
|  Wonderland International Financial Holdings Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |

---

<u><u>Related parties transactions</u></u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  **Name** | **Nature** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  Mr. Xiang Xianxin | Interest income from margin loans | 145 |  |
|  Beta Information Services Limited | Professional fee | 153472 |  |
|  Wonderland International Financial Holdings <br>Limited | Management fee income |  | 68902 |
|  Wonderland International Financials Limited | Other general and administrative expenses – management fee expenses | 43230 | 34839 |

---

Management fee expenses represent service fees for general corporate management paid to Wonderland International Financial Holdings Limited. These corporate services were terminated on Oct 31, 2023.

<u><u>Related parties balances</u></u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of June 30,** | **As of June 30,** |
|  **Name** | **Nature** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  Mr. Xiang Xianxin | Loans to customers | 26900 |  |
|  Beta Information Services Limited | Prepaid expenses | 76841 |  |
|  Mr. Xiang Xianxin | Payables to customers | (2554) |  |
|  Wonderland International Financial Limited | Amount due to a related party |  | 1276112 |

---

[**Table of Contents**](#TOC001)

**12. RELATED PARTY TRANSACTIONS AND BALANCES** (cont.)

Balances with related parties are unsecured and repayable on demand and non-interest bearing of which no interest income was recognized on the funds advanced except for the loans to Mr. Xiang Xianxin, director of the Company which bears an interest rate of 4.8% per annum. These balances are non-trade in nature except for the loans to customer and payable to customer. All balances will be settled by cash before listing.

Remuneration to senior management for the years ended June 30, 2024 and 2023 were:

---

| | | |
|:---|:---|:---|
|  | **For the years ended<br> June 30,** | **For the years ended<br> June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Salaries and other short term employee benefits | 449347 | 366759 |
|  Payments to defined contribution pension schemes | 4470 | 5169  |
|  | 453817 | 371928  |

---

**13. SHAREHOLDERS' EQUITY**

#### Ordinary shares
The Company was established under the laws of Cayman Islands on August 20, 2024.

The Company performed a series of share restructuring exercises mentioned in Note 1 which resulted in 16,020,000 ordinary shares issued and outstanding and this has been retroactively reflected from the beginning of the first period presented in the accompanying consolidated financial statements.

#### Subscription receivables
The balance represented the outstanding subscription consideration for the ordinary shares of the Company. They are recognized as deduction of equity in accordance with SAB Topic 4:E.

**14. REGULATORY REQUIREMENTS**

The following table summarizes the minimum regulatory capital as established by the HKSFC that the Company were required to maintain as of June 30, 2024 and 2023 and the actual amounts of capital that were maintained.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
|  | **US$** | **US$** | **US$** | |
|  Beta International | 384207 | 2233521 | 1849314 | 581% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2023** | **As of June 30, 2023** | **As of June 30, 2023** | **As of June 30, 2023** |
|  | **Minimum<br> regulatory<br> capital<br> requirement** | **Capital<br> levels<br> maintained** | **Excess net<br> capital** | **Percent of<br> requirement<br> maintained** |
|  | **US$** | **US$** | **US$** | |
|  Beta International | 382834 | 3788650 | 3405816 | 990% |

---

The Company's operation subsidiary maintains a capital level greater than the minimum regulatory capital requirements and it is in compliance with the minimum regulatory capital established by the HKSFC.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**15. COMMITMENTS AND CONTINGENCIES**

#### Impact of COVID-19
In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the world. The Company is currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread.

The Company have gradually resumed normal operations since 2023 as many of the quarantine measures within Hong Kong have been relaxed. However, if the coronavirus continues to progress, it could have a material negative impact on the Company's results of operations and cash flows, in addition to the impact on its employees. The Company has concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Legal proceedings
From time to time, the Group is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.

**16. SUBSEQUENT EVENTS**

The Company evaluated all events and transactions that occurred after June 30, 2024, up through December 13, 2024, which is the date the Company issued the consolidated financial statements are available to be issued, unless as disclosed elsewhere and below, there was no other material subsequent events occurred that would require recognition or disclosure in the Group's consolidated financial statements.

As set out in the Note 1 of this consolidated financial statements, the Company has gone through a series of group restructuring exercises related to the change of shareholding structure of the Company.

**17. CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY**

The following presents condensed parent company only financial information of Beta FinTech Holdings Limited.

<u><u>Condensed balance sheets</u></u>

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment in a subsidiary | 32000 | 32000 |
|  **Total non-current assets** | 32000 | 32000 |
|  **TOTAL ASSETS** | 32000 | 32000 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Amount due to a subsidiary | 32000 | 32000 |
|  **Total current liabilities** | 32000 | 32000 |
|  **TOTAL LIABILITIES** | 32000 | 32000 |

---

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
**17. CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY** (cont.)

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **COMMITMENTS AND CONTINGENCIES (Note 15)** |  |  |
|  **Shareholders' equity** |  |  |
|  Ordinary shares $0.001 par value per share; 50,000,000 shares authorized; 16,020,000 shares issued and outstanding as of June 30, 2024 and 2023\* | 16020 | 16020 |
|  Subscription receivables | (16020) | (16020) |
|  **Total shareholders' equity** |  |  |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 32000 | 32000 |

---

____________

\* The shares are presented on a retroactive basis to reflect the reorganization (Notes 1 and 13).

(i) Basis of presentation

The Company was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on August 20, 2024 and as a holding company.

The condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements.

The condensed parent-company-only financial statements are presented as if the incorporation of the Company and its subsidiaries had taken place on July 1, 2022 and throughout the two years ended June 30, 2024.

(ii) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiary of Beta FinTech Holdings Limited exceed 25% of the consolidated net assets of Beta FinTech Holdings Limited. A significant portion of the Company's operations and revenue are conducted and generated by the Company's wholly-owned subsidiary, Beta International, which is licensed by the SFC in Hong Kong. The ability of this operating subsidiary to pay dividends to the Company may be restricted because this SFC licensed operating subsidiary is subject to the minimum paid-up capital and liquid capital requirements imposed by the SFO to maintain its business license and due to the availability of cash balances of this operating subsidiary.

As of June 30, 2024 and 2023, there were no material contingencies, significant provisions of long term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

No statements of income and comprehensive income and statements of cash flows have been presented as the Company has not established in both years.

[**Table of Contents**](#TOC001)

#### Report of Independent Registered Public Accounting Firm
<u> To: </u>   <u> The Board of Directors and Shareholders of<br>Beta FinTech Holdings Limited </u>    

**Results of Review of Interim Financial Statements** 

We have reviewed the unaudited interim condensed consolidated balance sheet of Beta FinTech Holdings Limited and its subsidiaries (collectively the "Company") as of December 31, 2024, and the related unaudited interim condensed consolidated statements of operations and comprehensive loss, changes in shareholders' equity, and cash flows for the six-month periods ended December 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheet of the Company as of June 30, 2024, and the related statements of operations and comprehensive income, changes in shareholders' equity and cash flows for the year then ended (not presented herein); and in our report dated December 13, 2024, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of June 30, 2024, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

#### Basis for Review Results
These interim financial statements are the responsibility of the Company's management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is the expression of an opinion regarding the interim financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

![](twwc_sig.jpg)

WWC, P.C.

Certified Public Accountants

PCAOB ID No.1171

We have served as the Company's auditor since 2024.

San Mateo, California

April 17, 2025

![](twwc_footer.jpg)

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

#### AS OF DECEMBER 31, 2024 AND JUNE 30, 2024

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  | **(Unaudited)** | **(Audited)** |
|  **ASSETS** |  |  |
|  **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1906055 | 1269472 |
| &nbsp;&nbsp;&nbsp; Restricted cash | 10983439 | 7816206 |
| &nbsp;&nbsp;&nbsp; Loans to customers, net | 1556486 | 1571770 |
| &nbsp;&nbsp;&nbsp; Loans to customers – related parties, net |  | 26900 |
| &nbsp;&nbsp;&nbsp; Receivables from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers, net | 287521 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker-dealers and clearing organization, net | 1353115 | 1002775 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 49124 | 94112 |
| &nbsp;&nbsp;&nbsp; Amount due from shareholders | 3827 |  |
|  **Total current assets** | 16139567 | 11782693 |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 3220 | 3610 |
| &nbsp;&nbsp;&nbsp; Intangible assets, net | 90832 | 96549 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets, net | 83262 | 126265 |
| &nbsp;&nbsp;&nbsp; Investment in non-marketable equity security, net |  |  |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | 393374 | 114071 |
| &nbsp;&nbsp;&nbsp; Refundable deposits | 317729 | 269499 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 184480 | 205285 |
|  **Total non-current assets** | 1072897 | 815279 |
|  **TOTAL ASSETS** | 17212464 | 12597972 |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payables to customers | 9072380 | 7763450 |
| &nbsp;&nbsp;&nbsp; Payables to customers – related parties | 2432 | 2554 |
| &nbsp;&nbsp;&nbsp; Payables to clearing organization | 3114155 |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 110623 | 42721 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | 40166 | 192103 |
| &nbsp;&nbsp;&nbsp; Lease liabilities – current | 78594 | 92458 |
|  **Total current liabilities** | 12418350 | 8093286 |
|  **Non-current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities – non-current |  | 35758 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities | 8195 | 9169 |
|  **Total non-current liabilities** | 8195 | 44927 |
|  **TOTAL LIABILITIES** | 12426545 | 8138213 |
|  **COMMITMENTS AND CONTINGENCIES (Note 15)** |  |  |
|  **Shareholders' equity** |  |  |
|  Ordinary shares US$0.001 par value per share; 50,000,000 shares authorized; 16,020,000 shares issued and outstanding as of December 31, 2024 and June 30, 2024\* | 16020 | 16020 |
|  Additional paid-in capital | 7241687 | 7241687 |
|  Subscription receivables | (16020) | (16020) |
|  Accumulated losses | (2467972) | (2770062) |
|  Accumulated other comprehensive income (loss) | 12204 | (11866) |
|  **Total shareholders' equity** | 4785919 | 4459759 |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | 17212464 | 12597972 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 14).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

**BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND <br>COMPREHENSIVE LOSS<br>FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023<br>(Amount in U.S. dollars, except for share data, or otherwise noted)**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>December 31,** | **For the six months ended <br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 316991 | 25456 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 119466 |  |
| &nbsp;&nbsp;&nbsp; Underwriting service fee | 412262 |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income |  | 41822 |
| &nbsp;&nbsp;&nbsp; Financial advisory service income | 543469 |  |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – third parties | 125216 | 1849 |
| &nbsp;&nbsp;&nbsp; Interest income from loans to customers – related party | 1032 |  |
|  **Total revenues** | 1518436 | 69127 |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing expenses | 121999 |  |
| &nbsp;&nbsp;&nbsp; Staff costs and employee benefits | 384548 | 204387 |
| &nbsp;&nbsp;&nbsp; Legal and professional fees | 596053 | 19249 |
| &nbsp;&nbsp;&nbsp; Rental expenses | 57575 | 10998 |
| &nbsp;&nbsp;&nbsp; Technology expenses | 169625 | 61844 |
| &nbsp;&nbsp;&nbsp; Other general and administrative expenses | 27047 | 67653 |
|  **Total operating expenses** | 1356847 | 364131 |
|  **Profit (Loss) from operations** | 161589 | (295004) |
|  **Other income** |  |  |
| &nbsp;&nbsp;&nbsp; Bank interest income | 129212 | 81571 |
| &nbsp;&nbsp;&nbsp; Other income, net | 32094 | 13 |
|  **Total other income, net** | 161306 | 81584 |
|  **Profit (Loss) before income tax expenses** | 322895 | (213420) |
|  **Income tax expenses (benefit)** | 20805 | (48927) |
|  **Net income (loss)** | 302090 | (164493) |
|  **Other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 24070 | 8758 |
|  **Total comprehensive income (loss)** | 326160 | (155735) |
|  **Earnings (loss) per ordinary share** |  |  |
|  Basic and diluted\* | 0.02 | (0.01) |
|  **Weighted average number of ordinary shares** |  |  |
|  Basic and diluted\* | 16020000 | 16020000 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 14).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF C HANGES IN SHA REHOLDERS' EQUITY

#### FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares\*** | **Ordinary shares\*** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivables** | **Accumulated <br>losses** | **Accumulated <br>other <br>comprehensive <br>(loss) income** | **Total <br>shareholders' <br>equity** |
|  | **Number <br>of <br>shares** | **Amount** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivables** | **Accumulated <br>losses** | **Accumulated <br>other <br>comprehensive <br>(loss) income** | **Total <br>shareholders' <br>equity** |
|  |  | **US$** | **US$** | **US$** | **US$** | **US$** | **US$** |
|  Balance as of July 1, 2023 (Audited) | 16020000 | 16020 | 7241687 | (16020) | (3814954) | (25494) | 3401239 |
|  Foreign currency translation adjustment |  |  |  |  |  | 8758 | 8758 |
|  Net loss |  |  |  |  | (164493) |  | (164493) |
|  Balance as of December 31, 2023 (Unaudited) | 16020000 | 16020 | 7241687 | (16020) | (3979447) | (16736) | 3245504 |
|  Balance as of July 1, 2024 (Audited) | 16020000 | 16020 | 7241687 | (16020) | (2770062) | (11866) | 4459759 |
|  Foreign currency translation adjustment |  |  |  |  |  | 24070 | 24070 |
|  Net income |  |  |  |  | 302090 |  | 302090 |
|  Balance as of December 31, 2024 (Unaudited) | 16020000 | 16020 | 7241687 | (16020) | (2467972) | 12204 | 4785919 |

---

____________

\* The shares and per share data are presented on a retroactive basis to reflect the reorganization (Notes 1 and 14).

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

#### UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023

#### (Amount in U.S. dollars, except for share data, or otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>December 31,** | **For the six months ended <br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Cash flows from operating activities:** |  |  |
|  Net income (loss) | 302090 | (164493) |
|  Adjustment to reconcile net loss to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | 407 | 295 |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 6207 | 2061 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 20805 | (48927) |
|  Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Loans to customers | 50416 |  |
| &nbsp;&nbsp;&nbsp; Receivables from customers | (285348) | (7782) |
| &nbsp;&nbsp;&nbsp; Receivables from brokers-dealers and clearing organizations | (344244) | (43268) |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | 45368 | 4513 |
| &nbsp;&nbsp;&nbsp; Refundable deposits | (46706) | 155222 |
| &nbsp;&nbsp;&nbsp; Payables to customers | 1265079 | 7074987 |
| &nbsp;&nbsp;&nbsp; Payables to clearing organization | 3106448 | 27955 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other payables | 67589 | (10647) |
| &nbsp;&nbsp;&nbsp; Contract liabilities | (152463) |  |
| &nbsp;&nbsp;&nbsp; Lease liabilities | (6611) | (248) |
|  **Cash provided by operating activities** | 4029037 | 6989668 |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of intangible assets |  | (69063) |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment |  | (2637) |
|  **Cash used in investing activities** |  | (71700) |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp; Repayment to a related party |  | (1278952) |
| &nbsp;&nbsp;&nbsp; Advance to shareholders | (3818) |  |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | (278991) |  |
|  **Cash used in financing activities** | (282809) | (1278952) |
|  **Net change in cash, cash equivalents and restricted cash** | 3746228 | 5639016 |
|  Cash, cash equivalents and restricted cash at beginning of the period | 9085678 | 9892415 |
|  Net foreign exchange differences | 57588 | 37946 |
|  **Cash and cash equivalents and restricted cash at the end of the period** | 12889494 | 15569377 |
|  **Reconciliation to amounts on unaudited interim condensed consolidated balance sheets:** |  |  |
|  Cash and cash equivalents | 1906055 | 2429221 |
|  Restricted cash | 10983439 | 13140156 |
|  Total cash and cash equivalents and restricted cash | 12889494 | 15569377 |
|  **Supplemental schedule of non-cash financing activities:** |  |  |
|  Initial recognition of lease obligations related to right-of-use assets |  | 175000 |

---

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

Beta FinTech Holdings Limited (the "Company") is a company incorporated in Cayman Islands with limited liability on August 20, 2024 as an investment holding company. The Company's registered office in the Cayman Islands is at Harneys Fiduciary (Cayman) Limited, 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands and its principal place of business operation is situated at Flat 3326, 33/F, China Merchants Tower Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company together with its subsidiaries (collectively the "Group") are primarily engaged in providing securities brokerage, underwriting and placing services and financial advisory service in Hong Kong.

Beta International Securities Limited was incorporated on October 19, 1990. It is a limited liability corporation licensed with the Hong Kong Securities and Futures Commission ("HKSFC") to carry out regulated activities including Type 1 (Dealing in Securities) regulated activities which mainly offer securities dealings and brokerage services, underwriting and placing services and other financing services; and Type 4 (Advising on Securities) regulated activities in Hong Kong which mainly offer investment advisory services to customers.

Ascent Capital Management Investment Limited is a company incorporated in British Virgin Islands with limited liability on June 7, 2024. It has no operation currently.

Beta International (USA) Corp. was incorporated by Mr. Gao Cong on October 22, 2024 on behalf of Ascent Capital as Ascent Capital's wholly-owned subsidiary, in Delaware, United States, with authorized share capital of 1,000 shares of common stock, at par value $0.0001 per share. On December 5, 2024, pursuant to a securities subscription agreement executed between Beta US and Ascent Capital, Beta US issued 100 shares, $0.0001 par value per share, to Ascent Capital. As such, Beta US became a fully-owned subsidiary of Ascent BVI.

Details of the Company and its subsidiaries are set out in the table as follows as of the report date:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name** | **Date of <br>incorporation** | **Percentage of<br> effective<br> ownership as of** | **Percentage of<br> effective<br> ownership as of** | **Place of<br> incorporation** | **Principal<br> activities** |
|  **Name** | **Date of <br>incorporation** | **December 31, <br>2024** | **June 30, <br>2024** | **Place of<br> incorporation** | **Principal<br> activities** |
|  Beta FinTech Holdings Limited | August 20, 2024 | N/A | N/A | Cayman Islands | Investment holding |
|  Ascent Capital Management Investment Limited ("Ascent Capital") | June 7, 2024 | 100% | 100% | British Virgin Islands | Dormant |
|  Beta Capital International Holdings Limited ("Beta Capital") | January 15, 2014 | 100% | 100% | British Virgin Islands | Investment holding |
|  Beta International Securities Limited ("Beta International") | October 19, 1990 | 100% | 100% | Hong Kong | Providing securities brokerage, underwriting and placing services and financial advisory service in Hong Kong |
|  Beta International (USA) Corp. ("Beta US") | October 22, 2024 | 100% | 100% | Delaware | Dormant |

---

[**Table of Contents**](#TOC001)

**1. ORGANIZATION AND PRINCIPAL ACTIVITIES** (cont.)

<u><u>Reorganization</u></u>

In connection with its proposed initial public offering, the Company undertook a reorganization of its legal structure (the "Reorganization"). The Reorganization involved:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 20, 2024, the Company was incorporated in the Cayman Islands with limited liability with authorized share capital of US$50,000 of par value of US$1 each. On its date of incorporation, the Company allotted and issued 3,400, 3,300 and 3,300 shares to each of the entity wholly-owned by Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, respectively, at an aggregate consideration of US$10,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) On November 25, 2024, the entire ownership interest of Beta Capital was transferred from Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, who owns 34%, 33% and 33% of equity interest of Beta Capital, respectively, to the Company by way of share swap in which the Company allotted and issued 2,046.8, 1,986.6 and 1,986.6 shares, respectively, to each of the entity wholly-owned by Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, credited as fully paid ("Share Swap"). Upon completion of the Share Swap, Beta International has become indirectly wholly-owned subsidiaries of the Company, through Beta Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On November 25, 2024, the board of directors approved a share split of 1-for-1,000 shares and the article of association of the Company was amended that (i) the number of authorized shares increased from 50,000 shares to 50,000,000 shares; and (ii) the par value of the shares decreased from US$1.0 each to US$0.001 each. The authorized share capital of the Company remained unchanged at US$50,000. As a result, there are an aggregate of 16,020,000 share have been issued and Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin are holding 5,446,800, 5,286,600 and 5,286,600 ordinary shares, respectively, after the share split.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On December 2, 2024, two independent individual investors acquired an aggregate 1,674,000 shares (approximately in aggregate 10.45% of the issued shares after Reorganization) from an entity wholly owned by Mr. Gao Cong.

After the Reorganization, the Company, together with its subsidiaries, are effectively controlled by the same group of shareholders, i.e. Mr. Sun Shaojie, Mr. Gao Cong and Mr. Xiang Xianxin, before (100%) and after (89.55%) the Reorganization. In accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805-50-25, the Reorganization has been accounted for as a recapitalization among entities under common control since the same shareholders controlled all these entities prior to and after the Reorganization. The Company has retroactively restated all ordinary shares and per share data for all the periods presented. The consolidation of the Company and its subsidiaries have been accounted for using a historical cost basis and presented assuming that the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-entity transactions. Furthermore, ASC 805-50-45-5 indicates that the financial statements and financial information presented for prior years/periods also shall be retrospectively adjusted to furnish comparative information.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u><u>Basis of presentation and principles of consolidation</u></u>

The accompanying unaudited interim condensed consolidated financial statements ("interim financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission.

The interim financial statements do not include all the information and footnotes required by the U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the U.S. GAAP have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company's management, the interim financial statements have been prepared on

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statement of the Company's financial position as of December 31, 2024, and results of operations and cash flows for the six months ended December 31, 2024 and 2023. The audited consolidated balance sheet as of June 30, 2024 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the U.S. GAAP. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended June 30, 2024 and 2023, and related notes included in the Company's audited consolidated financial statements.

The unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All significant inter-company balances and transactions between the Company and its subsidiaries are eliminated upon consolidation.

<u><u>Foreign currency translation</u></u>

The Group uses United States Dollar ("US$" or "$") as its reporting currency. The functional currency of the Company and its subsidiaries in Cayman Islands and British Virgin Islands is US$ and the Company's subsidiary in Hong Kong is Hong Kong dollar ("HKD"), which is its respective local currency based on the criteria of ASC 830, "Foreign Currency Matters".

In the interim financial statements of the Company, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the unaudited interim condensed statements of operations during the periods in which they occur.

---

| | | |
|:---|:---|:---|
|  | **As of,** | **As of,** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  Year-end spot rate | 7.7677 | 7.8083 |

---

---

| | | |
|:---|:---|:---|
|  | **For the six months ended <br>December 31,** | **For the six months ended <br>December 31,** |
|  | **2024** | **2023** |
|  Average rate | 7.7870 | 7.8189 |

---

<u><u>Use of estimates</u></u>

The preparation of the interim financial statements in conformity with U.S. GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities as at the date of the interim financial statements and reported amounts of income and expenses during the reporting periods. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group's interim financial statements include allowance for expected credit losses, interest rate of lease and valuation allowance for deferred tax assets. Actual results may differ from these estimates.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Recently adopted accounting pronouncements</u></u>

In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The new accounting standard introduced the current expected credit losses methodology ("CECL") for estimating allowances for credit losses. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized costs, including loans and trade receivables. ASU 2016-13 is effective for the Company, as an Emerging Growth Company ("EGC"), for annual and interim reporting periods beginning after December 15, 2022. The Company adopted the standard on July 1, 2023 using the modified retrospective method for all financial assets in scope. The adoption of the standard did not have a material impact on our unaudited interim condensed consolidated statements of operations, or unaudited interim condensed consolidated statements of cash flows.

<u><u>Fair value measurement</u></u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 applies to assets or liabilities for which there are quoted prices, in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical asset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The carrying amounts of cash and cash equivalents, restricted cash, loans to customers, receivables from customers, brokers-dealers and clearing organizations, other current assets, amounts due from related parties, refundable deposits, payables to customers, payables to clearing organization, accrued expenses and other payables and amount due to a related party approximate their fair values because of their generally short maturities. The carrying amount of operating lease liabilities approximate their fair values since they bear an interest rate which approximates market interest rates.

<u><u>Related parties</u></u>

The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The details of related party transactions during the six months ended December 31, 2024 and 2023 and balances as at December 31, 2024 and June 30, 2024 are set out in Note 13.

<u><u>Cash and cash equivalents</u></u>

Cash and cash equivalents represent cash at bank and demand deposits which have original maturities less than three months and are unrestricted as to withdrawal or use. The Group maintains bank accounts in Hong Kong. Management believes that the Group is not exposed to any significant credit risk on cash and cash equivalents.

<u><u>Restricted cash</u></u>

The balance of restricted cash represents the bank balance that the Company held in trust for the benefit of its customers. The Company maintains segregated bank accounts with authorized institutions to hold customers' monies arising from its normal course of business. The segregated customers account balance is restricted for customer transactions and governed by the Securities and Futures (Client Money) Rule under the Hong Kong Securities and Futures Ordinance. The Company has classified such segregated customers account balances as restricted cash and recognized the corresponding payables to customers under the liabilities section. Interest income from restricted cash belongs to the Company as agreed with the customers and will be transferred to the bank accounts of the Company on a monthly basis with acknowledgement from client from the bank accounts of restricted cash. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk on restricted cash.

<u><u>Loans to customers, net</u></u>

Loans primarily include margin loans extended to customers, collateralized by customers' securities and are carried at the amount receivable (at amortized cost) net of allowance for expected credit losses. No minimum deposit is required to open and maintain a margin account before customers commence trading of securities on a margin account. Collateral is required to be maintained at specified minimum levels, which is larger than the outstanding balance loans, at all times. The Company monitors margin levels and requires customers to provide same additional securities as collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes. The Company has the right to realize any securities in customers' account at prevailing market prices in the situation of default. Loans to customers are considered to be in default if customers fail to provide additional securities as collateral or reduce margin positions to maintain required margin levels within the specified timeframe, ranging from one day to one week, following a decrease in the fair value of the collateral below the minimum required threshold, ranging from 20% to 50%. The minimum required threshold is determined by representative officer of Beta HK on a case-by-case basis, by taking into account the previous transaction records and types of securities, which are then subject to risk level, qualities and/or risk level of asset to be pledged, transaction frequency and market conditions and so on. The margin levels maintained by Beta HK comply with Beta HK's internal risk management profile, as well as SFC regulatory requirements. For example, if a customer's collateral is one of the Blue Chip Stocks and the customer has previous transactions with good credibility, the Company will grant a margin loan of 50% of the fair value of the collateral to the customer.

The Company applies the practical expedient based on collateral maintenance provisions under Accounting Standards Codification (ASC) 326, Financial Instruments — Credit Losses, in estimating an allowance for credit losses for collateral-dependent assets. In accordance with the practical expedient, when the Company reasonably expects that borrowers (or counterparties, as applicable) will replenish the collateral as required, there is no expectation of credit losses when the collateral's fair value is greater than the amortized cost of the financial asset. If the amortized cost exceeds the fair value of collateral, then credit losses are estimated only on the unsecured portion. The Company's policy is to charge off any delinquent margin loans, including the accrued interest on such loans. Accrued interest charged off is recognized as credit loss expense in the unaudited interim condensed consolidated statements of operations and comprehensive loss. Margin loans are considered delinquent when customers fail to meet margin calls and evidenced by the bankruptcy of customers. All margin calls issued related to margin loans have been met

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

as of December 31, 2024 and June 30, 2024. Customers with margin loans have agreed to allow the Company to pledge collateralized securities in accordance with applicable regulations. The collateral is not reflected in the interim financial statements. The Company is permitted to repledge any of the securities collateral. Pursuant to section 8A of the Securities and Futures (Client Securities) Rules (Cap 571H), the maximum aggregate market value of repledged securities must not exceed 140% of the value of margin loan balance at the end of a trading day. The Company is authorized to sell the securities collateral for the discharge and satisfaction of customers' settlement obligations and liabilities. During the six months ended December 31, 2024 and 2023, there is no collateral that has been repledged or sold. As of December 31, 2024 and June 30, 2024, allowance for expected credit losses was nil resulting from the assessment of credit losses for loans to customers.

<u><u>Receivables from customers and</u> <u>broker-dealers</u> <u>and clearing organization, net</u></u>

Receivables from customers arise from (i) the brokerage transactions of dealing with investment securities for cash customers; and (ii) financial advisory services.

Receivables from broker-dealers and clearing organizations arise from the business of dealing with investment securities. Broker-dealers will require balances to be placed with them in order to proceed the US stock trading orders requested by the customers. Receivables from clearing organization typically represent proceeds receivable on trades that have yet to settle and are usually collected within two business days after the trade date.

In evaluating the collectability of receivables balances, the Company considers specific evidence including the aging of the receivable, the customers' payment history, its current creditworthiness, its underlying equity securities secured and current and future economic trends.

The receivables from customers, broker-dealers and clearing organizations, such as Hong Kong Exchanges and Clearing Limited ("HKEx"), are viewed as past due or delinquent based on the recent payments records. The receivables from customers are generally settled within 3 months from the date of transaction. As of December 31, 2024 and June 30, 2024, no receivables from customers and broker-dealers are past due or delinquent based on the repayment history of customers and broker-dealers. As of December 31, 2024 and June 30, 2024, no receivables from clearing organizations are past due or delinquent as the receivables are normally being settled within two business days after the trade dates (for both buy and sell).

The Company regularly reviews the adequacy and appropriateness of the allowance for expected credit losses. In order to manage the collectability of receivables from customers, broker-dealers, and clearing organizations properly, the Company has adopted the following policies. First, the Company issues customer statements or payment instruction letters monthly. Second, the Company monitors aging reports and sends reminders for settlement after one month of transaction date. If payments are overdue, the Company will further perform collection process including calling customers or sending emails to customers, negotiating the settlement plans, and resolving any disputes with customers and even taking legal action against the customers which will be the last resort. The receivables will be written off after all these collection efforts have ceased in which objective evidence is available for the uncollectible typically including the bankruptcy of customers, or the insolvency of broker-dealers or clearing organizations. As of December 31, 2024 and June 30, 2024, the allowance for expected credit losses on and written off of receivables from customers, broker-dealers and clearing organizations was nil since all of the receivables were subsequently settled within two days and no indication of default from any of our customers, broker-dealers or clearing organizations.

<u>Investment in non-marketable equity security, net</u>

Investment in non-marketable equity security represents the investment of HK$1.17 (approximately $0) representing 15% of equity interest in a private entity, in which the Company does not have control or significant influence over the equity interests. The investment does not have a readily determinable fair value and is stated at amortized cost, less any impairment. At each reporting period, the Company makes a qualitative and quantitative assessment considering impairment indicators to evaluate whether the investment is impaired. As of December 31, 2024, there is no operation in the investee and management believes that the Group's investment in non-marketable equity security is not impaired.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Prepaid expenses</u></u>

Prepaid expenses mainly represented the prepaid professional fee to a related party for IT technical support to the Company, selling and marketing expenses and other general and administrative expenses. The balances are classified as current based on the terms of the respective agreements. These advances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2024 and June 30, 2024, management believes that the Group's prepaid expenses are not impaired.

<u><u>Property and equipment, net</u></u>

Property and equipment are stated at cost less accumulated depreciation and any impairment. The Company computes depreciation using the straight-line method over the estimated useful lives of the assets as follows:

<u> Furniture and fixtures </u>   <u> 5 years </u> <br> <u> Office equipment </u>   <u> 5 years </u> <br> <u> Computer equipment </u>   <u> 5 years </u>

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the unaudited interim condensed consolidated statements of operations and comprehensive loss. Expenditures for maintenance and repairs are charged to unaudited interim condensed statements of operations and comprehensive loss as incurred, while additions, renewals and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives.

<u><u>Intangible assets, net</u></u>

Intangible assets consist of eligibility rights to trade on or through HKEx and the right to use a trading system acquired by the Company. Intangible assets are originally recognized at cost. The useful lives of intangible assets are assessed to be either finite or indefinite.

The trading right on HKEx was originally recognized at cost. Management has determined that the trading right on HKEx have indefinite useful lives due to no expiry date for the access right which will be offered to the Company as long as the Company operates continuously. These intangible assets are not amortized but tested for impairment annually either individually or at the cash-generating unit level. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

The right to use a trading system is stated at cost less accumulated amortization and impairment losses, if any. It is amortized on a straight-line basis over the estimated useful life of three years arising from contractual rights.

<u><u>Deferred offering costs</u></u>

The Company follows the requirements of the FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal and other expenses incurred through the balance sheet date that are directly related to the intended initial public offering ("IPO"). Deferred offering costs will be charged to shareholders' equity netted against the proceeds upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to unaudited interim condensed statements of operations. As of December 31, 2024 and June 30, 2024, the Company deferred US$393,374 and US$114,071 of offering costs. Such costs will be deferred until the closing of the IPO, at which time the deferred costs will be offset against the offering proceeds.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Refundable deposits</u></u>

Refundable deposits mainly represented the rental deposits for the corporate office and deposits to clearing organizations. Deposits are classified as non-current as they are not expected to be refunded within 12 months after the reporting period. As a clearing member firm of HKEx, the Company is exposed to clearing member credit risk. HKEx requires member firms to deposit cash to a clearing fund. If a clearing member defaults in its obligations to clearing organizations in an amount larger than its own margin and clearing fund deposits, the shortfall is absorbed pro rata from the deposits of the other clearing members. HKEx has the authority to assess their members for additional funds if the clearing fund is depleted. A large clearing member default could result in a substantial cost if the Company is required to pay such additional funds. The balances are unsecured and are reviewed periodically to determine whether their carrying value has become impaired. As of December 31, 2024 and June 30, 2024, management believes that the Group's refundable deposits are not impaired.

<u><u>Impairment of</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying amounts may not be recoverable in accordance with FASB ASC 360, "Property, Plant and Equipment".

In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the asset and eventual disposition in accordance with FASB ASC 360-10-15. To the extent that estimated future, undiscounted cash inflows attributable to the asset, less estimated future, undiscounted cash outflows, are less than the carrying amount, an impairment loss is recognized in an amount equal to the difference between the carrying value of such asset and its fair value. Assets to be disposed of and for which there is a committed plan of disposal, whether through sale or abandonment, are reported at the lower of carrying value or fair value less costs to sell.

There was no impairment loss recognized for the six months ended December 31, 2024 and 2023.

<u><u>Payables to customers and clearing organizations</u></u>

Payables to customers arise from the business of dealing with investment securities. Payables to customers represent payables to the Company's customer in relation to the securities trading activities, which include the cash deposits received by the Company as requested by third party broker-dealers to place with them in order to proceed the trading orders requested by its customers due on pending trades and payable on demand, as well as the bank balances held on behalf of customers for any forthcoming trades to be requested by customers. Payables to clearing organizations, such as HKEx, represent proceeds payables for securities trading per customers' request in which the instructions for the transfer from the bank accounts of customers' monies held in trust for the benefit of its customers to the clearing organizations were made as of December 31, 2024 but the monies were deducted from customers' monies bank accounts within two business days after the trade date, i.e. after December 31, 2024.

<u><u>Accrued expenses and other payables</u></u>

Accrued expenses and other payables primarily include accrued professional fee, employee salaries and benefits and other accruals and payables for the operation of the ordinary course of business.

<u><u>Contract liabilities</u></u>

Contract liabilities represent advances received from a client in relation to the provision of consultancy services of reorganization and industry research for intended IPO. The Company bills its customers based upon contractual schedules. Advance payments received in excess of related accounts receivable are presented as contract liabilities on the unaudited interim condensed consolidated balance sheets. The contract liabilities will be recognized as revenue and

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

credited to unaudited interim condensed statement of operation upon completion of performance obligation (i.e. the successful listing of the customers) since there is no right of payment from customers before the completion of service. As of December 31, 2024 and June 30, 2024, the services were under process and recognized the receipt of US$40,166 and US$192,103 as contract liabilities.

<u><u>Lease</u></u>

ASC 842 supersedes the lease requirements in ASC 840 "Leases", and generally requires lessees to recognize operating and finance lease liabilities and corresponding right-of-use assets on the unaudited interim condensed balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. All leases in the Group are accounted for as operating leases.

We determine if an arrangement is a lease at inception. On our unaudited interim condensed balance sheet, our corporate office lease is included in operating lease right-of-use (ROU) assets, current portion of operating lease liability and operating lease liability, net of current portion.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. For leases that do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Significant judgment may be required when determining whether a contract contains a lease, the length of the lease term, the allocation of the consideration in a contract between lease and non-lease components, and the determination of the discount rate included in our office lease. We review the underlying objective of each contract, the terms of the contract, and consider our current and future business conditions when making these judgments.

Any lease with a term of 12 months or less is considered short-term. As permitted by ASC 842, short-term leases are excluded from the ROU assets and lease liabilities on the unaudited interim condensed consolidated balance sheets. Consistent with all other operating leases, short-term lease expense is recorded on a straight-line basis over the lease term.

The Financial Accounting Standards Board ("FASB") issued a Q&A in March 2020 that focused on the application of lease guidance in ASC 842 for lease concessions related to the effects of COVID-19. The FASB staff has said that entities can elect to not evaluate whether concessions granted by lessors related to COVID-19 are lease modifications. Entities that make this election can then apply the lease modification guidance in ASC 842 or account for the concession as if it were contemplated as part of the existing contract. The Company has elected to not treat the concessions as lease modifications and will instead account for the lease concessions as if they were contemplated as part of the existing leases. The Company has recorded negative variable lease expense and adjusted lease liabilities at the point in which the rent concession has become accruable.

The Company evaluates the impairment of its right-of-use assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of finance and operating lease liabilities in any tested asset group and include the associated lease payments in the undiscounted future pre-tax cash flows. For the six months ended December 31, 2024 and 2023, the Company did not have any impairment loss against its operating lease right-of-use assets.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Revenue Recognition</u></u>

The Group applied ASC Topic 606 "Revenue from Contracts with Customers" ("ASC 606") for all periods presented.

The five-step model defined by ASC 606 requires the Group to (i) identify its contracts with clients, (ii) identify its performance obligations under those contracts, (iii) determine the transaction prices of those contracts, (iv) allocate the transaction prices to its performance obligations in those contracts, and (v) recognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised goods or services are transferred to the client in an amount that reflects the consideration expected in exchange for those goods or services.

The Group has elected to apply the practical expedient in paragraph ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Group elected a practical expedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group expects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables to its clients and when the clients pay for those services or deliverables will be one year or less.

The determination of whether revenues should be reported on a gross or net basis is based on the Group's assessment of whether it is the principal or an agent in the transaction in accordance with ASC 606-10-55 and depends on whether the promise to the customer is to provide the products or services or to facilitate a sale by a third party. The nature of the promise depends on whether the Group controls the products or services prior to transferring it. When the Group controls the products or services, the promise is to provide and deliver the products or services and revenue is presented gross. When the Group does not control the products or services, the promise is to facilitate the sale and revenue is presented net. To distinguish a promise to provide products or services from a promise to facilitate the sale from a third party, the Group considers the guidance of control in ASC 606-10-55-37A and the indicators in 606-10-55-39. The Group considers this guidance in conjunction with the terms in its arrangements with both suppliers and customers.

As a practical expedient, the Group elected to expend the incremental costs of obtaining a contract when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.

The Group does not offer any credits or discounts, rebates, price concessions or other similar privileges to customers. Due to the nature of services, the Group does not permit refund to customers.

The Company currently generates its revenue from the following main sources:

*1. Securities brokerage commissions and handling fee*

The Company acts as an agent to provide securities brokerage services in trades execution on behalf of customers, who are individual customers or corporate customers (i.e. brokers), in return for securities brokerage commission income. The Company enters into a distinct contract with customers that governs the terms and conditions for securities trade execution, which may be terminated at will in written notice by either the customer or the Company without any termination penalty. The commercial substance of the contract exists when a trade order is placed by the customer through the Company as the customer would have an obligation to pay consideration for its services. Trade execution and clearing services are bundled into a single performance obligation as they are both inputs to the single promise, i.e. security trading, and are not considered separately identifiable. Securities brokerage commission is charged on a fixed commission rate ranging at 0.006% to 0.03% of the transaction amount as quoted by the Company and stipulated in the contracts for trade execution. Hence, the securities brokerage commission is considered variable consideration. The entire securities brokerage commission is allocated to a single performance obligation. Securities brokerage commission is recognized at a point in time when the trades (buy or sell of securities) are executed since the benefit of the service transfers to the customer when the Company completes the order. Commission fees are directly charged from the customer's account when the transactions are executed by retaining the commission fees from transaction amount before transfer back the residual amount to customers.

Handling fee generated from provision of services such as dividend collection, share subscription services in relation to IPOs services that require the processing and handling of physical certificates or legal documents or accounts that have limited or no activity to individual customers or corporate customers (i.e. brokers). The Company

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

enters into a distinct contract with customers that governs the terms and conditions for the above-mentioned services, which may be terminated at will in written notice by either the customer or the Company without a termination penalty. The commercial substance of the contract exists when services instruction is placed by the customer to the Company as the customer would have an obligation to pay consideration for its services. Dividend collection handling income is recognized at the time when the performance obligation has been satisfied by receiving dividends by the Company on behalf of customers. When the Company receives the cash dividend distributed by the securities on behalf of customers, the net dividend after deducting the dividend collection handling fee will be deposited into the customers' bank account. Dividend collection handling income is charged at fixed percentage of dividend collected and it is considered as variable consideration. New share subscription handling fee is recognized at the point in time when the performance obligation has been satisfied by successfully submitting IPO subscription to banks on behalf of customers. For new share subscription handling fee, the consideration is fixed with no variable consideration for every IPO subscription order. Other handling income charged for handling securities certificates is recognized at the point in time when the performance obligation has been satisfied by successfully processing or transferring of certificates from securities. There is no variable consideration but a fixed charge per instruction. The Company acts as an agent and handling income is directly charged from the customer's account when the transactions are executed. All handling fees are non-refundable and non-cancellable after execution was performed.

*2. Placing services*

The Group acts as placing agent by participating in placing exercises in IPOs or other fundraising activities in HKEX in return for placing commissions and/or fees.

The Company enters into a distinct placing agreement with its customers, generally the securities issuers for the provision of placing services. The placing services are distinct and identified as one performance obligation. The Company provides placing services by using its reasonable best efforts to procure potential subscribers and raise capital for securities issuers. The Company provides no guarantee for the successful procuring of potential investors and will not be penalized for any failed placing activities. The Company has no legal title of the securities for listing. The Company is entitled to placing commission based on fixed percentage of the gross amount of fundraising from the transaction, either IPO or other fundraising activities and is to be received in one lump sum payment at the completion of services as stipulated in the placing agreement. Hence, it is considered as variable consideration. As a result, revenue from providing placing services to customers is recognized at a point in time when the transaction and the performance obligations are completed, which is generally at the completion of an IPO, i.e., listing on HKEX, or the completion of a placement by client. In the situation of cessation of IPO or other fundraising activities by customers or failure of IPO or other fundraising activities, the Company is not entitled to receive any consideration. The contractual payment terms are typically due no more than 30 days from the completion of transaction. During the six months ended December 31, 2024 and 2023, all placing services have completed and received. No other obligations or follow-up actions are required by the Company after the placing activities have been completed.

3. Underwriting services

Beta HK acts as an underwriter for the Chinese companies who are seeking to issue the U.S. dollar-denominated municipal bonds in the capital market. Such services include soliciting potential buyers for the Chinese companies and assisting them to successfully issue the bonds in the market.

Beta HK enters into a distinct underwriting agreement with its customers, generally the private entities for issuance of bonds listed on Chongwa (Macao) Financial Asset Exchange Co., Ltd. ("MOX") or HKEX. The underwriting services are distinct and identified as one performance obligation. The Company provides underwriting services by using its reasonable best efforts to procure potential subscribers and raise capital for bond issuers. The Company provides no guarantee for the successful procuring of potential investors and will not be penalized for any failed underwriting activities. The Company has no legal title of the bonds to be issued. The Company is entitled to underwriting commission based on fixed percentage of the gross amount of bond issue and is to be received in one lump sum payment at the completion of services as stipulated in the underwriting agreement. Hence, it is considered as variable consideration. As a result, revenue from underwriting services to customers is recognized at a point in time

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

when the transaction and the performance obligations are completed, which is generally at the completion of successful listing of bonds on MOX or HKEX. In the situation of cessation of bond issue by customers or failure of underwriting service for the fundraising activities, the Company is not entitled to receive any consideration. The contractual payment terms are typically due no more than 30 days from the completion of transaction. No other obligations or follow-up actions are required by the Company after the underwriting activities have been completed. During the six months ended December 31, 2024, Beta HK completed underwriting services for three bonds successfully listed on MOX and a total consideration of US$412,262 was received and recognized as revenue from underwriting services. During the six months ended December 31, 2023, no such services were provided.

*4. Financial advisory services*

The Group acts as a general coordinator and consultant to companies seeking to list on stock exchanges in the U.S., such as NASDAQ or NYSE, and guides its clients through the entire listing process. Such services encompass a broad scope, including selecting and engaging suitable intermediaries such as the potential issuer's securities and local counsels, auditors, lead underwriters, underwriters' counsels, printing companies, stock transfer companies, and investor relations firms. The Group also organizes, coordinates, and supervises all intermediaries, according to the client's listing schedule, to ensure that the listing process remains on track, and helps its clients address and resolve any issues that arise during the listing process. The Group also assists the investment bank in organizing and securing investments in the IPO. (collectively, the "financial advisory services")

The Company enters into a distinct financial advisory agreement with its customers, generally the corporate customers pursuing listing on U.S. capital markets, for the provision of financial advisory services. The contract has either one-year period or without specified expiry date but will be terminated/ended upon the successful listing of the customers. As the advisory services involve a series of tasks which are interrelated and are not separable or distinct as the customers cannot benefit from any standalone task and those tasks are the necessary process to complete performance obligation, i.e. assist customers to be listed on the stock exchanges in the U.S.. They are not bundled or combined since every service agreement will be tailor-made based on customers' needs. Hence, it is impractical to complete the advisory services without those series of tasks mentioned above. Group concludes that financial advisory services are accounted for as a single performance obligation. Pursuant to the agreements, the service fees are either (i) paid by one lump sum fixed fee upon the completion of performance obligation; or (ii) paid by installments with both (a) fixed portion to be paid in milestones, such as upon entering into the engagement letters, confidential submission of F-1 registration statement and public filing of F-1 registration statement, and (b) variable portion to be paid upon successful listing which is based on certain percentage of the gross proceeds obtained by the customers from the listing. The consideration is non-refundable unless unsuccessful listing by the customers due to non-controllable factors, such as change of regulations. Hence, revenue from providing financial advisory services to customers is recognized at a point in time when the transaction and the performance obligation are completed, i.e. the successful listing of the customers or expiry of contract and the termination is mutually agreed between Beta BVI and its customers. Contract liabilities will be recognized upon receipt of advance payment and transferred to revenue upon completion of performance obligation. During the six months ended December 31, 2024, US$390,905 was received in advance for the advisory services from the customers and US$350,840 was recognized as revenue from financial advisory service upon the completion of performance obligations and the remaining US$40,166 was recognized as contract liabilities as of December 31, 2024 since the services have not yet been completed at period end. While contract liabilities of US$192,103 recognized as of June 30, 2023 was transferred to revenue upon the completion of performance obligation for the six months ended December 31, 2024.

*5. Custodial and other related income*

The Company provides custodial service to investment companies in return of a monthly custodial fee and services income. The Company enters a distinct contract with its customers for the provision of custodial and other services. The Company concludes that each monthly custodian and other service is distinct and meets the criteria for recognizing revenue over time. In addition, the Company concludes that the services provided each month are substantially similar and result in the transfer of substantially similar services to the customers each month. That is, the benefit consumed by the customers is substantially similar for each month, even though the exact volume

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

of services may vary. Therefore, the Company concludes that the monthly custodial and other services satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance obligation. The transaction price is variable consideration. The custodial income is charged at higher of approximately 0.2% per annum of the amount of investments under custody or at a fixed fee according to terms specified in the contract. The Company recognizes custodial income on a monthly basis when it satisfies its performance obligations throughout the contract terms based on output method. The amount is not refundable and there is no right of return. There is no contract asset that the Company has the right to consider in exchange for its services that the Company has transferred to its clients. Such right is not conditional on something other than the passage of time.

*6. Interest income from loans to customers*

The Company earns interest income primarily from its margin loans or IPO financing offered to customers in relation to the securities brokerage services. The Company enters into a contract with customer upon customer submission of financing application. The Company offers rolling margin loans or IPO financing to individual customers as a principal with its own funding. The transaction price is a variable consideration as interest income is charged at the prevailing interest rate over daily loan principal amount outstanding. Revenue is receivable upon passage of time and recognized over the period that the margin loans or IPO financing are outstanding. During the six months ended December 31, 2024 and 2023, the effective interest rate ranges from 4.8% to 12.87% per annum. Interest income is directly charged to the customer's account at each month end.

Disaggregation of revenue from contracts with clients, in accordance with ASC Topic 606, by major service lines is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Securities brokerage commissions and handling fee | 316991 | 25456 |
|  Placing services fee | 119466 |  |
|  Underwriting services fee | 412262 |  |
|  Custodial and other service income |  | 41822 |
|  Financial advisory service income | 543469 |  |
|  Interest income – third parties | 125216 | 1849 |
|  Interest income – related party | 1032 |  |
|  | 1518436 | 69127 |

---

Revenue disaggregated by timing of revenue recognition for the six months ended December 31, 2024 and 2023 is disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Over time:** |  |  |
| &nbsp;&nbsp;&nbsp; Custodial and other service income |  | 41822 |
| &nbsp;&nbsp;&nbsp; Interest income | 126248 | 1849 |
|  **Point in time:** |  |  |
| &nbsp;&nbsp;&nbsp; Securities brokerage commissions and handling fee | 316991 | 25456 |
| &nbsp;&nbsp;&nbsp; Placing services fee | 119466 |  |
| &nbsp;&nbsp;&nbsp; Underwriting services fee | 412262 |  |
| &nbsp;&nbsp;&nbsp; Financial advisory service income | 543469 |  |
|  | 1518436 | 69127 |

---

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Other income</u></u>

Interest income is mainly generated from savings and time deposits which are less than three months, and is recognized on an accrual basis using the effective interest method. Intertest income receives from banks on a monthly basis.

<u><u>Selling and marketing expenses</u></u>

Selling and marketing expenses consist primarily of advertising and marketing expenses. The respective costs for promotion and marketing were charged to unaudited interim condensed consolidated statements of operations and comprehensive income (loss) when they are incurred. During the six months ended December 31, 2024 and 2023, we incurred selling and marketing expenses totaling US$121,999 and nil, respectively.

<u><u>General and administrative expenses</u></u>

General and administrative expenses mainly consist of employee salaries and welfares, office lease expense, office supplies and upkeep expenses, legal and professional fees, and other miscellaneous administrative expenses.

<u><u>Employee Benefits Plan</u></u>

The principal employee's retirement scheme is under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Contributions are made by both the employer and the employee at the rate of 5% on the employee's relevant salary income, subject to a cap of monthly relevant income of approximately US$3,837.

During the six months ended December 31, 2024 and 2023, the total amount charged to the unaudited interim condensed consolidated statements of operations in respect of the Company's costs incurred on the Mandatory Provident Fund Scheme were approximately US$7,865 and US$7,106, respectively.

<u><u>Income Taxes</u></u>

The Company accounts for income taxes pursuant to ASC Topic 740, Income Taxes ("ASC 740"). Income taxes are provided on an asset and liability approach for financial accounting and reporting of income taxes. Any tax paid by subsidiaries during the period is recorded. Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. ASC 740 also requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and liabilities, and the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. ASC 740 additionally requires the establishment of a valuation allowance to reflect the likelihood of realization of deferred tax assets. Realization of deferred tax assets, including those related to the U.S. net operating loss carry-forwards, is dependent upon future earnings, if any, of which the timing and amount are uncertain.

The Company adopted ASC 740-10-05, Income Tax, which provides guidance for recognizing and measuring uncertain tax positions, and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the interim financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions.

The Company's policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

<u><u>Segment reporting</u></u>

ASC 280, "Segment Reporting", establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company uses the "management approach" in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company's chief operating decision maker ("CODM") for making operating decisions and assessing performance as the source for determining the Company's reportable segments. The Group's CODM is the chief executive director. Management, including the CODM, reviews operation results by revenue, operating expenses and income from operations of different services, while revenue is the profitability measure used by the CODM in making decisions about allocating resources and assessing performances. Based on management's assessment, the Company has determined that it has only one operating segment as defined by ASC 280, because the Company has only one team to provide services to customers. Hence, the Company's CODM assess the Company's performance and results of operations on a consolidated basis. The Company generates substantially all of its revenues from clients in Hong Kong. Accordingly, no geographical segments are presented. Substantially all of the Group's long-lived assets are located in Hong Kong.

<u><u>Earning (Loss) per share</u></u>

The Company computes earnings (loss) per share, or EPS, in accordance with ASC Topic 260, Earnings per Share ("ASC 260"). ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income (loss) divided by the weighted average ordinary share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential ordinary shares (such as convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the six months ended December 31, 2024 and 2023, there were no dilutive shares.

<u><u>Credit risk</u></u>

Assets that potentially subject the Group to a significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, loans to customers, receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties.

The Group believes that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Hong Kong Deposit Protection Board pays compensation up to a limit of approximately US$102,991 effective from October 1, 2024 if the bank with which an individual/a company hold its eligible deposit fails. As of December 31, 2024 and June 30, 2024, cash balance of US$12,889,494 and US$9,085,678 as cash and cash equivalents and restricted cash was maintained at financial institutions in Hong Kong, respectively, and an aggregate of US$357,396 and US$270,727 were insured by the Hong Kong Deposit Protection Board, respectively.

The Group's credit risk on loans to customers is limited as collateral is required to be maintained at specified minimum levels at all times. The Company monitors margin levels and requires customers to provide additional collateral, or reduce margin positions, to meet minimum collateral requirements if the fair value of the collateral changes.

The Group has designed their credit policies with an objective to minimize their exposure to credit risk. The Group's loans to customers, receivables from customers, broker-dealers and clearing organization, other current assets and amount due from related parties are short term in nature and the associated risk is minimal. The Group conducts credit evaluations on its clients and generally does not require collateral or other security from such clients. The Group periodically evaluates the creditworthiness of the existing clients in determining an allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

<u><u>Concentration risk</u></u>

For the six months ended December 31, 2024, three customers accounted for approximately 27%, 23% and 13% of the Company's total revenue, respectively. For the six months ended December 31, 2023, no customer accounted for more than 10% of the Company's total revenue.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

As of December 31, 2024, three customers accounted for approximately 35%, 18% and 15% of the Company's loans to customers balance, respectively. As of June 30, 2024, two customers accounted for approximately 72% and 18% of the Company's loans to customers balance, respectively.

As of December 31, 2024, two customers accounted for approximately 16% and 12% of the Company's payables to customers balance, respectively. As of June 30, 2024, four customers accounted for approximately 15%, 14%, 14% and 13% of the Company's payables to customers balance, respectively.

<u><u>Interest rate risk</u></u>

The Group's exposure on fair value interest rate risk mainly arises from its fixed banks deposits with maturity dates ranging from one day to one month. It also has exposure on cash flow interest rate risk which is mainly arising from its current deposits with banks.

In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative financial instruments held by the Group, such as cash and cash equivalents and restricted cash, at the end of the reporting period, the Group is not exposed to significant interest rate risk as the interest rates of cash at bank are not expected to change significantly.

<u><u>Liquidity risk</u></u>

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. As of December 31, 2024, the Company was not subject to significant liquidity risk.

<u><u>Foreign currency risk</u></u>

The reporting currency of the Company is US$. To date the majority of the revenues and costs are denominated in Hong Kong Dollar and a significant portion of the assets and liabilities are denominated in Hong Kong Dollars. There was no significant exposure to foreign exchange rate fluctuations and the Company has not maintained any hedging policy against foreign currency risk. The management will consider hedging significant currency exposure should the need arise.

<u><u>Recent accounting pronouncements</u></u>

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). ASU No. 2021-01 is an update of ASU No. 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU No. 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU No. 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately through December 31, 2022, for all entities. On December 21, 2022, the FASB issued a new Accounting Standards Update ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The Company does not expect the cessation of LIBOR to have a material impact on the unaudited interim condensed financial position, results of operations, cash flows or disclosures.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (CODM), an amount for other segment items by reportable segment and a description of its composition, all annual disclosures required by FASB ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity's consolidated financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. We are currently evaluating the impact the adoption of ASU 2023-06 will have on its unaudited interim condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income taxes (Topic 740), Improvements to Income Tax Disclosures, which provides guidance on the requirements such as the requirement that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. For public business entities (PBEs), the new requirements will be effective for annual periods beginning after December 15, 2024. For entities other than public business entities (non-PBEs), the requirements will be effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The ASU should be applied prospectively. Retrospective application is permitted. We are currently evaluating the impact the adoption of ASU 2023-09 will have on its unaudited interim condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income (Topic 220-40): Expense Disaggregation Disclosures ("ASU 2024-03"). This update requires, among other things, more detailed disclosure about types of expenses in commonly presented expense captions such as cost of sales and selling, general, and administrative expenses, and is intended to improve the disclosures about an entity's expenses including purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the on its consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited interim condensed consolidated balance sheets, statements of operations and comprehensive loss and cash flows.

**3. LOANS TO CUSTOMERS, NET**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Loans to customers, third parties | 1556486 | 1571770 |
|  Loan to customers, related parties |  | 26900 |
|  | 1556486 | 1598670 |
|  Less: allowance for expected credit losses |  |  |
|  Loans to customers, net | 1556486 | 1598670 |

---

[**Table of Contents**](#TOC001)

**4. RECEIVABLES FROM CUSTOMERS, BROKER-DEALERS AND CLEARING ORGANIZATION, NET**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Receivables from customers | 287521 | 1458 |
|  Receivables from broker-dealers | 1353115 | 978522 |
|  Receivables from clearing organization |  | 24253 |
|  | 1640636 | 1004233 |
|  Less: allowance for expected credit losses |  |  |
|  Receivables from customers, broker-dealers and clearing organization, net | 1640636 | 1004233 |

---

**5. PREPAID EXPENSES**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Prepaid selling and marketing expenses | 15781 | 15699 |
|  Prepaid IT consultancy services fee |  | 76841 |
|  Prepaid technology expenses | 22263 |  |
|  Others | 11080 | 1572 |
|  | 49124 | 94112 |

---

**6. PROPERTY AND EQUIPMENT**, **NET**

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Furniture and fixtures | 4393 | 4371 |
|  Office equipment | 7614 | 7575 |
|  Computers equipment | 15774 | 15692 |
|  Sub-total | 27781 | 27638 |
|  Less: accumulated depreciation | (24561) | (24028) |
|  Property and equipment, net | 3220 | 3610 |

---

Depreciation expenses for the six months ended December 31, 2024 and 2023 were US$407 and US$295, respectively.

[**Table of Contents**](#TOC001)

**7. INTANGIBLE ASSETS**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Indefinite life: |  |  |
|  Trading right in HKEx | 41196 | 40982 |
|  Finite life: |  |  |
|  Right to use trading system | 69519 | 69157 |
|  Less: accumulated amortization | (19883) | (13590) |
|  | 49636 | 55567 |
|  Total intangible assets, net | 90832 | 96549 |

---

Amortization expenses on intangible assets with finite life for the six months ended December 31, 2024 and 2023 were US$6,207 and US$2,061, respectively.

**8. INVESTMENT IN NON-MARKETABLE EQUITY SECURITY, NET**

Investment in non-marketable equity security, net represented the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** |
|  | **Ownership <br>interest** | **December 31, <br>2024** | **Ownership <br>interest** | **June 30, <br>2024** |
|  Non-marketable equity security | 15.0% | —<br> \* | N/A |  |
|  Total |  |  |  |  |
|  Net carrying value |  | $— |  | $— |

---

____________

\* The investment cost was less than US$1 as of December 31, 2024.

Investment in non-marketable equity security consists of an investment in limited liability private entity in which the Company's interests are deemed minor and long-term and strategic investment in entity which is currently engaged in over-the-counter options services. These investments do not have readily determinable fair values and, therefore, are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

**9. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES**

The Company entered into a two-year non-cancellable operating lease agreement for lease of corporate office in Hong Kong. The Company's ROU assets and operating lease liabilities recognized in the unaudited interim condensed consolidated balances sheets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Right-of-use assets |  |  |
|  Cost | 176153 | 175237 |
|  Less: accumulated amortization | (92891) | (48972) |
|  Right-of-use assets, net | 83262 | 126265 |

---

[**Table of Contents**](#TOC001)

**9. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES** (cont.)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Operating lease liabilities |  |  |
|  Current portion | 78594 | 92458 |
|  Non-current portion |  | 35758 |
|  Total | 78594 | 128216 |

---

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  Operating leases: |  |  |
|  Weighted average remaining lease term (years) | 0.9 | 1.4 |
|  Weighted average discount rate | 5.5% | 5.5% |

---

During the six months ended December 31, 2024 and 2023, the Company incurred lease expense of approximately US$46,277 and US$7,681, respectively.

The maturity analysis of the Company's non-cancelable operating lease obligations as of December 31, 2024 is as follows:

---

| | |
|:---|:---|
|  | **Operating<br> leases** |
|  | **US$** |
|  12 months ending December 31, 2025 | 80385 |
|  Total undiscounted lease obligations | 80385 |
|  Less: imputed interest | (1791) |
|  Lease liabilities recognized in the unaudited interim condensed consolidated balance sheets | 78594 |

---

**10. CONTRACT LIABILITIES**

The Group's contract liabilities include the advances from clients related to consultancy services on the Group's unaudited interim condensed consolidated balance sheets. These payments are non-refundable are recognized as revenue when the Group's performance obligation is satisfied. The Group's contract liabilities are generally recognized as revenue within one to two years.

The movement of contract liabilities was as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Balance at the beginning of the period/year | 192103 |  |
|  Advance received | 390905 | 191840 |
|  Revenue recognized for the period | (543469) |  |
|  Exchange realignment | 627 | 263 |
|  Balance at the end of period/year | 40166 | 192103 |

---

[**Table of Contents**](#TOC001)

**BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**11. OTHER INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Bank interest income | 129212 | 81571 |
|  Consultation service income – related party (Note 13) | 27703 |  |
|  Foreign exchange gain, net | 10530 | 105 |
|  Others | (6139) | (92) |
|  Total | 161306 | 81584 |

---

**12. INCOME TAX**

<u><u>Cayman Islands</u></u>

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments.

<u><u>British Virgin Islands</u></u>

Ascent Capital and Beta Capital are incorporated in the BVI and are not subject to tax on income or capital gains under current BVI law. In addition, upon payments of dividends by these entities to their shareholders, no BVI withholding tax will be imposed.

<u><u>Hong Kong</u></u>

Beta International is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. From year of assessment of 2019/2020 onwards, Hong Kong profits tax rates are 8.25% on assessable profits up to HKD2 million (approximately US$255,787), and 16.5% on any part of assessable profits over HKD2 million (approximately US$255,787). Under Hong Kong tax law, the above-mentioned Hong Kong company is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

For the six months ended December 31, 2024 and 2023, the Group generated substantially all of its taxable income in the Hong Kong. The tax expenses recorded in the Group's result of operations are almost entirely attributable to income earned in Hong Kong. Should the Company's operations expand or change in the future, where the Group generates taxable income in other jurisdictions, the Group's effective tax rates may substantially change.

Taxation in the unaudited interim condensed consolidated statements of operations represents:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Hong Kong profits tax provision for the period: |  |  |
|  Current |  |  |
|  Deferred | 20805 | (48927) |
|  Total income tax expenses (benefit) | 20805 | (48927) |

---

[**Table of Contents**](#TOC001)

**12. INCOME TAX** (cont.)

The following table reconciles the statutory rate to the Group's effective tax rate:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  Statutory tax rate of the Company incorporated in Cayman Islands | 0.0% | 0.0% |
|  Statutory tax rate of the entity incorporated in BVI | 0.0% | 0.0% |
|  Hong Kong statutory income tax rate | 16.5% | 16.5% |
|  Tax loss not recognized (note) | (3.6)% | (0.1)% |
|  Effect of temporary difference | 0.0% | 0.2% |
|  Effect of non-taxable income | (6.5)% | 6.3% |
|  Effective tax rate | 6.4% | 22.9% |

---

____________

Note: The tax loss not recognized represented by the tax loss position of the Company and its subsidiary established in BVI which are an investment holding company and are not subject to income tax.

#### Deferred tax
Significant components of the deferred tax assets are presented below:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Deferred tax assets: |  |  |
|  Net operating loss carry forwards | 184480 | 205285 |
|  Deferred tax assets | 184480 | 205285 |
|  Less: valuation allowance |  |  |
|  Total deferred tax assets, net | 184480 | 205285 |

---

The Group evaluated the recoverable amounts of deferred tax assets to the extent that future taxable profits will be available against which the net operating loss and temporary difference can be utilized. The carry forward of tax losses in Hong Kong generally has no time limit.

Significant components of the deferred tax liabilities are presented below:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  Deferred tax liabilities: |  |  |
|  Accelerated amortization | 8195 | 9169 |
|  Total deferred tax liabilities | 8195 | 9169 |

---

As of December 31, 2024 and June 30, 2024, the Group had no tax payables.

[**Table of Contents**](#TOC001)

**BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**13. RELATED PARTY TRANSACTIONS AND BALANCES**

<u><u>Nature of relationships with related parties</u></u>

---

| | |
|:---|:---|
|  **Name** | **Relationship with the Company** |
|  Mr. Xiang Xianxin | Shareholder and director of the Company |
|  Beta Information Services Limited | Entity controlled by shareholders of the Group |
|  Wonderland International Financials Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |
|  Wonderland International Financial Holdings Limited | Entity controlled by previous shareholder, Wonderland International Financial Holdings Company |
|  Beta Financial Investment Limited | 15% equity interest held by the Company |
|  Jieying International Holdings Limited | Shareholder of the Company |
|  Real Wisdom Capital International Holdings Limited | Shareholder of the Company |

---

<u><u>Related parties transactions</u></u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the six months <br>ended <br>December 31,** | **For the six months <br>ended <br>December 31,** |
|  **Name** | **Nature** | **2024** | **2023** |
|  |  | **US$** | **US$** |
|  Mr. Xiang Xianxin | Interest income from margin loans | 1032 |  |
|  Beta Information Services Limited | IT consultancy service expense | 231155 |  |
|  Wonderland International Financials Limited | Other general and administrative expenses – management fee expenses |  | 43230 |
|  Beta Financial Investment Limited | Other income – consultation service income | 27703 |  |

---

Management fee expenses represent service fees for general corporate management paid to Wonderland International Financial Holdings Limited. These corporate services were terminated on October 31, 2023.

Consultation service income represented the business and operational strategy provided to Beta Financial Investment Limited, which is our 15% investment, who is engaged in OTC derivatives trading. On August 1, 2024, we have entered into a service agreement with Beta Financial Investment Limited to provide business and operational strategy for the start up company for a service period of two years with annual service fee of US$102,735. We recognized as services provided pro rata to the service period which expected to be provided evenly during the two years.

<u><u>Related parties balances</u></u>

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  **Name** | **Nature** | **December 31, <br>2024** | **June 30, <br>2024** |
|  |  | **US$** | **US$** |
|  Mr. Xiang Xianxin | Loans to customers |  | 26900 |
|  Beta Information Services Limited | Prepaid expenses |  | 76841 |
|  Jieying International Holdings Limited | Due from shareholder in relation to the operating expenses paid on behalf by the Company | 1651 |  |
|  Real Wisdom Capital International Holdings Limited | <br>Due from shareholder in relation to the operating expenses paid on behalf by the Company | 2176 |  |
|  Mr. Xiang Xianxin | Payables to customers | (2432) | (2554) |
|  Beta Information Services Limited | Accrued IT consultancy service expense | (38621) |  |

---

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**13. RELATED PARTY TRANSACTIONS AND BALANCES** (cont.)

Balances with related parties are unsecured, repayable on demand and non-interest bearing of which no interest income was recognized on the funds advanced except for the loans to Mr. Xiang Xianxin, director of the Company which bears an interest rate of 4.8% per annum. These balances are non-trade in nature except for the loans to customer and payables to customer. All balances will be settled by cash before listing.

Remuneration to senior management for the six months ended December 31, 2024 and 2023 were:

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Salaries and other short term employee benefits | 250062 | 68295 |
|  Payments to defined contribution pension schemes | 2954 | 2103 |
|  | 253016 | 70398 |

---

**14. SHAREHOLDERS' EQUITY**

#### Ordinary shares
The Company was established under the laws of Cayman Islands on August 20, 2024.

The Company performed a series of share restructuring exercises mentioned in Note 1 which resulted in 16,020,000 ordinary shares issued and outstanding and this has been retroactively reflected from the beginning of the first period presented in the accompanying interim financial statements.

#### Subscription receivables
The balance represented the outstanding subscription consideration for the ordinary shares of the Company. They are recognized as deduction of equity in accordance with SAB Topic 4:E.

**15. REGULATORY REQUIREMENTS**

The following table summarizes the minimum regulatory capital as established by the HKSFC that the Company were required to maintain as of December 31, 2024 and June 30, 2024 and the actual amounts of capital that were maintained.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Minimum <br>regulatory <br>capital <br>requirement** | **Capital <br>levels <br>maintained** | **Excess <br>net <br>capital** | **Percent of <br>requirement <br>maintained** |
|  | **US$** | **US$** | **US$** | |
|  Beta International | 386215 | 940433 | 554218 | 243% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** | **As of June 30, 2024** |
|  | **Minimum <br>regulatory <br>capital <br>requirement** | **Capital <br>levels <br>maintained** | **Excess <br>net <br>capital** | **Percent of <br>requirement <br>maintained** |
|  | **US$** | **US$** | **US$** | |
|  Beta International | 384207 | 2233521 | 1849314 | 581% |

---

The Company's operation subsidiary maintains a capital level greater than the minimum regulatory capital requirements and it is in compliance with the minimum regulatory capital established by the HKSFC.

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**16. COMMITMENTS AND CONTINGENCIES**

#### Impact of COVID-19
In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the world. The Company is currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behavior intended to reduce its spread.

The Company have gradually resumed normal operations since 2023 as many of the quarantine measures within Hong Kong have been relaxed. However, if the coronavirus continues to progress, it could have a material negative impact on the Company's results of operations and cash flows, in addition to the impact on its employees. The Company has concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these interim financial statements. The interim financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Legal proceedings
From time to time, the Group is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the unaudited interim condensed consolidated financial statements.

**17. SUBSEQUENT EVENTS**

The Company evaluated all events and transactions that occurred after December 31, 2024, up through April 17, 2025, which is the date the Company issued the unaudited interim condensed consolidated financial statements are available to be issued, unless as disclosed elsewhere and below, there was no other material subsequent events occurred that would require recognition or disclosure in the Group's interim financial statements.

On January 21, 2025, the Company entered into a share subscription agreement with an independent third party. Pursuant to which, the Company issues and allots 1,980,000 new ordinary shares, representing 11% of the total issued ordinary shares, of the Company to the independent third party at a cash consideration of HK$8,800,000 (approximately US$1,130,306) resulting in total number of issued ordinary shares of 18,000,000. The new issued ordinary shares carry equal rights and rank pari passu as the existing ordinary shares.

On March 24, 2025, Beta Hengrui Capital Limited was incorporated in British Virgin Islands with limited liability with authorized share capital of US$100 of par value US$1 each by Beta Capital, a subsidiary of the Company, who holds 100% of the total issued ordinary shares of Beta Hengrui Capital Limited and it is a wholly-owned subsidiary of the Company.

[**Table of Contents**](#TOC001)

**BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**18. CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY**

The following presents condensed parent company only financial information of Beta FinTech Holdings Limited.

<u><u>Condensed balance sheets</u></u>

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, <br>2024** | **June 30, <br>2024** |
|  | **US$** | **US$** |
|  **ASSETS** |  |  |
|  **Non-current assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment in a subsidiary | 38604 | 32000 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | 393374 |  |
|  **Total non-current assets** | 431978 | 32000 |
|  **TOTAL ASSETS** | 431978 | 32000 |
|  **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |
|  **Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Amounts due to subsidiaries | 405628 | 32000 |
| &nbsp;&nbsp;&nbsp; Other payables | 24101 |  |
| &nbsp;&nbsp;&nbsp; Payable for acquisition of a subsidiary | 6437 |  |
|  **Total current liabilities** | 436166 | 32000 |
|  **TOTAL LIABILITIES** | 436166 | 32000 |
|  **COMMITMENTS AND CONTINGENCIES (Note 15)** |  |  |
|  **Shareholders' deficit** |  |  |
|  Ordinary shares $0.001 par value per share; 50,000,000 shares authorized; 16,020,000 shares issued and outstanding as of December 31, 2024 and June 30, 2024\* | 16020 | 16020 |
|  Subscription receivables | (16020) | (16020) |
|  Accumulated losses | (4188) |  |
|  **Total shareholders' deficit** | (4188) |  |
|  **TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT** | 431978 | 32000 |

---

____________

\* The shares are presented on a retroactive basis to reflect the reorganization (Notes 1 and 14).

<u><u>Condensed statement of loss</u></u>

---

| | | |
|:---|:---|:---|
|  | **For the six months ended<br> December 31,** | **For the six months ended<br> December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  **Revenues** |  |  |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Legal and professional fees | 4188 |  |
|  **Total operating expenses** | 4188 |  |
|  **Loss before income tax expenses** | (4188) |  |
|  **Income tax expenses** |  |  |
|  **Net loss** | (4188) |  |

---

[**Table of Contents**](#TOC001)

#### BETA FINTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES<br>NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**18. CONDENSED FINANCIAL STATEMENTS OF THE PARENT COMPANY** (cont.)

(i) Basis of presentation

The Company was incorporated under the laws of the Cayman Islands as an exempted company with limited liability on August 20, 2024 and as a holding company.

The condensed parent company financial information of the Company has been prepared using the same accounting policies as set out in the accompanying unaudited interim condensed consolidated financial statements.

The condensed parent-company-only financial statements are presented as if the incorporation of the Company and its subsidiaries had taken place on July 1, 2022 and throughout the six months ended December 31, 2024.

(ii) Restricted Net Assets

Schedule I of Rule 5-04 of Regulation S-X requires the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (i.e., lender, regulatory agency, foreign government, etc.).

The condensed parent company financial statements have to be prepared in accordance with Rule 12-04, Schedule I of Regulation S-X if the restricted net assets of the subsidiary of Beta FinTech Holdings Limited exceed 25% of the consolidated net assets of Beta FinTech Holdings Limited. A significant portion of the Company's operations and revenue are conducted and generated by the Company's wholly-owned subsidiary, Beta International, which is licensed by the SFC in Hong Kong. The ability of this operating subsidiary to pay dividends to the Company may be restricted because this SFC licensed operating subsidiary is subject to the minimum paid-up capital and liquid capital requirements imposed by the SFO to maintain its business license and due to the availability of cash balances of this operating subsidiary.

As of December 31, 2024 and June 30, 2024, there were no material contingencies, significant provisions of long term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the interim financial statements, if any.

No statements of cash flows have been presented as the Company has no cash transaction for both periods.

[**Table of Contents**](#TOC001)

#### PART II <br> INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

Our memorandum and articles of association provide that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our Company or its affairs in any court whether in the Cayman Islands or elsewhere.

The underwriting agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification by the underwriters of us and our directors and officers for certain liabilities, including liabilities arising under the Securities Act, but only to the extent that such liabilities are caused by information relating to the underwriters furnished to us in writing expressly for use in this registration statement and certain other disclosure documents.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
The 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 <br>Shares** | **Consideration** |
|  Jieying International Holdings Limited | 1 | Transfer from corporate agent |
|  Jieying International Holdings Limited | 3399 | $3399.00 |
|  Amazing Genius International Limited | 3300 | $3300.00 |
|  Real Wisdom Capital International Holdings Limited | 3300 | $3300.00 |
|  Jieying International Holdings Limited | 2046.8 | Share swap for shares of Beta BVI<sup>(1)</sup> |
|  Amazing Genius International Limited | 1986.6 | Share swap for shares of Beta BVI<sup>(2)</sup> |
|  Real Wisdom Capital International Holdings Limited | 1986.6 | Share swap for shares of Beta BVI<sup>(3)</sup> |
|  Jieying International Holdings Limited | 5444753.2 | N/A: Stock split<sup>(4)</sup> |
|  Amazing Genius International Limited | 5284613.4 | N/A: Stock split<sup>(5)</sup> |
|  Real Wisdom Capital International Holdings Limited | 5284613.4 | N/A: Stock split<sup>(6)</sup> |
|  WellCell Tech (HK) Co., Limited | 1980000 | HK$8,800,000 |

---

____________

(1) On November 15, 2024, a share swap was conducted whereby the Company issued 2,046.8 shares to Jieying International Holdings Limited, in exchange for all of the shares of Beta BVI held by Shaojie Sun.

(2) On November 15, 2024, a share swap was conducted whereby the Company issued 1,986.6 shares to Amazing Genius International Limited, in exchange for all of the shares of Beta BVI held by Cong Gao.

(3) On November 15, 2024, a share swap was conducted whereby the Company issued 1,986.6 shares to Real Wisdom Capital International Holdings Limited, in exchange for all of the shares of Beta BVI held by Xianxin Xiang.

(4) On November 25, 2024, the Company completed a 1:1,000 stock split. As a result, Jieying International Holdings Limited held 5,446,800 shares of the Company.

[**Table of Contents**](#TOC001)

(5) On November 25, 2024, the Company completed a 1:1,000 stock split. As a result, Amazing Genius International Limited held 5,286,600 shares of the Company.

(6) On November 25, 2024, the Company completed a 1:1,000 stock split. As a result, Real Wisdom Capital International Holdings Limited held 5,286,600 shares of the Company.

The foregoing issuances were exempt from registration under the Securities Act since they were transactions not involving a public offering. No underwriters were involved in these issuances of Shares. Other than disclosed herein, we did not issue any securities in the past three years.

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
**(a) Exhibits**

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

#### ITEM 9. UNDERTAKINGS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

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

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

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F" at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That, for the purpose of determining liability under the Securities Act to any purchaser:

Each prospectus filed by the registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

[**Table of Contents**](#TOC001)

#### 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 Hong Kong, on June 3, 2025.

---

| | |
|:---|:---|
|  Beta FinTech Holdings Limited<br> 贝塔金融科技控股有限公司 | Beta FinTech Holdings Limited<br> 贝塔金融科技控股有限公司 |
|  By: | /s/ *Xianxin Xiang* |
|  | Xianxin Xiang |
|  | Chief Executive Officer, |
|  | Chairman of the Board of Directors |
|  | (Principal Executive Officer) |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Xianxin Xiang and Didi Zhang 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 of 1933, as amended, 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 of 1933, as amended, 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 of 1933, as amended, this amended Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ *Xianxin Xiang* | Chief Executive Officer and Chairman of the Board of Directors | June 3, 2025 |
|  Xianxin Xiang | (Principal Executive Officer) |  |
|  /s/ *Didi Zhang* | Chief Financial Officer | June 3, 2025 |
|  Didi Zhang | (Principal Financial and Accounting Officer) |  |
|  /s/ *Shaojie Sun* | Director | June 3, 2025 |
|  Shaojie Sun |  |  |

---

[**Table of Contents**](#TOC001)

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on June 3, 2025.

---

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

---

[**Table of Contents**](#TOC001)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  1.1\* | [Form of Underwriting Agreement](ea022328110ex1-1_beta.htm) |
|  3.1\* | [Memorandum of Association of the Registrant, as amended by a special resolution of the Registrant on November 25, 2024, as currently in effect](ea022328110ex3-1_beta.htm) |
|  3.2\* | [Articles of Association of the Registrant, as amended by a special resolution of the Registrant on November 25, 2024, as currently in effect](ea022328110ex3-2_beta.htm) |
|  3.3\* | [Form of Amended and Restated Memorandum and Articles of Association of the Registrant (to be effective in connection with the completion of this offering)](ea022328110ex3-3_beta.htm) |
|  4.1\* | [Specimen Ordinary Share Certificate](ea022328110ex4-1_beta.htm) |
|  5.1\* | [Opinion of Harney Westwood & Riegels, Cayman Islands counsel of the Registrant, regarding the validity of Ordinary Shares being registered](ea022328110ex5-1_beta.htm) |
|  10.1\* | [Employment Agreement of Xianxin Xiang](ea022328110ex10-1_beta.htm) |
|  10.2\* | [Employment Agreement of Didi Zhang](ea022328110ex10-2_beta.htm) |
|  10.3\* | [Form of Independent Director Appointment Letter](ea022328110ex10-3_beta.htm) |
|  15.1\* | [Letter in Lieu of Consent Review Report of WWC, P.C.](ea022328110ex15-1_beta.htm) |
|  21.1\* | [List of Subsidiaries of the Registrant](ea022328110ex21-1_beta.htm) |
|  23.1\* | [Consent of WWC, P.C.](ea022328110ex23-1_beta.htm) |
|  23.2\* | [Consent of Harney Westwood & Riegels (included in Exhibits 5.1)](ea022328110ex5-1_beta.htm) |
|  23.3\* | [Consent of Loeb & Loeb LLP](ea022328110ex23-3_beta.htm) |
|  23.4\* | [Consent of Han Kun Law Offices LLP](ea022328110ex23-4_beta.htm) |
|  23.5\* | [Consent of AllBright Law Offices (Fuzhou) (included in Exhibit 99.2)](ea022328110ex99-2_beta.htm) |
|  24.1\* | [Power of Attorney (included in signature page hereto)](#T600) |
|  99.1\* | [Code of Business Conduct and Ethics](ea022328110ex99-1_beta.htm) |
|  99.2\* | [Opinion of AllBright Law Offices (Fuzhou) regarding certain PRC law matters](ea022328110ex99-2_beta.htm) |
|  99.3\* | [Form of Beta FinTech Holdings Limited 2025 Incentive Securities Plan](ea022328110ex99-3_beta.htm) |
|  99.4\* | [Director Nominee Consent of Haobing Fan](ea022328110ex99-4_beta.htm) |
|  99.5\* | [Director Nominee Consent of Chun Fai Fong](ea022328110ex99-5_beta.htm) |
|  99.6\* | [Director Nominee Consent of Christine Deschemin](ea022328110ex99-6_beta.htm) |
|  99.7\* | [Form of Clawback Policy](ea022328110ex99-7_beta.htm) |
|  99.8\* | [Consent of Frost & Sullivan](ea022328110ex99-8_beta.htm) |
|  99.9\* | [Form of Audit Committee Charter](ea022328110ex99-9_beta.htm) |
|  99.10\* | [Form of Compensation Committee Charter](ea022328110ex99-10_beta.htm) |
|  99.11\* | [Form of Nominating and Corporate Governance Committee Charter](ea022328110ex99-11_beta.htm) |
|  99.12\* | [Form of Insider Trading Policy](ea022328110ex99-12_beta.htm) |
|  107\* | [Calculation of Registration Fee](ea022328110ex-fee_beta.htm) |

---

____________

\* Filed herewith

## Exhibit 1.1

**Exhibit 1.1**

**Beta FinTech Holdings Limited**

**FORM OF UNDERWRITING AGREEMENT**

[Date]

**Cathay Securities Inc.** 

40 WALL ST. SUITE 3600

NEW YORK, NY 10005 USA

*As the Representative of several Underwriters named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, Beta FinTech Holdings Limited, a Cayman Islands company ("**Company**"), hereby confirms its agreement (this "**Agreement**" or the "**Underwriting Agreement**") with Cathay Securities Inc. (the "**Representative**" of several underwriters as disclosed in <u>Schedule A</u> attached hereto and the term Representative as used herein shall have the same meaning as underwriter, collectively the "**Underwriters**" and each an "**Underwriter**") to issue and sell to the Underwriters an aggregate of [●] ordinary shares, par value $0.001 per share, of the Company (the "**Firm Shares**"). The Company also agrees to issue and sell to the Underwriters not more than an additional [●] shares of its ordinary shares, par value $0.001 per share (the "**Option Shares**"), if and to the extent that the Representatives shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares of Option Shares granted to the Underwriters under <u>Section 1</u> hereof. The Firm Shares and the Option Shares are hereinafter collectively referred to as the "**Securities.**" The offering and sale of securities contemplated by this Agreement is referred to herein as the "**Offering**."

**1. <u>Purchase and Sale of Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of [●] Firm Shares at a purchase price (net of underwriting discounts) of $[●] per share (the "**Purchase Price**"). The Underwriters agrees to purchase from the Company the Firm Shares set forth opposite its name on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery of and Payment for Firm Shares</u>. Delivery of and payment for the Firm Shares shall be made at [●] A.M., Eastern time, on the [●] Business Day following the effective date ("**Effective Date**") of the Registration Statement (as defined below) or at such time as shall be agreed upon by the Underwriters and the Company, at the offices of VCL Law LLP (the "**Underwriters' Counsel**") or at such other place as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares is referred to as the "**Closing Date**." The closing of the payment of the purchase price for, and delivery of certificates representing, the Firm Shares is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two (2) Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Option Shares</u>. The Company hereby agrees to issue and sell to the Underwriters the Option Shares, and the Underwriters shall have the option to purchase, severally and not jointly, in whole or in part, the Option Shares from the Company (the "**Over-Allotment Option**"), in each case, at a price per share equal to the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Option Shares (the "**Over-Allotment Option Purchase Price**"). The Company and the Underwriters agree that the Underwriters may only exercise the Over-Allotment Option for the purpose of covering over-allotments made in connection with the offering of the Firm Shares. The Representative may exercise the Over-Allotment Option on behalf of the Underwriters at any time in whole, or from time to time in part, on or before the forty-fifth (45th) day after effective date of the Registration Statement, by giving written notice to the Company (the "**Over-Allotment Exercise Notice**"). Each exercise date must be at least one (1) business day after the written notice is given and may not be earlier than the Closing Date nor later than ten (10) business days after the date of such notice. On each day, if any, that the Option Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of the Option Shares (subject to such adjustments to eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of the Option Shares to be purchased on such Additional Closing Date (as defined below) as the number of Firm Shares set forth in <u>Schedule A</u> hereto opposite the name of such Underwriter bears to the total number of the Firm Shares. The Representative may cancel any exercise of the Over-Allotment Option at any time prior to the Closing Date or the applicable Additional Closing Date (as defined below), as the case may be, by giving written notice of such cancellation to the Company. The Over-Allotment Exercise Notice shall set forth: (i) the aggregate number of Option Shares as to which the Over-Allotment Option is being exercised; (ii) the Over-Allotment Option Purchase Price; (iii) the names and denominations in which the Option Shares are to be registered; and (iv) the applicable Additional Closing Date. Payment for the Option Shares (the "**Option Shares Payment**") shall be made, against delivery of the Option Shares to be purchased, by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative at least two (2) business day in advance of such payment at the office of VCL Law LLP at [●], Eastern Time, on [●], or at such other place on the same or such other date and time, as shall be designated in writing by the Representative (an "**Additional Closing Date**"). Delivery of the Firm Shares shall be made through the facilities of the DTC, unless the Representative shall otherwise instruct.

**2. <u>Representations and Warranties of the Company</u>**. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Pursuant to the Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with the Securities and Exchange Commission (the "**Commission**") a registration statement and an amendment or amendments thereto, on Form F-1 (File No. [●]), including any related prospectus or prospectuses, for the registration of the Securities under the Securities Act of 1933, as amended (the "**Act**"), which registration statement and amendment or amendments have been prepared by the Company and conform, in all material respects, with the requirements of the Act and the rules and regulations of the Commission under the Act (the "**Regulations**"). Except as the context may otherwise require, such registration statement on file with the Commission at the time the registration statement becomes effective (including the prospectus, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule 430A of the Regulations), is referred to herein as the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The final prospectus in the form first furnished to the Underwriters for use in the Offering, is hereinafter called the "**Prospectus**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Registration Statement has been declared effective by the Commission on or prior to the date hereof. "**Applicable Time**" means [●] p.m. Eastern Time, on [Date], or such other time as agreed to by the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Registration under the Exchange Act</u>. The Securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Securities under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration except as described in the Registration Statement and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Listing on Nasdaq</u>. The Securities will be approved for listing on the Nasdaq Capital Market ("**Nasdaq**") by the Closing Date, subject to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, terminating the listing of the Securities on Nasdaq nor has the Company received any notification that Nasdaq is contemplating revoking or withdrawing approval for listing of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disclosures in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>10b-5 Representation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement and the Prospectus and any post-effective amendments thereto will in all material respects comply with the requirements of the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Registration Statement, when it became effective, and any amendment or supplement thereto, did not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Prospectus when filed with the Commission does not contain and, at the Closing Date, will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The representation and warranty made in this <u>Section 2(b)(i)(B)</u> does not apply to statements made or statements omitted in reliance upon and in conformity with written information with respect to the Underwriters furnished to the Company by the Underwriters expressly for use in the Registration Statement or Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any of the Underwriters consists solely of the disclosure contained in the "*Underwriting*" section of the Registration Statement and Prospectus (collectively, the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The road show presentation and materials, when taken together as a whole with the Disclosure Materials, do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Materials based upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by, or under common control with the Company, except as disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Changes After Dates in Registration Statement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Material Adverse Change</u>. Since the end of the period covered by the latest audited financial statements included in the Registration Statement and the Prospectus, and except as otherwise specifically stated therein: (A) to the knowledge of the Company, there has been no events that have occurred that would have a have a material adverse effect on the assets, business, conditions, financial position, results of operations or business prospects of the Company (a "**Material Adverse Effect**"); and (B) there have been no material transactions entered into by the Company not in the ordinary course of business, other than as contemplated pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Recent Securities Transactions, etc</u>. Since the end of the period covered by the latest audited financial statements or interim financial statements included in the Registration Statement and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement and the Prospectus, the Company has not, other than with respect to options to purchase the ordinary shares at an exercise price equal to the then fair market price of the ordinary shares, as determined by the Company's board of directors, granted to employees, consultants or service providers: (A) issued any securities or incurred any material liability or obligation, direct or contingent, for borrowed money other than in the ordinary course of business; or (B) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Power; Licenses; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conduct of Business</u>. Except as described in the Registration Statement and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Prospectus except, any non-compliance, in each case, would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all consents, authorizations, approvals and orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court, government agency or other body is required for the valid issuance, sale and delivery of the Securities and the consummation by the Company of the transactions and agreements contemplated by this Agreement and as contemplated by the Prospectus, except with respect to applicable federal and state securities laws and the rules and regulations of the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Standing</u>. The Company has been duly incorporated, is validly existing and is in good standing under the laws of the Cayman Islands as of the date hereof, and is duly qualified to do business and is in good standing in each jurisdiction in which the conduct of business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Subsidiaries</u>. Exhibit 21.1 of the Registration Statement lists all the Company's subsidiaries and sets forth the ownership of all of the subsidiaries. The subsidiaries are duly organized and in good standing under the laws of the place of organization or incorporation, and each such subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not reasonably be expected to have a Material Adverse Effect. The Company's ownership and control of each subsidiary and each subsidiary's ownership and control of other subsidiaries, is as described in the Registration Statement, the Disclosure Materials and the Prospectus. The Company does not own or control, directly or indirectly, any corporation, association or entity other than the subsidiaries described in the Registration Statement, the Disclosure Materials and the Prospectus. Each of the Company and its subsidiaries has full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Disclosure Materials and the Prospectus, and is duly qualified to do business under the laws of each jurisdiction which requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Prospectus captioned "*Management*." The qualifications of the persons serving as board members and the overall composition of the board comply with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder applicable to the Company and the rules of Nasdaq. At least one member of the Board of Directors of the Company qualifies as an "<u>audit committee financial expert</u>" as such term is defined under the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder and the rules of Nasdaq. In addition, at least a majority of the persons serving on the Board of Directors qualify as "<u>independent</u>" as defined under the rules of the Commission and Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to Underwriters or to Underwriters' Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>D&O Questionnaires</u>. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers named in the section "*Management*" in the Prospectus immediately prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> provided to the Underwriter is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate or incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>MD&A</u>. The section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" in the Preliminary Prospectus included in the Disclosure Materials and the Prospectus accurately and fully describes in all material respects (i) accounting policies that the Company believes are the most important in the portrayal of the Company's financial condition and results of operations and that require management's most difficult, subjective or complex judgments ("**Critical Accounting Policies**"); (ii) judgments and uncertainties affecting the application of the Critical Accounting Policies; and (iii) the likelihood that materially different amounts would be reported under different conditions or using different assumptions and an explanation thereof; and the Company's management have reviewed and agreed with the selection, application and disclosure of the Critical Accounting Policies as described in the Disclosure Materials and the Prospectus and have consulted with its independent accountants with regard to such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules included in the Registration Statement and Prospectus fairly present the financial position and the results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with United States generally accepted accounting principles ("**GAAP**"), consistently applied throughout the periods involved except as disclosed therein; and the supporting schedules included in the Registration Statement and Prospectus present fairly the information required to be stated therein. The Registration Statement and Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement and the Prospectus, (i) neither the Company nor any of its subsidiaries has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business; (ii) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (iii) there has not been any change in the share capital of the Company or any of its subsidiaries or any grants under any stock compensation plan; and (iv) there has not been any material adverse change in the Company's long-term or short-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Free Transferability of Dividends or Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus all dividends and other distributions declared and payable on the ordinary shares may under current Cayman Islands, British Virgin Islands, and Hong Kong laws and regulations be paid to the holders of Securities in United States dollars and may be converted into foreign currency that may be transferred out of the Cayman Islands, British Virgin Islands, and Hong Kong in accordance with, and all such payments made to holders thereof or therein who are non-residents of the Cayman Islands, British Virgin Islands, or Hong Kong, will not be subject to income, withholding or other taxes under, the laws and regulations of the Cayman Islands, British Virgin Islands, and Hong Kong, or any political subdivision or taxing authority thereof or therein and will otherwise be free and clear of any other tax, duty, withholding or deduction in the Cayman Islands, British Virgin Islands, and Hong Kong or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in the Cayman Islands, British Virgin Islands, and Hong Kong or any political subdivision or taxing authority thereof or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Independent Accountants</u>. To the best of the Company's knowledge, WWC, P.C., whose report is filed with the Commission as part of the Registration Statement and the Prospectus, are independent registered public accountants as required by the Act and the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Authorized Capital; Options, etc</u>. The Company had the duly authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus. Based on the assumptions stated in the Registration Statement and the Prospectus, the Company will have on the Closing Date the adjusted capitalization set forth therein. Except as set forth in, or contemplated by, this Agreement, the Registration Statement and the Prospectus, on the Effective Date and on the Closing Date, there will be no options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued share capital of the Company or any security convertible into share capital of the Company, or any contracts or commitments to issue or sell shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Valid Issuance of Securities, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission with respect thereto, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Sold Pursuant to this Agreement</u>. The Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the foregoing Securities has been duly and validly taken. The Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Securities</u>. Upon issuance of Securities, and subject to full payment thereof by the Underwriters in accordance with the terms thereof, such Securities will be duly and validly issued, and the persons in whose names the Securities are registered will be entitled to the rights specified in the Securities, and upon the sale and delivery of these Securities, and payment therefor, pursuant to this Agreement, the purchasers will acquire good, marketable and valid title to such Securities, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Lock-Up Period.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Insider and each beneficial owner of the Company holding more than 5% of outstanding ordinary shares (or securities convertible into ordinary shares) (together with the Insiders, the "**Lock-Up Parties**") have agreed pursuant to the executed Lock-Up Agreements in the form attached hereto as <u>Annex IV</u> that for a period ending six (6) months starting from the Effective Date, (the "**Lock-Up Period**"), such persons and their affiliated parties shall not offer, pledge, sell, contract to sell, grant, lend or otherwise transfer or dispose of, directly or indirectly, any Securities or capital stock of the Company, including ordinary shares, or any securities convertible into or exercisable or exchangeable for such Securities or capital stock, without the consent of the Underwriters. The Underwriters may consent to an early release from the applicable Lock-Up period if, in its opinion, the market for the Securities would not be adversely impacted by sales and in cases of financial emergency of an Insider or other holders of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company, on behalf of itself and any successor entity, has agreed that, without the prior written consent of the Underwriters, it will not, for a period ending six (6) months from the closing of the Offering, (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (B) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (C) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (A), (B) or (C) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. The restrictions contained in this <u>Section 2(p)(ii)</u> shall not apply to the Securities to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement and the Prospectus, no holders of any securities of the Company or any rights exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Act or to include any such securities in a registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Related Party Transactions</u>. Except as disclosed in the Registration Statement and the Prospectus, there are no business relationships or related party transactions involving the Company or any other person required to be described in the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Scheme or Arrangement with Shareholders</u>. Neither the Company nor any of its affiliate is a party to any scheme or arrangement through which shareholders or potential shareholders are being loaned, given or otherwise having money made available for the purchase of shares whether before, in or after the Offering. Neither the Company nor any of its affiliate is aware of any such scheme or arrangement, regardless of whether it is a party to a formal agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Transactions Affecting Disclosure to FINRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Finder's Fees</u>. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or any Insider with respect to the sale of the Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the best of the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Payments Within Twelve (12) Months</u>. Except as described in the Registration Statement and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise) to: (A) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (B) to any FINRA member; or (C) to any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the prior payment of $110,000 to the Underwriters, as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>FINRA Affiliation</u>. To the best of the Company's knowledge, and except as may have been previously disclosed in writing to the Underwriters, no Insider or any beneficial owner of 10% or more of the Company's outstanding ordinary shares has any direct or indirect affiliation or association with any FINRA member (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Validity and Binding Effect of This Agreement</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefore may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Conflicts.</u> The execution, delivery, and performance by the Company of this Agreement, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any agreement or instrument to which the Company is a party; (ii) result in any violation of the provisions of the Company's amended and restated memorandum and articles of association or bylaws (as the same may be amended from time to time, the "**Charter**"); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or business constituted as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>No Stop Orders, etc</u>. Neither the Commission nor, to the best of the Company's knowledge, any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any preliminary prospectus ("**Preliminary Prospectus**") or the Prospectus (collectively, the "**Disclosure Materials**") or has instituted or, to the best of the Company's knowledge, threatened to institute any proceedings with respect to such an order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>No Defaults; Violations</u>. No default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other material agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials. The Company is not in violation of any term or provision of its Charter, or in violation in any respect of any franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses, except for such defaults that would not, singly or in the aggregate, result in a Material Adverse Effect to the Company and its subsidiaries, and that are not otherwise disclosed in the Disclosure Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>No Material Labor Disputes</u>. No material labor dispute with the employees of the Company or any of its subsidiaries exists or, to the best of the Company's knowledge, is imminent, which would result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Litigation; Governmental Proceedings</u>. There is no (i) action, (ii) suit, (iii) proceeding, (iv) inquiry, (v) arbitration, (vi) investigation, (vii) litigation, or (viii) governmental proceeding that is pending, threatened against, or involving the Company or any of its executive officers or directors. Any of the aforementioned situations that are pending or threatened have been disclosed in the Disclosure Materials and in connection with the Company's listing application for the listing of the Securities on Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>No Immunity</u>. None of the Company, its subsidiaries, or any of its or their properties or assets has any immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the Cayman Islands, British Virgin Islands, and Hong Kong, or United States federal law; and, to the extent that the Company, its subsidiaries, or any of their respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, each of the Company and its subsidiaries waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement under New York law as provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Intellectual Property</u>. Except as described in the Registration Statement and the Prospectus, the Company and each of its subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property**") necessary for the conduct of the business of the Company and its subsidiaries as currently carried on and as described in the Registration Statement and the Prospectus, except for such Intellectual Property, the failure of which to own or possess, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. To the best of the Company's knowledge, no action or use by the Company or any of its subsidiaries will involve or give rise to any infringement of, or material license or similar fees for, any Intellectual Property of others, that would reasonably be expected to have a Material Adverse Effect on the Company and the subsidiaries, taken as a whole, except as disclosed in the Registration Statement. Neither the Company nor any of its subsidiaries has received any notice alleging any such infringement or fee, except such infringement or fee that would not reasonably be expected to have a Material Adverse Effect on the Company or the subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the Company and its subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its subsidiaries has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all material taxes imposed on or assessed against the Company or such subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters and to the knowledge of the Company, (A) no material issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its subsidiaries, and (B) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its subsidiaries. The term "**taxes**" mean all federal, state, local, foreign, and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges of any kind whatever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements, and other documents required to be filed with relevant taxing authorities in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Registration Statement, the Disclosure Materials and Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in Hong Kong, or the Cayman Islands to any Hong Kong, or Cayman Islands taxing authority in connection with (A) the issuance, sale and delivery of the Securities to or for the account of the purchasers, and (B) the purchase from the Company and the sale and delivery of the Securities to purchasers thereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Data</u>. The statistical, industry-related and market-related data included in the Registration Statement and the Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived. The Company has obtained the written consent to the use of such data from such sources to the extent necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The Company's Board of Directors has validly appointed an audit committee whose composition satisfies the requirements of the rules and regulations of Nasdaq and the Board of Directors and/or audit committee has adopted a charter that satisfies the requirements of the rules and regulations of Nasdaq. Except as described in the Registration Statement and the Prospectus, neither the Board of Directors nor the audit committee has been informed, nor is any director of the Company aware, of any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Neither the Company nor the subsidiaries has, prior to the date hereof, made any offer or sale of any securities which are required to be "<u>integrated</u>" pursuant to the Act or the Regulations with the offer and sale of the Underwriters pursuant to the Registration Statement. Except as disclosed in the Registration Statement, neither the Company nor the subsidiaries has sold or issued any ordinary shares or any securities convertible into, exercisable or exchangeable for ordinary shares, or other equity securities, or any rights to acquire any ordinary shares or other equity securities of the Company, during the six-month period preceding the date of the Prospectus, including but not limited to any sales pursuant to Rule 144A or Regulation D or S under the Act, other than ordinary shares issued pursuant to employee benefit plans, qualified stock option plans or the employee compensation plans or pursuant to outstanding options, rights or warrants as described in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Sarbanes-Oxley Compliance</u>. Except as described in the Registration Statement, the Disclosure Materials, and the Prospectus, the Company has taken all necessary actions to ensure that, on the Effective Date, will be in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 applicable to it and has implemented or will implement such programs and taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all the material provisions of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and sale of the Securities and the application of the net proceeds thereof as described in the Registration Statement and the Prospectus, will not be, an "<u>investment company</u>" as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Money Laundering</u>. The operations of the Company and the subsidiaries are and have been conducted at all times in all material respects in compliance with applicable financial recordkeeping and reporting requirements of money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best of the Company's knowledge, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Foreign Corrupt Practices Act</u>. Neither the Company nor any of the Insiders or employees of the Company or any other person authorized to act on behalf of the Company has, directly or indirectly, knowingly given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Office of Foreign Assets Control</u>. None of the Company, the subsidiaries, and, to the best of the Company's knowledge, any director, officer, or employee of the Company and the subsidiaries has conducted or entered into a contract to conduct any transaction with the governments or any of subdivision thereof, residents of, or any entity based or resident in the countries that are currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("**OFAC**"); none of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by OFAC (including but not limited to the designation as a "<u>specially designated national or blocked person</u>" thereunder), the United Nations Security Council, or the European Union or is located, organized or resident in a country or territory that is the subject of OFAC-administered sanctions, including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria; and the Company will not knowingly directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Foreign Private Issuer Status</u>. The Company is a "<u>foreign private issuer</u>" within the meaning of Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Not a PFIC</u>. Except as disclosed in the Disclosure Materials, Registration Statement and Prospectus, the Company does not expect that it will be treated as a Passive Foreign Investment Company ("**PFIC**") within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended, for its current taxable year. The Company has no plan or intention to operate in such a manner that would reasonably be expected to result in the Company becoming a PFIC in future taxable years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Choice of Law</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the choice of law provision set forth in this Agreement constitutes a legal and valid choice of law under the laws of the Cayman Islands, British Virgin Islands, and Hong Kong (except for Cayman Islands laws (A) which such court considers to be procedural in nature, (B) which are revenue or penal laws or (C) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of the Cayman Islands) and will be honored by courts in the Cayman Islands, British Virgin Islands, and Hong Kong, subject to compliance with relevant civil procedural requirements (that do not involve a re-examination of the merits of the claim) in the Cayman Islands, British Virgin Islands, and Hong Kong. The Company has the power to submit, and pursuant <u>to Section 15</u> of this Agreement, has legally, validly, effectively and submitted, to the personal jurisdiction of each of the New York Courts, and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 15</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed an authorized agent for service of process in any action arising out of or relating to this Agreement, or the Securities in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company as provided in <u>Section 15</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Recognition of Judgments</u>. Except as described under the section "*Enforceability of Civil Liabilities*" in the Time of Sale Prospectus and the Prospectus, the courts of the Cayman Islands, British Virgin Islands, and Hong Kong would recognize as a valid judgment any final monetary judgment obtained against the Company in the courts of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>PRC Representation and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Organization</u>. Beta Capital International Holding Limited, Ascent Capital Management Investment Limited, Beta International Securities Limited, Beta Hengrui Capital Limted, and Beta International (USA) Corp. are duly organized under the laws of BVI, Hong Kong, and the US, and possess all necessary business licenses, approvals, permits or other authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Distributions</u>. Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, no subsidiaries of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary's capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary's property or assets to the Company or any other subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Compliance with SAFE Regulations</u>. The Company has taken all reasonable steps to cause all of the Company's shareholders and option holders who are residents or citizens of the PRC, to comply with any applicable rules and regulations of the State Administration of Foreign Exchange ("**SAFE**") relating to such shareholders' and option holders' shareholding with the Company (the "**SAFE Rules and Regulations**"), including, without limitation, taking reasonable steps to require each shareholder or option holder that is, or is directly or indirectly owned or controlled by, a resident or citizen of the PRC to complete any registration and other procedures required under applicable SAFE Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>M&A and CSRC Rules</u>. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry and Commerce, the China Securities Regulatory Commission ("**CSRC**") and SAFE on August 8, 2006 and amended on June 22, 2009 (the "**M&A Rules**"), in particular the relevant provisions thereof that purport to require offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of the PRC and controlled directly or indirectly by companies or natural persons of the PRC, to obtain the approval of the CSRC prior to the listing and trading of their securities on a stock exchange located outside of the PRC; the Company has received legal advice specifically with respect to the M&A Rules from its PRC counsel and based on such legal advice, the Company confirms with the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the issuance and sale of the Securities, the listing and trading of the Securities on Nasdaq and the consummation of the transactions contemplated by this Agreement are not and will not be, as of the date hereof or on the Closing Date, affected by the M&A Rules or any official clarifications, guidance, interpretations or implementation rules in connection with or related to the M&A Rules, including the guidance and notices issued by the CSRC on September 8 and September 21, 2006, as amended (collectively, the "**M&A Rules and Related Clarifications**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, as of the date hereof, the M&A Rules and Related Classifications did not and do not require the Company to obtain the approval of the CSRC prior to the issuance and sale of the Securities, the listing and trading of the Securities on Nasdaq, or the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Securities Offering and Listing Rules</u>. The Company represents and warrants to the Underwriters that this offering or the listing of the Company's securities on Nasdaq is not subject to the requirements of the Trial Administrative Measures of the Overseas Securities Offering and Listing by Domestic Companies (the "**Trial Measures**") and related regulations, rules or guidelines, including but not limited to the Provisions on Strengthening the Confidentiality and Archive Management Work Relating to the Overseas Securities Offering and Listing (the "**Confidentiality Provisions**").

**3. <u>Offering</u>**. Upon authorization of the release of the Securities by the Underwriters, the Underwriters propose to offer the Securities for sale to the public upon the terms and conditions set forth in the Prospectus.

**4. <u>Covenants of the Company</u>**. The Company acknowledges, covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement and any amendments thereto have been declared effective, and if Rule 430A is used or the filing of the Prospectus is otherwise required under Rule 424(b), the Company will file the Prospectus (properly completed if Rule 430A has been used) pursuant to Rule 424(b) within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period beginning on the date hereof and ending on the later of the Closing Date or such date as, in the reasonable opinion of Underwriters' Counsel, the Prospectus is no longer required by law to be delivered (or in lieu thereof the notice referred to in Rule 173(a) under the Act is no longer required to be provided) in connection with sales by an underwriter or dealer (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement, the General Disclosure Package or the Prospectus, the Company shall furnish to the Underwriters and Underwriters' Counsel for review a copy of each such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Underwriters reasonably object within 36 hours of delivery thereof to Underwriters' Counsel. The term "**General Disclosure Package**" means, collectively, the Issuer Free Writing Prospectus (es) (as defined below) issued at or prior to the date hereof, the most recent preliminary prospectus related to this offering, and the information included on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date of this Agreement, the Company shall promptly advise the Underwriters in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any prospectus, the General Disclosure Package or the Prospectus; (iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any prospectus, the General Disclosure Package, the Prospectus or any issuer free writing prospectus as defined in Rule 433 of the Regulations (the "**Issuer Free Writing Prospectus**"), or the initiation of any proceedings to remove, suspend or terminate from listing the Shares from any securities exchange upon which the Shares are listed for trading, or of the threatening of initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company will use its reasonable efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430A and 430B, as applicable, under the Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) During the Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Act, as now and hereafter amended, and by the Regulations, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Securities as contemplated by the provisions hereof, the General Disclosure Package, the Registration Statement and the Prospectus. If during such period any event or development occurs as a result of which the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such period it is necessary or appropriate in the opinion of the Company or its counsel or the Underwriters or Underwriters' Counsel to amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) to comply with the Act, the Company will promptly notify the Underwriters and will promptly amend the Registration Statement or supplement the Prospectus (or if the Prospectus is not yet available to prospective purchasers, the General Disclosure Package) or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time following the issuance of an Issuer Free Writing Prospectus there occurs an event or development as a result of which such Issuer Free Writing Prospectus would conflict with the information contained in the Registration Statement or the Prospectus or would include an untrue statement of a material fact or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances there existing, not misleading, the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will deliver to the Underwriters and Underwriters' Counsel a copy of the Registration Statement, as initially filed, and all amendments thereto, including all consents and exhibits filed therewith, and will maintain in the Company's files manually signed copies of such documents for at least five (5) years after the date of filing thereof. The Company will promptly deliver to each of the Underwriters such number of copies of any Preliminary Prospectus, the Prospectus, the Registration Statement, and all amendments of and supplements to such documents, if any, and all documents which are exhibits to the Registration Statement and any Preliminary Prospectus or Prospectus or any amendment thereof or supplement thereto, as the Underwriters may reasonably request. Prior to 10:00 A.M., Eastern Time, on the Business Day next succeeding the date of this Agreement, and from time to time thereafter, the Company shall furnish to the Underwriters copies of the Prospectus in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company consents to the use and delivery of the Preliminary Prospectus by the Underwriters in accordance with Rule 430 and Section 5(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Company elects to rely on Rule 462(b) under the Act, the Company shall both file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by the earlier of: (i) 10:00 P.M., Eastern time, on the date of this Agreement, and (ii) the time that confirmations are given or sent, as specified by Rule 462(b)(2), and pay the applicable fees in accordance with Rule 111 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company will use its best efforts, in cooperation with the Underwriters, at or prior to the time of effectiveness of the Registration Statement, to qualify the Securities for offering and sale under the securities laws relating to the offering or sale of the Securities of such jurisdictions as the Underwriters may designate and to maintain such qualifications in effect for so long as required for the distribution thereof; except that in no event shall the Company be obligated in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process or to subject itself to taxation if it is otherwise not so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the Electronic Data Gathering, Analysis and Retrieval ("**EDGAR**") system) to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company's current fiscal quarter, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Act and Rule 158 of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Except with respect to (i) securities of the Company which may be issued in connection with an acquisition of another entity (or the assets thereof), (ii) the issuance of securities of the Company intended to provide the Company with proceeds to acquire another entity (or the assets thereof), or (iii) the issuance of securities under the Company's stock option plans with exercise or conversion prices at fair market value (as defined in such plans) in effect from time to time, during the three (3) months following the Closing Date, the Company or any successor to the Company shall not undertake any public or private offerings of any equity securities of the Company (including equity-linked securities) without the prior written consent of the Underwriters, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Starting from the commencement of sales of this offering, any of the entities and individuals listed on <u>Schedule B</u> hereto (the "**Lock-Up Parties**"), without the prior written consent of the Underwriters, shall not sell or otherwise dispose of any securities of the Company, whether publicly or in a private placement, during their respective lock-up period in the lock-up agreements that are in effect. The Company will deliver to the Underwriters the agreements of the Lock-Up Parties to the foregoing effect on the date of this Agreement, which agreements shall be substantially in the form attached hereto as <u>Annex IV.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company will not issue press releases or engage in any other publicity without the Underwriters' prior written consent, for a period ending at 5:00 P.M., Eastern time, on the first Business Day following the twenty-fifth (25th) day following the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business, or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Company will apply the net proceeds from the sale of the Securities as set forth under the caption "*Use of Proceeds*" in the Prospectus. Without the prior written consent of the Underwriters, except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, no proceeds of the Offering will be used to pay outstanding loans from officers, directors or stockholders or to pay any accrued salaries or bonuses to any employees or former employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Company will use its reasonable best efforts to effect and maintain the listing of the ordinary shares on the Nasdaq Capital Market for at least three (3) years after the Effective Date, unless such listing is terminated as a result of a transaction approved by the holders of a majority of the voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company will use its best efforts to do and perform all things required to be done or performed under this Agreement by the Company prior to the Closing Date, and to satisfy all conditions precedent to the delivery of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Company will not take, and will cause its subsidiaries not to take, directly or indirectly, any action which constitutes or is designed to cause or result in, or which could reasonably be expected to constitute, cause or result in, the stabilization or manipulation of the price of any security to facilitate the sale or resale of any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company shall cause to be prepared and delivered to the Underwriters, at its expense, within two (2) Business Days from the date of this Agreement, an Electronic Prospectus to be used by the Underwriters in connection with the Offering. As used herein, the term "**Electronic Prospectus**" means a form of prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Underwriters, that may be transmitted electronically by the Underwriters to offerees and purchasers of the Securities for at least the period during which a Prospectus relating to the Securities is required to be delivered under the Act or the Exchange Act; (ii) it shall disclose the same information as the paper prospectus and prospectus filed pursuant to EDGAR, except to the extent that graphic and image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Underwriters, that will allow recipients thereof to store and have continuously ready access to the prospectus at any future time, without charge to such recipients (other than any fee charged for subscription to the Internet as a whole and for online time).

**5. <u>Representations and Warranties of the Underwriters</u>**.

The Underwriters represent and agree that, unless it obtains the prior written consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute a "<u>free writing prospectus</u>," as defined in Rule 405 under the Act, required to be filed with the Commission; *provided* that the prior written consent of the parties hereto shall be deemed to have been given in respect of the free writing prospectuses. Any such free writing prospectus consented to by the Underwriters is herein referred to as a "**Permitted Free Writing Prospectus**." The Underwriters represent that they have treated or agree that they will treat each Permitted Free Writing Prospectus as an "<u>issuer free writing prospectus</u>," as defined in Rule 433, and have complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

**6. <u>Consideration; Payment of Expenses</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriters or their respective designees their pro rata portion (based on the Securities purchased) of the following compensation with respect to the Securities which they are offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an underwriting discount equal to seven percent (7%) of the aggregate gross proceeds raised in the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an accountable expense allowance of up to $235,000, including, among other things, all reasonable fees and expenses of the Underwriters' outside legal counsel; any reasonable costs and expenses incurred in conducting background checks of the Company's officers and directors by a background search firm acceptable to the Underwriters; and the costs associated with bound volumes and mementos in such quantities as the Underwriters may reasonably request (the "**Accountable Out-of-Pocket Expenses**"). The Company has advanced an amount of $110,000 (the "**Advances**") to the Representative in anticipation of any Accountable Out-of-Pocket Expenses to be incurred by the Underwriters. Any expense item over US$5,000 incurred by the Representative shall require prior written or email approval of the Company. The Representative shall promptly return to the Company the Advances against the Accountable Out-of-Pocket Expenses, to the extent that such Accountable Out-of-Pocket Expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a non-accountable expense allowance of one percent (1%) of the gross proceeds of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters reserve the right to reduce any item of compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that the Underwriters' aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whether or not the transactions contemplated by this Agreement, the Registration Statement and the Prospectus are consummated or this Agreement is terminated, the Company hereby agrees to pay all costs and expenses incident to the Offering, which is not included in the maximum accountable expense allowance, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all expenses in connection with the preparation, printing, formatting for EDGAR and filing of the Registration Statement, any Preliminary Prospectus and the Prospectus and any and all amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all fees and expenses in connection with filings with FINRA's Public Offering System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Securities under the Act and the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all reasonable expenses in connection with the qualifications of the Securities for offering and sale under state or foreign securities or blue sky laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all fees and expenses in connection with listing the Securities on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all reasonable travel expenses of the Company's officers, directors and employees and any other expense of the Company incurred in connection with attending or hosting meetings with prospective purchasers of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all the road show expenses incurred by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any stock transfer taxes or other taxes incurred in connection with this Agreement or the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the costs associated with book building, prospectus tracking and compliance software and the cost of preparing certificates representing the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the cost and charges of any transfer agent or registrar for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood, however, that except as provided in this <u>Section 6</u>, and <u>Sections 9</u>, <u>10</u> and <u>11(d)</u> hereof, the Underwriters will pay all of their own costs and expenses. Notwithstanding anything to the contrary in this <u>Section 6</u>, in the event that this Agreement is terminated pursuant to <u>Section 11(b)</u> hereof, or subsequent to a Material Adverse Change, the Company will pay, less the Advances, all documented Accountable Out-of-Pocket Expenses of the Underwriters (including but not limited to fees and disbursements of Underwriters' Counsel and reasonable and accountable travel) incurred in connection herewith which shall be limited to expenses which are actually incurred as allowed under FINRA Rule 5110 and in any event, the aggregate amount of such expenses to be reimbursed by the Company shall not exceed $235,000, including the Advances. To the extent that the Underwriters' documented Accountable Out-of-Pocket Expenses are less than the Advances, the Underwriters will return to the Company that portion of the Advances not offset by actual expenses.

**7. <u>Reserved.</u>**

**8. <u>Conditions of Underwriters' Obligations</u>**. The obligations of the Underwriters to purchase and pay for the Firm Shares as provided herein shall be subject to: (i) the accuracy of the representations and warranties of the Company herein contained, as of the date hereof and as of the Closing Date, (ii) the absence from any certificates, opinions, written statements or letters furnished to the Underwriters or to Underwriters' Counsel pursuant to this <u>Section 8</u> of any misstatement or omission, (iii) the performance by the Company of its obligations hereunder, and (iv) each of the following additional conditions. For purposes of this <u>Section 8</u>, the terms "**Closing Date**" and "**Closing**" shall refer to the Closing Date for the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement shall have become effective and all necessary regulatory and listing approvals shall have been received not later than 5:30 P.M., Eastern time, on the date of this Agreement, or at such later time and date as shall have been consented to in writing by the Underwriters. If the Company shall have elected to rely upon Rule 430A under the Act, the Prospectus shall have been filed with the Commission in a timely fashion in accordance with the terms thereof and a form of the Prospectus containing information relating to the description of the Securities and the method of distribution and similar matters shall have been filed with the Commission pursuant to Rule 424(b) within the applicable time period; and, at or prior to the Closing Date and the actual time of the Closing, no stop order suspending the effectiveness of the Registration Statement or any part thereof, or any amendment thereof, nor suspending or preventing the use of the General Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or threatened; all requests of the Commission for additional information (to be included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or otherwise) shall have been complied with to the Underwriters' satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall not have reasonably determined, and advised the Company, that the Registration Statement, the General Disclosure Package or the Prospectus, or any amendment thereof or supplement thereto, or any Issuer Free Writing Prospectus, contains an untrue statement of fact which, in the Underwriters' reasonable opinion, is material, or omits to state a fact which, in the Underwriters' reasonable opinion, is material and is required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received, in form reasonably satisfactory to the Underwriters and Underwriters' counsel of (i) favorable legal opinions from Harney Westwood & Riegels, Cayman Islands counsel to the Company dated as of the Closing Date and addressed to the Representative, (ii) favorable legal opinions and negative assurance letter from Loeb & Loeb LLP, U.S. legal counsel for the Company, dated as of the Closing Date and addressed to the Representative, and (iii) favorable legal opinions from Han Kun Law Offices LLP, Hong Kong legal counsel to the Company, dated as of the Closing Date. A copy of such opinion shall have been provided to the Underwriters with consent from such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received certificates of each of the Chief Executive Officer and Chief Financial Officer of the Company (the "**Officers' Certificate**"), substantially in the form attached hereto as <u>Annex I</u> and dated as of the Closing Date, to the effect that: (i) the conditions set forth in subsection (a) of this <u>Section 8</u> have been satisfied, (ii) as of the date hereof and as of the Closing Date, the representations and warranties of the Company set forth in <u>Section 2</u> hereof are accurate, (iii) as of the Closing Date, all agreements, conditions and obligations of the Company to be performed or complied with hereunder on or prior thereto have been duly performed or complied with, (iv) the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding, (v) no stop order suspending the effectiveness of the Registration Statement or any amendment thereof has been issued and no proceedings therefor have been initiated or threatened by the Commission, (vi) there are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included, (vii) subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been any Material Adverse Change or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business, and (viii) any other conditions deemed necessary for the closing of this offering by the Underwriters' Counsel have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At each of the Closing Date, the Underwriters shall have received a certificate of the Company signed by the Secretary of the Company (the "**Secretary's Certificate**"), substantially in the form attached hereto as <u>Annex II</u> and dated the Closing Date, certifying: (i) that each of the Charter and Bylaws is true and complete, has not been modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified; (iii) the good standing of the Company; (iv) as to the incumbency of the officers of the Company. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On the date of this Agreement and on the Closing Date, the Company shall have furnished to the Representative, a certificate on behalf of the Company, dated the respective dates of delivery thereof and addressed to the Underwriters, of its Chief Financial Officer with respect to certain financial date contained in the Registration Statement and Prospectus (the "**CFO Certificate**"), providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative, substantially in the form attached hereto as <u>Annex III</u>.

(g). On the date of this Agreement and on the Closing Date, the Underwriters shall have received a comfort letter from WWC, P.C. (the "**Auditor Comfort Letter**") as of each such date, addressed to the Underwriters and in form and substance satisfactory to the Underwriters and Underwriters' Counsel, confirming that they are independent certified public accountants with respect to the Company within the meaning of the Act and all applicable Regulations, and stating, as of such date (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Prospectus, as of a date not more than two (2) business days prior to such date), the conclusions and findings of such firm with respect to the financial information and other matters relating to the Registration Statement covered by such letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall have furnished the Underwriters and Underwriters' Counsel with such other certificates, opinions or documents as they may have reasonably requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received a lock-up agreement from each Lock-Up Party, duly executed by the applicable Lock-Up Party, in each case substantially in the form attached as <u>Annex IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date or, if earlier, the dates as of which information is given in the Registration Statement (exclusive of any amendment thereof) and the Prospectus (exclusive of any supplement thereto), there shall not have been any change in the capital stock or long-term debt of the Company or any change or development involving a change, whether or not arising from transactions in the ordinary course of business, in the business, condition (financial or otherwise), results of operations, shareholders' equity, properties or prospects of the Company, taken as a whole, including but not limited to the occurrence of any fire, flood, storm, explosion, accident, act of war or terrorism or other calamity, the effect of which, in any such case described above, is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the sale of Securities or Offering as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Securities are registered under the Exchange Act and, as of the Closing Date, the Securities shall be listed and admitted and authorized for trading on the Nasdaq Capital Market and satisfactory evidence of such action shall have been provided to the Underwriters. The Company shall have taken no action designed to terminate, or likely to have the effect of terminating, the registration of the Securities under the Exchange Act or delisting or suspending the Securities from trading on the Nasdaq Capital Market, nor will the Company have received any information suggesting that the Commission or the Nasdaq Capital Market is contemplating terminating such registration or listing. The Firm Shares shall be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially materially and adversely affect the business or operations of the Company.

**9. <u>Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless (to the fullest extent permitted by applicable law) the Underwriters and each Person, if any, who controls the Underwriters within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Company), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon: (i) an untrue statement or alleged untrue statement of a material fact contained in (A) the Registration Statement, including the information deemed to be a part of the Registration Statement at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any amendment or supplement to any of them or (B) any Issuer Free Writing Prospectus or any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Securities ("**Marketing Materials**"), including any road show or investor presentations made to investors by the Company (whether in person or electronically), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigations or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof); or (ii) in whole or in part upon any inaccuracy in the representations and warranties of the Company contained herein; or (iii) in whole or in part upon any failure of the Company to perform its obligations hereunder; *provided, however*, that the Company shall not be liable in any such case to the extent that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, or any such amendment or supplement to any of them, or any Issuer Free Writing Prospectus or any Marketing Materials in reliance upon and in conformity with the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters agree to indemnify and hold harmless the Company, each of the directors of the Company, each of the officers of the Company who shall have signed the Registration Statement, and each other Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, against any losses, liabilities, claims, damages and expenses whatsoever, as incurred (including but not limited to reasonable attorneys' fees and any and all reasonable expenses whatsoever, incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Act, the Exchange Act or otherwise (including in settlement of any litigation if such settlement is effected with the written consent of the Underwriters), insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, at the time of effectiveness and at any subsequent time pursuant to Rules 430A and 430B of the Regulations, any Preliminary Prospectus, the General Disclosure Package, the Prospectus, any amendment or supplement to any of them or any Marketing Materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse such indemnified party for any legal or other expenses reasonably incurred by it in connection with investigating or defending against such losses, liabilities, claims, damages or expenses (or actions in respect thereof), in each case to the extent, but only to the extent, that any such loss, liability, claim, damage or expense (or action in respect thereof) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of any claim or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this <u>Section 9</u> to the extent that it is not materially prejudiced as a result thereof). In case any such claim or action is brought against any indemnified party, and it so notifies an indemnifying party thereof, the indemnifying party will be entitled to participate at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless: (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action; (ii) the indemnifying parties have not employed counsel to have charge of the defense of such action within a reasonable time after notice of the claim or the commencement of the action; (iii) the indemnifying party does not diligently defend the action after assumption of the defense; or (iv) such indemnified party or parties shall have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party, or any of them, in conducting the defense of any such action or there may be legal defenses available to it or them which are different from or additional to those available to any of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses shall be borne by the indemnifying parties and shall be paid as incurred. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) of the indemnified party or parties unless such separate representations are required under applicable ethics rules that govern the representations of the indemnified party or parties by such legal counsel. In the case of any separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be designated in writing by the Underwriters. In the case of more than one separate firm (in addition to any local counsel) for the Company, and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this <u>Section 9</u> or <u>Section 10</u> hereof (whether or not the indemnified party is an actual or potential party thereto), unless (v) such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and (B) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party, and (vi) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment.

**10. <u>Contribution</u>**. In order to provide for contribution in circumstances in which the indemnification provided for in <u>Section 9</u> is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder, the Company and the Underwriters shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the case of losses, claims, damages, liabilities and expenses suffered by the Company, any contribution received by the Company from Persons, other than the Underwriters, who may also be liable for contribution, including Persons who control the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company), as incurred, to which the Company and one or more of the Underwriters may be subject, in such proportions as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other hand from the Offering and sale of the Securities or, if such allocation is not permitted by applicable law, in such proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Company and the Underwriters in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Underwriters shall be deemed to be in the same proportion as (i) the total proceeds from the Offering (net of underwriting discount and commission but before deducting expenses) received by the Company bears to (ii) the underwriting discount and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company and the Underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this <u>Section 10</u> were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this <u>Section 10</u>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this <u>Section 10</u> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this <u>Section 10</u>: (iii) no Underwriter shall be required to contribute any amount in excess of the underwriting discounts applicable to the Securities underwritten by it and distributed to the public and (iv) no Person guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation (within the meaning of Section 12(f) of the Act). For purposes of this <u>Section 10</u>, each Person, if any, who controls an Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as such Underwriter, and each Person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to clauses (iii) and (iv) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this <u>Section 10</u> or otherwise. As used herein, a "**Person**" refers to an individual or entity.

**11. <u>Effective Date of Agreement; Termination; Defaulting Underwriters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) receipt by the Underwriters and the Company of notification of the effectiveness of the Registration Statement or (ii) the execution of this Agreement. Notwithstanding any termination of this Agreement, the provisions of this <u>Section 11</u> and of <u>Sections 1</u>, <u>4</u>, <u>6</u>, <u>9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall remain in full force and effect at all times after the execution hereof to the extent they are in compliance with FINRA Rule 5110(g)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have the right to terminate this Agreement at any time prior to the consummation of the Closing if: (i) any domestic or international event or act or occurrence has materially disrupted, or in the reasonable opinion of the Underwriters will in the immediate future materially disrupt, the market for the Company's securities or securities in general; or (ii) trading on the Nasdaq Capital Market has been suspended or made subject to material limitations, or minimum or maximum prices for trading have been fixed, or maximum ranges for prices for securities have been required, on the Nasdaq Capital Market or by order of the Commission, FINRA or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or securities settlement or clearance services has occurred; or (iv) (A) there has occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency or war by the United States or (B) there has been any other calamity or crisis or any change in political, financial or economic conditions, if the effect of any such event in (A) or (B), in the reasonable judgment of the Underwriters, is so material and adverse that such event makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Firm Shares on the terms and in the manner contemplated by the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice of termination pursuant to this <u>Section 11</u> shall be in writing and delivered in accordance with <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on the Closing Date or any Additional Closing Date, as the case may be, any one or more of the Underwriters shall fail or refuse to purchase the Shares that it has or they have agreed to purchase hereunder on such date, and the aggregate number of the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth (10%) of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in <u>Schedule A</u> bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the Representative may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that, in no event shall the number of Shares that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 11(d) by an amount in excess of one-ninth (1/9) of such number of Shares without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Firm Shares to be purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Firm Shares are not made within thirty six (36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case, either the Representative or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Pricing Disclosure Package, in the Final Prospectus or in any other documents or arrangements may be effected. If, on an Additional Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Option Shares and the aggregate number of Option Shares with respect to which such default occurs is more than one-tenth (10%) of the aggregate number of Option Shares to be purchased on such Additional Closing Date, the non-defaulting Underwriters shall have the option to (i) terminate their obligation hereunder to purchase the Option Shares to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If this Agreement shall be terminated pursuant to any of the provisions hereof (other than pursuant to <u>Section 11(b)</u> hereof), or if the sale of the Securities provided for herein is not consummated because any condition to the obligations of the Underwriters set forth herein is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof, the Company will, subject to demand by the Underwriters, reimburse the Underwriters for only those documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110 less any amounts previously paid by the Company); *provided, however,* that all such expenses, including the costs and expenses set forth in <u>Section 6(c)</u> which were actually paid, shall not exceed accountable expenses actually incurred in the aggregate, including any advances.

**12. <u>Survival of Representations and Agreements</u>**. All representations, warranties, covenants and agreements of the Company and the Underwriters contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, including, without limitation, the agreements contained in <u>Sections 6</u>, <u>15</u> and <u>16</u>, the indemnity agreements contained in <u>Section 9</u> and the contribution agreements contained in <u>Section 10</u>, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Underwriters or any controlling Person thereof or by or on behalf of the Company, any of its officers or directors or any controlling Person thereof, and shall survive delivery of and payment for the Securities to and by the Underwriters. The representations and warranties contained in <u>Section 2</u> and the covenants and agreements contained in <u>Sections 4</u>, <u>6, 9</u>, <u>10</u>, <u>15</u> and <u>16</u> shall survive any termination of this Agreement, including termination pursuant to <u>Sections 11</u>. For the avoidance of doubt, in the event of termination the Underwriters will receive only out-of-pocket accountable expenses actually incurred subject to the limit in <u>Section 11(d)</u>, in compliance with FINRA Rules 5110(g)(5)(A), 5110(g)(5)(B)(i) and 5110(g)(5)(B)(ii).

**13. <u>Notices</u>**. All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent to the Representative, shall be mailed, delivered, or emailed, to:

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Attention: Shell Li

Email: shell.li@cathaysecurities.com

with a copy to Underwriter's Counsel at:

VCL Law LLP

1945 Old Gallows Rd., Suite 260

Vienna, VA 22182

Attention: Fang Liu, Partner

Email: fliu@vcllegal.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent to the Company, shall be mailed, delivered, or emailed, to:

Beta FinTech Holdings Limited

Rm3326, East Block, China Merchants Tower

168-200 Connaught Road Central, Sheung Wan, Hong Kong

Attention: Xianxin Xiang

Email: steven@betaints.com

with a copy to the Company's Counsel at:

Loeb & Loeb LLP

2206-19 Jardine House, 1 Connaught Place

Central, Hong Kong

Attention: Henry Yin

Email: henry.yin@loeb.com

**14.** <u>Parties; Limitation of Relationship</u>. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in <u>Sections 9</u> and <u>10</u> hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and such Persons and their respective successors and assigns, and not for the benefit of any other Person. The term "**Successors and Assigns**" shall not include a purchaser, in its capacity as such, of Securities from the Underwriter.

**15.** <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. Each of the parties hereto hereby submits to the exclusive jurisdiction of the Federal and state courts in the Borough of Manhattan in The City of New York (each, a "**New York Court**") in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the parties hereto irrevocably waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the New York Courts, and irrevocably waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. The Company irrevocably appoints Cogency Global Inc. as its authorized agent (the "**Authorized Agent**") in the Borough of Manhattan in The City of New York upon which process may be served in any such suit or proceeding, and agrees that service of process in any manner permitted by applicable law upon such agent shall be deemed in every respect effective service of process in any manner permitted by applicable law upon the Company in any such suit or proceeding. The Company further agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement.

**16.** <u>Entire Agreement</u>. This Agreement, together with the schedules and annexes attached hereto and as the same may be amended from time to time in accordance with the terms hereof, contains the entire agreement among the parties hereto relating to the subject matter hereof and there are no other or further agreements outstanding not specifically mentioned herein. This Agreement supersedes any prior agreements or understandings among or between the parties hereto.

**17.** <u>Severability</u>. If any term or provision of this Agreement or the performance thereof shall be invalid or unenforceable to any extent, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be valid and enforceable to the fullest extent permitted by law.

**18.** <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

**19.** <u>Waiver, etc.</u> The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver may be sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal suit, action or proceeding arising out of or relating to this Agreement, the Registration Statement, the General Disclosure Package, the Prospectus, the offering of the Shares or the transactions contemplated hereby

**20.** <u>No Fiduciary Relationship</u>. The Company hereby acknowledges that the Underwriters are acting solely as Underwriters in connection with the offering of the Company's Securities. The Company further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's-length basis and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, shareholders, creditors or any other person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of the offering of the Company's Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and agreement to that effect. The Company hereby further confirms its understanding that the Underwriters have not assumed an advisory or fiduciary responsibility in favor of the Company with respect to the Offering contemplated hereby or the process leading thereto, including, without limitation, any negotiation related to the pricing of the Securities; and the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate in connection with this Agreement and the Offering. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by the Underwriters to the Company regarding such transactions, including but not limited to any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary or similar duty to the Company in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**21.** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or other electronic transmission shall constitute valid and sufficient delivery thereof.

**22.** <u>Headings</u>. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

**23.** <u>Time is of the Essence</u>. Time shall be of the essence of this Agreement. As used herein, the term "**Business Day**" shall mean any day other than a Saturday, Sunday or any day on which any of the major U.S. stock exchanges are not open for business.

*[Signature Page Follows]*

 

If the foregoing correctly sets forth your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among us.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Beta FinTech Holdings Limited** | **Beta FinTech Holdings Limited** |
| By: |  |
|  | Name: Xianxin Xiang |
|  | Title: CEO |

---

Accepted by the Representative

as of the date first written above

Acting on behalf of itself and as Representative of the Underwriters named in <u>Schedule A</u> hereto

---

| |
|:---|
| **Cathay Securities, Inc.** |
| Name: Shell Li |
| Title: Chief Executive Officer, Head of Investment Banking |

---

*[Signature Page to Underwriting Agreement]*

 

 

**SCHEDULE A**

Underwriters

---

| | | |
|:---|:---|:---|
| Underwriters | Number of Firm Shares to be Purchased | Purchase Price |
| Cathay Securities, Inc. |  |  |
| **Total** |  |  |

---

**SCHEDULE B**

Lock-Up Parties

---

| |
|:---|
| **Name** |
| Xianxin Xiang |
| Shaojie Sun |
| Didi Zhang |
| Chun Fai Fong |
| Haobing Fan |
| Christine Deschemin |
| Jieying International Holdings Limited |
| Real Wisdom Capital International Holdings Limited |
| Amazing Genius International Limited |
| Cong Gao |
| WellCell Tech (HK) Co., Limited |

---

**ANNEX I**

**BETA FINTECH HOLDINGS LIMITED**

**OFFICERS' CERTIFICATE**

[Date]

The undersigned, Xianxin Xiang, Chief Executive Officer, and Didi Zhang, Chief Financial Officer, of Beta FinTech Holdings Limited, a Cayman Islands exempted company (the "**Company"**), pursuant to Section 8(d) of the Underwriting Agreement, dated as of [Date], by and between the Company and Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), do hereby certify, each in his or her capacity as an officer of the Company, and not individually and without personal liability, on behalf of the Company, as follows:

1. Such officer has carefully examined the Registration Statement, the General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus and, in his or her opinion, the Registration Statement and each amendment thereto, as of [●] p.m. EST, [Date] (the "**Applicable Time**") and as of the Closing Date did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and the General Disclosure Package, as of the Applicable Time and as of the Closing Date, any Permitted Free Writing Prospectus as of its date and as of the Closing Date, the Prospectus and each amendment or supplement thereto, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading.

2. Subsequent to the respective dates as of which information is given in the Registration Statement, the General Disclosure Package, or the Prospectus, there has not been any Material Adverse Changes or any development involving a prospective Material Adverse Change, whether or not arising from transactions in the ordinary course of business.

3. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the representations and warranties of the Company in the Underwriting Agreement are true and correct in all material respects (except for those representations and warranties qualified as to materiality, which shall be true and correct in all respects and except for those representations and warranties which refer to facts existing at a specific date, which shall be true and correct as of such date) and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under the Underwriting Agreement at or prior to the Closing Date.

4. To the best of his or her knowledge after reasonable investigation, as of the Closing Date, the Company has not sustained any material loss or interference with its businesses, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding.

5. There are no pro forma or as adjusted financial statements that are required to be included in the Registration Statement and the Prospectus pursuant to the Regulations which are not so included.

6. No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any amendment thereof or the qualification of the Securities for offering or sale, nor suspending or preventing the use of the General Disclosure Package, any Permitted Free Writing Prospectus and the Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of his knowledge, is contemplated by the Commission or any state or regulatory body.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement. This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, I have, on behalf of the Company, signed this certificate as of the date first written above.

  <br> Name: Xianxin Xiang <br> Title: Chief Executive Officer

  <br> Name: Didi Zhang <br> Title: Chief Financial Officer

*[Signature Page of Officers' Certificate]*

 

**ANNEX II**

**BETA FINTECH HOLDINGS LIMITED**

**SECRETARY'S CERTIFICATE**

[Date]

The undersigned, [●], hereby certifies that he/she is the duly elected, qualified, and acting Secretary of Beta FinTech Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and that as such he/she is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(e) of the Underwriting Agreement, dated as of [Date], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies in his/her capacity as Secretary of the Company and without personal liability, on behalf of the Company, the items set forth below. Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

1. Attached hereto as <u>Exhibit A</u> are true and complete copies of the resolutions adopted by the Board of Directors of the Company (the "**Board**") either at a meeting or meetings properly held or by the unanimous written consent of each member of the Company's Board and any committee of or designated by the Company's Board relating to the public offering contemplated by the Underwriting Agreement: all of such resolutions were duly adopted, have not been amended, modified or rescinded and remain in full force and effect; and such resolutions are the only resolutions adopted by the Board or by any committee of or designated by the Board relating to the public offering contemplated by the Underwriting Agreement.

2. Attached hereto as <u>Exhibit B</u> is a true, correct, and complete copy of the Certificate of Incorporation of the Company, together with any and all amendments thereto. No action has been taken to further amend, modify, or repeal such charter documents, which remain in full force and effect in the attached form as of the date hereof. No action has been taken by the Company, its shareholders, directors or officers in contemplation of the filing of any such amendment or other document or in contemplation of the liquidation or dissolution of the Company prior to the consummation of the transactions contemplated by the Underwriting Agreement.

3. Attached hereto as <u>Exhibit C</u> is a true, correct, and complete copy of the memorandum and articles of association of the Company and any and all amendments thereto. No action has been taken to further amend, modify, or repeal such memorandum and articles of association, which remain in full force and effect in the attached form as of the date hereof.

4. Attached hereto as <u>Exhibit D</u> is a true and complete copy of a Certificate of Good Standing, dated [Date], by the Registrar of Companies in the Cayman Islands, relating to the Company.

5. Each person listed below has been duly elected or appointed to the positions indicated opposite its name and is duly authorized to sign the Underwriting Agreement and each of the documents in connection therewith on behalf of the Company, and the signature appearing opposite such person's name below is its genuine signature.

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Position</u>** | **<u>Signature</u>** |
| Xianxin Xiang | Chief Executive Officer | |
| Didi Zhang | Chief Financial Officer | |

---

This certificate may be executed in one or more counterparts, all of which together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

  <br> Name: [Name] <br> Title: Secretary

*[Signature Page of Secretary' Certificate]*

 

**ANNEX III**

**BETA FINTECH HOLDINGS LIMITED**

**CHIEF FINANCIAL OFFICER'S CERTIFICATE**

[Date]

The undersigned, Didi Zhang, hereby certifies that he is the duly elected, qualified, and acting Chief Financial Officer, of Beta FinTech Holdings Limited, a Cayman Islands exempted company (the "**Company**"), and that as such he is authorized to execute and deliver this certificate in the name and on behalf of the Company. Pursuant to Section 8(f) of the Underwriting Agreement, dated as of [Date], by Cathay Securities, Inc. as representative of the several underwriters listed on <u>Schedule A</u> thereto (the "**Underwriting Agreement**"), the undersigned further certifies, solely in the capacity as an officer of the Company for and on behalf of the Company as set forth below.

1. I am the Chief Financial Officer of the Company and have been duly appointed to such position as of the date hereof.

2. I am providing this certificate in connection with the offering of the securities described in the Registration Statement and the Prospectus.

3. I am familiar with the accounting, operations, records systems and internal controls of the Company and have participated in the preparation of the Registration Statement and the Prospectus.

4. The Company Financial Statements present fairly, in all material respects, the financial condition of the Company and its subsidiaries and their results of operations for the periods presented in the Registration Statement and the Prospectus.

5. I have reviewed the disclosure in the Registration Statement and the Prospectus, the financial and operating information and data identified and circled by VCL Law LLP in the Registration Statement and the Prospectus dated [●], attached hereto as <u>Exhibit A</u>, and to the best of my knowledge such information is correct, complete and accurate in all material respects.

Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Underwriting Agreement.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the undersigned has signed this certificate as of the date first written above.

---

| | |
|:---|:---|
| Beta FinTech Holdings Limited | Beta FinTech Holdings Limited |
| By: |  |
| Name: | Didi Zhang |
| Title: | Chief Financial Officer |

---

*[Signature Page of CFO's Certificate]*

 

 

**ANNEX IV**

Form of Lock-Up Agreement

[Date]

Cathay Securities, Inc.

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands Cathay Securities, Inc. (the "**Underwriter**") propose to enter into an Underwriting Agreement (the "**Underwriting Agreement**") with Beta FinTech Holdings Limited, a Cayman Islands exempted company (the "**Company**"), providing for the initial public offering in the United States (the "**Initial Public Offering**") of a certain number of ordinary shares, par value $0.001 per share (the "**Securities**"). For purposes of this letter agreement, "Shares" shall mean shares of the Company's ordinary shares.

To induce the Underwriter to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending six months, for our directors, officers, holders owning 5% or more of our outstanding Shares, and for holders owning less than 5% of our outstanding Shares, from the date of commencement of sales of this Offering (the "**Lock-Up Period**"), (A) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for or represent the right to receive Shares, whether now owned or hereafter acquired by the undersigned (collectively, the "**Lock-Up Securities**"); (B) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (A) above or this clause (B) is to be settled by delivery of Shares or such other securities, in cash or otherwise; (C) make any written demand for or exercise any right with respect to the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares; or (D) publicly disclose the intention to do any of the foregoing.

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Underwriter in connection with (A) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of the Initial Public Offering; (B) transfers of Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of the undersigned and/or one or more family members (for purposes of this lock-up agreement, "**family member**" means any relationship by blood, marriage or adoption, not more remote than first cousin); (C) transfers of Lock-Up Securities to a charity or educational institution or other not-for-profit organization; (D) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any such corporation, partnership, limited liability company or other business entity, or any shareholder, partner or member of, or owner of similar equity interests in, the same, as the case may be; (E) a sale or surrender to the Company of any options or Shares of the Company underlying options in order to pay the exercise price or taxes associated with the exercise of options; or (F) transfers or distributions pursuant to any *bona fide* third-party tender offer, merger, acquisition, consolidation or other similar transaction made to all holders of the Company's Shares involving a Change of Control of the Company, *provided* that in the event that such tender offer, merger, acquisition, consolidation or other such transaction is not completed, the Lock-Up Securities held by the undersigned shall remain subject to the provisions of this lock-up agreement; *provided* that in the case of any transfer pursuant to the foregoing clauses (B), (C) or (D), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended shall be required or shall be voluntarily made (collectively, "**Permitted Transfers**"). For purposes of this paragraph, the term "**Change of Control**" shall mean any transaction or series of related transactions pursuant to which any "<u>person</u>" or "<u>group</u>" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the "beneficial owner" (as such term is defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Shares of the Company on a fully diluted basis. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with this lock-up agreement.

The undersigned agrees that, prior to engaging in any transaction or taking any other action that is subject to the terms of this lock-up agreement (for the avoidance of doubt, excluding any transaction or other action in connection with a Permitted Transfer) during the period from the date hereof to and including the 15 days following the expiration of the initial Lock-Up Period, the undersigned will give notice thereof to the Company and will not consummate any such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

The undersigned agrees that (A) the foregoing restrictions shall be equally applicable to any issuer-directed or "**friends and family**" Shares that the undersigned may purchase in the Initial Public Offering, (B) at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) business days after the publication date of a press release by the Company for such release or waiver. The provisions of this paragraph will not apply if (A) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (B) the transferee has agreed in writing to be bound by a lock-up agreement substantially in the form of this lock-up agreement.

The undersigned agrees that except as set forth in this Lock-Up Agreement, there are no and will not have any other agreement or arrangement, either verbal or in writing, with any other individuals or entities, including but not limited to shareholders, friends and family, and other third parties, to circumvent or has an effect of circumventing the obligations set forth in this Lock-Up Agreement.

No provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable or exchangeable for or convertible into Shares, as applicable; *provided* that the undersigned does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless in connection with a Permitted Transfer or in a transfer otherwise permitted pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification of a so-called "**10b5-1**" plan at any time (other than the entry into or modification of such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

The undersigned understands that the Company and the Underwriter are relying upon this lock-up agreement in proceeding toward consummation of the Initial Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriters, successors and assigns.

The undersigned understands that, if the Underwriting Agreement does not become effective, or if the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

Whether or not the Initial Public Offering actually occurs depends on a number of factors, including market conditions. The Initial Public Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter.

This lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of a signed copy of this lock-up agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.

*[Signature Page Follows]*

---

| |
|:---|
| Very truly yours, |
| By: |
| Name: |
| Address: |

---

*[Signature Page of Lock-up Agreement]*

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**Beta FinTech Holdings Limited**

**贝塔金融科技控股有限公司**

An Exempted Company Limited By Shares

**MEMORANDUM OF ASSOCIATION**

![](ex3-1_001.jpg)

**THE COMPANIES ACT (REVISED)<br> OF THE CAYMAN ISLANDS**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Beta FinTech Holdings Limited**<br> 贝塔金融科技控股有限公司

An Exempted Company Limited By Shares

---

| | |
|:---|:---|
| **1** | **NAME** |

---

The name of the Company is Beta FinTech Holdings Limited贝塔金融科技控股有限公司.

---

| | |
|:---|:---|
| **2** | **STATUS** |

---

The Company is a company limited by shares.

---

| | |
|:---|:---|
| **3** | **REGISTERED OFFICE** |

---

The registered office of the Company is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other place as the Directors may from time to time decide.

---

| | |
|:---|:---|
| **4** | **OBJECTS AND CAPACITY** |

---

Subject to paragraph 9 of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands. The Company is a body corporate capable of exercising all the functions of a natural person of full capacity, irrespective of any question of corporate benefit.

---

| | |
|:---|:---|
| **5** | **SHARE CAPITAL** |

---

The share capital of the Company is USD 50,000.00 divided into 50,000 Ordinary shares of par value USD 1.00 each.

---

| | |
|:---|:---|
| **6** | **LIABILITY OF MEMBERS** |

---

The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

---

| | |
|:---|:---|
| **7** | **CONTINUATION** |

---

The Company may exercise the powers contained in the Companies Act to transfer and be registered by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman Islands.

---

| | |
|:---|:---|
| **8** | **DEFINITIONS** |

---

Capitalised terms used and not defined in this Memorandum of Association shall bear the same meaning as those given in the Articles of Association of the Company.

---

| | |
|:---|:---|
| **9** | **EXEMPTED COMPANY** |

---

The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

---

| | |
|:---|:---|
| **10** | **FINANCIAL YEAR** |

---

The financial year end of the Company is 30 June or such other date as the Directors may from time to time decide and annex to this Memorandum.

The undersigned subscribes its name to this Memorandum of Association to form an incorporated company with limited liability to carry out the lawful purposes set out in this Memorandum of Association and agrees to take the number of Shares set out below.

Dated: 20 August 2024

---

| | |
|:---|:---|
| **SUBSCRIBER** | **NUMBER OF SHARES TAKEN** |
| Harneys Fiduciary (Cayman) Limited | 1 Share |
| P.O. Box 10240 |  |
| Grand Cayman KY1-1002 |  |
| Cayman Islands |  |

---

---

| |
|:---|
| /s/ Bonnie Sin |
| Bonnie Sin |
| Acting as duly authorised signatory |
| For and on behalf of |
| Harneys Fiduciary (Cayman) Limited |
| /s/ Katy Chow |
| Katy Chow |
| Witness to the above signature |

---

## Exhibit 3.2

**E** **xhibit 3.2**

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**Beta FinTech Holdings Limited**

**贝塔金融科技控股有限公司**

An Exempted Company Limited By Shares

<br>**articles OF ASSOCIATION**<br>

![](ex3-2_001.jpg)

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**ARTICLES OF ASSOCIATION**

**OF**

**Beta FinTech Holdings Limited<br> 贝塔金融科技控股有限公司**

An Exempted Company Limited By Shares

1 DEFINITIONS AND INTERPRETATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The
 Regulations contained in Table A in the First Schedule to the Companies Act do not apply
 to the Company. In these Articles of Association, if not inconsistent with the context, the
 following words and expressions shall have the following meanings:

***Articles*** means these Articles of Association;

***Companies Act*** means the Companies Act (Revised), as amended or re-enacted from time to time;

***Company*** means the above named company;

***Director*** means a director of the Company appointed in accordance with these Articles;

***Distribution*** means a distribution, dividend (including an interim dividend) or other payment or transfer of property of the Company on or in respect of a Share (save in respect of its redemption or repurchase);

***Electronic Transactions Act*** means the Electronic Transactions Act of the Cayman Islands;

***Member*** has the same meaning as in the Companies Act;

***Memorandum*** means the Memorandum of Association of the Company;

***Officer*** means any person appointed by the Directors to hold an office in the Company;

***Ordinary Resolution*** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a majority of such Members as, being entitled to do so, vote in person or by proxy at
 a general meeting of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company in
 one or more instruments each signed by one or more of the Members.

***Register of Directors and Officers*** means the register of Directors and Officers maintained by the Company in accordance with these Articles;

***Register of Members*** means the register of Members referred to in these Articles;

***Registrar*** means the Registrar of Companies and includes the Deputy Registrar of Companies;

***Registered Office*** means the registered office for the time being of the Company;

***Seal*** means any seal which has been duly adopted as the common seal of the Company and includes every duplicate seal;

***Secretary*** means the person appointed to perform any or all of the duties of secretary of the Company, including any assistant secretary;

***Share*** means a share in the capital of the Company, including a fraction of a share issued or authorised to be issued by the Company;

***Special Resolution*** means a special resolution passed in accordance with Section 60 of the Companies Act, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed
 by a majority of not less than two-thirds of such Members as, being entitled to do so, vote
 in person or by proxy at a general meeting of the Company of which notice specifying the
 intention to propose the resolution as a Special Resolution has been duly given; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved
 in writing by all of the Members entitled to vote at a general meeting of the Company in
 one or more instruments each signed by one or more of the Members;

***Subscriber*** means the subscriber to the Memorandum;

***Treasury Share*** means a Share that has been repurchased, redeemed, surrendered to or otherwise acquired by the Company and not cancelled; and

***Written*** includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange and electronic mail in accordance with the Electronic Transactions Act and in writing shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 In the Memorandum
 and these Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Cayman Islands law or regulation, is a reference to such law or regulation as amended or
 re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 person includes all legal persons and natural persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) legal
 persons include all forms of corporate entity and any other person having capacity to act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Headings
 are for ease of reference only and shall be disregarded in interpreting the Memorandum and
 the Articles.

2 COMMENCEMENT OF BUSINESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Commencement**.
 The business of the Company may be commenced at such time as determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Commencement Costs and Expenses**. The Directors may pay, out of capital or other money of the Company,
 all costs and expenses incurred in the establishment and registration of the Company.

3 REGISTERED SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Registered Shares**. The Company shall issue registered Shares only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **No Bearer Shares**. The Company is not authorised to issue bearer Shares, convert registered
 Shares to bearer Shares or exchange registered Shares for bearer Shares.

4 SHARE CERTIFICATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Share Certificates**. Unless and until the Directors resolve to issue share certificates, no
 share certificate shall be issued, and the records of the shareholdings of each Member shall
 be in uncertified book entry form. If the Directors do resolve to issue share certificates
 in respect of any one or more classes of Shares, then every Member holding such Shares shall
 be entitled, upon written request only, to a certificate signed by a Director or Secretary,
 or any other person authorised by a resolution of the Directors, or under the Seal specifying
 the number of Shares held by him and the signature of the Director, Secretary or authorised
 person and the Seal may be facsimiles or affixed by electronic means pursuant to the Electronic
 Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Indemnity and Replacement**. Any Member receiving a certificate shall indemnify and hold the Company
 and its Directors and Officers harmless from any loss or liability which it or they may incur
 by reason of any wrongful or fraudulent use or representation made by any person by virtue
 of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed
 or, in connection with any proposed share transfer, a new certificate may be issued, on production
 of the worn out certificate or on satisfactory proof of its loss together with such indemnity
 as may be required by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Joint Holders**. If several Members are registered as joint holders of any Shares, any one of
 such Members may give an effectual receipt for any share certificate.

5 ISSUE OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Issue**.
 Subject to the provisions, if any, of the Memorandum and directions given by any Ordinary
 Resolution and the rights attaching to any class of existing Shares, the Directors may issue,
 allot, grant options over or otherwise dispose of Shares (including any fractions of Shares)
 and other securities of the Company at such times, to such persons, for such consideration
 and on such terms as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Subscriber Share**. Notwithstanding the preceding Article, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer
 that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** update
 the Register of Members in respect of the issue and transfer of that Share **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Preferred Shares**. Shares and other securities of the Company may be issued by the Directors with
 such preferred, deferred or other special rights, restrictions or privileges whether in regard
 to voting, Distributions, a return of capital, or otherwise and in such classes and series,
 if any, as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Ordinary Shares**. Where the Directors issue a Share having no preferred, deferred, redemption or
 other special rights, it shall be issued as an ordinary Share and entitle the holder, subject
 to any other Share having any preferred, deferred, redemption or other special rights, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receive
 notice of, attend and vote at any general meeting of the Company and on any Ordinary Resolution
 or Special Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 equal share in any dividend or other Distribution paid by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 equal share in the distribution of the surplus assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Consideration for Share Issue**. A Share may be issued for consideration in any form, including money,
 a promissory note or other written obligation to contribute money or property, real property,
 personal property (including goodwill and know-how), services rendered or a contract for
 future services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Register of Members**. The Register of Members kept by the Company shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names and addresses of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 statement of the Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 distinguishing numbers of the Shares of each Member (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 amount paid, or agreed to be considered as paid, on the Shares of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 date on which the name of each person was entered on the register as a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 date on which any person ceased to be a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **Commission**.
 The Company is authorised to pay a commission to any person in consideration of his subscribing
 or agreeing to subscribe (whether absolutely or conditionally) for any Shares or procuring
 or agreeing to procure subscriptions (whether absolute or conditional) for any Shares.

6 VARIATION OF RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Class Variation**. If, at any time, the share capital of the Company is divided into different
 classes of Shares, the rights attached to any class (unless otherwise provided by the terms
 of issue of the Shares of that class) may be varied with the consent in writing of the holders
 of two-thirds of the issued Shares of that class or with the sanction of a Special Resolution
 passed at a separate general meeting of the holders of the Shares of the class. To every
 such separate general meeting the provisions of these Articles relating to general meetings
 shall, mutatis mutandis, apply, but so that the necessary quorum shall be one or more persons
 holding or representing by proxy one-third of the issued Shares of the class and that any
 holder of Shares of the class present in person or by proxy may demand a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **No Variation on Further Issue**. The rights conferred upon the holders of the Shares of any
 class shall not, unless otherwise expressly provided by the terms of issue of the Shares
 of that class, be deemed to be varied by the creation or issue of further Shares ranking *pari passu* therewith.

7 REDEMPTION, PURCHASE AND SURRENDER OF SHARES AND TREASURY SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Redemption, Purchase and Surrender**. Subject to the provisions of the Companies Act and to the rights
 attaching to any class of Share, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares on terms that they are to be redeemed or are liable to be redeemed at the option of
 the Company or the Member on such terms and in such manner as the Directors may, before the
 issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase
 its own Shares (including any redeemable Shares) on such terms and in such manner as the
 Directors determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make
 a payment in respect of the redemption or purchase of its own Shares in any manner permitted
 by the Companies Act including out of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit
 the surrender of fully paid Shares for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Effect of Redemption, Purchase and Surrender**. Shares that the Company redeems, purchases, accepts
 by way of surrender or otherwise acquires pursuant to Article 7.1 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 cancelled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 held as Treasury Shares on such terms and in such manner as the Directors determine prior
 to such acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Treasury Shares**. All rights and obligations attaching to a Treasury Share are suspended and shall
 not be exercised by the Company while it holds the Share as a Treasury Share, other than
 as set out in this Article. The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel
 the Treasury Shares on such terms and in such a manner as the Directors may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer
 the Treasury Shares in accordance with Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **No Participation**. Any Share in respect of which notice of redemption has been given shall
 not be entitled to participate in the profits of the Company in respect of the period after
 the date specified as the date of redemption in the notice of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **No other Redemption**. The redemption, purchase or surrender of any Share shall not be deemed
 to give rise to the redemption, purchase or surrender of any other Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Redemption in Kind**. The Directors may, when making payments in respect of redemption or purchase
 of Shares, if authorised by the terms of issue of the Shares being redeemed or purchased
 or with the agreement of the holder of such Shares, make such payments either in cash or
 in kind.

---

| | |
|:---|:---|
| 8 | LIEN |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **All Monies Payable**. The Company shall have a first and paramount lien on every Share, whether
 or not it is a fully paid Share, for all moneys, whether presently payable or not, called
 or payable at a fixed time in respect of that Share and for all debts, liabilities or other
 obligations owed, whether presently or not, by the Member or by one or more joint Members
 or by any of their estates to the Company (together, the Lien Amounts) but the Directors
 may, at any time, declare any Share to be wholly or in part exempt from this Article. The
 Company's lien, if any, on a Share shall extend to all Distributions payable thereon.
 Any registration of the transfer of a Share shall operate to extinguish the Company's
 lien on that Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Sale**.
 The Company may sell, in such manner as the Directors think fit, any Shares in which the
 Company has a lien, but no sale shall be made unless some amount in respect of which the
 lien exists is presently payable and the period of fourteen days has elapsed after the Company
 has given a notice in writing, stating and demanding payment of such part of the presently
 payable amount, to the relevant Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Registration of Purchase**. The Directors may authorise any person to transfer the Shares sold in accordance
 with this Article to the purchaser of such Shares. The purchaser shall be registered as the
 holder of the Shares so transferred and he shall not be bound to see to the application of
 the purchase money, nor shall his title to the Shares be affected by any irregularity or
 invalidity in the sale of the Shares in accordance with this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Application of Proceeds**. The proceeds of the sale, net of any costs incurred by the Company in relation
 to the sale, shall be applied by the Company in payment of such part of the amount in respect
 of which the lien exists as is presently payable. The Company shall retain and have a lien
 over such part of the remainder of the proceeds as is equal to the Lien Amounts which exist
 but are not presently payable by the Member and may apply such proceeds against the Lien
 Amounts as and when they become payable and the residue shall be paid to the person entitled
 to the Shares at the date of the sale.

9 CALLS ON SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Calls**.
 The Directors may, from time to time, make calls upon the Members in respect of some or all
 of any moneys unpaid on their Shares, whether in respect of their par value or the premium
 payable on those Shares; each Member shall (subject to receiving at least 14 days'
 notice specifying the time or times of payment) pay to the Company at the time or times so
 specified the amount called on his Shares. A call may be required to be paid in instalments.
 The Directors may revoke or postpone a call at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Joint Holders**. The joint holders of a Share shall be jointly and severally liable to pay calls
 in respect thereof and the holder or joint holders of a Share at the time of a call shall
 remain liable to pay the call on that Share, notwithstanding any subsequent transfer of the
 Share being registered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Interest on Calls**. If a sum called in respect of a Share is not paid before or on the day appointed
 for payment of that call, the Member from whom such amount is due shall pay interest upon
 the sum at such rate as the Directors may determine from the day appointed for payment of
 the call to the time of the actual payment. The Directors shall have the discretion to waive
 payment of any such interest in full or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **Fixed Payment Dates**. The provisions contained in these Articles in respect of calls shall apply
 to payments, whether on account of the amount of the Share, or by way of premium, to be made
 on the allotment of a Share or any date fixed on the issue of the Share as if the same had
 become payable by virtue of a call duly made and notified.

10 FORFEITURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Failure to pay Call**. If a Member fails to pay any call or instalment of a call in respect of
 Shares on the day appointed for payment, the Directors may serve a notice on such Member
 naming a further date not earlier than the expiration of 14 days from the date of service
 on or before which the payment required by the notice is to be made and containing a statement
 that in the event of non-payment the Shares, or any of them, will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Forfeiture**.
 If the requirements of the notice referenced in this Article are not complied with the Company
 may forfeit the Shares together with any Distributions declared payable in respect of the
 forfeited Shares and not paid at any time before tender of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **No Refund**. The Company is under no obligation to refund any moneys to the Member whose Shares
 have been forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Sale of Forfeited Share**. A forfeited Share may be sold or otherwise disposed of on such terms
 and in such manner as the Directors think fit, and at any time before a sale or disposition
 the forfeiture may be cancelled on such terms as the Directors think fit. The proceeds of
 any sale or disposition of the forfeited Share may be received and used by the Company as
 the Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Outstanding Liability**. A person whose Shares have been forfeited shall cease to be a Member in respect
 of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company
 all moneys which at the date of forfeiture were payable by him to the Company in respect
 of the Shares together with interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Certificate of Forfeiture**. A certificate in writing under the hand of a Director or Officer stating
 that a Share has been duly forfeited on the date stated in the certificate shall be conclusive
 evidence of the facts stated in the certificate as against all persons claiming to be entitled
 to the Share. The Directors may authorize any person to transfer the Shares sold in accordance
 with this Article to the purchaser of such Shares. The purchaser shall be registered as the
 holder of the Shares so transferred and he shall not be bound to see to the application of
 the purchase money, nor shall his title to the Shares be affected by any irregularity or
 invalidity in the sale of the Shares in accordance with this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **Fixed Payment Dates**. The provisions of this Article applying to forfeiture for failure to pay
 any call or instalment of a call shall apply to the failure to make payments, whether on
 account of the amount of the Share, or by way of premium, to be made on the allotment of
 a Share or any date fixed on the issue of the Share as if the same had become payable by
 virtue of a call duly made and notified.

11 TRANSMISSION OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Legal Personal Representative**. The legal personal representative of a deceased sole holder
 of a Share shall be the only person recognised by the Company as having any title to the
 Share. In the case of a Share registered in the names of two or more holders, the survivors,
 survivor or the legal personal representatives of the deceased survivor, shall be the only
 person(s) recognised by the Company as having any title to the Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Transmission**.
 Any person becoming entitled to a Share in consequence of the death or bankruptcy of or any
 analogous event affecting a Member (each such event a Transmission Event and each such person
 a Representative) shall, upon such evidence being produced as may from time to time be required
 by the Directors, have the right either to be registered as a Member in respect of the Share
 or, instead of being registered himself, to make such transfer of the Share as the Member
 could have made; but the Directors shall, in either case, have the same right to decline
 or suspend registration as they would have had in the case of a transfer of the Share by
 such Member before the occurrence of a Transmission Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Pre-Registration Status**. Representatives shall be entitled to the same notices, dividends and other advantages
 to which he would be entitled if he were the registered holder of the Share, except that
 he shall not, before being registered as a Member in respect of the Share, be entitled in
 respect of it to exercise any right conferred by membership in relation to meetings of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **Requirement for Registration**. The Directors may at any time give notice requiring a Representative
 to elect either to be registered himself or to have some person nominated by him become the
 holder of the Share (but the Directors shall, in either case, have the same right to decline
 or suspend registration as they would have had in the case of a transfer of the Share by
 the relevant Member before the Transmission Event). If the notice is not complied with within
 ninety days the Directors may thereafter withhold payment of all Dividends, bonuses or other
 monies payable in respect of the Share until the requirements of the notice have been complied
 with.

12 TRANSFER OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Directors' Consent**. Shares and Treasury Shares are transferable, subject to the consent of the Directors
 who may, in their absolute discretion, refuse to consent to any transfer and decline to register
 the transfer without giving any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Instrument of Transfer**. The instrument of transfer shall be in writing in such form as may be acceptable
 to the Directors and shall be executed by or on behalf of the transferor and, if required
 by the Directors, signed by the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Certificates**.
 Subject to Article 4.2, where the Company has issued a certificate in respect of a Share
 proposed to be transferred, the transferor shall lodge, with the instrument of transfer,
 the original certificate relating to the Share being transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 **Effective Date**. The transfer of a Share is effective when the name of the transferee is entered
 on the Register of Members. Until such time, the transferor shall be deemed to remain a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 **Lost Certificate**. If the Directors are satisfied that an instrument of transfer relating to
 Shares has been signed but that the instrument has been lost or destroyed, they may, on receipt
 of such indemnities as they may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceed
 to register the transferee's name in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 **Notification of Refusal**. Where the Directors refuse to register a transfer of a Share, they shall,
 within two months after the date on which the transfer was lodged with the Company, notify
 the transferee of the refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 **Transfer of Treasury Shares**. The transfer of Treasury Shares may be for valuable consideration
 or otherwise, and at a discount to the par value of the Shares.

13 REGISTERED HOLDER DEEMED ABSOLUTE OWNER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The
 registered holder of a Share shall be treated as the absolute owner of such Share. No person
 shall be recognised by the Company as holding any Share upon trust and the Company shall
 not register nor be bound by or required to recognise any equitable or other interest of
 whatever nature in a Share other than an absolute right to the Share, irrespective of whether
 the Company has notice of such interest.

14 ALTERATION OF SHARE CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **Increase or Amendment**. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 the share capital by such sum, to be divided into Shares of such amount, and with such rights,
 privileges, priorities and restrictions attached to them as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to section 13 of the Companies Act, sub-divide its existing Shares, or any of them, into
 Shares of smaller amounts than is fixed by the Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel
 any Shares which, at the date of the passing of the resolution, have not been taken or agreed
 to be taken by any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **Reduction**.
 Subject to the provisions of the Companies Act and these Articles, the Company may, by Special
 Resolution, reduce its share capital and any capital redemption reserve in any manner.

15 MEETINGS AND CONSENTS OF MEMBERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Meetings**.
 All meetings of Members shall be referred to as extraordinary general meetings unless the
 general meeting is an annual general meeting. The Company may but shall not be obliged to
 hold an annual general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **Directors Convene and Cancel**. The Directors may convene a general meeting at such time and in such
 manner and place within or outside the Cayman Islands as the Directors consider necessary
 or desirable and the Directors may cancel a general meeting with such notice, in such manner
 and for such reason as the Directors consider necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 **Members Convene**. Upon the written request of Members entitled to exercise 10% or more of the
 voting rights in respect of the matter for which the meeting is requisitioned, any one or
 more of the Directors shall forthwith proceed to convene a meeting of Members. The written
 request of Members to requisition a meeting must state the objects of the meeting and must
 be signed by the Members requisitioning the meeting. The written request must be lodged at
 the Registered Office and may be delivered in counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 **Failure to Convene**. If the Directors do not proceed to convene a meeting of Members within 21
 days of the written request to requisition a meeting being lodged the requisitionists, or
 any of them together holding at least half of the voting rights of all of them, may convene
 the meeting of Members in the same manner as nearly as possible as that in which a meeting
 of Members may be convened by a Director. Where the requisitionists fail to convene the meeting
 of Members within three months of their right to convene the meeting arising, the right to
 convene the meeting of Members shall lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 **Notice of Meeting**. The Director convening a meeting shall give not less than seven days'
 notice of a meeting of Members to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those
 Members whose names on the date the notice is given appear as Members in the Register of
 Members and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 **Failure to Give General Notice**. A meeting of Members held in contravention of the requirement
 to give notice is valid if Members holding at least 90% of the total voting rights on all
 the matters to be considered at the meeting have waived notice of the meeting and, for this
 purpose, the presence of a Member at the meeting shall constitute waiver in relation to all
 the Shares which that Member holds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 **Failure to give Individual Notice**. The inadvertent failure of a Director who convenes a meeting
 to give notice of a meeting to a Member or another Director, or the fact that a Member or
 another Director has not received notice, does not invalidate the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 **Voting**.
 No person shall be entitled to vote at any meeting of Members unless he is registered as
 a Member on the record date for such meeting and all calls or other moneys payable by him
 in respect of Shares have been paid at or before the record date. Subject to the rights and
 restrictions attached to any Shares and the provisions of this Article, each Member who is
 present in person, by its duly authorised representative or by proxy, shall have one vote
 and on a poll each Member shall have one vote for every Share of which he is the holder.

---

| | |
|:---|:---|
| 16 | PROXIES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 **Proxies**.
 A Member may be represented at a meeting of Members by a proxy who may speak and vote on
 behalf of the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 **Production of Proxies**. The instrument appointing a proxy shall be produced at the place designated
 for the meeting before the time for holding the meeting at which the person named in such
 instrument proposes to vote. The notice of the meeting may specify an alternative or additional
 place or time at which the proxy shall be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 **Form of Proxy**. An instrument appointing a proxy may be in any usual or common form (or such
 other form as the Directors may approve) and may be expressed to be for a particular meeting
 or any adjournment thereof or may appoint a standing proxy until notice of revocation is
 received at the Registered Office or at such place or places as the Directors may otherwise
 specify for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 **Joint Ownership and Proxies**. Where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 two or more persons hold Shares jointly, each of them may be present in person or by proxy
 at a meeting of Members and may speak as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 only one of the joint owners is present in person or by proxy he may vote on behalf of all
 joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 two or more of the joint owners are present in person or by proxy they must vote as one.

17 PROCEEDINGS OF SHAREHOLDER MEETINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 **Chairman of Member Meeting**. At every meeting of Members, the chairman of the board of Directors
 shall preside as chairman of the meeting. If there is no chairman of the board of Directors
 or if he is not present at the meeting within fifteen minutes of the time appointed after
 the meeting or if he is unwilling to act the Directors present shall elect the chairman of
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **Adjournment**.
 The chairman may, with the consent of the meeting, adjourn any meeting from time to time,
 and from place to place, but no business shall be transacted at any adjourned meeting other
 than the business left unfinished at the meeting from which the adjournment took place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **Conference Call**. A Member, or his duly authorised representative or proxy, shall be deemed to be
 present at a meeting of Members if he participates by telephone or other electronic means
 by means of which all the persons participating in the meeting are able to hear each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 **Objections**.
 No objection shall be raised to the qualification of any voter except at the meeting of members
 or adjourned meeting of Members at which the vote objected to is given or tendered and every
 vote not disallowed at the meeting shall be valid. Any objection made in due time shall be
 referred to the chairman whose decision shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 **Casting of Votes**. A Member holding more than one Share need not cast the votes in respect of
 the Shares held by him in the same way on any resolution for which a poll is taken. A person
 appointed as the authorised representative or proxy of a Member may cast the votes in respect
 of the Shares for which he is appointed in a like manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 **Quorum**.
 A meeting of Members is duly constituted if, at the commencement of the meeting, there are
 present in person, through their authorised representative or by proxy two or more Members
 entitled to vote on resolutions of Members to be considered at the meeting except where there
 is only one Member entitled to vote on resolutions of Members to be considered at the meeting
 in which case the quorum shall be one Member. Where a quorum comprises a single Member or
 proxy, such person may pass a resolution of Members and a certificate signed by such person
 accompanied where such person be a proxy by a copy of the proxy instrument shall constitute
 a valid resolution of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 **No Quorum**. If within two hours from the time appointed for the meeting a quorum is not present,
 the meeting, if convened upon the requisition of Members, shall be dissolved; in any other
 case it shall stand adjourned to the next business day in the jurisdiction in which the meeting
 was to have been held at the same time and place or to such other time and place as the Directors
 may determine, and if at the adjourned meeting a quorum is not present within half an hour
 from the time appointed for the meeting the Members present shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 **Polls**.
 At any meeting of the Members the chairman is responsible for deciding in such manner as
 he considers appropriate whether any resolution proposed has been carried or not and the
 result of his decision shall be announced to the meeting and recorded in the minutes of the
 meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution,
 he shall cause a poll to be taken of all votes cast upon such resolution. If the chairman
 fails to take a poll then any Member present in person or by proxy who disputes the announcement
 by the chairman of the result of any vote may immediately following such announcement demand
 that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken
 at any meeting, the result shall be announced to the meeting and recorded in the minutes
 of the meeting. The minutes of the meeting shall be conclusive evidence of the fact that
 a resolution was carried or not without proof of the number or proportion of the votes recorded
 in favour of or against such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 **Director Participation**. Directors may attend and speak at any meeting of Members and at any separate
 meeting of the holders of any class or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 **Unanimous Written Resolutions**. Any Ordinary or Special Resolution of Members and any other action
 that may be taken by the Members at a meeting may also be taken by a resolution consented
 to in writing, without the need for any notice, by all Members who would have been entitled
 to attend and vote at a meeting called for the purpose of passing such a resolution or taking
 any other action. The consent may be in the form of counterparts, each counterpart being
 signed by one or more Members. If the consent is in one or more counterparts, and the counterparts
 bear different dates, then the resolution shall take effect on the latest date borne by the
 counterparts.

18 APPOINTMENT AND REMOVAL OF DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 **Number of Directors**. The Company shall have a board of Directors consisting of not less than
 one Director. The Company may by Ordinary Resolution impose a maximum or minimum number of
 Directors required to hold office at any time and vary such limits from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 **Appointment of Directors**. The first Directors shall be appointed by the subscribers to the Memorandum
 by a written instrument signed by all the subscribers or by an Ordinary Resolution passed
 by the subscribers. Thereafter, subject to the limits set out in the preceding Article, Directors
 shall be appointed by Ordinary Resolution or by a resolution of the Directors and may be
 removed by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 **Term**.
 Each Director holds office for the term, if any, fixed by the terms of his appointment or
 until his earlier death, bankruptcy, insanity, resignation or removal. If no term is fixed
 on the appointment of a Director, the Director serves indefinitely until his earlier death,
 bankruptcy, insanity, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 **Vacation**.
 The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 gives notice in writing to the Company that he resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 absents himself (without being represented by an alternate Director appointed by him) from
 three consecutive meetings of the board of Directors without special leave of absence from
 the Directors, and they pass a resolution that he has by reason of such absence vacated office;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 the other Directors (being not less than two in number) resolve that he should be removed
 as a Director.

19 REGISTER OF DIRECTORS AND OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 **Details**.
 The Register of Directors and Officers shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names and addresses of the persons who are Directors and Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which each person whose name is entered in the register was appointed as a Director
 or Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 date on which each person named as a Director or Officer ceased to be a Director or Officer.

20 POWERS OF DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 **Management by Directors**. Subject to the provisions of the Companies Act, the Memorandum, these Articles
 and any directions given by Ordinary Resolution, the business and affairs of the Company
 shall be managed by, or under the direction or supervision of, the Directors. The Directors
 shall have all the powers necessary for managing, and for directing and supervising, the
 business and affairs of the Company as are not by the Companies Act, the Memorandum, these
 Articles or the terms of any Special Resolution required to be exercised by the Members.
 No alteration of the Memorandum or these Articles or any direction given by Ordinary or Special
 Resolution shall invalidate any prior act of the Directors that was valid at the time undertaken.
 A duly convened meeting of Directors at which a quorum is present may exercise all powers
 exercisable by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 **Good Faith**. Each Director shall exercise his powers for a proper purpose. Each Director, in
 exercising his powers or performing his duties, shall act honestly and in good faith in what
 the Director believes to be the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 **Acting in Vacancy**. The continuing Directors may act notwithstanding any vacancy in their body,
 but if and for so long as their number is below any minimum number of Directors fixed by
 or pursuant to these Articles, the continuing Directors may act for the purpose of passing
 a resolution to appoint further Directors to the board of Directors and of convening a meeting
 of Members to appoint further Directors but for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 **Indebtedness and Security**. The Directors may exercise all the powers of the Company to incur indebtedness,
 liabilities or obligations and to issue debentures, debenture stock, mortgages, bonds and
 other such securities and to secure indebtedness, liabilities or obligations whether of the
 Company or of any third party.

21 PROCEEDINGS OF DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 **Quorum**.
 The quorum for the transaction of the business of the Directors may be fixed by the Directors,
 and unless so fixed shall be two if there are two or more Directors, and shall be one if
 there is only one Director. A person who holds office as an alternate Director shall be counted
 in the quorum. A Director who also acts as an alternate Director shall count twice towards
 the quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 **Voting**.
 Subject to the provisions of these Articles, the Directors may regulate their proceedings
 as they think fit. Questions arising at any meeting shall be decided by a majority of votes.
 In the case of an equality of votes, the chairman shall not have a second or casting vote.
 A Director who is also an alternate Director shall be entitled to a separate vote on behalf
 of his appointor in addition to his own vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 **Conference Call**. A person may participate and vote in a meeting of the Directors or committee of
 Directors by telephone or other electronic means by means of which all the persons participating
 in the meeting are able to hear each other. Unless otherwise determined by the Directors
 the meeting shall be deemed to be held at the place where the chairman is at the start of
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 **Unanimous Written Resolution**. A resolution in writing (in one or more counterparts) signed by all
 the Directors or all the members of a committee of Directors (an alternate Director being
 entitled to sign any such resolution on behalf of his appointor) shall be as valid and effectual
 as if it had been passed at a meeting of the Directors, or committee of Directors as the
 case may be, duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 **Notice of Meetings**. A Director may, or other Officer on the requisition of a Director shall,
 call a meeting of the Directors by at least two days' notice in writing to every Director
 which notice shall set forth the general nature of the business to be considered unless notice
 is waived by all the Directors either at, before or after the meeting is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 **Chairman of the Board**. The Directors may elect a chairman of their board and determine the period
 for which he is to hold office; but if no such chairman is elected, or if at any meeting
 the chairman is not present within five minutes after the time appointed for holding the
 same, the Directors present may choose one of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 **Defects**.
 Absent fraud, all acts done by any meeting of the Directors or a committee of Directors shall,
 notwithstanding that it be afterwards discovered that there was some defect in the appointment
 of any Director or alternate Director, or that they or any of them were disqualified, be
 as valid as if every such person had been duly appointed and qualified to be a Director or
 alternate Director as the case may be.

22 PRESUMPTION OF ASSENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 A
 Director who is present at a meeting of the board of Directors at which action on any Company
 matter is taken shall be presumed to have assented to the action taken unless his dissent
 shall be entered in the minutes of the meeting or unless he shall file his written dissent
 from such action with the person acting as the chairman or secretary of the meeting before
 the adjournment thereof. Such right to dissent shall not apply to a Director who voted in
 favour of such action.

23 DIRECTORS' INTERESTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 **Other Office**. A Director may hold any other office or place of profit under the Company (other
 than the office of auditor) in conjunction with his office of Director for such period and
 on such terms as to remuneration and otherwise as the Directors may determine. A Director
 may act by himself or his firm in a professional capacity for the Company and he or his firm
 shall be entitled to remuneration for professional services as if he were not a Director
 or alternate Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 **No Exclusivity**. A Director or alternate Director may be or become a director or other officer
 of or otherwise interested in any company promoted by the Company or in which the Company
 may be interested as shareholder or otherwise, and no such Director or alternate Director
 shall be accountable to the Company for any remuneration or other benefits received by him
 as a director or officer of, or from his interest in, such other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 **Disclosure of Interests**. No person shall be disqualified from the office of Director or alternate
 Director or prevented by such office from contracting with the Company, either as vendor,
 purchaser or otherwise, nor shall any such contract or any other contract or transaction
 entered into by or on behalf of the Company in which any Director or alternate Director shall
 be in any way interested be or be liable to be avoided, nor shall any Director or alternate
 Director so contracting or being so interested be liable to account to the Company for any
 profit realised by any such contract or transaction by reason of such Director holding office
 or of the fiduciary relation thereby established. A Director (or his alternate Director in
 his absence) shall be at liberty to vote in respect of any contract or transaction in which
 he is interested provided that the nature of the interest of any Director or alternate Director
 in any such contract or transaction shall be disclosed by him at or prior to its consideration
 and any vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 **General Notice of Interests**. A general notice that a Director or alternate Director is a shareholder,
 director, officer or employee of any specified firm or company and is to be regarded as interested
 in any transaction with such firm or company shall be sufficient disclosure for the purposes
 of voting on a resolution in respect of a contract or transaction in which he has an interest,
 and after such general notice it shall not be necessary to give special notice relating to
 any particular transaction.

---

| | |
|:---|:---|
| 24 | MINUTES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 The
 Directors shall cause minutes to be made in books kept for the purpose of all appointments
 of officers made by the Directors, all proceedings at meetings of the Company or the holders
 of any class of Shares and of the Directors, and of committees of Directors including the
 names of the Directors or alternate Directors present at each meeting.

25 DELEGATION OF DIRECTORS' POWERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 **Delegation**.
 The Directors may delegate any of their powers to any committee consisting of one or more
 Directors. They may also delegate to any managing director or any Director holding any other
 executive office such of their powers as they consider desirable to be exercised by him provided
 that an alternate Director may not act as managing director and the appointment of a managing
 director shall automatically terminate if he ceases to be a Director. Any such delegation
 may be made subject to any conditions the Directors may impose and may be revoked or altered.
 Subject to any such conditions, the proceedings of a committee of Directors shall be governed
 by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 **Committees**.
 The Directors may establish any committees, local boards or agencies or appoint any person
 to be a manager or agent for managing the affairs of the Company and may appoint any person
 to be a member of such committees or local boards. Any such appointment may be made subject
 to any conditions the Directors may impose, and may be revoked or altered. Subject to any
 such conditions, the proceedings of any such committee, local board or agency shall be governed
 by the Articles regulating the proceedings of Directors, so far as they are capable of applying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 **Third Party Delegation**. The Directors may by power of attorney or otherwise appoint any company,
 firm, person or body of persons, whether nominated directly or indirectly by the Directors,
 to be the attorney or authorised signatory of the Company for such purpose and with such
 powers, authorities and discretions (not exceeding those vested in or exercisable by the
 Directors under these Articles) and for such period and subject to such conditions as they
 may think fit, and any such powers of attorney or other appointment may contain such provisions
 for the protection and convenience of persons dealing with any such attorneys or authorised
 signatories as the Directors may think fit and may also authorise any such attorney or authorised
 signatory to delegate all or any of the powers, authorities and discretions vested in him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.4 **Officers**.
 The Directors may appoint such Officers as they consider necessary on such terms, at such
 remuneration and to perform such duties, and subject to such provisions as to disqualification
 and removal as the Directors may think fit. Unless otherwise specified in the terms of his
 appointment an officer may be removed by the Directors.

26 ALTERNATE DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 **Alternate Appointment**. Any Director (other than an alternate Director) may by writing in notice
 to the Company appoint any other Director, or any other person willing to act, to be an alternate
 Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 **Conduct of Alternates**. An alternate Director shall be entitled to receive notice of all meetings
 of Directors and of all meetings of committees of Directors of which his appointor is a member,
 to attend and vote at every such meeting at which the Director appointing him is not personally
 present, and, save as expressly provided herein, to perform all the functions and exercise
 all of the powers of his appointor as a Director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 **Automatic termination**. An alternate Director shall cease to be an alternate Director if his appointor
 ceases to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.4 **No Agency**. An alternate Director shall be deemed for all purposes to be a Director and shall
 alone be responsible for his own acts and defaults and shall not be deemed to be the agent
 of the Director appointing him.

27 NO MINIMUM SHAREHOLDING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 The
 Company in general meeting may fix a minimum shareholding required to be held by a Director,
 but unless and until such a shareholding qualification is fixed a Director is not required
 to hold Shares.

28 REMUNERATION OF DIRECTORS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 **Office Remuneration**. The remuneration to be paid to the Directors, if any, shall be such remuneration
 as the Directors shall determine. The Directors shall also be entitled to be paid all travelling,
 hotel and other expenses properly incurred by them in connection with their attendance at
 meetings of Directors or committees of Directors, or general meetings of the Company, or
 separate meetings of the holders of any class of Shares or debentures of the Company, or
 otherwise in connection with the business of the Company, or to receive a fixed allowance
 in respect thereof as may be determined by the Directors, or a combination of such methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 **Additional Remuneration**. The Directors may by resolution approve additional remuneration to any
 Director for any services other than his ordinary routine work as a Director. Any fees paid
 to a Director who is also counsel or solicitor to the Company, or otherwise serves it in
 a professional capacity shall be in addition to his remuneration as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 **Pensions**.
 The Directors, on behalf of the Company, may pay a gratuity or pension or allowance on retirement
 to any Director who has held any other salaried office or place of profit with the Company
 or to his widow or dependants and may make contributions to any fund and pay premiums for
 the purchase or provision of any such gratuity, pension or allowance.

29 INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 **Indemnity and Exclusion of Liability**. Every Director, alternate Director or Officer shall be indemnified
 out of the assets of the Company against any liability incurred by him as a result of any
 act or failure to act in carrying out his functions other than such liability (if any) that
 he may incur by his own actual fraud or wilful default. No such Director, alternate Director
 or Officer shall be liable to the Company for any loss or damage in carrying out his functions
 unless that liability arises through the actual fraud or wilful default of such Director
 or officer. References in this Article to actual fraud or wilful default mean a finding to
 such effect by a competent court in relation to the conduct of the relevant party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 **Advancement of Expenses**. Expenses, including legal fees, incurred by a Director, alternate Director
 or Officer, or former Director, alternate Director or Officer in defending any legal, administrative
 or investigative proceedings may be paid by the Company in advance of the final disposition
 of such proceedings upon receipt of an undertaking by such party to repay the amount if it
 shall ultimately be determined that such Director, alternate Director or Officer is not entitled
 to be indemnified by the Company and upon such terms and conditions, if any, as the Company
 deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 **Insurance**.
 The Company may purchase and maintain insurance in relation to any person who is or was a
 Director, alternate Director, Officer or liquidator of the Company, or who at the request
 of the Company is or was serving as a Director, alternate director, Officer or liquidator
 of, or in any other capacity is or was acting for, another body corporate or a partnership,
 joint venture, trust or other enterprise, against any liability asserted against the person
 and incurred by the person in that capacity.

---

| | |
|:---|:---|
| 30 | RECORDS |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 **Registered Office Records**. The Company shall keep the following documents at the Registered Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Certificate of Incorporation and any Certificate on Change of Name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 copy of the Memorandum and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Register of Directors and Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 the extent the Company has created a security interest over any of its assets the Register
 of Mortgages and Charges required to be maintained by the Company under Section 54 of the
 Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 **Other Corporate Records**. The Company shall keep the following records at the Registered Office
 or at such other place or places, within or outside the Cayman Islands, as the Directors
 may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes
 of meetings, Ordinary Resolutions and Special Resolutions of Members and classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes
 of meetings and Resolutions of Directors and committees of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 **Electronic Form**. All of the registers and records kept by the Company under these Articles shall
 be in written form or either wholly or partly as electronic records complying with the requirements
 of the Electronic Transactions Act.

---

| | |
|:---|:---|
| 31 | SEAL |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 **Use of Seal**. The Company may, if the Directors so determine, have a Seal. The Seal shall
 only be used by the authority of the Directors or of a committee of the Directors authorised
 by the Directors. Every instrument to which the Seal has been affixed shall be signed by
 at least one person who shall be either a Director or an Officer or other person appointed
 by the Directors for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 **Duplicate Seal**. The Company may have for use in any place or places outside the Cayman Islands
 a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company
 and, if the Directors so determine, with the addition on its face of the name of every place
 where it is to be used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3 **Authentication and Filing**. A Director or Officer, representative or attorney of the Company may without
 further authority of the Directors affix the Seal over his signature alone to any document
 required to be authenticated by him under seal or to be filed with the Registrar of Companies
 in the Cayman Islands or elsewhere wheresoever.

32 DISTRIBUTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 **Payment of Distributions**. Subject to the Companies Act and this Article, the Directors may declare
 and pay out of the funds of the Company lawfully available for such purpose a Distribution
 at a time and of an amount they think fit. No Distribution shall be paid except out of the
 realised and unrealised profits of the Company, and/or out of the share premium account and/
 or as otherwise permitted by the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 **Ranking**.
 Except as otherwise provided by the rights attached to Shares, all Distributions shall be
 declared and paid according to the par value of the Shares that a Member holds. The Company
 may pay Distributions in proportion to the amount paid upon each Share where a larger amount
 is paid up on some Shares than on others. If any Share is issued on terms providing that
 it shall rank for Distributions as from a particular date, that Share shall rank for Distributions
 accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 **Deductions**.
 The Directors may deduct from any Distribution payable to any Member all sums of money, if
 any, then payable by him to the Company on account of calls or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.4 **Distribution in Kind**. The Directors may declare that any Distribution be paid wholly or partly by
 the distribution of specific assets and in particular of shares, debentures, or securities
 of any other company or in any one or more of such ways and the Directors may settle the
 same as they think expedient and in particular may issue fractional Shares and fix the value
 for distribution of such specific assets or any part thereof and may determine that cash
 payments shall be made to any Members upon the basis of the value so fixed in order to adjust
 the rights of all Members and may vest any such specific assets in trustees as may seem expedient
 to the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.5 **Payment**.
 Any Distribution payable in cash in respect of Shares may be paid by electronic funds transfer
 to the holder or by cheque or warrant sent through the post directed to the registered address
 of the holder or, in the case of joint holders, to the registered address of the holder who
 is first named on the Register of Members or to such person and to such address as such holder
 or joint holders may in writing direct. Every such cheque or warrant shall be made payable
 to the order of the person to whom it is sent. Any one of two or more joint holders may give
 effectual receipts for any Distributions payable in respect of the Shares held by them as
 joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.6 **No Interest**. No Distribution shall bear interest as against the Company and no distribution
 shall be paid on Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.7 **Unclaimed Payments**. Any Distribution which cannot be paid to a Member and/or which remains unclaimed
 after six months from the date of declaration of such Distribution may, in the discretion
 of the Directors, be paid into a separate account in the Company's name, provided that the
 Company shall not be constituted as a trustee in respect of that account and the Distribution
 shall remain as a debt due to the Member. Any Distribution which remains unclaimed after
 a period of six years from the date of declaration of such Distribution shall be forfeited
 and shall revert to the Company.

33 CAPITALISATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 **Capitalisations**.
 The Directors may capitalise any sum standing to the credit of any of the Company's reserve
 accounts (including share premium account and capital redemption reserve) or to the credit
 of profit and loss account or otherwise available for distribution and appropriate such sum
 to Members in the proportions in which such sum would have been divisible amongst them had
 the same been a Distribution of profits by way of dividend and apply such sum on their behalf
 in paying up in full unissued Shares for issue, allotment and distribution credited as fully
 paid-up to and amongst them in the proportions aforesaid. In such event the Directors may
 make such provisions as they think fit in the case of Shares becoming distributable in fractions.

34 RECORD DATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 **Record Date Determination**. For the purpose of determining Members entitled to attend meetings,
 receive payment of any Distribution or capitalisation or for any other purpose, the Directors
 may provide that the Register of Members shall be closed for transfers for a stated period
 which shall not in any case exceed forty days. In lieu of, or apart from, closing the Register
 of Members, the Directors may fix in advance or arrears a date as the record date for any
 such determination of Members provided that the record date for a meeting may not be earlier
 than the date of notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 **No Record Date Chosen**. If the Register of Members is not so closed and no record date is
 fixed for the determination of Members entitled to attend meetings, receive payment of a
 Distribution or capitalisation, the date on which the notice of the meeting is given or resolution
 of the Directors declaring such Distribution or capitalisation is adopted, as the case may
 be, shall be the record date for such determination of Members.

35 REPRESENTATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 **Representation of Legal Persons**. The right of any individual to speak for or represent a Member or a
 Director being a legal person shall be determined by the law of the jurisdiction where, and
 by the documents by which, such legal person is constituted or derives its existence but
 save where an objection has been raised by a Member or a Director, the Directors shall not
 be obliged to verify the rights of individuals purporting to speak for or represent legal
 persons. In case of doubt, the Directors may in good faith seek legal advice from any qualified
 person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors
 may rely and act upon such advice without incurring any liability to any Member or the Company.

36 ACCOUNTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 **Accounts**.
 The Company shall keep proper books of account with respect to (a) all sums of money received
 and expended by the Company and the matters in respect of which the receipt and expenditure
 takes place; (b) all sales and purchases of goods by the Company; and (c) the assets and
 liabilities of the Company, that in each case, are sufficient to give a true and fair view
 of the Company's affairs and to explain its transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2 **Inspection**.
 The Directors shall from time to time determine whether and to what extent and at what times
 and places and under what conditions or regulations the accounts and books of the Company
 or any of them shall be open to the inspection of Members not being Directors and no Member
 (not being a Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by the Companies Act or authorised by the Directors or
 by the Company in general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 **Financial Information**. The Directors may from time to time cause to be prepared and to be laid
 before the Company in general meeting profit and loss accounts, balance sheets, group accounts
 (if any) and such other reports and accounts as may be required by law.

---

| | |
|:---|:---|
| 37 | AUDIT |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 **Auditor**.
 The Directors may appoint an auditor of the Company who shall hold office until removed from
 office by resolution of the Directors, and may fix his or their remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 **Access Right**. Every auditor of the Company shall have a right of access at all times to the
 books and accounts and vouchers of the Company and shall be entitled to require from the
 Directors and Officers such information and explanation as may be necessary for any audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.3 **Auditor Reports**. Auditors shall, if so required by the Directors, make a report on the accounts
 of the Company during their tenure of office at such times as shall be required by the Directors
 or any meeting of the Members.

---

| | |
|:---|:---|
| 38 | NOTICES |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 **Calculation of Elapsed Time**. Subject to the laws of the Cayman Islands, where any period of time
 is expressed as required for the giving of any notice or in any other case where some other
 action is required to be undertaken within or omitted from being taken during a specified
 period of time, the calculation of the requisite period of time will not include the day
 on which the notice is given (or deemed to be given) or the day on which the event giving
 rise to the need to take or omit action occurred, but shall include the day on which the
 period of time expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 **Delivery of Notices**. Notices shall be in writing and may be given by the Company to any Member
 either personally or by sending it by courier, post, fax or e-mail to him or to his address
 as shown in the Register of Members (or where the notice is given by e-mail by sending it
 to the e-mail address provided by such Member). Any notice, if posted from one country to
 another, is to be sent airmail. E-mail notices may be sent by e-mail text and/or by way of
 a document attached to an email in portable document format (PDF) or in Microsoft Word format
 and/or by any other method separately agreed between the Company and its Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3 **Deemed Receipt**. Where a notice is sent by courier, service of the notice shall be deemed to
 be effected by delivery of the notice to a courier company, and shall be deemed to have been
 received on the third day (not including Saturdays or Sundays or public holidays) following
 the day on which the notice was delivered to the courier. Where a notice is sent by post,
 service of the notice shall be deemed to be effected by properly addressing, pre-paying and
 posting a letter containing a notice, and shall be deemed to have been received on the fifth
 day (not including Saturdays or Sundays or public holidays) following the day on which the
 notice was posted. Where a notice is sent by fax, service of the notice shall be deemed to
 have been received on the same day that it was transmitted. Where a notice is given by e-mail
 service it shall be deemed to be effected by transmitting the e-mail to the e-mail address
 provided by the intended recipient and shall be deemed to have been received on the same
 day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged
 by the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.4 **Notices of General Meeting**. Notice of every general meeting shall be given in any manner hereinbefore
 authorized to every person shown as a Member in the Register of Members on the record date
 for such meeting except that in the case of joint holders the notice shall be sufficient
 if given to the joint holder first named in the Register of Members.

39 VOLUNTARY LIQUIDATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 Subject
 to the Companies Act, the Company may by Special Resolution be wound up voluntarily.

40 WINDING UP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 **Distribution of Assets**. If the Company shall be wound up, and the assets available for distribution
 amongst the Members shall be insufficient to repay the whole of the share capital, such assets
 shall be distributed so that, as nearly as may be, the losses shall be borne by the Members
 in proportion to the par value of the Shares held by them. If in a winding up the assets
 available for distribution amongst the Members shall be more than sufficient to repay the
 whole of the share capital at the commencement of the winding up, the surplus shall be distributed
 amongst the Members in proportion to the par value of the Shares held by them at the commencement
 of the winding up subject to a deduction from those Shares in respect of which there are
 monies due, of all monies payable to the Company for unpaid calls or otherwise. This Article
 is without prejudice to the rights of the holders of Shares issued upon special terms and
 conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 **Valuation of Assets**. If the Company shall be wound up the liquidator may, with the sanction of
 a Special Resolution and any other sanction required by the Companies Act, divide amongst
 the Members in kind the whole or any part of the assets of the Company (whether they shall
 consist of property of the same kind or not) and may for that purpose value any assets and
 determine how the division shall be carried out as between the Members or different classes
 of Members. The liquidator may, with the like sanction, vest the whole or any part of such
 assets in trustees upon such trusts for the benefit of the Members as the liquidator, with
 the like sanction, shall think fit, but so that no Member shall be compelled to accept any
 asset upon which there is a liability.

41 CONTINUATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 The
 Company may, subject to the provisions of the Companies Act and with the approval of a Special
 Resolution, transfer and be registered by way of continuation as a body corporate limited
 by shares under the laws of any jurisdiction outside the Cayman Islands and be de-registered
 in the Cayman Islands.

42 AMENDMENT OF THE MEMORANDUM AND ARTICLES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 Subject
 to the Companies Act and the rights attaching to any class or series of Shares, the Company
 may by Special Resolution change its name or alter or amend these Articles and/ or the Memorandum
 in whole or in part.

Dated: 20 August 2024

---

| | |
|:---|:---|
| **SUBSCRIBER** | **NUMBER OF SHARES TAKEN** |
| Harneys Fiduciary (Cayman) Limited<br> P.O. Box 10240<br> Grand Cayman KY1-1002<br> Cayman Islands | 1 Share |

---

/s/ Bonnie Sin

Bonnie Sin

Acting as duly authorised signatory

For and on behalf of

Harneys Fiduciary (Cayman) Limited

/s/ Katy Chow

Katy Chow

Witness to the above signature

## Exhibit 3.3

**Exhibit 3.3**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

**OF**

**BETA FINTECH HOLDINGS LIMITED**

**贝塔金融科技控股有限公司**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Shares)

1. The name of the Company is Beta FinTech Holdings Limited 贝塔金融科技控股有限公司 .

2. The Registered Office of the Company will be situated at Harneys Fiduciary (Cayman) Limited, 4th Floor,
Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other location within the Cayman
Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity
irrespective of any question of corporate benefit as provided by the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such
Shareholder.

7. The authorised share capital of the Company is US$500,000.00 divided into 500,000,000 ordinary shares of
par value of US$0.001 each. Subject to the Companies Act and the Articles, the Company shall have power to redeem or purchase any of
its Shares and to increase or reduce its authorised share capital and to sub-divide or consolidate the said Shares or any of them and
to issue all or any part of its capital whether original, redeemed, increased or reduced with or without any preference, priority, special
privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that unless
the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise
shall be subject to the powers on the part of the Company hereinbefore provided.

8. The Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered
by way of continuation in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

 **ARTICLES OF ASSOCIATION**

**OF**

**BETA FINTECH HOLDINGS LIMITED**

**贝塔金融科技控股有限公司**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Shares)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent
with the subject or context:

---

| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |

---

---

| | |
|:---|:---|
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Beta FinTech Holdings Limited 贝塔金融科技控股有限公司, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |

---

---

| | | |
|:---|:---|:---|
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | means a resolution: | means a resolution: |
|  | (a) | passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles (in computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by these Articles); or |
|  | (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

---

---

| | |
|:---|:---|
| **"Ordinary Share"** | means an ordinary share of a par value of US$0.001 in the capital of the Company, designated as an Ordinary Share and having the rights provided for in these Articles; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of Members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |

---

---

| | |
|:---|:---|
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company (including an Ordinary Share). All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder" or "Member"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

---

(a) passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies
are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company
of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed
by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument
or the last of such instruments, if more than one, is executed;

---

| | |
|:---|:---|
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context
may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include" or "in particular"
or similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to "in writing" shall be construed as written or represented by any means reproducible
in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format
for storage or transmission for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the execution of the Articles
themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors may from time to
time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places
as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the
amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time
to time determine and, in the absence of any such determination, the Register shall be kept at the Registered Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for the
time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the approval of the
Members, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether
in certificated form or non-certificated form) to such Persons, in such manner, at such times and on such terms and having such rights
and being subject to such restrictions as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments with respect thereto, at
such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

9. The Directors may authorise the division of Shares into any number of Classes and the different Classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms
as they may think appropriate. Notwithstanding Article 12, the Directors may issue from time to time, out of the authorised share
capital of the Company, series of preferred shares in their absolute discretion and without approval of the Members; provided, however,
before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine, with respect to any
series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such series and the subscription
price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition to any voting rights
provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if
so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends
shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by the Company, and, if so,
the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any part of the assets available
for distribution amongst the Members upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and the
relation which such liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other series
of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of a retirement or sinking
fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption
of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions relative to the operation
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable for, shares of
any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the rate or rates of
conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred shares of such series are
outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition
by the Company of, the existing shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue
of any additional shares, including additional shares of such series or of any other class of shares or any other series of preferred
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights, and any
qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares
for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of
his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the
payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay
such brokerage as may be lawful on any issue of Shares.

11. 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.

**MODIFICATION OF RIGHTS**

12. Whenever the capital of the Company is divided into different Classes the rights attached to any such
Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially and adversely varied
with the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a Special Resolution
passed at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions of these Articles
relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the
necessary quorum shall be one or more Persons holding or representing by proxy at least one-third in nominal or par value amount of the
issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not Present,
those Shareholders who are Present shall form a quorum) and that, subject to any rights or restrictions for the time being attached to
the Shares of that Class, every Shareholder of the Class shall on a poll have one vote for each Share of the Class held by him.
For the purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if
they consider that all such Classes would be affected in the same way by the proposals under consideration, but in any other case shall
treat them as separate Classes.

13. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially and
adversely varied by, inter alia, the creation, allotment or issue of further Shares ranking *pari passu* with or subsequent
to them or the redemption or purchase of any Shares of any Class by the Company. The rights of the holders of Shares shall not be
deemed to be materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation,
the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

14. A Member may only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise identified
and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject
to these Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall
have been surrendered and cancelled.

15. Every share certificate of the Company shall bear such legends as may be required under applicable laws,
including the Securities Act.

16. No certificate shall be issued representing shares of more than one class.

17. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
a new certificate representing the same Shares may be issued to the relevant Member upon request, subject to delivery up of the old certificate
or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the payment of
out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

18. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders and
if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

19. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject
to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or
otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality
of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the
same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

20. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts
(whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount
lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered holder
of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not presently payable).
The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

21. The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share
on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor
until the expiration of fourteen calendar days after a notice in writing, demanding payment of such part of the amount in respect of which
the lien exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled
thereto by reason of his death or bankruptcy.

22. For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and he shall not be
bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
in the proceedings in reference to the sale.

23. The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

24. Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen calendar days'
notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.
A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

25. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

26. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof,
the Person from whom the sum is due shall pay interest upon the sum at the rate of eight percent per annum from the day appointed for
the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.

27. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account
of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

28. The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between
the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

29. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of
an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors.
No such sum paid in advance of calls shall entitle the Member paying such sum to any portion of a dividend declared in respect of any
period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

30. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

31. The notice shall name a further day (not earlier than the expiration of fourteen calendar days from the
date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

32. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

33. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

34. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
amount unpaid on the Shares forfeited.

35. A certificate in writing under the hand of a Director that a Share has been duly forfeited on a date stated
in the certificate shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be entitled to the
Share.

36. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

37. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which
by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

38. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee
is entered in the Register in respect of the relevant Shares. Subject to these Articles, any Member may transfer all or any of his shares
by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form
approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house or its
nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to time.

39. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may in their absolute discretion decline to register any transfer of Shares which is not
fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied by the certificate for the Shares to
which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or such lesser
sum as the Board of Directors may from time to time require, is paid to the Company in respect thereof.

40. The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange
Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in their absolute discretion, from
time to time determine, provided always that such registration of transfer shall not be suspended nor the Register closed for more than
thirty calendar days in any calendar year.

41. All instruments of transfer that are registered shall be retained by the Company. If the Directors refuse
to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer was lodged with the Company
send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

42. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or
survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as having
any title to the Share.

43. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

44. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership
in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any such Person to
elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety calendar days, the
Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

45. The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of
every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

46. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities and privileges annexed
thereto, as the Company in general meeting may determine.

47. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of a larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide its Shares into several classes and without prejudice to any special rights previously conferred
on the holders of existing Shares attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions
or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors may determine
provided always that, for the avoidance of doubt, where a Class of Shares has been authorised by the Company, no resolution of the Company
in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class and determine
such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the Company issues
shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such Shares and where the
equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with the most favourable
voting rights, must include the words "restricted voting" or "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide its Shares, or any of them, into Shares of an amount smaller than that fixed by the Memorandum,
provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be
the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any Person and diminish the amount of its share capital by the amount of the Shares so cancelled.

48. All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in relation to any
consolidation and division under the preceding Article and in particular but without prejudice to the generality of the foregoing may
arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses
of such sale) in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may
authorise some person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to the
Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will his
title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

49. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

50. Subject to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act, including out of capital.

51. The purchase of any Share shall not oblige the Company to purchase any other Share other than as may be
required pursuant to applicable law and any other contractual obligations of the Company.

52. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s) (if
any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

53. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

54. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

55. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

**GENERAL MEETINGS**

56. All general meetings other than annual general meetings shall be called extraordinary general meetings.

57. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may (but shall not be obliged to) in each calendar year hold a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as may be determined
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

58. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Chairman or a majority of the Directors (acting by a resolution of the Board) may call general meetings,
and they shall on a Shareholders' requisition forthwith proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Shareholders' requisition is a requisition of Members holding at the date of deposit of the requisition
Shares which carry in aggregate not less than one-third (1/3) of the total number of votes attaching to all issued and outstanding Shares
that as at the date of the deposit carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited
at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If there are no Directors as at the date of the deposit of the Shareholders' requisition, or if
the Directors do not within twenty-one (21) calendar days from the date of the deposit of the requisition duly proceed to convene a general
meeting to be held within a further twenty-one (21) calendar days, the requisitionists, or any of them representing more than one-half
of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after
the expiration of three calendar months after the expiration of the said twenty-one (21) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly
as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

59. At least five (5) clear days' notice shall be given for any general meeting. Every notice shall
be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the
day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such
other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice
specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings have been
complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all the Shareholders (or their proxies) entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of two-thirds of the Members having a right
to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person, represented by its duly authorised
representative or proxy.

60. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

61. No business except for the appointment of a chairman for the meeting shall be transacted at any general
meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. One or more Shareholders holding
Shares which carry in aggregate (or representing by proxy) not less than one third (1/3) of all votes attaching to all Shares in issue
and entitled to vote at such general meeting Present shall be a quorum for all purposes.

62. If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting shall
be dissolved.

63. If the Directors wish to make this facility available for a specific general meeting or all general meetings
of the Company, attendance and participation in any general meeting of the Company may be by means of Communication Facilities. Without
limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting. The
notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the meeting who wishes
to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including attending and casting
any vote thereat.

64. The Chairman, if any, shall preside as chairman at every general meeting of the Company. If there is no
such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed for holding the meeting
or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside as chairman of that
meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

65. The chairman of any general meeting shall be entitled to attend and participate at any such general meeting
by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the following provisions shall
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable the chairman of the meeting
to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at the meeting shall choose another
Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if no other Director is Present at
the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same
day in the next week and at such time and place as shall be decided by the Board of Directors.

66. The chairman of any general meeting at which a quorum is Present may with the consent of the meeting (and
shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting,
or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.

67. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting,
except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason, upon
notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

68. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands,
unless a poll is (before or on the declaration of the result of the show of hands) demanded, and unless a poll is so demanded, a declaration
by the chairman of the meeting that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority,
or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without
proof of the number or proportion of the votes recorded in favour of, or against, that resolution. A poll may be demanded by (i) the chairman
of such meeting; (ii) at least three Members Present in person or by proxy or (in the case of a Member being a corporation) by its duly
authorised representative for the time being entitled to vote at the meeting; (iii) Member(s) present in person or by proxy or (in the
case of a Member being a corporation) by its duly authorised representative representing not less than one-tenth of the total voting rights
of all Members having the right to vote at the meeting; and (iv) Member(s) present in person or by proxy or (in the case of a Member being
a corporation) by its duly authorised representative and holding Shares conferring a right to vote at the meeting being Shares on which
an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all Shares conferring that right.

69. If a poll is duly demanded it shall be taken in such manner as the chairman of the meeting directs, and
the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

70. All questions submitted to a meeting shall be decided by an Ordinary Resolution except where a greater
majority is required by these Articles or by the Companies Act. In the case of an equality of votes, whether on a show of hands or on
a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second
or casting vote.

71. A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be
taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

**VOTES OF SHAREHOLDERS**

72. Subject to any rights and restrictions for the time being attached to any Share, on a show of hands every
Shareholder Present in person or represented by its duly authorised representative or proxy shall, at a general meeting of the Company,
each have one (1) vote and on a poll every Shareholder Present in person or represented by its duly authorised representative or proxy
shall have one (1) vote for each Ordinary Share of which such Shareholder is the holder.

73. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy (or,
if a corporation or other non-natural person, by its duly authorised representative or proxy) shall be accepted to the exclusion of the
votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register.

74. Shares carrying the right to vote that are held by a Shareholder of unsound mind, or in respect of whom
an order has been made by any court having jurisdiction in lunacy, may be voted by his committee, or other Person in the nature of a committee
appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

75. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any,
or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid.

76. On a poll votes may be given either personally or by proxy.

77. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)),
may only appoint one proxy on a poll. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his
attorney duly authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer or attorney
duly authorised. A proxy need not be a Shareholder.

78. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

79. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the time for holding the meeting or adjourned meeting at which the person
named in the instrument proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid after the
poll has been demanded and not less than 24 hours before the time appointed for the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the poll is not taken forthwith but is taken not more than 48 hours after it was demanded be delivered
at the meeting at which the poll was demanded to the chairman or to the secretary or to any director;

provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

80. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a
poll.

81. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as
valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

82. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing
body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of
a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or Director.

**DEPOSITARY AND CLEARING HOUSES**

83. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Member of the
Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as it thinks
fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders provided that, if
more than one Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which each such
Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers on behalf
of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised clearing
house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Member holding the number and Class of
Shares specified in such authorisation.

**DIRECTORS**

84. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than three (3) Directors, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the Directors then in office.
The period for which the Chairman will hold office will also be determined by a majority of all of the Directors then in office. The Chairman
shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present at a meeting of the Board
of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may choose one of their number
to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors present and voting
at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders or re-appointment
by the Board.

85. A Director may be removed from office by an Ordinary Resolution, notwithstanding anything in these Articles
or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). A vacancy

vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice of any meeting at which a resolution
to remove a Director shall be proposed or voted upon must contain a statement of the intention to remove that Director and such notice
must be served on that Director not less than ten (10) calendar days before the meeting. Such Director is entitled to attend the
meeting and be heard on the motion for his removal.

86. The Board may, from time to time, and except as required by applicable law or Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine on various
corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

87. A Director shall not be required to hold any Shares in the Company by way of qualification. A Director
who is not a Member of the Company shall nevertheless be entitled to attend and speak at general meetings.

88. The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

89. The Directors shall be entitled to be paid for their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may
be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

90. Any Director may in writing appoint another Person to be his alternate and, save to the extent provided
otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director,
but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such
Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present
and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his own vote. A Director
may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all purposes to
be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration of such alternate shall be payable
out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

91. Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

92. Subject to the Companies Act, these Articles and any resolutions passed in a general meeting, the business
of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may
exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors
that would have been valid if that resolution had not been passed.

93. Subject to these Articles, the Directors may from time to time appoint any natural person or corporation,
whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company,
including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer,
assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person
or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number
to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases
for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

94. The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant
Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers
as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company
by Ordinary Resolution.

95. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

96. The Directors may from time to time and at any time by power of attorney (whether under Seal or under
hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors,
to be the attorney or attorneys or authorised signatory (any such Person being an "Attorney" or "Authorised Signatory",
respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of
attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing with any such Attorney
or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to delegate all
or any of the powers, authorities and discretion vested in him.

97. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

98. The Directors from time to time and at any time may establish any committees, local boards or agencies
for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or
local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation.

99. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time
remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
without notice of any such annulment or variation shall be affected thereby.

100. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

101. The Directors may from time to time at their discretion exercise all the powers of the Company to raise
or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof,
to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or
obligation of the Company or of any third party.

**THE SEAL**

102. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors
provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form
confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary)
or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every
instrument to which the Seal is so affixed in their presence.

103. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always
that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming
a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors
shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed
in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal
had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence
of any one or more Persons as the Directors may appoint for the purpose.

104. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

105. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is removed from office pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

106. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be
entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

107. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors
of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating
in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

108. The quorum necessary for the transaction of the business of the Board may be fixed by the Directors, and
unless so fixed the presence of a majority of Directors then in office shall constitute a quorum. A Director represented by proxy or by
an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

109. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for
consideration.

110. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office
or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment
or arrangement.

111. Any Director may act by himself or through his firm in a professional capacity for the Company, and he
or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
shall authorise a Director or his firm to act as auditor to the Company.

112. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
of Directors.

113. When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

114. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled
to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided
otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of his appointer),
shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors,
as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or his duly
appointed alternate.

115. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their
number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

116. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may
elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes
after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting.

117. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations
imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present
and in case of an equality of votes the chairman shall have a second or casting vote.

118. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed
and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

119. A Director who is present at a meeting of the Board of Directors at which an action on any Company matter
is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless
he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to
dissent shall not apply to a Director who voted in favour of such action.

**DIVIDENDS**

120. Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from
time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same
out of the funds of the Company lawfully available therefor.

121. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary
Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

122. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors, be
applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may be properly applied,
and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be
invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

123. Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors.
If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such
addresses as the holder may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable
to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect
of such Shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute
a good discharge to the Company.

124. The Directors may determine that a dividend shall be paid wholly or partly by the distribution of specific
assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution.
Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine that cash payment
shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors
think fit.

125. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall
be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares
dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while
carrying interest, be treated for the purposes of this Article as paid on the Share.

126. If several Persons are registered as joint holders of any Share, any of them may give effective receipts
for any dividend or other moneys payable on or in respect of the Share.

127. No dividend shall bear interest against the Company.

128. Any dividend unclaimed after a period of six calendar years from the date of declaration of such dividend
may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

129. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

130. The books of account shall be kept at the Registered Office, or at such other place or places as the Directors
think fit, and shall always be open to the inspection of the Directors.

131. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book or document of the
Company except as conferred by law or authorised by the Directors or by Ordinary Resolution, provided that the Shareholders may inspect
the Register without charge, and receive the annual audited financial statements of the Company.

132. The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited.

133. The Directors may appoint an auditor of the Company who shall hold office until removed from office by
a resolution of the Directors and may fix his or their remuneration.

134. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the auditors.

135. The auditors shall, if so required by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Members.

136. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

137. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised
reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal with
the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which
they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders (by the application of their respective proportions
of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

138. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates upon exercise or
vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates
to such persons that has been adopted or approved by the Directors or the Members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Members.

**SHARE PREMIUM ACCOUNT**

139. The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry
to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share.

140. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference
between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

141. Except as otherwise provided in these Articles, any notice or document may be served by the Company or
by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a recognised courier service
in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic
mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile to any facsimile
number such Shareholder may have specified in writing for the purpose of such service of notices, or by placing it on the Company's
Website should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given to that one of the
joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.

142. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

143. Any Shareholder Present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

144. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when the letter containing
the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission
to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of its placement on the Company's
Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

145. Any notice or document delivered or sent by post to or left at the registered address of any Shareholder
in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not
the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of
such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document have been removed
from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or
document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

146. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

147. Subject to the relevant laws, rules and regulations applicable to the Company, no Member shall be
entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is or
may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in the
opinion of the Board would not be in the interests of the Members of the Company to communicate to the public.

148. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company,
the Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its
affairs to any of its Members including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

149. Every Director (including for the purposes of this Article any alternate Director appointed pursuant
to the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from time to time of the
Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud,
in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings
concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. To the extent permissible under applicable
laws, the Members waive any claim or right of action that they may have, both individually and on the Company's behalf, against
any Director in relation to any action or failure to take action by such Director in the performance of his or her duties with or for
the Company, except in respect of any dishonesty, willful default or fraud of such Director.

150. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of the Company shall be invested;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement
or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge
of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

151. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 30 June in
each calendar year and shall begin on 1 July in each calendar year.

**NON-RECOGNITION OF TRUSTS**

152. No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall
not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any
other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register.

**WINDING UP**

153. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the
Company and any other sanction required by the Companies Act, divide amongst the Members in species or in kind the whole or any part of
the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets and
determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like
sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with
the like sanction, shall think fit, but so that no Member shall be compelled to accept any asset upon which there is a liability.

154. If the Company shall be wound up, and the assets available for distribution amongst the Members shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Members in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution
amongst the Members shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up, the surplus
shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the commencement of the winding
up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for unpaid
calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special terms and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

155. Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution
alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

156. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall
be closed for transfers for a stated period which shall not exceed in any case thirty calendar days in any calendar year.

157. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date
for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders
and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within
ninety calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination.

158. If the Register is not so closed and no record date is fixed for the determination of those Shareholders
entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment
of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend
is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders
that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

159. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance
of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister
the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and
may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

160. The Directors, or any service providers (including the officers, the Secretary and the registered office
provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
any information regarding the affairs of the Company including without limitation information contained in the Register and books of the
Company.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Harney Westwood & Riegels<br> 3501 The Center<br> 99 Queen's Road Central<br> Hong Kong<br> Tel: +852 5806 7800<br> Fax: +852 5806 7810 |

---

3 June 2025

raymond.ng@harneys.com

+852 5806 7883

064084-0001-RLN

**Beta FinTech Holdings Limited贝塔金融科技控股有限公司**

Harneys Fiduciary (Cayman) Limited

4th Floor, Harbour Place

103 South Church Street

P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

Dear Sir or Madam

**Beta FinTech Holdings Limited 贝塔金融科技控股有限公司 (the *Company*)**

We are lawyers qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***) (the ***Registration Statement***), relating to the offering by the Company of certain of its ordinary shares of par value US$0.001 per share (the ***IPO Shares***).

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

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not independently verified.

---

| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> Resident Partners: A Au \| M Chu \| JP Engwirda \| Y Fan \| P Kay \| MW Kwok \| IN Mann<br> R Ng \| ATC Ridgers \| PJ Sephton<br>| Anguilla \| Bermuda \| British Virgin Islands \| Cayman Islands<br> Cyprus \| Hong Kong \| Jersey \| London \| Luxembourg<br> Montevideo \| São Paulo \| Shanghai \| Singapore<br> harneys.com |

---

Based solely upon the foregoing examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

1 Existence and Good Standing. The Company is a company duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. The Company is a separate legal entity and is subject to suit in its own name.

---

| | |
|:---|:---|
| 2 | Authorised Share Capital. Based on our review of the M&A (as defined in Schedule 1), the share capital of the Company is US$50,000 divided into 50,000,000 shares of a nominal or par value of US$0.001 each. |

---

---

| | |
|:---|:---|
| 3 | Valid Issuance of IPO Shares. The allotment and issue of the IPO Shares as contemplated by the Registration Statement have been duly authorised and, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, the IPO Shares will be validly issued, fully paid and non-assessable. |

---

---

| | |
|:---|:---|
| 4 | Cayman Islands Law. The statements under the caption "Taxation", "Enforceability of Civil Liabilities" and "Description of Share Capital" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

---

This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. Except as specifically stated herein, we express no opinion as to matters of fact.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement under the headings "Enforceability of Civil Liabilities", "Taxation" and "Legal Matters" and elsewhere in the prospectus included 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 Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

---

| |
|:---|
| Yours faithfully |
| /s/ Harney Westwood & Riegelsit |
| **Harney Westwood & Riegels** |

---

**Schedule 1**

List of Documents and Records Examined

1 The certificate of incorporation dated 20 August 2024;

---

| | |
|:---|:---|
| 2 | The memorandum and articles of association of the Company dated 20 August 2024 as amended by a special resolution dated 25 November 2024 (the ***M&A***); |

---

3 The register of directors and register of members of the Company provided to us on 30 May 2025;

Copies of 1 to 3 above have been provided to us by the Company (the ***Corporate Documents***, and together with 4 to 8 below, the ***Documents***).

---

| | |
|:---|:---|
| 4 | A copy of executed unanimous written resolutions of the directors of the Company dated 3 June 2025 (the ***Resolutions***); |

---

5 A certificate of good standing in respect of the Company issued by the Registrar of Companies dated 30 May 2025;

6 A certificate of incumbency in respect of the Company issued by Harneys Fiduciary (Cayman) Limited on 21 February 2025;

---

| | |
|:---|:---|
| 7 | A certificate from a director of the Company dated 3 June 2025, a copy of which is attached hereto (the ***Director's Certificate***); and |

---

8 The Registration Statement filed with the Commission on 3 June 2025.

**Schedule 2**

Assumptions

---

| | |
|:---|:---|
| 1 | **Authenticity of Documents.** Copy documents or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals. All original Documents are authentic, all signatures, initials and seals are genuine. |

---

---

| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete as at the date of the passing of the Resolutions. |

---

---

| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

---

---

| | |
|:---|:---|
| 4 | **No Steps to Wind-up**. The directors and shareholders of the Company have not taken any steps to appoint a liquidator of the Company and no receiver has been appointed over any of the Company's property or assets. |

---

---

| | |
|:---|:---|
| 5 | **Resolutions.** The Resolutions remain in full force and effect. |

---

---

| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Corporate Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

---

---

| | |
|:---|:---|
| 7 | **IPO Shares.** No IPO Share will be issued for a price which is lower than its par value. |

---

**Schedule 3**

Qualifications

---

| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

---

---

| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

---

---

| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the Company's assets (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). |

---

---

| | |
|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Law have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Law. |

---

**Annex**

**Director's Certificate**

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGEEMENT**

**雇佣合约**

**BETA FINTECH HOLDINGS LIMITED**

**贝塔金融科技控股有限公司**

**And**

**与**

**Employee:** <u>XIANG Xianxin</u> 

**雇员** **:** <u>XIANG Xianxin</u> 

Signed by the <u>1</u> day of <u>December 2024</u> 

日期: <u>2024</u> 年 <u>12</u> 月 <u>1</u> 日

&nbsp;&nbsp; **THIS EMPLOYMENY AGREEMENT IS STRICTLY PRIVATE AND CONFIDENTIAL**<br>**本雇佣合约为绝对私人及必须完全保密**<br>

DEAR XIANG, XIANXIN:

We refer to our recent discussion and are pleased to offer you the following position in Beta FinTech Holdings Limited (the "**Company**"), on the following terms and conditions:

If the terms are acceptable to you ,we would be grateful if you could confirm this by signing the enclosed copy of this Employment Agreement and returning the signed copy to us. The Employment Agreement signed by both parties shall constitute your contract of employment with the Company.

May we take this opportunity to express our cordial welcome to you to join our Group and sincerely hope that you find the role interesting and rewarding.

<u>向弦信你好</u><u>:</u>

我们参考最近的讨论，很高兴向您提供贝塔金融科技控股有限公司（"**公司**"）的以下职位， 条款和条件： 如阁下接受以下条款,烦请签署随本合约附上的僱佣合约副本,并将已签署的副本交回本公司。僱佣合约一经双方签署,即成为阁下受聘用的条件。 我们借此机会热烈欢迎您加入我们的团队，并衷心希望您觉得这个角色有趣并有所收获。

**1. Position & Date of Commencement** 

**1.开始的岗位和日期**

You will be appointed as <u>CEO</u> of the Company and under the payroll of one of the Group companies as designated by the Company from time to time (the "Employment") effective from <u>1/12/2024</u> (the "Commencement Date") to <u>30/11/2026</u> (the "Termination Date")..

自 <u>2024 年 12 月 1 日</u>（"开始日期"）起，您将被任命为公司的 <u>行政总裁</u> ，并在公司指定的集团公司之一的公司下("雇用"))至<u>2026年 11 月 30 日</u>("终止日期")

**2. Reporting & Job Responsibility** 

**2.汇报及工作职责**

You shall report to your Direct management and perform all duties that relevant to your job title. Your principal location of work will be inside the office but certain outdoor job maybe required when necessary.

You are expected, during the term of your Employment, to use all your reasonable endeavours. In particular, you shall carry out your duties hereunder and to protect and promote the interests of the Company:

您应向你的直属管理者报告并履行与您的职位相关的所有职责。 您的主要工作地点将在办公室内，但必要时可能需要某些户外工作。

在受雇期间，您应尽一切合理努力。特别是，您应履行您在本协议下的职责并保护和促进公司的利益：

(a) Devote the whole of your time, attention and skill to discharge the duties of your office as <u>__CEO_</u> of the Company;

(a) 将您的全部时间、注意力和技能用于履行您作为公司 <u>行政总裁</u> 的职责；

(b) Faithfully and diligently perform such duties and exercise such powers as are consistent with your office in relation to the Company;

(b) 忠实勤勉地履行与您在公司有关的职位相一致的职责和行使权力

(c) In the discharge of such duties and in the exercise of such powers, observe and comply with all reasonable and lawful instructions and directions from time to time made or given by the board of directors of the Group (the "Board"); and at all time keep the Board promptly and fully informed in connection with the performance of such powers.

(c) 在履行该等职责和行使该等权力时，遵守并遵守本集团董事会（"董事会"）不时作出或给予的所有合理合法指示和指示； 和始终及时、充分地向董事会通报此类权力的履行情况。

In addition, you shall also perform those duties and exercise those powers which the Board may from time to time properly assign to you in connection with the business, management and/or administration of any one or more of the Company's associated companies and/or subsidiaries and/or companies within the Company's Group of companies.

此外，您还应履行董事会可能不时适当分配给您的与公司任何一家或多家联营公司和/或子公司的业务、管理和或行政相关的职责和权力和/或公司集团公司内的公司。

**3. Monthly Salary**

**3.月薪**

Your monthly salary will be <u>HKD 40.000</u> . The monthly salary will be paid to you no later than the last working day of each calendar month. In addition, you are also entitled to have all fringe benefits generally provided by the Group at your job level upon completion of Probation Period.

"Please note that it is the Group's policy to keep the salary package confidential and not to discuss with any other employees in the Group both during and after your Employment."

您的月薪为______<u>__40,000___</u>_________港元。 月薪将不迟于每个日历月的最后一个工作日支付给您。 此外，您还有权在试用期结束后享有本集团一般提供的与您工作级别相同的所有附加福利。

"请注意，集团的政策是对薪资待遇保密，并且在您受雇期间和离职后均不得与集团内的任何其他员工讨论"

**4** **. Discretionary Bonus** 

**4. 酌情花红**

Discretionary bonus may be paid to you based on your performance and the Group's performance, and will be paid at the absolute discretion of the Board.

可根据您的表现和集团的表现向您支付酌情花红，并将由董事会全权酌情决定支付。

**5. Working Hours**

**5.工作时间**

Monday to Friday 09:00 a.m. to 6:00 p.m. 周一至周五 09:00 a.m. to 6:00 p.m. <br> Lunch Time 12:00 p.m. to 1:00 p.m. 午餐时间 12:00 p.m. to 1:00 p.m. <br> Saturday, Sunday & Public Holidays Off 星期六、日及公众假期 休息

In any event, you are expected to devote fully to the Group's business notwithstanding such working hours and may need to work overtime including working on Saturday, Sunday & public holidays when it is deemed necessary.

在任何情况下，尽管有这样的工作时间，您仍应全身心投入到集团的业务中，并且在必要时可能需要加班，包括在周六、周日和公共假期工作

**6. Annual Leave**

**6. 年假**

You will be entitled to <u>15</u> days annual leave with full pay for your on-board year. Timing of the annual leave shall be subjected to the working requirements and the approval of the management of the Group (the "**Management**"). Annual leave should be taken at mutually convenient times and normally within the year of entitlement or the following calendar year. There will be no payment in lieu of any unused leave.

At the time of leaving the service of the Company, credit will be given when final payment is made if you have not taken your full entitlement of annual leave which will be calculated on the basis of completed months of service since 1 January in the year in which service is terminated. If your leave taken is more than you have accrued at the date of leaving, the Company will deduct the excess annual leave pay from any salary due on termination.

您将有权享受在职一年的<u>15</u>天带薪年假。 年假时间以工作需要及本集团（「管理层」）批准为准。 年假应在双方方便的时间休，通常在享有权利的当年或下一个日历年内。 任何未使用的假期都不会得到补偿。

在离开公司时，如果您还没有完全享受年假，将在支付尾款时给予抵免，年假将根据当年 1 月 1 日起的已完成服务月数计算哪个服务被终止。 如果您在离职之日休的年假多于您应计的年假，公司将从解雇时应付的任何工资中扣除多出的年假工资。

**7. Termination & Resignation** 

**7.终止与辞职**

Your Employment shall be terminated by either party by giving (i) in respect of termination during the Probation Period, a seven (7) day prior written notice; or (ii) in respect of any time after the end of the Probation Period before the Termination Date, a one (1) month prior written notice; or (iii) in both cases, salary in lieu of notice.

The Employment will be automatically terminated upon the Termination Date unless otherwise renewed by both parties with a three(3) month prior written consent.

Should you (i) be guilty of fraud, dishonesty or serious misconduct; or (ii) commit a serious or persistent breach or neglect of your duties hereunder the Group's operating procedures (as laid down by the Board and communicated to you from time to time); or (iii) refuse or neglect to comply with any lawful order given to you by the Group; or (iv) be guilty of misconduct inconsistent with the due and faithful discharge of your duties, or (v) so conducted yourself in a way ending to bring yourself or any company in the Group into disrepute; or (vi) become bankrupt or made any composition or arrangements with your creditors; or (vii) unreasonably extend the Probation Period after being notified by the Company, the Group shall be entitled to terminate this Agreement forthwith without notice or payment in lieu thereof.

Upon termination of the Employment, you should immediately transfer and deliver to the Group all papers, documents, notes, memoranda, records and writings belonging to the Group or such of its holding or associated companies which you may have in your possession or control by reason of your position in the Group in any way relating to the business of the Group or such of its holding or associated companies and/or to the business of the clients of the Group or such of its holding or associated companies together with all extracts or copies thereof.

任何一方均应通过以下方式终止您的雇佣关系：(i) 对于试用期内的终止，提前七 (7) 天发出书面通知； (ii) 对于试用期结束后、终止日期前的任何时间，提前一 (1) 个月发出书面通知； (iii) 在这两种情况下，代通知金。

雇佣关系将在终止日期自动终止，除非双方另行在三 (3) 个月前书面同意的情况下续约。

如果您 (i) 犯有欺诈、不诚实或严重不当行为； (ii) 严重或持续违反或忽视您在本集团运营程序（由董事会制定并不时传达给您）下的职责； (iii) 拒绝或忽视遵守本集团向您发出的任何合法命令； (iv) 犯有与应有和忠实履行职责不一致的不当行为，或 (v) 自己的行为最终会使自己或集团内的任何公司声名狼藉； (vi) 破产或与您的债权人作出任何和解或安排； (vii) 经本公司通知后不合理延长试用期，本集团有权立即终止本协议，恕不另行通知或代为付款。

雇佣关系终止后，您应立即将属于您可能拥有或控制的属于本集团或其控股或关联公司的所有文件、文件、笔记、备忘录、记录和著作转移并交付给本集团 您在集团中的职位以任何方式与集团或其控股或联营公司的业务和/或集团客户的业务或其控股或联营公司的业务有关，连同所有摘录或副本其中。

**8. Medical and Other Insurance Schemes**

**8. 医疗和其他保险计划**

You are entitled to enjoy the Group's insurance schemes provided to the staff at your job level, as adopted by the Company from time to time .

您有权享受本公司不时采纳的本集团提供给您工作级别员工的保险计划

**9. Special Arrangement**

**9. 特别安排**

(a) As the Group will have interests and business dealings overseas, in the performance of your duties of the Employment, you will be required from time to time to work overseas. Any related travelling and lodging expenses actually and properly incurred and agreed by the Board will be responsible by the Group.

(b) Unless otherwise specified, if your employment is transferred to any company of the Group (the "**New Employer**"), your obligations hereunder shall remain for purposes of this Letter. For avoidance of doubt, all of your service time in the Company will be fully recognized by the New Employer. You may have a new employment letter (or other legally binding document with the similar effect) with the New Employer to replace the terms and conditions of this Employment Letter.

(a) 由于本集团将在海外拥有利益和业务往来，在履行您的雇佣职责时，您将不时需要在海外工作。 任何实际适当发生并经董事会同意的相关差旅费和住宿费将由本集团承担。

(b) 除非另有规定，否则如果您的工作被转移到集团的任何公司（"**新雇主**"），您在本协议项下的义务将在本函中保持不变。 为免生疑问，您在公司的所有服务时间都将得到新雇主的充分认可。 您可能会与新雇主签订一份新的雇佣信（或其他具有类似效力的具有法律约束力的文件），以取代本雇佣信的条款和条件。

**10. Restrictions on activities**

**10.活动限制**

You are not allowed (without the prior written consent of the Management) during the Employment, to be directly or indirectly engaged in, or provide services to any other person, company or business entity whatsoever, whether as an employee, officer, director, agent, shareholder (if such shareholding is more than 5% of a company), partner, consultant or otherwise.

You are not allowed, during the Employment or for a period of three (3) months following the termination of your Employment, to:

&nbsp;&nbsp;&nbsp;&nbsp;i. either for yourself, or any other person, induce or attempt
to induce any employee of the Company to leave the appointment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;ii. in any way interfere with the relationship between the Company
and any employee; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. induce or attempt to induce any customer, licensee or business
relation of the Company to cease doing business with the Company, or in any way interfere with the relationship between any customer,
licensee or business relation of the Company and the Company, save for the list of customers attached to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;iv. either for yourself, or any other person, solicit the business
of any person known by you to be a customer of the Company, whether or not you have had personal contact with such person, save for the
list of customers attached to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;v. solicit in competition of the Company the custom or business
of any person, firm or company who at any time during the term of Employment was a customer or client of the Company or who at the date
of termination of the Employment was in negotiations with the Company, save for the list of customers attached to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;vi. induce or assist any other person to do any of the foregoing.

在受雇期间，您不得（未经管理层事先书面同意）直接或间接参与或向任何其他人、公司或商业实体提供服务，无论是作为雇员、高级职员、董事、代理人 、股东（如果此类股权超过公司的 5%）、合伙人、顾问或其他。

在受雇期间或终止受雇后的三个月内，您不得：

&nbsp;&nbsp;&nbsp;&nbsp;i. 为您自己或任何其他人;引诱或试图引诱公司的任何雇员离职；

&nbsp;&nbsp;&nbsp;&nbsp;ii. 以任何方式干涉公司与任何员工之间的关系；

&nbsp;&nbsp;&nbsp;&nbsp;iii. 诱导或试图诱导公司的任何客户、被许可人或业务关系停止与公司开展业务，或以任何方式干扰公司与公司的任何客户、被许可人或业务关系之间的关系，
除本信所附的客户名单外； 或者

&nbsp;&nbsp;&nbsp;&nbsp;iv. 为您自己或任何其他人招揽您所知是公司客户的任何人的业务，无论您是否与该人有过个人联系，但附于此的客户名单除外
信 ; 或者

&nbsp;&nbsp;&nbsp;&nbsp;v. 在公司的竞争中征求任何人、公司或公司的习惯或业务，这些人、公司或公司在雇佣期间的任何时间是公司的客户或客户，或者在雇佣关系终止之日正在谈判中
与公司合作，但附于本函的客户名单除外；
或者

&nbsp;&nbsp;&nbsp;&nbsp;vi. 诱使或协助任何其他人进行上述任何行为。

**11. Company Rules** 

**11.公司规则**

You shall fully observe and abide all Company's rules and policies (the "**Company Rules**") laid down by the Management from time to time.

您应完全遵守管理层不时制定的所有公司规则和政策（"**公司规则**"）。

**12. Conflict of Interest**

**12. 利益冲突**

You shall not engage in any business in competition with the Group nor put yourself in any way in conflict with the interests of the Group.

Without prejudice to any other provisions of this letter, you agree to declare any of your business in conflict with the business or activities of the Group or such of its holding or associated companies, at the date hereof or in which you may subsequently become involved in reasonable detail to the Group or such of its holding or associated companies.

您不得从事任何与本集团竞争的业务，也不得以任何方式与本集团的利益发生冲突。

在不影响本函任何其他规定的情况下，您同意声明您的任何业务与本集团或其控股公司或联营公司的业务或活动相冲突，在本函日期或您随后可能参与的 向本集团或其控股或关联公司提供合理的详细信息

**13. Confidentiality** 

**13. 保密**

During the Employment with the Group, you are strictly prohibited from disclosing or divulging to any person(s) or company(ies) any information or data of the Group, without the prior consent of the Management.

It is a condition of the Employment that you will keep confidential and not disclose, exploit or use, neither for your own purpose nor for any purpose other than that of the Group, directly or indirectly, during and subsequent to your employment with the Group, any information in relation to the private affairs of the Company or any of its holding or associated companies obtained by virtue of the Employment or during your work with the Company or any of its holding or associated companies. Any breach or failure to observe this condition will make you liable to immediate dismissal without compensation and the Company reserves the right to take appropriate action.

在集团任职期间，未经管理层事先同意，严禁向任何人或公司披露或泄露集团的任何信息或数据。

雇用的条件是，在您受雇于本集团期间和之后，您将保密，不得出于您自己的目的或除本集团以外的任何目的直接或间接地披露、利用或使用， 任何与公司或其任何控股公司或关联公司的私人事务有关的信息，这些信息是通过雇佣或在您与公司或其任何控股公司或关联公司工作期间获得的。 任何违反或未能遵守此条件的行为将使您有责任立即被解雇而无需赔偿，公司保留采取适当行动的权利。

**14. Expenses**

**14.费用**

The Group will reimburse authorised expenses incurred for the business of the Group. A guiding principle in settling expenses is that there should neither be loss nor benefit financially as a result of any expense reasonable and necessarily incurred for the business of the Group.

Claims for expenses must be approved by your supervisor according to the Company Rules. You are not allowed to authorise your own expenses.

本集团将报销本集团业务产生的授权费用。 结算费用的指导原则是，不应因本集团业务合理且必然招致的任何费用而造成经济上的损失或收益。

根据公司规则，费用报销必须由您的主管批准。 您不得授权自己的费用。

**15. Taxation** 

**15. 税收**

You shall be responsible for the payment of your personal salary tax.

您应负责支付您的个人薪俸税

**16. Amendment**

**16.修正案**

This letter may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.

The Group may from time to time amend the benefit schemes applicable to your Employment or establish various other programs to provide you with benefits, all of which are non-contractual. Such programs may be amended, suspended or discontinued at the Company's discretion.

除非由双方或代表双方签署书面协议或文书，否则不得修改、补充或修改本函。

本集团可能会不时修改适用于您的工作的福利计划或建立各种其他计划以为您提供福利，所有这些都是非合同性的。 公司可自行决定修改、暂停或终止此类计划。

**17. Governing Law** 

**17. 适用法律**

This letter shall be governed in accordance with the Laws of the Hong Kong Special Administrative Region of the People's Republic of China.

If at any time any provisions of these terms and conditions become illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions shall not be affected or impaired thereby.

本函受中华人民共和国香港特别行政区法律管辖。

如果这些条款和条件的任何条款在任何时候在任何方面变得非法、无效或不可执行，其余条款的合法性、有效性和可执行性不应因此受到影响或损害。

\*\* The English version of this Agreement shall prevail where there is a discrepancy between the English and the Chinese versions.

\*\* 如本合约之英文版本及中文版本之间有差异,应以本合约之英文版本为准

[本页以下无正文，后附签字页]

[Signature page to follow]

[Signing Page of EMPLOYMENT AGEEMENT]

[本页无正文，为雇佣合约的签字页]

---

| | |
|:---|:---|
| Yours sincerely |  |
| For and on behalf of | I accept the appointment on the terms |
| Beta FinTech Holdings Limited | and conditions set out above. |
| 贝塔金融科技有限公司代表 | 本人接受条款的任命和上述条件。 |

---

---

| | | | |
|:---|:---|:---|:---|
| /s/ Shaojie Sun | /s/ Shaojie Sun | /s/ Xianxin Xiang | /s/ Xianxin Xiang |
| NAME 姓名: | SUN SHAOJIE | NAME 姓名: | XIANG XIANXIN |
| POSITION: | Director |  |  |

---

## Exhibit 10.2

**Exhibit 10.2**

**EMPLOYMENT AGEEMENT**

**雇佣合约**

**BETA FINTECH HOLDINGS LIMITED**

**贝塔金融科技控股有限公司**

**And**

**与**

**Employee:** <u>ZHANG Didi</u> 

**雇员** **:** <u>张迪迪</u> 

Signed by the <u>1</u> day of <u>December 2024</u> 

日期: <u>2024</u> 年 <u>12</u> 月 <u>1</u> 日

&nbsp;&nbsp;**THIS EMPLOYMENY AGREEMENT IS STRICTLY PRIVATE AND CONFIDENTIAL**<br>**本雇佣合约为绝对私人及必须完全保密**<br>

DEAR ZHANG, DIDI:

We refer to our recent discussion and are pleased to offer you the following position in Beta FinTech Holdings Limited (the "**Company**"), on the following terms and conditions:

If the terms are acceptable to you ,we would be grateful if you could confirm this by signing the enclosed copy of this Employment Agreement and returning the signed copy to us. The Employment Agreement signed by both parties shall constitute your contract of employment with the Company.

May we take this opportunity to express our cordial welcome to you to join our Group and sincerely hope that you find the role interesting and rewarding.

<u>张迪迪你好</u><u>:</u>

我们参考最近的讨论，很高兴向您提供贝塔金融科技控股有限公司（"**公司**"）的以下职位，条款和条件： 如阁下接受以下条款,烦请签署随本合约附上的僱佣合约副本,并将已签署的副本交回本公司。僱佣合约一经双方签署,即成为阁下受聘用的条件。

我们借此机会热烈欢迎您加入我们的团队，并衷心希望您觉得这个角色有趣并有所收获。

**1. Position & Date of Commencement** 

**1.开始的岗位和日期**

You will be appointed as <u>CFO</u> of the Company and under the payroll of one of the Group companies as designated by the Company from time to time (the "Employment") effective from <u>1/12/2024</u> (the "Commencement Date") to <u>30/11/2026</u> (the "Termination Date")..

自 <u>2024 年 12 月 1 日</u>（"开始日期"）起，您将被任命为公司的 <u>财务总监</u> ，并在公司指定的集团公司之一的公司下("雇用"))至<u>2026年 11 月 30 日</u>("终止日期")

**2. Reporting & Job Responsibility** 

**2.汇报及工作职责**

You shall report to your Direct management and perform all duties that relevant to your job title. Your principal location of work will be inside the office but certain outdoor job maybe required when necessary.

You are expected, during the term of your Employment, to use all your reasonable endeavours. In particular, you shall carry out your duties hereunder and to protect and promote the interests of the Company:

您应向你的直属管理者报告并履行与您的职位相关的所有职责。 您的主要工作地点将在办公室内，但必要时可能需要某些户外工作。

在受雇期间，您应尽一切合理努力。特别是，您应履行您在本协议下的职责并保护和促进公司的利益：

(a) Devote the whole of your time, attention and skill to discharge the duties of your office as <u>CFO</u> of the Company;

(a) 将您的全部时间、注意力和技能用于履行您作为公司 <u>财务总监</u> 的职责；

(b) Faithfully and diligently perform such duties and exercise such powers as are consistent with your office in relation to the Company;

(b) 忠实勤勉地履行与您在公司有关的职位相一致的职责和行使权力

(c)In the discharge of such duties and in the exercise of such powers, observe and comply with all reasonable and lawful instructions and directions from time to time made or given by the board of directors of the Group (the "Board"); and at all time keep the Board promptly and fully informed in connection with the performance of such powers.

(c) 在履行该等职责和行使该等权力时，遵守并遵守本集团董事会（"董事会"）不时作出或给予的所有合理合法指示和指示； 和始终及时、充分地向董事会通报此类权力的履行情况。

In addition, you shall also perform those duties and exercise those powers which the Board may from time to time properly assign to you in connection with the business, management and/or administration of any one or more of the Company's associated companies and/or subsidiaries and/or companies within the Company's Group of companies.

此外，您还应履行董事会可能不时适当分配给您的与公司任何一家或多家联营公司和/或子公司的业务、管理和或行政相关的职责和权力和/或公司集团公司内的公司。

**3. Monthly Salary**

**3.月薪**

Your monthly salary will be <u>HKD 20.000</u> . The monthly salary will be paid to you no later than the last working day of each calendar month. In addition, you are also entitled to have all fringe benefits generally provided by the Group at your job level upon completion of Probation Period.

"Please note that it is the Group's policy to keep the salary package confidential and not to discuss with any other employees in the Group both during and after your Employment."

您的月薪为 <u>20,000</u> 港元。 月薪将不迟于每个日历月的最后一个工作日支付给您。 此外，您还有权在试用期结束后享有本集团一般提供的与您工作级别相同的所有附加福利。

"请注意，集团的政策是对薪资待遇保密，并且在您受雇期间和离职后均不得与集团内的任何其他员工讨论"

**4. Discretionary Bonus** 

**4. 酌情花红**

Discretionary bonus may be paid to you based on your performance and the Group's performance, and will be paid at the absolute discretion of the Board.

可根据您的表现和集团的表现向您支付酌情花红，并将由董事会全权酌情决定支付。

**5. Working Hours**

**5.工作时间**

Monday to Friday 09:00 a.m. to 6:00 p.m. 周一至周五 09:00 a.m. to 6:00 p.m. <br> Lunch Time 12:00 p.m. to 1:00 p.m. 午餐时间 12:00 p.m. to 1:00 p.m. <br> Saturday, Sunday & Public Holidays Off 星期六、日及公众假期 休息

In any event, you are expected to devote fully to the Group's business notwithstanding such working hours and may need to work overtime including working on Saturday, Sunday & public holidays when it is deemed necessary.

在任何情况下，尽管有这样的工作时间，您仍应全身心投入到集团的业务中，并且在必要时可能需要加班，包括在周六、周日和公共假期工作

**6. Annual Leave**

**6. 年假**

You will be entitled to <u>15</u> days annual leave with full pay for your on-board year. Timing of the annual leave shall be subjected to the working requirements and the approval of the management of the Group (the "**Management**"). Annual leave should be taken at mutually convenient times and normally within the year of entitlement or the following calendar year. There will be no payment in lieu of any unused leave.

At the time of leaving the service of the Company, credit will be given when final payment is made if you have not taken your full entitlement of annual leave which will be calculated on the basis of completed months of service since 1 January in the year in which service is terminated. If your leave taken is more than you have accrued at the date of leaving, the Company will deduct the excess annual leave pay from any salary due on termination.

您将有权享受在职一年的<u>15</u>天带薪年假。 年假时间以工作需要及本集团（「管理层」）批准为准。 年假应在双方方便的时间休，通常在享有权利的当年或下一个日历年内。 任何未使用的假期都不会得到补偿。

在离开公司时，如果您还没有完全享受年假，将在支付尾款时给予抵免，年假将根据当年 1 月 1 日起的已完成服务月数计算哪个服务被终止。 如果您在离职之日休的年假多于您应计的年假，公司将从解雇时应付的任何工资中扣除多出的年假工资。

**7. Termination & Resignation** 

**7.终止与辞职**

Your Employment shall be terminated by either party by giving (i) in respect of termination during the Probation Period, a seven (7) day prior written notice; or (ii) in respect of any time after the end of the Probation Period before the Termination Date, a one (1) month prior written notice; or (iii) in both cases, salary in lieu of notice.

The Employment will be automatically terminated upon the Termination Date unless otherwise renewed by both parties with a three(3) month prior written consent.

Should you (i) be guilty of fraud, dishonesty or serious misconduct; or (ii) commit a serious or persistent breach or neglect of your duties hereunder the Group's operating procedures (as laid down by the Board and communicated to you from time to time); or (iii) refuse or neglect to comply with any lawful order given to you by the Group; or (iv) be guilty of misconduct inconsistent with the due and faithful discharge of your duties, or (v) so conducted yourself in a way ending to bring yourself or any company in the Group into disrepute; or (vi) become bankrupt or made any composition or arrangements with your creditors; or (vii) unreasonably extend the Probation Period after being notified by the Company, the Group shall be entitled to terminate this Agreement forthwith without notice or payment in lieu thereof.

Upon termination of the Employment, you should immediately transfer and deliver to the Group all papers, documents, notes, memoranda, records and writings belonging to the Group or such of its holding or associated companies which you may have in your possession or control by reason of your position in the Group in any way relating to the business of the Group or such of its holding or associated companies and/or to the business of the clients of the Group or such of its holding or associated companies together with all extracts or copies thereof.

任何一方均应通过以下方式终止您的雇佣关系：(i) 对于试用期内的终止，提前七 (7) 天发出书面通知； (ii) 对于试用期结束后、终止日期前的任何时间，提前一 (1) 个月发出书面通知； (iii) 在这两种情况下，代通知金。

雇佣关系将在终止日期自动终止，除非双方另行在三 (3) 个月前书面同意的情况下续约。

如果您 (i) 犯有欺诈、不诚实或严重不当行为； (ii) 严重或持续违反或忽视您在本集团运营程序（由董事会制定并不时传达给您）下的职责； (iii) 拒绝或忽视遵守本集团向您发出的任何合法命令； (iv) 犯有与应有和忠实履行职责不一致的不当行为，或 (v) 自己的行为最终会使自己或集团内的任何公司声名狼藉； (vi) 破产或与您的债权人作出任何和解或安排； (vii) 经本公司通知后不合理延长试用期，本集团有权立即终止本协议，恕不另行通知或代为付款。

雇佣关系终止后，您应立即将属于您可能拥有或控制的属于本集团或其控股或关联公司的所有文件、文件、笔记、备忘录、记录和著作转移并交付给本集团 您在集团中的职位以任何方式与集团或其控股或联营公司的业务和/或集团客户的业务或其控股或联营公司的业务有关，连同所有摘录或副本其中。

**8. Medical and Other Insurance Schemes**

**8. 医疗和其他保险计划**

You are entitled to enjoy the Group's insurance schemes provided to the staff at your job level, as adopted by the Company from time to time .

您有权享受本公司不时采纳的本集团提供给您工作级别员工的保险计划

**9. Special Arrangement**

**9. 特别安排**

(a) As the Group will have interests and business dealings overseas, in the performance of your duties of the Employment, you will be required from time to time to work overseas. Any related travelling and lodging expenses actually and properly incurred and agreed by the Board will be responsible by the Group.

(b) Unless otherwise specified, if your employment is transferred to any company of the Group (the "**New Employer**"), your obligations hereunder shall remain for purposes of this Letter. For avoidance of doubt, all of your service time in the Company will be fully recognized by the New Employer. You may have a new employment letter (or other legally binding document with the similar effect) with the New Employer to replace the terms and conditions of this Employment Letter.

(a) 由于本集团将在海外拥有利益和业务往来，在履行您的雇佣职责时，您将不时需要在海外工作。 任何实际适当发生并经董事会同意的相关差旅费和住宿费将由本集团承担。

(b) 除非另有规定，否则如果您的工作被转移到集团的任何公司（"**新雇主**"），您在本协议项下的义务将在本函中保持不变。 为免生疑问，您在公司的所有服务时间都将得到新雇主的充分认可。 您可能会与新雇主签订一份新的雇佣信（或其他具有类似效力的具有法律约束力的文件），以取代本雇佣信的条款和条件。

**10. Restrictions on activities**

**10.活动限制**

You are not allowed (without the prior written consent of the Management) during the Employment, to be directly or indirectly engaged in, or provide services to any other person, company or business entity whatsoever, whether as an employee, officer, director, agent, shareholder (if such shareholding is more than 5% of a company), partner, consultant or otherwise.

You are not allowed, during the Employment or for a period of three (3) months following the termination of your Employment, to:

&nbsp;&nbsp;&nbsp;&nbsp;i. either for yourself, or any
other person, induce or attempt to induce any employee of the Company to leave the appointment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;ii. in any way interfere with the
relationship between the Company and any employee; and

&nbsp;&nbsp;&nbsp;&nbsp;iii. induce or attempt to induce
any customer, licensee or business relation of the Company to cease doing business with the Company, or in any way interfere with the
relationship between any customer, licensee or business relation of the Company and the Company, save for the list of customers attached
to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;iv. either for yourself, or any
other person, solicit the business of any person known by you to be a customer of the Company, whether or not you have had personal contact
with such person, save for the list of customers attached to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;v. solicit in competition of the
Company the custom or business of any person, firm or company who at any time during the term of Employment was a customer or client
of the Company or who at the date of termination of the Employment was in negotiations with the Company, save for the list of customers
attached to this letter; or

&nbsp;&nbsp;&nbsp;&nbsp;vi. induce or assist any other
person to do any of the foregoing.

在受雇期间，您不得（未经管理层事先书面同意）直接或间接参与或向任何其他人、公司或商业实体提供服务，无论是作为雇员、高级职员、董事、代理人 、股东（如果此类股权超过公司的 5%）、合伙人、顾问或其他。

在受雇期间或终止受雇后的三个月内，您不得：

&nbsp;&nbsp;&nbsp;&nbsp;i. 为您自己或任何其他人;引诱或试图引诱公司的任何雇员离职；

&nbsp;&nbsp;&nbsp;&nbsp;ii. 以任何方式干涉公司与任何员工之间的关系；

&nbsp;&nbsp;&nbsp;&nbsp;iii. 诱导或试图诱导公司的任何客户、被许可人或业务关系停止与公司开展业务，或以任何方式干扰公司与公司的任何客户、被许可人或业务关系之间的关系，
除本信所附的客户名单外； 或者

&nbsp;&nbsp;&nbsp;&nbsp;iv. 为您自己或任何其他人招揽您所知是公司客户的任何人的业务，无论您是否与该人有过个人联系，但附于此的客户名单除外
信 ; 或者

&nbsp;&nbsp;&nbsp;&nbsp;v. 在公司的竞争中征求任何人、公司或公司的习惯或业务，这些人、公司或公司在雇佣期间的任何时间是公司的客户或客户，或者在雇佣关系终止之日正在谈判中
与公司合作，但附于本函的客户名单除外；
或者

&nbsp;&nbsp;&nbsp;&nbsp;vi. 诱使或协助任何其他人进行上述任何行为。

**11. Company Rules** 

**11.公司规则**

You shall fully observe and abide all Company's rules and policies (the "**Company Rules**") laid down by the Management from time to time.

您应完全遵守管理层不时制定的所有公司规则和政策（"**公司规则**"）。

**12. Conflict of Interest**

**12. 利益冲突**

You shall not engage in any business in competition with the Group nor put yourself in any way in conflict with the interests of the Group.

Without prejudice to any other provisions of this letter, you agree to declare any of your business in conflict with the business or activities of the Group or such of its holding or associated companies, at the date hereof or in which you may subsequently become involved in reasonable detail to the Group or such of its holding or associated companies.

您不得从事任何与本集团竞争的业务，也不得以任何方式与本集团的利益发生冲突。

在不影响本函任何其他规定的情况下，您同意声明您的任何业务与本集团或其控股公司或联营公司的业务或活动相冲突，在本函日期或您随后可能参与的 向本集团或其控股或关联公司提供合理的详细信息

**13. Confidentiality** 

**13. 保密**

During the Employment with the Group, you are strictly prohibited from disclosing or divulging to any person(s) or company(ies) any information or data of the Group, without the prior consent of the Management.

It is a condition of the Employment that you will keep confidential and not disclose, exploit or use, neither for your own purpose nor for any purpose other than that of the Group, directly or indirectly, during and subsequent to your employment with the Group, any information in relation to the private affairs of the Company or any of its holding or associated companies obtained by virtue of the Employment or during your work with the Company or any of its holding or associated companies. Any breach or failure to observe this condition will make you liable to immediate dismissal without compensation and the Company reserves the right to take appropriate action.

在集团任职期间，未经管理层事先同意，严禁向任何人或公司披露或泄露集团的任何信息或数据。

雇用的条件是，在您受雇于本集团期间和之后，您将保密，不得出于您自己的目的或除本集团以外的任何目的直接或间接地披露、利用或使用， 任何与公司或其任何控股公司或关联公司的私人事务有关的信息，这些信息是通过雇佣或在您与公司或其任何控股公司或关联公司工作期间获得的。 任何违反或未能遵守此条件的行为将使您有责任立即被解雇而无需赔偿，公司保留采取适当行动的权利。

**14. Expenses**

**14.费用**

The Group will reimburse authorised expenses incurred for the business of the Group. A guiding principle in settling expenses is that there should neither be loss nor benefit financially as a result of any expense reasonable and necessarily incurred for the business of the Group.

Claims for expenses must be approved by your supervisor according to the Company Rules. You are not allowed to authorise your own expenses.

本集团将报销本集团业务产生的授权费用。 结算费用的指导原则是，不应因本集团业务合理且必然招致的任何费用而造成经济上的损失或收益。

根据公司规则，费用报销必须由您的主管批准。 您不得授权自己的费用。

**15. Taxation** 

**15. 税收**

You shall be responsible for the payment of your personal salary tax.

您应负责支付您的个人薪俸税

**16. Amendment**

**16.修正案**

This letter may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.

The Group may from time to time amend the benefit schemes applicable to your Employment or establish various other programs to provide you with benefits, all of which are non-contractual. Such programs may be amended, suspended or discontinued at the Company's discretion.

除非由双方或代表双方签署书面协议或文书，否则不得修改、补充或修改本函。

本集团可能会不时修改适用于您的工作的福利计划或建立各种其他计划以为您提供福利，所有这些都是非合同性的。 公司可自行决定修改、暂停或终止此类计划。

**17. Governing Law** 

**17. 适用法律**

This letter shall be governed in accordance with the Laws of the Hong Kong Special Administrative Region of the People's Republic of China.

If at any time any provisions of these terms and conditions become illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions shall not be affected or impaired thereby.

本函受中华人民共和国香港特别行政区法律管辖。

如果这些条款和条件的任何条款在任何时候在任何方面变得非法、无效或不可执行，其余条款的合法性、有效性和可执行性不应因此受到影响或损害。

\*\* The English version of this Agreement shall prevail where there is a discrepancy between the English and the Chinese versions.

\*\* 如本合约之英文版本及中文版本之间有差异,应以本合约之英文版本为准

[本页以下无正文，后附签字页]

[Signature page to follow]

[Signing Page of EMPLOYMENT AGEEMENT]

[本页无正文，为雇佣合约的签字页]

---

| | |
|:---|:---|
| Yours sincerely |  |
| For and on behalf of | I accept the appointment on the terms |
| Beta FinTech Holdings Limited | and conditions set out above. |
| 贝塔金融科技有限公司代表 | 本人接受条款的任命和上述条件。 |

---

---

| | | | |
|:---|:---|:---|:---|
| /s/ Xiangxin Xiang | /s/ Xiangxin Xiang | /s/ Didi Zhang | /s/ Didi Zhang |
| NAME 姓名: | XIANG XIANXIN | NAME 姓名: | ZHANG DIDI |
| POSITION: | CEO |  |  |

---

## Exhibit 10.3

**Exhibit 10.3**

Date:

Dear [\*]

1. <u>Appointment as INDEPENDENT DIRECTOR (ID) of Beta FinTech Holdings Limited</u>

We are pleased to confirm that the directors ("**Board**") of Beta FinTech Holdings Limited ("**Company**") has resolved that you be appointed as an Independent Director of the Company and your appointment shall take effect as of _______________________. The purpose of this letter ("**Letter**") is to confirm the terms of your appointment should you be willing to accept. Please sign and return the attached copy in acknowledgement.

2. <u>Term of Appointment</u>

Your appointment shall be made pursuant to the Company's Memorandum and Articles of Association as amended and restated ("**M&AA**") and shall be subject at all times to the Companies Act (Revised) of the Cayman Islands as amended, supplemented, or modified from time to time (the "**Cayman Islands Companies Act**") and the M&AA. Your appointment is initially for the period expiring at the next annual general meeting, at which time the shareholders will consider you for re-election. Upon your re-election, the terms and provisions of this Letter shall remain in full force and effect.

From time to time, you may also be appointed to be a member of various board committees of the Company ("**Board Committees**"), including the audit committee, compensation committee and/or nominating and corporate governance committee.

You may resign by notice in writing in accordance with the provisions of the M&AA. Under the M&AA and the rules of the Nasdaq Stock Market LLC governing listed companies ("**NASDAQ Listing Rules**"), your appointment may cease in certain prescribed circumstances. Upon termination of your directorship (or if you resign for any reason), your directors' fees will be payable only up to and including the date of termination. You will not be entitled to any damages for loss of office.

3. <u>Role of Director</u>

You will be expected to participate as an active member of the Board in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attending all Board meetings and meetings of the Board Committees which you are a member of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) taking up memberships in Board Committees as appointed from time to time; 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;(c) attending general meetings.

In particular, you are expected to fulfil your directorial duties, including being adequately prepared for meetings, attendance and undertaking allocated follow-up tasks, office and site visit(s) if necessary, and being available for ad-hoc discussions from time-to-time.

In your role as a ID, you have the same general fiduciary responsibilities to the Company as any other director. Your duties and responsibilities as a director are largely embodied in the common law, the Cayman Islands Companies Act, the M&AA and NASDAQ Listing Rules. The laws and applicable rules may be amended from time to time.

In addition to Board meetings and Board Committee meetings which you would be attending, you may request for all relevant information pertaining to the Company's affairs as is reasonably necessary in order to assist you in your role. As far as reasonably practicable and in accordance with applicable law, information will be shared with you in a timely manner.

4. <u>Director's fee</u>

As ID, you will be entitled to a director's fee of USD$[ ] per annum, payable quarterly in arrears, subject to the approval received at the annual general meeting of the Company.

5. <u>Disclosure</u>

To ensure compliance with the Cayman Islands Companies Act, NASDAQ Listing Rules and the M&AA, you are required to make certain disclosures related to and/or which may affect your role as a director. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) giving notice to the Board of any relevant or material personal interest or conflict in relation to the affairs or business of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly advising details of any interests, or changes thereto, in the Company's shares or securities.

You agree to notify the Company as soon as possible if at any time there is any change in circumstances relating to your appointment as a director which may affect the discharge of your duties, including but not limited to matters relating to your qualification as a director, your independence (if applicable), conflict of interests and your ability to continue discharging your duties.

6. <u>Director liability Insurance</u>

The Company maintains directors' and officers' liability Insurance policies.

7. <u>Company Policies</u>

As a director, you shall act at all times in accordance with the M&AA and comply with the Company's corporate policies and procedures that relate to your role as a director covering such areas as corporate governance, privacy and travel. Copies of these will be provided to you.

8. This Letter shall be governed by, and construed in accordance with, the laws of the Cayman Islands.

9. We look forward to your acceptance of the abovementioned offer.

Yours Sincerely,

---

| |
|:---|
| Xianxin Xiang |
| Chief Executive Officer and Director |
| Beta FinTech Holdings Limited |

---

**ACKNOWLEDGEMENT**

I have read the letter above and hereby accept the terms and conditions set out in the letter in relation to my appointment as ID of the Company.

  <br> Name: [\*] <br> Date: [\*]

## Exhibit 15.1

**Exhibit 15.1**

![](ex15-1_001.jpg)

To the Board of Directors and Shareholders of

Beta FinTech Holdings Limited

**LETTER IN LIEU OF CONSENT FOR REVIEW REPORT**

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim condensed consolidated financial statements of Beta FinTech Holdings Limited and its subsidiaries for the six months ended December 31, 2024 and 2023, as indicated in our report dated April 17, 2025, because we did not perform an audit, we expressed no opinion on that information.

We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

---

| | |
|:---|:---|
|  | ![](ex15-1_002.jpg) |
| San Mateo, California | WWC, P.C. |
| June 3, 2025 | Certified Public Accountants |
|  | PCAOB ID No. 1171 |

---

![](ex15-1_003.jpg)

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Beta Capital International Holdings Limited | BVI |
| Beta International Securities Limited | Hong Kong |
| Ascent Capital Management Investment Limited | BVI |
| Beta International (USA) Corp. | Delaware |
| Beta Hengrui Capital Limited | BVI |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the inclusion of our report dated December 13, 2024 in the Registration Statement on Form F-1, under the Securities Act of 1933 with respect to the consolidated balance sheets of Beta FinTech Holdings Limited and its subsidiaries (collectively the "Company") as of June 30, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders' equity, and cash flows for each of the years in the two-year period ended June 30, 2024, and the related notes included herein.

<u>We also consent to the reference to our firm under the heading "Experts" in the Registration Statement.</u>

---

| | |
|:---|:---|
|  | ![](ex23-1_002.jpg) |
| San Mateo, California | WWC, P.C. |
| June 3, 2025 | Certified Public Accountants |
|  | PCAOB ID No. 1171 |

---

![](ex23-1_003.jpg)

## Exhibit 23.3

**Exhibit 23.3**

---

| | | |
|:---|:---|:---|
| ![https:\|\|www.sec.gov\|Archives\|edgar\|data\|1881472\|000121390022022679\|ex23-3_001.jpg](ex23-3_001.jpg) | Henry Yin, Esq.<br> Partner, Chair of Asia, M&A and Technology Transactions<br>2206-19 Jardine House<br> 1 Connaught Place<br> Central<br> Hong Kong | **Main** +852 3923 1187<br> **Fax** +852 3923 1100<br> **Email** henry.yin@loeb.com<br>|

---

June 3, 2025

Beta FinTech Holdings Limited

Rm3326, East Block, China Merchants Tower

168-200 Connaught Road Central, Sheung Wan,

Hong Kong

---

| | |
|:---|:---|
| **Re:** | **Beta FinTech Holdings Limited** |

---

Ladies and Gentlemen:

We have acted as counsel to Beta FinTech Holdings Limited (the "Company"), a company incorporated in the Cayman Islands, in connection with the Registration Statement on Form F-1, as amended (the "Registration Statement") filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Act") covering an underwritten public offering of 2,000,000 ordinary shares, $0.001 par value per share (the "Ordinary Shares"), of the Company, plus an option to issue up to additional 300,000 Ordinary Shares to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriter.

We hereby consent to the use of this consent as an exhibit to the Registration Statement, to the use of our name as your U.S. counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.

Very truly yours,

---

| |
|:---|
| /s/ Loeb & Loeb LLP |
| Loeb & Loeb LLP |

---

San Francisco Los Angeles New York Chicago Nashville Washington, DC Beijing Hong Kong www.loeb.com

## Exhibit 23.4

**Exhibit 23.4**

---

| | |
|:---|:---|
| ![](ex23-4_001.jpg) | ![](ex23-4_002.jpg) |

---

June 3, 2025

Beta FinTech Holdings Limited<br> Rm3326, East Block, China Merchants Tower<br> 168-200 Connaught Road Central, Sheung Wan,<br> Hong Kong

---

| | |
|:---|:---|
| **Re:** | **Beta FinTech Holdings Limited** |

---

Ladies and Gentlemen:

We have acted as Hong Kong counsel to Beta FinTech Holdings Limited (the "Company"), a company incorporated in the Cayman Islands, in connection with the Registration Statement on Form F-1, as amended (the "Registration Statement") filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Act") covering an underwritten public offering (the "Offering") of 2,000,000 ordinary shares, $0.001 par value per share (the "Ordinary Shares"), of the Company, plus an option to issue up to additional 300,000 Ordinary Shares to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriter.

We hereby consent to the use of this consent as an exhibit to the Registration Statement, to the use of our name as your Hong Kong counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.

Very truly yours,

---

| |
|:---|
| /s/ Han Kun Law Offices LLP |
| Han Kun Law Offices LLP |

---

![](ex23-4_003.jpg)

## Exhibit 99.1

**Exhibit 99.1**

**BETA FINTECH HOLDINGS LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**1. Introduction**

The Board of Directors (the "**Board**") of Beta FinTech Holdings Limited (the "**Company**") has adopted this code of ethics (this "**Code**"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "person," as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC** "), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" mean Smart Logistics Global Limited, and include, in appropriate context, the Company's subsidiaries.

**2. Honest, Ethical and Fair Conduct**

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

● Observe all applicable governmental laws, rules, and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors, and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

● Protect the assets of the Company and ensure their proper use.

● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier or customer;

● any consulting or employment relationship with any customer, supplier, or competitor;

● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with the Company;

● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**3. Disclosure**

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairman of the audit committee of the Board (the "**Audit Committee**") (or the Chairman of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**4. Compliance**

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**5. Reporting and Accountability**

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairman of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairman promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code:

● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**6. Waivers and Amendments**

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "waiver" means the approval by the Board of a material departure from a provision of this Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**7. Insider Trading And Dissemination Of Inside Information**

Each person shall comply with the Company's Policy Regarding Insider Trading and Dissemination of Inside Information.

**8. Financial Statements and Other Records**

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**9. Improper Influence on Conduct of Audits**

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**10. Anti-Corruption Laws**

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**11. Violations**

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**12. Other Policies and Procedures**

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**13. Inquiries**

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary.

## Exhibit 99.2

**Exhibit 99.2**

![](ex99-2_001.jpg)

福建省福州市台江区望龙二路1号国际金融中心（IFC）37层（350005）

电话：+86-591-87850803 传真：+86-591-87816904

37/F, IFC, No.1, Wanglong 2nd Avenue, Taijiang District, Fuzhou, Fujian 350005 P. R. China

Tel: +86-591-87850803 Fax: +86-591-87816904

www.allbrightlaw.com

**TO: Beta FinTech Holdings Limited**

June 3, 2025

Dear Sir/Madam,

We are qualified lawyers of the People's Republic of China (the "PRC", for the purpose of issuing this opinion, excluding Hong Kong Special Administration Region, Macau Special Administration Region and Taiwan) and as such are qualified to issue this opinion with respect to all laws, regulations, rules, judicial interpretations and other legislations of the PRC effective and publicly available as of the date hereof. We have acted as your PRC legal counsel in connection with the initial public offering, issuance, and sale of up to 2,000,000 ordinary shares with a par value of US$0.001 per share (the "Ordinary Shares", or the "Offered Securities") pursuant to the Company's registration statement on Form F-1, including all amendments and supplements thereto (the "Registration Statement"), filed by the Company with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the "Offering"), the listing of the Offered Securities on the Nasdaq Capital Market (the "Listing"); and the Registration Statement.

We are licensed lawyers in the PRC and are authorized by the Ministry of Justice of the PRC to issue legal opinions in relation to the above matters in accordance with the published and publicly available PRC laws, regulations, rules and judicial interpretations announced by the PRC Supreme People's Court (collectively the "PRC Laws"), such licenses and authorization of which have not been revoked, suspended, restricted, or limited in any manner whatsoever.

**A.**  **<u>Documents Examined, Definition and Information Provided</u>** 

In rendering this opinion, we have reviewed the Company's Registration Statement, the Prospectus (as defined below) and the Underwriting Agreement (as defined below). In addition, we have examined the originals or copies, certified or otherwise identified to our satisfaction of the documents as we have considered necessary or advisable for the purpose of rendering this opinion. Where certain facts were not independently established by us, we have relied upon certificates or statements issued or made by competent national, provincial or local governmental regulatory or administrative authority, agency or commission in the PRC having jurisdiction over the relevant PRC Entities, the Company and appropriate representatives of the Company. All of these documents are hereinafter collectively referred to as the "**Documents**."

Unless the context of this opinion otherwise provides, the following terms in this opinion shall have the meanings set forth below:

---

| | |
|:---|:---|
| **"The Company"**<br>**"Beta HK"** | means Beta FinTech Holdings Limited(贝塔金融科技控股有限公司).<br>means Beta International Securities Limited (貝塔國際證券有限公司), a company incorporated in Hong Kong on October 19, 1990, and an indirect wholly-owned subsidiary of our Company;<br>|
| "**CSRC**" | means the China Securities Regulatory Commission.<br>|
| **"CAC"**<br>| means the Cyberspace Administration of China. |
| "**Group**" | means the Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.<br>|
| "**PRC Laws**" | means any and all laws, regulations, statues, rules, decrees, notices, and supreme court's judicial interpretations currently in force and publicly available in the PRC as of the date hereof. |
| **"PRC authorities," "PRC government" or "PRC regulatory** | means the authorities, government or regulatory agencies of Mainland China for the purpose of this prospectus only.<br>|
| "**Prospectus**" | means the prospectus, including all amendments or supplements thereto, that forms part of the Registration Statement. |
| **"Registration Statement"** | the Company's registration statement on Form F-1, including all amendments or supplements thereto, filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering.<br>|

---

Capitalized terms used but not defined herein shall have the meanings set forth in the Registration Statement.

**B.**  **<u>Assumptions</u>** 

In our examination of the aforesaid Documents, we have assumed, without independent investigation and inquiry that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all signatures, seals and chops are genuine and were made or affixed by representatives duly authorized
by the respective parties, all natural persons have the necessary legal capacity, all Documents submitted to us as originals are authentic,
and all Documents submitted to us as certified or photostatic copies conform to the originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no amendments, revisions, modifications or other changes have been made with respect to any of the Documents
after they were submitted to us for the purposes of this opinion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. each of the parties to the Documents (except that we do not make such assumptions about the PR Entities)
is duly organized and validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, and has
been duly approved and authorized where applicable by the competent governmental authorities of the relevant jurisdiction to carry on
its business and to perform its obligations under the Documents to which it is a party.

In expressing the opinions set forth herein, we have relied upon the factual matters contained in the representations and warranties set forth in the Documents.

**C.**  **<u>Opinion</u>** 

Based upon the foregoing, we are of the opinion that:

1. Since the Company and its subsidiaries currently have no operations in the Mainland China, as of the date
of this legal opinion, the Company is not required to obtain any permissions or approvals from PRC authorities, including the CSRC or
the CAC, before listing in the U.S. and to issue our Ordinary Shares to foreign investors, none of the PRC laws and regulations apply
to the Group's business, regardless of whether directly or indirectly via counterparties or other third parties, none of the Group's
previous, current and planned operations with PRC companies subject it to PRC laws and regulations, and the Group is not regulated by
any regulator in Mainland China, because (i) the Company does not, directly or indirectly, own or control any entity or subsidiary
in Mainland China; (ii) the Company and its subsidiaries do not have any operations in Mainland China; (iii) the Company does
not have or intend to set up any subsidiary or enter into any contractual arrangements to establish a variable interest entity structure
with any entity in Mainland China; (iv) the Company is headquartered in Hong Kong with officers and all members of the board
of directors based in Hong Kong and all of its revenues and profits are generated by its subsidiaries in Hong Kong and BVI and
the Company has not generated revenues or profits from Mainland China in the most recent accounting year accounts for more than 50% of
the corresponding figure in ours audited consolidated financial statements for the same period;

2. As of the date of this legal opinion, although Beta HK may collect and store certain data (including certain
personal information) from its clients, some of whom may be individuals in Mainland China, in connection with our business and operations
for "Know Your Customers" purposes (to combat money laundering), the Company and Beta HK will not be deemed to be an "Operator"
or a "data processor" that are required to file for cybersecurity review by the CAC before listing in the United States,
given that: (a) as of date of this prospectus, Beta HK has in aggregate collected and stored the personal information of less than
ten thousand individuals in Mainland China and we have acquired the clients' separate consents for collecting and storing of their
personal information and data; (b) the Company do not place any reliance on collection and processing of any personal information
to maintain business operation; (c) data processed in the Company business should not have a bearing on national security nor affect
or may affect national security; (d) all of the data Beta HK has collected is stored in servers located in Hong Kong; and (e) as
of the date of this prospectus, Beta HK has not been informed by any PRC governmental authority of being classified as an "Operator"
or a "data processor" that is subject to CAC cybersecurity review or a CSRC review; and (vi) pursuant to the Basic Law
of the Hong Kong Special Administrative Region of the PRC, or the Basic Law, PRC laws and regulations shall not be applied in Hong Kong
except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs and
other matters that are not within the scope of autonomy).

**D.** **Consent** 

We hereby consent to the use of this consent as an exhibit to the Registration Statement, to the use of our name as your PRC counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.

This opinion letter relates only to PRC Laws and we express no opinion as to any laws other than PRC Laws. PRC Laws referred to herein are laws currently in force as of the date of this opinion letter and there is no guarantee that any of such PRC Laws, or the interpretation thereof or enforcement therefor, will not be changed, amended or revoked in the immediate future or in the longer term with or without retroactive effect.

Although we do not assume any responsibility or liability for the accuracy, completeness or fairness of the statements contained in the Registration Statement, or the Prospectus, to the best of our knowledge after due and reasonable inquiries, nothing has come to our attention that would reasonably cause us to believe that, (A) the Registration Statement (other than the financial statements and related schedules, statistical data and other expertized statements therein, as to which we express no opinion), as of its effective date, contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (B) the Prospectus (other than the financial statements and related schedules, statistical data and other expertized statements therein, as to which we express no opinion), as of its date and the date hereof, contained or contains any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

Very truly yours,

---

| |
|:---|
| *Zhang Biwang* |
| Zhang Biwang |
| Partner Lawyer |
| /s/ALLBRIGHT LAW OFFICES (FUZHOU) |
| **ALLBRIGHT LAW OFFICES (FUZHOU)** |

---

## Exhibit 99.3

**Exhibit 99.3**

**Beta FinTech Holdings Limited**

2025 Incentive Securities Plan

**Article I<br> PURPOSE**

The purpose of this Beta FinTech Holdings Limited 2025 Incentive Securities Plan (the "<u>Plan</u>") is to benefit Beta FinTech Holdings Limited, an exempted company incorporated in the Cayman Islands (the "<u>Company</u>") and its shareholders, by assisting the Company and its subsidiaries to attract, retain and provide incentives to key management employees, directors, and consultants of the Company and its Affiliates, and to align the interests of such service providers with those of the Company's shareholders. Accordingly, the Plan provides for the granting of Non-qualified Stock Options, Incentive Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, or any combination of the foregoing.

**Article II<br> DEFINITIONS**

The following definitions shall be applicable throughout the Plan unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "<u>Affiliate</u>" shall mean (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 "<u>Award</u>" shall mean, individually or collectively, any Option, Restricted Stock Award or Unrestricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 "<u>Award Agreement</u>" shall mean a written agreement between the Company and the Holder with respect to an Award, setting forth the terms and conditions of the Award, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 "<u>Cause</u>" shall mean (i) for a Holder who is a party to an employment or service agreement with the Company or an Affiliate which agreement defines "Cause" (or a similar term), "<u>Cause</u>" shall have the same meaning as provided for in such agreement, or (ii) for a Holder who is not a party to such an agreement, "<u>Cause</u>" shall mean termination by the Company or an Affiliate of the employment (or other service relationship) of the Holder by reason of the Holder's (A) intentional failure to perform reasonably assigned duties, (B) dishonesty or willful misconduct in the performance of the Holder's duties, (C) involvement in a transaction which is materially adverse to the Company or an Affiliate, (D) breach of fiduciary duty involving personal profit, (E) willful violation of any law, rule, regulation or court order (other than misdemeanor traffic violations and misdemeanors not involving misuse or misappropriation of money or property), (F) commission of an act of fraud or intentional misappropriation or conversion of any asset or opportunity of the Company or an Affiliate, or (G) material breach of any provision of the Plan or the Holder's Award Agreement or any other written agreement between the Holder and the Company or an Affiliate, in each case as determined in good faith by the Board, the determination of which shall be final, conclusive and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 "<u>Change of Control</u>" shall mean, except as otherwise provided in an Award Agreement, (i) for a Holder who is a party to an employment or consulting agreement with the Company or an Affiliate which agreement defines "Change of Control" (or a similar term), "<u>Change of Control</u>" shall have the same meaning as provided for in such agreement, or (ii) for a Holder who is not a party to such an agreement, "<u>Change of Control</u>" shall mean the satisfaction of any one or more of the following conditions (and the "Change of Control" shall be deemed to have occurred as of the first day that any one or more of the following conditions shall have been satisfied):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any person (as such term is used in paragraphs 13(d) and 14(d)(2) of the Exchange Act, hereinafter in this definition, "<u>Person</u>"), other than the Company or an Affiliate or an employee benefit plan of the Company or an Affiliate, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company's then outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The closing of a merger, consolidation or other business combination (a "<u>Business Combination</u>") other than a Business Combination in which holders of the Shares immediately prior to the Business Combination have substantially the same proportionate ownership of the common stock or ordinary shares, as applicable, of the surviving corporation immediately after the Business Combination as immediately before;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The closing of an agreement for the sale or disposition of all or substantially all of the Company's assets to any entity that is not an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The approval by the holders of shares of Shares of a plan of complete liquidation of the Company, other than a merger of the Company into any subsidiary or a liquidation as a result of which persons who were shareholders of the Company immediately prior to such liquidation have substantially the same proportionate ownership of shares of common stock or ordinary shares, as applicable, of the surviving corporation immediately after such liquidation as immediately before; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within any twenty-four (24) month period, the Incumbent Directors shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; <u>provided</u>, <u>however</u>, that any director elected to the Board, or nominated for election, by a majority of the Incumbent Directors then still in office, shall be deemed to be an Incumbent Director for purposes of this paragraph (e), but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of an individual, entity or "group" other than the Board (including, but not limited to, any such assumption that results from paragraphs (a), (b), (c), or (d) of this definition).

Notwithstanding the foregoing, solely for the purpose of determining the timing of any payments pursuant to any Award constituting a "deferral of compensation" subject to Code Section 409A, a Change of Control shall be limited to a "change in the ownership of the Company," a "change in the effective control of the Company," or a "change in the ownership of a substantial portion of the assets of the Company" as such terms are defined in Section 1.409A-3(i)(5) of the U.S. Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 "<u>Committee</u>" shall mean a committee comprised of two (2) or more members of the Board who are selected by the Board as provided in Section 4.1, and may be the Compensation Committee of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 "<u>Company</u>" shall have the meaning given to such term in the introductory paragraph, including any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 "<u>Consultant</u>" shall mean any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company's securities to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 "<u>Director</u>" shall mean a member of the Board or a member of the board of directors of an Affiliate, in either case, who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 "<u>Effective Date</u>" shall mean [\*], 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 "<u>Employee</u>" shall mean any employee, including any officer, of the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 "<u>Exchange Act</u>" shall mean the United States of America Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 "<u>Fair Market Value</u>" shall mean, as of any date, the value of a share of Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Stock is listed on any established stock exchange or a national market system, the per share closing sales price for Shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a share of Stock will be the mean between the high bid and low asked per share prices for the Stock on the day of determination, as reported in *The Wall Street Journal* or such other source as the Committee deems reliable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of an established market for the Stock, the Fair Market Value will be determined in good faith by the Committee (acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third Party for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the determination of Fair Market Value in all cases shall be in accordance with the requirements set forth under Section 409A of the Code to the extent necessary for an Award to comply with, or be exempt from, Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 "<u>Family Member</u>" of an individual shall mean any child, stepchild, grandchild, parent, stepparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Holder's household (other than a tenant or employee of the Holder), a trust in which such persons have more than fifty percent (50%) of the beneficial interest, a foundation in which such persons (or the Holder) control the management of assets, and any other entity in which such persons (or the Holder) own more than fifty percent (50%) of the voting interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 "<u>Holder</u>" shall mean an Employee, Director or Consultant who has been granted an Award or any such individual's beneficiary, estate or representative, who has acquired such Award in accordance with the terms of the Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 "<u>Incentive Stock Option</u>" shall mean an Option which is designated by the Committee as an "incentive stock option" and conforms to the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 "<u>Incumbent Director</u>" shall mean, with respect to any period of time specified under the Plan for purposes of determining whether or not a Change of Control has occurred, the individuals who were members of the Board at the beginning of such period, but does not include any directors meeting the definition of "independent" or "disinterested" under the rules of the U.S. Securities and Exchange Commission and/or Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 "<u>Independent Third Party</u>" means an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of this Plan. The Committee may utilize one or more Independent Third Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 "<u>Non-qualified Stock Option</u>" shall mean an Option which is not designated by the Committee as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 "<u>Option</u>" shall mean an Award granted under Article VII of the Plan of an option to purchase Shares and shall include both Incentive Stock Options and Non-qualified Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 "<u>Option Agreement</u>" shall mean a written agreement between the Company and a Holder with respect to an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 "<u>Plan</u>" shall mean this Beta FinTech Holdings Limited 2025 Incentive Securities Plan, as amended from time to time, together with each of the Award Agreements utilized hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 "<u>Restricted Stock Award</u>" and "<u>Restricted Stock</u>" shall mean an Award granted under Article VIII, the transferability of which by the Holder is subject to Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 "<u>Restricted Stock Agreement</u>" shall mean a written agreement between the Company and a Holder with respect to a Restricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 "<u>Restriction Period</u>" shall mean the period of time for which Shares subject to a Restricted Stock Award shall be subject to Restrictions, as set forth in the applicable Restricted Stock Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 "<u>Restrictions</u>" shall mean the forfeiture, transfer and/or other restrictions applicable to Shares awarded to an Employee, Director or Consultant under the Plan pursuant to a Restricted Stock Award and set forth in a Restricted Stock Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 "<u>Rule 16b-3</u>" shall mean Rule 16b-3 promulgated by the Securities and Exchange Commission under the Exchange Act, as such may be amended from time to time, and any successor rule, regulation or statute fulfilling the same or a substantially similar function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 "<u>Shares</u>" or "<u>Stock</u>" shall mean the ordinary shares of the Company, par value $0.0001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 "<u>Ten Percent Shareholder</u>" shall mean an Employee who, at the time an Option is granted to him or her, owns shares possessing more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or of any parent corporation or subsidiary corporation thereof (both as defined in Section 424 of the Code), within the meaning of Section 422(b)(6) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 "<u>Termination of Service</u>" shall mean a termination of a Holder's employment with, or status as a Director or Consultant of, the Company or an Affiliate, as applicable, for any reason, including, without limitation, Total and Permanent Disability or death, except as provided in Section 6.4. In the event Termination of Service shall constitute a payment event with respect to any Award subject to Code Section 409A, Termination of Service shall only be deemed to occur upon a "separation from service" as such term is defined under Code Section 409A and applicable authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 "<u>Total and Permanent Disability</u>" of an individual shall mean the inability of such individual to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, within the meaning of Section 22(e)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 "<u>Unrestricted Stock Award</u>" shall mean an Award granted under Article IX of the Plan of Shares which are not subject to Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 "<u>Unrestricted Stock Agreement</u>" shall mean a written agreement between the Company and a Holder with respect to an Unrestricted Stock Award.

**Article III<br> EFFECTIVE DATE OF PLAN**

The Plan shall be effective as of the Effective Date, provided that the Plan is approved by the shareholders of the Company within twelve (12) months of such date.

**Article IV<br> ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Composition of Committee</u>. The Plan shall be administered by the Committee, which shall be appointed by the Board. If necessary, in the Board's discretion, to comply with Rule 16b-3 under the Exchange Act or relevant securities exchange or inter-dealer quotation service, the Committee shall consist solely of two (2) or more Directors who are each (i) "non-employee directors" within the meaning of Rule 16b-3 and (ii) "independent" for purposes of any applicable listing requirements. If a member of the Committee shall be eligible to receive an Award under the Plan, such Committee member shall have no authority hereunder with respect to his or her own Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Powers</u>. Subject to the other provisions of the Plan, the Committee shall have the sole authority, in its discretion, to make all determinations under the Plan, including but not limited to (i) determining which Employees, Directors or Consultants shall receive an Award, (ii) the time or times when an Award shall be made (the date of grant of an Award shall be the date on which the Award is awarded by the Committee), (iii) what type of Award shall be granted, (iv) the term of an Award, (v) the date or dates on which an Award vests, (vi) the form of any payment to be made pursuant to an Award, (vii) the terms and conditions of an Award (including the forfeiture of the Award, and/or any financial gain, if the Holder of the Award violates any applicable restrictive covenant thereof), (viii) the Restrictions under a Restricted Stock Award, (ix) the number of Shares which may be issued under an Award, and (x) the waiver of any Restrictions, subject in all cases to compliance with applicable laws. In making such determinations the Committee may take into account the nature of the services rendered by the respective Employees, Directors and Consultants, their present and potential contribution to the Company's (or the Affiliate's) success and such other factors as the Committee in its discretion may deem relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Additional Powers</u>. The Committee shall have such additional powers as are delegated to it under the other provisions of the Plan. Subject to the express provisions of the Plan, the Committee is authorized to construe the Plan and the respective Award Agreements executed hereunder, to prescribe such rules and regulations relating to the Plan as it may deem advisable to carry out the intent of the Plan, to determine the terms, restrictions and provisions of each Award and to make all other determinations necessary or advisable for administering the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in any Award Agreement in the manner and to the extent the Committee shall deem necessary, appropriate or expedient to carry it into effect. The determinations of the Committee on the matters referred to in this Article IV shall be conclusive and binding on the Company and all Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Committee Action</u>. Subject to compliance with all applicable laws, action by the Committee shall require the consent of a majority of the members of the Committee, expressed either orally at a meeting of the Committee or in writing in the absence of a meeting. No member of the Committee shall have any liability for any good faith action, inaction or determination in connection with the Plan.

**Article V<br> SHARES SUBJECT TO PLAN AND LIMITATIONS THEREON**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Authorized Shares</u>. The Committee may from time to time grant Awards to one or more Employees, Directors and/or Consultants determined by it to be eligible for participation in the Plan in accordance with the provisions of Article VI. Subject to any adjustments as necessary pursuant to Article X, the aggregate number of Shares reserved and available for grant and issuance under the Plan shall be [ ] Shares. In the event that (i) any Option or other Award granted hereunder is exercised through the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, or (ii) tax or deduction liabilities arising from such Option or other Award are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, then in each such case the Shares so tendered or withheld shall be added to the Shares available for grant under the Plan on a one-for-one basis. Shares underlying Awards under this Plan that are forfeited, canceled, expire unexercised, or are settled in cash shall also be available again for issuance as Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Types of Shares</u>. The Shares to be issued pursuant to the grant or exercise of an Award may consist of authorized but unissued Shares, Shares purchased on the open market or Shares previously issued and outstanding and repurchased by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Aggregate Incentive Stock Option Limit.</u> Notwithstanding anything to the contrary in Section 5.1, and subject to Article X, the aggregate maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options is [ ].

**Article VI<br> ELIGIBILITY AND TERMINATION OF SERVICE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Eligibility</u>. Awards made under the Plan may be granted solely to individuals who, at the time of grant, are Employees, Directors or Consultants. An Award may be granted on more than one occasion to the same Employee, Director or Consultant, and, subject to the limitations set forth in the Plan, such Award may include, a Non-qualified Stock Option, a Restricted Stock Award, an Unrestricted Stock Award, or any combination thereof, and solely for Employees, an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Termination of Service</u>. Except to the extent inconsistent with the terms of the applicable Award Agreement and/or the provisions of Section 6.3 or 6.4, the following terms and conditions shall apply with respect to a Holder's Termination of Service with the Company or an Affiliate, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holder's rights, if any, to exercise any then exercisable Options shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If such termination is for a reason other than the Holder's Total and Permanent Disability or death, ninety (90) days after the date of such Termination of Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If such termination is on account of the Holder's Total and Permanent Disability, one (1) year after the date of such Termination of Service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If such termination is on account of the Holder's death, one (1) year after the date of the Holder's death.

Upon such applicable date the Holder (and such Holder's estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in or with respect to any such Options. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide for a different time period in the Award Agreement, or may extend the time period, following a Termination of Service, during which the Holder has the right to exercise any vested Non-qualified Stock Option, which time period may not extend beyond the expiration date of the Award term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Holder's Termination of Service for any reason prior to the actual or deemed satisfaction and/or lapse of the Restrictions, vesting requirements, terms and conditions applicable to a Restricted Stock Award, such Restricted Stock shall immediately be canceled, and the Holder (and such Holder's estate, designated beneficiary or other legal representative) shall forfeit any rights or interests in and with respect to any such Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Special Termination Rule</u>. Except to the extent inconsistent with the terms of the applicable Award Agreement, and notwithstanding anything to the contrary contained in this Article VI, if a Holder's employment with, or status as a Director of, the Company or an Affiliate shall terminate, and if, within ninety (90) days of such termination, such Holder shall become a Consultant, such Holder's rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved, if and to the extent determined by the Committee in its sole discretion, as if such Holder had been a Consultant for the entire period during which such Award or portion thereof had been outstanding. Should the Committee effect such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her employment or Director status had terminated until such time as his or her Consultant status shall terminate, in which case his or her Award, as it may have been reduced in connection with the Holder's becoming a Consultant, shall be treated pursuant to the provisions of Section 6.2, <u>provided</u>, <u>however</u>, that any such Award which is intended to be an Incentive Stock Option shall, upon the Holder's no longer being an Employee, automatically convert to a Non-qualified Stock Option. Should a Holder's status as a Consultant terminate, and if, within ninety (90) days of such termination, such Holder shall become an Employee or a Director, such Holder's rights with respect to any Award or portion thereof granted thereto prior to the date of such termination may be preserved, if and to the extent determined by the Committee in its sole discretion, as if such Holder had been an Employee or a Director, as applicable, for the entire period during which such Award or portion thereof had been outstanding, and, should the Committee effect such determination with respect to such Holder, for all purposes of the Plan, such Holder shall not be treated as if his or her Consultant status had terminated until such time as his or her employment with the Company or an Affiliate, or his or her Director status, as applicable, shall terminate, in which case his or her Award shall be treated pursuant to the provisions of Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Termination of Service for Cause</u>. Notwithstanding anything in this Article VI or elsewhere in the Plan to the contrary, and unless a Holder's Award Agreement specifically provides otherwise, in the event of a Holder's Termination of Service for Cause, all of such Holder's then outstanding Awards shall expire immediately and be forfeited in their entirety upon such Termination of Service.

**Article VII<br> OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Option Period</u>. The term of each Option shall be as specified in the Option Agreement; <u>provided</u>, <u>however</u>, that except as set forth in Section 7.3, no Option shall be exercisable after the expiration of ten (10) years from the date of its grant. If the Option would expire at a time when the exercise of the Option would violate applicable securities laws, the expiration date applicable to the Option will be automatically extended to a date that is 30 calendar days following the date such exercise would no longer violate applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided, that in no event shall such expiration date be extended beyond the expiration of the option period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Limitations on Exercise of Option</u>. An Option shall be exercisable in whole or in such installments and at such times as specified in the Option Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Special Limitations on Incentive Stock Options</u>. To the extent that the aggregate Fair Market Value (determined at the time the respective Incentive Stock Option is granted) of Shares with respect to which Incentive Stock Options are exercisable for the first time by an individual during any calendar year under all plans of the Company and any parent corporation or subsidiary corporation thereof (both as defined in Section 424 of the Code) which provide for the grant of Incentive Stock Options exceeds One Hundred Thousand Dollars ($100,000) (or such other individual limit as may be in effect under the Code on the date of grant), the portion of such Incentive Stock Options that exceeds such threshold shall be treated as Non-qualified Stock Options. The Committee shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of a Holder's Options, which were intended by the Committee to be Incentive Stock Options when granted to the Holder, will not constitute Incentive Stock Options because of such limitation, and shall notify the Holder of such determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an Employee if, at the time the Incentive Stock Option is granted, such Employee is a Ten Percent Shareholder, unless (i) at the time such Incentive Stock Option is granted the Option price is at least one hundred ten percent (110%) of the Fair Market Value of the Shares subject to the Incentive Stock Option, and (ii) such Incentive Stock Option by its terms is not exercisable after the expiration of five (5) years from the date of grant. No Incentive Stock Option shall be granted more than ten (10) years from the earlier of the Effective Date or date on which the Plan is approved by the Company's shareholders. The designation by the Committee of an Option as an Incentive Stock Option shall not guarantee the Holder that the Option will satisfy the applicable requirements for "incentive stock option" status under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Option Agreement</u>. Each Option shall be evidenced by an Option Agreement in such form and containing such provisions not inconsistent with the other provisions of the Plan as the Committee from time to time shall approve, including, but not limited to, provisions intended to qualify an Option as an Incentive Stock Option. An Option Agreement may provide for the payment of the Option price, in whole or in part, by the delivery of a number of Shares (plus cash if necessary) that have been owned by the Holder for at least six (6) months and having a Fair Market Value equal to such Option price, or such other forms or methods as the Committee may determine from time to time, in each case, subject to such rules and regulations as may be adopted by the Committee. Each Option Agreement shall, solely to the extent inconsistent with the provisions of Sections 6.2, 6.3, and 6.4, as applicable, specify the effect of Termination of Service on the exercisability of the Option. Moreover, without limiting the generality of the foregoing, a Non-qualified Stock Option Agreement may provide for a "cashless exercise" of the Option, in whole or in part, by (a) establishing procedures whereby the Holder, by a properly-executed written notice, directs (i) an immediate market sale or margin loan as to all or a part of Shares to which he is entitled to receive upon exercise of the Option, pursuant to an extension of credit by the Company to the Holder of the Option price, (ii) the delivery of the Shares from the Company directly to a brokerage firm and (iii) the delivery of the Option price from sale or margin loan proceeds from the brokerage firm directly to the Company, or (b) reducing the number of Shares to be issued upon exercise of the Option by the number of such Shares having an aggregate Fair Market Value equal to the Option price (or portion thereof to be so paid) as of the date of the Option's exercise. An Option Agreement may also include provisions relating to: (i) subject to the provisions hereof, accelerated vesting of Options, including but not limited to, upon the occurrence of a Change of Control, (ii) tax matters (including provisions covering any applicable Employee wage withholding requirements) and (iii) any other matters not inconsistent with the terms and provisions of the Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective Option Agreements need not be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Option Price and Payment</u>. The price at which a Share may be purchased upon exercise of an Option shall be determined by the Committee; <u>provided</u>, <u>however</u>, that such Option price (i) shall not be less than the Fair Market Value of a Share on the date such Option is granted (or 110% of Fair Market Value for an Incentive Stock Option held by Ten Percent Shareholder, as provided in Section 7.3), and (ii) shall be subject to adjustment as provided in Article X, but in no event shall such price be lower than the par value of the Shares. The Option or portion thereof may be exercised by delivery of an irrevocable notice of exercise to the Company. The Option price for the Option or portion thereof shall be paid in full in the manner prescribed by the Committee as set forth in the Plan and the applicable Option Agreement, which manner, with the consent of the Committee, may include the withholding of Shares otherwise issuable in connection with the exercise of the Option. Separate share certificates shall be issued by the Company for those Shares acquired pursuant to the exercise of an Incentive Stock Option and for those Shares acquired pursuant to the exercise of a Non-qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Shareholder Rights and Privileges</u>. The Holder of an Option shall be entitled to all the privileges and rights of a shareholder of the Company solely with respect to such Shares as have been purchased and exercised under the Option and for which share have been registered in the Holder's name in the Company's register of members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Options and Rights in Substitution for Stock or Options Granted by Other Corporations</u>. Options may be granted under the Plan from time to time in substitution for stock options held by individuals employed by entities who become Employees, Directors or Consultants as a result of a merger or consolidation of the employing entity with the Company or any Affiliate, or the acquisition by the Company or an Affiliate of the assets of the employing entity, or the acquisition by the Company or an Affiliate of stock or shares of the employing entity with the result that such employing entity becomes an Affiliate. Any substitute Awards granted under this Plan shall not reduce the number of Shares authorized for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Prohibition Against Repricing</u>7.9. Except to the extent (i) approved in advance by holders of a majority of the shares of the Company entitled to vote generally in the election of directors, or (ii) as a result of any Change of Control or any adjustment as provided in Article X, the Committee shall not have the power or authority to reduce, whether through amendment or otherwise, the exercise price under any outstanding Option, or to grant any new Award or make any payment of cash in substitution for or upon the cancellation of Options previously granted.

**Article VIII<br> RESTRICTED STOCK AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Award</u>. A Restricted Stock Award shall constitute an Award of Shares to the Holder as of the date of the Award which are subject to a "substantial risk of forfeiture" as defined under Section 83 of the Code during the specified Restriction Period. At the time a Restricted Stock Award is made, the Committee shall establish the Restriction Period applicable to such Award. Each Restricted Stock Award may have a different Restriction Period, in the discretion of the Committee. The Restriction Period applicable to a particular Restricted Stock Award shall not be changed except as permitted by Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Terms and Conditions</u>. At the time any Award is made under this Article VIII, the Company and the Holder shall enter into a Restricted Stock Agreement setting forth each of the matters contemplated thereby and such other matters as the Committee may determine to be appropriate. The Company shall cause the Shares to be issued in the name of Holder, either by book-entry registration or issuance of one or more stock certificates evidencing the Shares, which Shares or certificates shall be held by the Company or the stock transfer agent or brokerage service selected by the Company to provide services for the Plan. The Shares shall be restricted from transfer and shall be subject to an appropriate stop-transfer order, and if any certificate is issued, such certificate shall bear an appropriate legend referring to the restrictions applicable to the Shares. After any Shares vest, the Company shall deliver the vested Shares, in book-entry or certificated form in the Company's sole discretion, registered in the name of Holder or his or her legal representatives, beneficiaries or heirs, as the case may be, less any Shares withheld to pay withholding taxes. If provided for under the Restricted Stock Agreement, the Holder shall have the right to vote Shares subject thereto and to enjoy all other shareholder rights, including the entitlement to receive dividends on the Shares during the Restriction Period. At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms and conditions or restrictions relating to Restricted Stock Awards, including, but not limited to, rules pertaining to the effect of Termination of Service prior to expiration of the Restriction Period. Such additional terms, conditions or restrictions shall, to the extent inconsistent with the provisions of Sections 6.2, 6.3 and 6.4, as applicable, be set forth in a Restricted Stock Agreement made in conjunction with the Award. Such Restricted Stock Agreement may also include provisions relating to: (i) subject to the provisions hereof, accelerated vesting of Awards, including but not limited to accelerated vesting upon the occurrence of a Change of Control, (ii) tax matters (including provisions covering any applicable Employee wage withholding requirements) and (iii) any other matters not inconsistent with the terms and provisions of the Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective Restricted Stock Agreements need not be identical. All Shares delivered to a Holder as part of a Restricted Stock Award shall be delivered and reported by the Company or the Affiliate, as applicable, to the Holder at the time of vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Payment for Restricted Stock</u>. The Committee shall determine the amount and form of any payment from a Holder for Shares received pursuant to a Restricted Stock Award provided such amount shall be no less than the aggregate par value of the Shares to be issued by the Company. In the absence of such a determination, a Holder shall be required to pay a nominal amount equivalent to the aggregate par value of the Shares received pursuant to a Restricted Stock Award.

**Article IX<br> UNRESTRICTED STOCK AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Award</u>. Shares may be awarded (or sold) to Employees, Directors or Consultants under the Plan which are not subject to Restrictions of any kind, in consideration for past services rendered thereby to the Company or an Affiliate or for other valid consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Terms and Conditions.</u> At the time any Award is made under this Article IX, the Company and the Holder shall enter into an Unrestricted Stock Agreement setting forth each of the matters contemplated hereby and such other matters as the Committee may determine to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Payment for Unrestricted Stock</u>. The Committee shall determine the amount and form of any payment from a Holder for Shares received pursuant to an Unrestricted Stock Award provided such amount shall be no less than the aggregate par value of the Shares to be issued by the Company. In the absence of such a determination, a Holder shall be required to pay a nominal amount equivalent to the aggregate par value of the Shares received pursuant to an Unrestricted Stock Award.

**Article X<br> RECAPITALIZATION OR REORGANIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Adjustments to Shares</u>. The shares with respect to which Awards may be granted under the Plan are Shares as presently constituted; <u>provided</u>, <u>however</u>, that if, and whenever, prior to the expiration or distribution to the Holder of Shares underlying an Award theretofore granted, the Company shall effect a subdivision or consolidation of the Shares or the payment of an Share dividend on Shares without receipt of consideration by the Company, the number of Shares with respect to which such Award may thereafter be exercised or satisfied, as applicable, (i) in the event of an increase in the number of outstanding Shares, shall be proportionately increased, and the purchase price per Share shall be proportionately reduced, and (ii) in the event of a reduction in the number of outstanding Shares, shall be proportionately reduced, and the purchase price per Share shall be proportionately increased. Notwithstanding the foregoing or any other provision of this Article X, any adjustment made with respect to an Award (x) which is an Incentive Stock Option, shall comply with the requirements of Section 424(a) of the Code, and in no event shall any adjustment be made which would render any Incentive Stock Option granted under the Plan to be other than an "incentive stock option" for purposes of Section 422 of the Code, and (y) which is a Non-qualified Stock Option, shall comply with the requirements of Section 409A of the Code, and in no event shall any adjustment be made which would render any Non-qualified Stock Option granted under the Plan to become subject to Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Recapitalization</u>. If the Company recapitalizes or otherwise changes its capital structure, thereafter upon any exercise or satisfaction, as applicable, of a previously granted Award, the Holder shall be entitled to receive (or entitled to purchase, if applicable) under such Award, in lieu of the number of Shares then covered by such Award, the number and class of shares and securities to which the Holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to such recapitalization, the Holder had been the holder of record of the number of Shares then covered by such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Other Events</u>. In the event of changes to the outstanding Shares by reason of an extraordinary cash dividend, reorganization, merger, consolidation, combination, split-up, spin-off, exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for under this Article X, any outstanding Awards and any Award Agreements evidencing such Awards shall be adjusted by the Board in its discretion in such manner as the Board shall deem equitable or appropriate taking into consideration the applicable accounting and tax consequences, as to the number and price of Shares or other consideration subject to such Awards. In the event of any adjustment pursuant to Sections 10.1, 10.2 or this Section 10.3, the aggregate number of Shares available under the Plan pursuant to Section 5.1 may be appropriately adjusted by the Board, the determination of which shall be conclusive. In addition, the Committee may make provision for a cash payment to a Holder or a person who has an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Change of Control</u>. The Committee may, in its sole discretion, at the time an Award is made or at any time prior to, coincident with or after the time of a Change of Control, cause any Award either (i) to be canceled in consideration of a payment in cash or other consideration in amount per share equal to the excess, if any, of the price or implied price per Share in the Change of Control over the per Share exercise, base or purchase price of such Award, which may be paid immediately or over the vesting schedule of the Award; (ii) to be assumed, or new rights substituted therefore, by the surviving corporation or a parent or subsidiary of such surviving corporation following such Change of Control; (iii) accelerate any time periods, or waive any other conditions, relating to the vesting, exercise, payment or distribution of an Award so that any Award to a Holder whose employment has been terminated as a result of a Change of Control may be vested, exercised, paid or distributed in full on or before a date fixed by the Committee; (iv) to be purchased from a Holder whose employment has been terminated as a result of a Change of Control, upon the Holder's request, for an amount of cash equal to the amount that could have been obtained upon the exercise, payment or distribution of such rights had such Award been currently exercisable or payable; or (v) terminate any then outstanding Award or make any other adjustment to the Awards then outstanding as the Committee deems necessary or appropriate to reflect such transaction or change. The number of Shares subject to any Award shall be rounded to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Powers Not Affected</u>. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or of the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change of the Company's capital structure or business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Shares or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>No Adjustment for Certain Awards</u>. Except as hereinabove expressly provided, the issuance by the Company of shares of any class or securities convertible into shares of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect previously granted Awards, and no adjustment by reason thereof shall be made with respect to the number of Shares subject to Awards theretofore granted or the purchase price per Share, if applicable.

**Article XI<br> AMENDMENT AND TERMINATION OF PLAN**

The Plan shall continue in effect, unless sooner terminated pursuant to this Article XI, until the tenth (10<sup>th</sup>) anniversary of the date on which it is adopted by the Board (except as to Awards outstanding on that date). The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; <u>provided</u> that (i) no amendment to Section 7.8 (repricing prohibitions) shall be made without shareholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Stock may be listed or quoted); and <u>provided</u>, <u>furthe</u>r, that any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Holder or beneficiary (unless such change is required in order to exempt the Plan or any Award from Section 409A of the Code).

**Article XII<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>No Right to Award</u>. Neither the adoption of the Plan by the Company nor any action of the Board or the Committee shall be deemed to give an Employee, Director or Consultant any right to an Award except as may be evidenced by an Award Agreement duly executed on behalf of the Company, and then solely to the extent and on the terms and conditions expressly set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>No Rights Conferred</u>. Nothing contained in the Plan shall (i) confer upon any Employee any right with respect to continuation of employment with the Company or any Affiliate, (ii) interfere in any way with any right of the Company or any Affiliate to terminate the employment of an Employee at any time, (iii) confer upon any Director any right with respect to continuation of such Director's membership on the Board, (iv) interfere in any way with any right of the Company or an Affiliate to terminate a Director's membership on the Board at any time, (v) confer upon any Consultant any right with respect to continuation of his or her consulting engagement with the Company or any Affiliate, or (vi) interfere in any way with any right of the Company or an Affiliate to terminate a Consultant's consulting engagement with the Company or an Affiliate at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Other Laws; No Fractional Shares; Withholding</u>. The Company shall not be obligated by virtue of any provision of the Plan to recognize the exercise of any Award or to otherwise sell or issue Shares in violation of any laws, rules or regulations, and any postponement of the exercise or settlement of any Award under this provision shall not extend the term of such Award. Neither the Company nor its directors or officers shall have any obligation or liability to a Holder with respect to any Award (or Shares issuable thereunder) (i) that shall lapse because of such postponement, or (ii) for any failure to comply with the requirements of any applicable law, rules or regulations, including but not limited to any failure to comply with the requirements of Section 409A of this Code. No fractional Shares shall be delivered, nor shall any cash in lieu of fractional Shares be paid. The Company shall have the right to deduct in cash (whether under this Plan or otherwise) in connection with all Awards any taxes required by law to be withheld and to require any payments required to enable it to satisfy its withholding obligations. In the case of any Award satisfied in the form of Shares, no Shares shall be issued unless and until arrangements satisfactory to the Company shall have been made to satisfy any tax withholding obligations applicable with respect to such Award. Subject to such terms and conditions as the Committee may impose, the Company shall have the right to retain, or the Committee may, subject to such terms and conditions as it may establish from time to time, permit Holders to elect to tender, Shares (including Shares issuable in respect of an Award) to satisfy, in whole or in part, the amount required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>No Restriction on Corporate Action</u>. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No Employee, Director, Consultant, beneficiary or other person shall have any claim against the Company or any Affiliate as a result of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Restrictions on Transfer</u>. No Award under the Plan or any Award Agreement and no rights or interests herein or therein, shall or may be assigned, transferred, sold, exchanged, encumbered, pledged or otherwise hypothecated or disposed of by a Holder except (i) by will or by the laws of descent and distribution, or (ii) where permitted under applicable tax rules, by gift to any Family Member of the Holder, subject to compliance with applicable laws. An Award may be exercisable during the lifetime of the Holder only by such Holder or by the Holder's guardian or legal representative unless it has been transferred by gift to a Family Member of the Holder, in which case it shall be exercisable solely by such transferee. Notwithstanding any such transfer, the Holder shall continue to be subject to the withholding requirements provided for under Section 17.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Beneficiary Designations</u>. Each Holder may, from time to time, name a beneficiary or beneficiaries (who may be contingent or successive beneficiaries) for purposes of receiving any amount which is payable in connection with an Award under the Plan upon or subsequent to the Holder's death. Each such beneficiary designation shall serve to revoke all prior beneficiary designations, be in a form prescribed by the Company and be effective solely when filed by the Holder in writing with the Company during the Holder's lifetime. In the absence of any such written beneficiary designation, for purposes of the Plan, a Holder's beneficiary shall be the Holder's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Rule 16b-3</u>. It is intended that the Plan and any Award made to a person subject to Section 16 of the Exchange Act shall meet all of the requirements of Rule 16b-3. If any provision of the Plan or of any such Award would disqualify the Plan or such Award under, or would otherwise not comply with the requirements of, Rule 16b-3, such provision or Award shall be construed or deemed to have been amended as necessary to conform to the requirements of Rule 16b-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Clawback Policy</u>. All Awards (including on a retroactive basis) granted under the Plan are subject to the terms of any Company forfeiture, incentive compensation recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable laws, as well as any other policy of the Company that may apply to the Awards, such as anti-hedging or pledging policies, as they may be in effect from time to time. In particular, these policies and/or provisions shall include, without limitation, (i) any Company policy established to comply with applicable laws (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), and/or (ii) the rules and regulations of the applicable securities exchange or inter-dealer quotation system on which the Shares or other securities are listed or quoted, and these requirements shall be deemed incorporated by reference into all outstanding Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>No Obligation to Notify or Minimize Taxes</u>. The Company shall have no duty or obligation to any Holder to advise such Holder as to the time or manner of exercising any Award. Furthermore, the Company shall have no duty or obligation to warn or otherwise advise such Holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Section 409A of the Code</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Plan to the contrary, all Awards made under this Plan are intended to be exempt from or, in the alternative, comply with Section 409A of the Code and the authoritative guidance thereunder, including the exceptions for stock rights and short-term deferrals. The Plan shall be construed and interpreted in accordance with such intent. Each payment under an Award shall be treated as a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Holder is a "specified employee" (as such term is defined for purposes of Section 409A of the Code) at the time of his or her termination of service, no amount that is nonqualified deferred compensation subject to Section 409A of the Code and that becomes payable by reason of such termination of service shall be paid to the Holder (or in the event of the Holder's death, the Holder's representative or estate) before the earlier of (x) the first business day after the date that is six months following the date of the Holder's termination of service, and (y) within 30 days following the date of the Holder's death. For purposes of Section 409A of the Code, a termination of service shall be deemed to occur only if it is a "separation from service" within the meaning of Section 409A of the Code, and references in the Plan and any Award Agreement to "termination of service" or similar terms shall mean a "separation from service." If any Award is or becomes subject to Section 409A of the Code, unless the applicable Award Agreement provides otherwise, such Award shall be payable upon the Holder's "separation from service" within the meaning of Section 409A of the Code. If any Award is or becomes subject to Section 409A of the Code and if payment of such Award would be accelerated or otherwise triggered under a Change of Control, then the definition of Change of Control shall be deemed modified, only to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, to mean a "change in control event" as such term is defined for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any adjustments made pursuant to Article X to Awards that are subject to Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, and any adjustments made pursuant to Article X to Awards that are not subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (x) continue not to be subject to Section 409A of the Code or (y) comply with the requirements of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Indemnification</u>. Each person who is or shall have been a member of the Committee or of the Board shall be, in the absence of fraud, willful default or willful neglect, indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred thereby in connection with or resulting from any claim, action, suit, or proceeding to which such person may be made a party or may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid thereby in settlement thereof, with the Company's approval, or paid thereby in satisfaction of any judgment in any such action, suit, or proceeding against such person; <u>provided</u>, <u>however</u>, that such person shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such persons may be entitled under the Company's memorandum and articles of association, by contract, as a matter of law, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Other Benefit Plans</u>. No Award, payment or amount received hereunder shall be taken into account in computing an Employee's salary or compensation for the purposes of determining any benefits under any pension, retirement, life insurance or other benefit plan of the Company or any Affiliate, unless such other plan specifically provides for the inclusion of such Award, payment or amount received. Nothing in the Plan shall be construed to limit the right of the Company to establish other plans or to pay compensation to its employees, in cash or property, in a manner which is not expressly authorized under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Limits of Liability</u>. Any liability of the Company with respect to an Award shall be based solely upon the contractual obligations created under the Plan and the Award Agreement. None of the Company, any member of the Board nor any member of the Committee shall have any liability to any party for any action taken or not taken, in good faith, in connection with or under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Governing Law</u>. Except as otherwise provided herein, the Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 <u>Subplans</u>. The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Committee's discretion under the Plan as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Holders within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Holders in any jurisdiction that is not affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 <u>Notification of Election Under Section 83(b) of the Code</u>. If any Holder, in connection with the acquisition of Stock under an Award, makes the election permitted under Section 83(b) of the Code, if applicable, the Holder shall notify the Company of the election within ten days of filing notice of the election with the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 <u>Paperless Administration</u>. If the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 <u>Broker-Assisted Sales</u>. In the event of a broker-assisted sale of Stock in connection with the payment of amounts owed by a Holder under or with respect to the Plan or Awards: (a) any Stock to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) the Stock may be sold as part of a block trade with other Holders in the Plan in which all participants receive an average price; (c) the applicable Holder will be responsible for all broker's fees and other costs of sale, and by accepting an Award, each Holder agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of the sale that exceed the amount owed, the Company will pay the excess in cash to the applicable Holder as soon as reasonably practicable; (e) the Company and its designees are under no obligation to arrange for the sale at any particular price; and (f) if the proceeds of the sale are insufficient to satisfy the Holder's applicable obligation, the Holder may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Holder's obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 <u>Data Privacy</u>. As a condition for receiving any Award, each Holder explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this Section 12.19 by and among the Company and its subsidiaries and Affiliates exclusively for implementing, administering and managing the Holder's participation in the Plan. The Company and its subsidiaries and Affiliates may hold certain personal information about a Holder, including the Holder's name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Stock held in the Company or its subsidiaries and Affiliates; and Award details, to implement, manage and administer the Plan and Awards (the "<u>Data</u>"). The Company and its subsidiaries and Affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage a Holder's participation in the Plan, and the Company and its subsidiaries and Affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the Holder's country, or elsewhere, and the Holder's country may have different data privacy laws and protections than the recipients' country. By accepting an Award, each Holder authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Holder's participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Holder may elect to deposit any Stock. The Data related to a Holder will be held only as long as necessary to implement, administer, and manage the Holder's participation in the Plan. A Holder may, at any time, view the Data that the Company holds regarding the Holder, request additional information about the storage and processing of the Data regarding the Holder, recommend any necessary corrections to the Data regarding the Holder or refuse or withdraw the consents in this Section 12.19 in writing, without cost, by contacting the local human resources representative. The Company may cancel Holder's ability to participate in the Plan and, in the Committee's discretion, the Holder may forfeit any outstanding Awards if the Holder refuses or withdraws the consents in this Section 12.19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 <u>Severability of Provisions</u>. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan, and the Plan shall be construed and enforced as if such invalid or unenforceable provision had not been included in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 <u>No Funding</u>. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to ensure the payment of any Award. Prior to receipt of Shares pursuant to the terms of an Award, such Award shall represent an unfunded unsecured contractual obligation of the Company and the Holder shall have no greater claim to the Shares underlying such Award or any other assets of the Company or Affiliate than any other unsecured general creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22 <u>Headings</u>. Headings used throughout the Plan are for convenience only and shall not be given legal significance.

## Exhibit 99.4

**Exhibit 99.4**

**CONSENT OF HAOBING FAN**

Beta FinTech Holdings Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 3, 2025

---

| |
|:---|
| */s/ Haobing Fan* |
| Haobing Fan |

---

## Exhibit 99.5

**Exhibit 99.5**

**CONSENT OF CHUN FAI FONG**

Beta FinTech Holdings Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 3, 2025

---

| |
|:---|
| */s/ Chun Fai Fong* |
| Chun Fai Fong |

---

## Exhibit 99.6

**Exhibit 99.6**

**CONSENT OF CHRISTINE DESCHEMIN**

Beta FinTech Holdings Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 3, 2025

---

| |
|:---|
| */s/ Christine Deschemin* |
| Christine Deschemin |

---

## Exhibit 99.7

**Exhibit 99.7**

**Beta FinTech Holdings Limited**

**<u>Incentive Compensation<br> Clawback Policy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Overview**. The Compensation Committee (the "***Committee***") of the Board of Directors (the "***Board***") of Beta FinTech Holdings Limited (the "***Company***") has adopted this Incentive Compensation Clawback Policy (the "***Policy***") which requires the recoupment of certain incentive-based compensation in accordance with the terms herein and is intended to comply with Section 303A.14 of The New York Stock Exchange Listed Company Manual, as such section may be amended from time to time (the "***Listing Rules***"). Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms under Section 12 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Interpretation and Administration**. The Committee shall have full authority to interpret and enforce the Policy; provided, however, that the Policy shall be interpreted in a manner consistent with its intent to meet the requirements of the Listing Rules. As further set forth in Section 10 below, this Policy is intended to supplement any other clawback policies and procedures that the Company may have in place from time to time pursuant to other applicable law, plans, policies or agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Covered Executives**. The Policy applies to each current and former Executive Officer of the Company who serves or served as an Executive Officer at any time during a performance period in respect of which Incentive Compensation is Received, to the extent that any portion of such Incentive Compensation is (a) Received by the Executive Officer during the last three completed Fiscal Years or any applicable Transition Period preceding the date that the Company is required to prepare a Restatement (regardless of whether any such Restatement is actually filed) and (b) determined to have included Erroneously Awarded Compensation. For purposes of determining the relevant recovery period referenced in the preceding clause (a), the date that the Company is required to prepare a Restatement under the Policy is the earlier to occur of (i) the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare a Restatement or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare a Restatement. Executive Officers subject to this Policy pursuant to this Section 3 are referred to herein as "***Covered Executives***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Recovery of Erroneously Awarded Compensation**. If any Erroneously Awarded Compensation is Received by a Covered Executive, the Company shall reasonably promptly take steps to recover such Erroneously Awarded Compensation in a manner described under Section 5 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Forms of Recovery**. The Committee shall determine, in its sole discretion and in a manner that effectuates the purpose of the Listing Rules, one or more methods for recovering any Erroneously Awarded Compensation hereunder in accordance with Section 4 above, which may include, without limitation: (a) requiring cash reimbursement; (b) seeking recovery or forfeiture of any gain realized on the vesting, exercise, settlement, sale, transfer or other disposition of any equity-based awards; (c) offsetting the amount to be recouped from any compensation otherwise owed by the Company to the Covered Executive; (d) cancelling outstanding vested or unvested equity awards; or (e) taking any other remedial and recovery action permitted by law, as determined by the Committee. To the extent the Covered Executive refuses to pay to the Company an amount equal to the Erroneously Awarded Compensation, the Company shall have the right to sue for repayment and/or enforce the Covered Executive's obligation to make payment through the reduction or cancellation of outstanding and future compensation. Any reduction, cancellation or forfeiture of compensation shall be done in compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. No Indemnification**. The Company shall not indemnify any Covered Executive against the loss of any Erroneously Awarded Compensation for which the Committee has determined to seek recoupment pursuant to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Exceptions to the Recovery Requirement**. Notwithstanding anything in this Policy to the contrary, Erroneously Awarded Compensation need not be recovered pursuant to this Policy if the Committee (or, if the Committee is not composed solely of Independent Directors, a majority of the Independent Directors serving on the Board) determines that recovery would be impracticable as a result of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered; provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt(s) to recover, and provide that documentation to the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recovery would violate home country law where that law was adopted prior to November 28, 2022; provided that, before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company must obtain an opinion of home country counsel, acceptable to the Exchange, that recovery would result in such a violation, and must provide such opinion to the Exchange; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Committee Determination Final**. Any determination by the Committee with respect to the Policy shall be final, **conclusive** and binding on all interested parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Amendment**. The Policy may be amended by the Committee from time to time, to the extent permitted under the **Listing** Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Non-Exclusivity**. Nothing in the Policy shall be viewed as limiting the right of the Company or the Committee to pursue additional remedies or recoupment under or as required by any similar policy adopted by the Company or under the Company's compensation plans, award agreements, employment agreements or similar agreements or the applicable provisions of any law, rule or regulation which may require or permit recoupment to a greater degree or with respect to additional compensation as compared to this Policy (but without duplication as to any recoupment already made with respect to Erroneously Awarded Compensation pursuant to this Policy). This Policy shall be interpreted in all respects to comply with the Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Successors**. The Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Defined Terms.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "***Covered Executives***" shall have the meaning set forth in Section 3 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "***Erroneously Awarded Compensation***" shall mean the amount of Incentive Compensation actually Received that exceeds the amount of Incentive Compensation that otherwise would have been Received had it been determined based on the restated amounts, and computed without regard to any taxes paid. For Incentive Compensation based on stock price or total shareholder return, where the amount of erroneously awarded Incentive Compensation is not subject to mathematical recalculation directly from the information in a Restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The calculation of Erroneously Awarded Compensation shall be based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "***Exchange***" shall mean The New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "***Executive Officer***" shall mean the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. Executive officers of the Company's parent(s) or subsidiaries shall be deemed executive officers of the Company if they perform such policy-making functions for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "***Financial Reporting Measures***" shall mean measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures, including, without limitation, stock price and total shareholder return (in each case, regardless of whether such measures are presented within the Company's financial statements or included in a filing with the Securities and Exchange Commission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "***Fiscal Year***" shall mean the Company's fiscal year; provided that a Transition Period between the last day of the Company's previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months will be deemed a completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "***Incentive Compensation***" shall mean any compensation (whether cash or equity-based) that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure, and may include, but shall not be limited to, performance bonuses and long-term incentive awards such as stock options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other equity-based awards. For the avoidance of doubt, Incentive Compensation does not include (i) awards that are granted, earned and vested exclusively upon completion of a specified employment period, without any performance condition, and (ii) bonus awards that are discretionary or based on subjective goals or goals unrelated to Financial Reporting Measures. Notwithstanding the foregoing, compensation amounts shall not be considered "Incentive Compensation" for purposes of the Policy unless such compensation is Received (1) while the Company has a class of securities listed on a national securities exchange or a national securities association and (2) on or after October 2, 2023, the effective date of the Listing Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "***Independent Director***" shall mean a director who is determined by the Board to be "independent" for Board or Committee membership, as applicable, under the rules of the Exchange, as of any determination 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;&nbsp;&nbsp;&nbsp;&nbsp;9. "***Listing Rules***" shall have the meaning set forth in Section 1 of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Incentive Compensation shall be deemed "***Received***" in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "***Restatement***" shall mean an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the Company's previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "***Transition Period***" shall mean any transition period that results from a change in the Company's Fiscal Year within or immediately following the three completed Fiscal Years immediately preceding the Company's requirement to prepare a Restatement.

**Adopted on: [ ], 2025**

**Acknowledgment of Incentive Compensation Clawback Policy**

Reference is made to the Beta FinTech Holdings Limited Incentive Compensation Clawback Policy (the "***Policy***"). Capitalized terms used herein without definition have the meanings assigned to such terms under the Policy.

By signing below, the undersigned acknowledges, confirms and agrees that:

● the undersigned has received and reviewed a copy of the Policy;

● the undersigned is, and will continue to be, subject to the Policy to the extent provided therein;

● the Policy may apply both during and after termination of the undersigned's employment with the Company and its affiliates; and

● the undersigned agrees to abide by the terms of the Policy, including, without limitation, by returning any Erroneously Awarded Compensation to the Company pursuant to the Policy.

---

| |
|:---|
| Signature |
| Print Name |
| Date |

---

## Exhibit 99.8

**Exhibit 99.8**

![](ex99-8_001.jpg)

Growth Partnership Company

<u>April 16</u>, 2025

**Beta FinTech Holdings Limited**<br> CHINA MERCHANTS TOWER, SHUN TAK CENTRE, 168-200, CONNAUGHT ROAD CENTRAL,

SHEUNG WAN, HONG KONG

**<u>Re: Consent of Frost & Sullivan</u>**

Ladies and Gentlemen,

Reference is made to the registration statement on Form F-1 (the "Registration Statement") filed by Beta FinTech Holdings Limited (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the use of and references to our name and the inclusion of information, data and statements from our research reports and amendments thereto, including, without limitation, the industry report titled "Global Security Trading Market Independent Market Research" (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our independent industry reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, including, but not limited to, under the "Prospectus Summary", "Industry" and "Business" sections; (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K and other SEC filings (collectively, the "SEC Filings"), (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates, (v) in institutional and retail roadshows and other activities in connection with the Proposed IPO, and (vi) in other publicity and marketing materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of our data and information cited for the above-mentioned purposes.

*[Signature page follows]*

![](ex99-8_001.jpg)

Growth Partnership Company

Yours faithfully,

For and on behalf of

**Frost & Sullivan Limited**

---

| | |
|:---|:---|
| <u>/s/ Terry Tse</u> | <u>/s/ Terry Tse</u> |
| Name: | Terry Tse |
| Title: | Consulting Director |

---

## Exhibit 99.9

**Exhibit 99.9**

**AUDIT COMMITTEE CHARTER**

**OF THE BOARD OF DIRECTORS OF**

**BETA FINTECH HOLDINGS LIMITED**

**Purpose**

The purposes of the Audit Committee (the "**Audit Committee**") of the Board of Directors (the "**Board**") of Beta FinTech Holdings Limited ("**Company**") are to assist the Board in monitoring: (1) the integrity of the annual, quarterly, and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions.

The Audit Committee shall prepare the report required by the rules of the Securities and Exchange Commission ("**Commission**") to be included in the Company's annual proxy statement.

**Committee Membership**

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet with the applicable listing standards of the Nasdaq Stock Market ("the "**NASDAQ**") and the independence and experience requirements of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "**Exchange Act**") and the rules and regulations of the Commission.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairman of the Audit Committee which shall also be appointed by the Board. The Chairman of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. He shall advise and counsel with the executives of the Company, and shall perform such other duties as may from time to time be assigned to him by the Audit Committee or the Board of Directors.

**Meetings**

The Audit Committee shall meet as often as it determines, but not less frequently than semi-annually. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**Committee Authority and Responsibilities**

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall make regular reports to the Board. The Audit Committee shall review and reassess the adequacy of this Charter annually and recommend any proposed changes to the Board for approval. The Audit Committee annually shall review the Audit Committee's own performance.

The Audit Committee shall:

Financial Statement and Disclosure Matters

1. Meet with the independent auditor prior to the audit to review the scope, planning, and staffing of the audit.

2. Review and discuss with management and the independent auditor the annual audit report, the financial statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" or related disclosures proposed to be included in the Company's Annual Report, and recommend to the Board whether the audited financial statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" or related disclosures should be included in the Company's Annual Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing of the Form 20-F).

3. Review and discuss with management and the independent auditor the Company's interim financial statements, including the results of the independent auditor's review of the interim financial statements.

4. Discuss with management and the independent auditor, as appropriate, significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including:

(a) any significant changes in the Company's selection or application of accounting principles;

(b) the Company's critical accounting policies and practices;

(c) all alternative treatments of financial information within GAAP that have been discussed with management and the ramifications of the use of such alternative accounting principles;

(d) any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies; and

(e) any material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences.

5. Discuss with management and independent auditor and, prior to issuance, review and approve the Company's earnings releases, including the use of "pro forma" or "adjusted" non-GAAP information, and any financial information and earnings guidance to be included in such releases and provided to analysts and rating agencies. Such discussion may be general and include the types of information to be disclosed and the types of presentations to be made.

6. Discuss with management and the independent auditor the effect on the Company's financial statements of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

7. Review and discuss with management and the independent auditor the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

8. Discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions on the scope of activities or access to requested information, and any significant disagreements with management.

9. Review disclosures made to the Audit Committee by the Company's Chief Executive Officer and Chief Financial Officer (or individuals performing similar functions) during their certification process for the Annual Reports and Interim Reports (if necessary) about any significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting and any fraud involving management or other employees who have a significant role in the Company's internal control over financial reporting.

Oversight of the Company's Relationship with the Independent Auditor

10. At least annually, obtain and review a report from the independent auditor, consistent with the rules of the Public Company Accounting Oversight Board, regarding (a) the independent auditor's internal quality-control procedures, (b) any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm, (c) any steps taken to deal with any such issues and (d) all relationships between the independent auditor and the Company. Evaluate the qualifications, performance and independence of the independent auditor, including whether the auditor's quality controls are adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, and taking into account the opinions of management and the internal auditor. The Audit Committee shall present its conclusions with respect to the independent auditor to the Board.

11. Verify the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law. Consider whether, in order to assure continuing auditor independence, it is appropriate to adopt a policy of rotating the independent auditing firm on a regular basis.

12. Oversee the Company's hiring of employees or former employees of the independent auditor who participated in any capacity in the audit of the Company.

13. Be available to the independent auditor during the year for consultation purposes.

Compliance Oversight Responsibilities

14. Obtain assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been implicated.

15. Review and approve all related-party transactions.

16. Inquire and discuss with management the Company's compliance with applicable laws and regulations and with the Company's Code of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for future compliance.

17. Establish procedures (which may be incorporated in the Company's Code of Ethics, in effect at such time, if any) for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or reports which raise material issues regarding the Company's financial statements or accounting policies. Review requests for waivers under the Code of Ethics sought with respect to any executive officer or director. Review annually with the Chairman of the Board or outside counsel, as appropriate, the scope, implementation and effectiveness of the ethics and compliance program, and any significant deviations by officers and employees from the Code of Ethics or other compliance policies, and other matters pertaining to the integrity of management.

18. Discuss with management and the independent auditor any correspondence with regulators or governmental agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

19. Discuss with the Company's General Counsel legal matters that may have a material impact on the financial statements or the Company's compliance policies.

20. Review and approve all payments made to the Company's officers and directors or its or their affiliates. Any payments made to members of the Audit Committee will be reviewed and approved by the Board, with the interested director or directors abstaining from such review and approval.

**Limitation of Audit Committee's Role**

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

## Exhibit 99.10

**Exhibit 99.10**

**CHARTER OF THE COMPENSATION COMMITTEE OF<br> THE BOARD OF DIRECTORS OF**

**BETA FINTECH HOLDINGS LIMITED**

**I. PURPOSES**

The Compensation Committee (the "**Committee**") is appointed by the Board of Directors (the "**Board**") of Beta FinTech Holdings Limited (the "**Company**") for the purposes of, among other things, (a) discharging the Board's responsibilities relating to the compensation of the Company's chief executive officer (the "**CEO**") and other executive officers of the Company, (b) administering or delegating the power to administer the Company's incentive compensation and equity-based compensation plans, and (c) if required by applicable rules and regulations, issuing a "Compensation Committee Report" (if necessary) to be included in the Company's annual report on Form 20-F or proxy statement, as applicable.

**II. RESPONSIBILITIES**

In addition to such other duties as the Board may from time to time assign, the Committee shall:

● Establish, review, and approve the overall executive compensation philosophy and policies of the Company, including the establishment, if deemed appropriate, of performance-based incentives that support and reinforce the Company's long-term strategic goals, organizational objectives, and stockholder interests.

● Review and approve the Company's goals and objectives relevant to the compensation of the CEO, annually evaluate the CEO's performance in light of those goals and objectives and, based on this evaluation, determine the CEO's compensation level, including, but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement plans, and deferred compensation plans as the Committee deems appropriate. In determining the long-term incentive component of the CEO's compensation, the Committee shall consider, among other factors, the Company's performance and relative stockholder return, the value of similar incentive awards to CEOs at comparable companies, and the awards given to the Company's CEO in past years. The CEO shall not be present during voting and deliberations relating to CEO compensation.

● Determine the compensation of all other executive officers, including, but not limited to, salary, bonus or bonus target levels, long and short-term incentive and equity compensation, retirement plans, and deferred compensation plans, as the Committee deems appropriate. Members of senior management may report on the performance of the other executive officers of the Company and make compensation recommendations to the Committee, which will review and, as appropriate, approve the compensation recommendations.

● Receive and evaluate performance target goals for the senior officers and employees (other than executive officers) and review periodic reports from the CEO as to the performance and compensation of such senior officers and employees.

● Administer or delegate the power to administer the Company's incentive and equity-based compensation plans, including the grant of stock options, restricted stock, and other equity awards under such plans.

● Review and make recommendations to the Board with respect to the adoption of, and amendments to, incentive compensation and equity-based plans and approve for submission to the stockholders all new equity compensation plans that must be approved by stockholders pursuant to applicable law.

● Review and approve any annual or long-term cash bonus or incentive plans in which the executive officers of the Company may participate.

● Review and approve for the CEO and the other executive officers of the Company any employment agreements, severance arrangements, and change in control agreements or provisions.

● Review and discuss with the Company's management the Compensation Discussion and Analysis set forth in Securities and Exchange Commission Regulation S-K, Item 402, if required, and, based on such review and discussion, determine whether to recommend to the Board of Directors of the Company that the Compensation Discussion and Analysis be included in the Company's annual report or proxy statement for the annual meeting of stockholders.

● Provide the Compensation Committee Report for the Company's annual report or proxy statement for the annual meeting of stockholders, if required.

● Conduct an annual performance evaluation of the Committee. In conducting such review, the Committee shall evaluate and address all matters that the Committee considers relevant to its performance, including at least the following: (a) the adequacy, appropriateness, and quality of the information received from management or others; (b) the manner in which the Committee's recommendations were discussed or debated; (c) whether the number and length of meetings of the Committee were adequate for the Committee to complete its work in a thorough and thoughtful manner; and (d) whether this Charter appropriately addresses the matters that are or should be within its scope.

● Oversee shareholder communications relating to executive compensation and review and make recommendations with respect to shareholder proposals related to compensation matters.

● Undertake such other responsibilities or tasks as the Board may delegate or assign to the Committee from time to time.

**III. COMPOSITION**

The Committee shall be comprised of two or more members (including a chairperson) of the Board, all of whom shall be "independent directors," as such term is defined in the rules and regulations of the Nasdaq Stock Market ("the "**NASDAQ**"). At least two of the Committee members shall be "non-employee directors" as defined by Rule 16b-3 under the Securities Exchange Act of 1934 (the "**Exchange Act**"). The members of the Committee and the chairperson shall be selected not less frequently than annually by the Board and serve at the pleasure of the Board. A Committee member (including the chairperson) may be removed at any time, with or without cause, by the Board.

The Committee, by resolution approved by a majority of the Committee, may delegate any of its responsibilities to one or more subcommittees as the Committee may from time to time deem appropriate. If at any time the Committee includes a member who is not a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act, then a subcommittee comprised entirely of individuals who are "non-employee directors" may be formed by the Committee for the purpose of ratifying any grants of awards under any incentive or equity-based compensation plan for the purposes of complying with the exemption requirements of Rule 16b-3 of the Exchange Act; provided that any such grants shall not be contingent on such ratification.

**IV. MEETINGS AND OPERATIONS**

The Committee shall meet as often as necessary to enable it to fulfill its responsibilities. The Committee shall meet at the call of its chairperson or a majority of its members. The Committee may meet by telephone conference call or by any other means permitted by law. A majority of the members of the Committee shall constitute a quorum. The Committee shall act on the affirmative vote of a majority of members present at a meeting at which a quorum is present. The Committee may act by unanimous written consent of all members in lieu of a meeting. The Committee shall determine its own rules and procedures, including designation of a chairperson pro tempore in the absence of the chairperson, and designation of a secretary. The secretary need not be a member of the Committee and shall attend Committee meetings and prepare minutes. The Secretary of the Company shall be the Secretary of the Committee unless the Committee designates otherwise. The Committee shall keep written minutes of its meetings, which shall be recorded or filed with the books and records of the Company. Any member of the Board shall be provided with copies of such Committee minutes if requested.

The Committee may ask members of management, employees, outside counsel, or others whose advice and counsel are relevant to the issues then being considered by the Committee to attend any meetings (or a portion thereof) and to provide such pertinent information as the Committee may request.

The chairperson of the Committee shall be responsible for leadership of the Committee, including preparing the agenda which shall be circulated to the members prior to the meeting date, presiding over Committee meetings, making Committee assignments, and reporting the Committee's actions to the Board. Following each of its meetings, the Committee shall deliver a report on the meeting to the Board, including a description of all actions taken by the Committee at the meeting.

If at any time during the exercise of his or her duties on behalf of the Committee, a Committee member has a direct conflict of interest with respect to an issue subject to determination or recommendation by the Committee, such Committee member shall abstain from participation, discussion, and resolution of the instant issue, and the remaining members of the Committee shall advise the Board of their recommendation on such issue. The Committee shall be able to make determinations and recommendations even if only one Committee member is free from conflicts of interest on a particular issue.

**V. AUTHORITY**

The Committee has the authority, to the extent it deems appropriate, to conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities and to retain one or more compensation consultants to assist in the evaluation of CEO or executive compensation or other matters. The Committee shall have the sole authority to retain and terminate any such consulting firm, and to approve the firm's fees and other retention terms. The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. The Committee shall also have the authority, to the extent it deems necessary or appropriate, to retain legal counsel or other advisors. In retaining compensation consultants, outside counsel, and other advisors, the Committee must take into consideration factors specified in the NASDAQ listing rules. The Company will provide for appropriate funding, as determined by the Committee, for payment of any such investigations or studies and the compensation to any consulting firm, legal counsel, or other advisors retained by the Committee.

## Exhibit 99.11

**Exhibit 99.11**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**THE BOARD OF DIRECTORS OF**

**BETA FINTECH HOLDINGS LIMITED**

The responsibilities and powers of the Nominating and Corporate Governance Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Beta FinTech Holdings Limited (the "**Company**"), as delegated by the Board, are set forth in this charter. Whenever the Nominating Committee takes an action, it shall exercise its independent judgment on an informed basis that the action is in the best interests of the Company and its stockholders.

**I. PURPOSE**

As set forth herein, the Nominating Committee shall, among other things, discharge the responsibilities of the Board relating to the appropriate size, functioning, and needs of the Board including, but not limited to, recruitment and retention of high quality Board members and committee composition and structure, as well as administration and oversight of all aspects of the Company's corporate governance functions on behalf of the Board.

**II. MEMBERSHIP**

The Nominating Committee shall consist of at least two members of the Board as determined from time to time by the Board. Each member shall be "independent" in accordance with the listing standards of the Nasdaq Stock Market ("the "**NASDAQ**"), as amended from time to time.

The Board shall elect the members of this Nominating Committee at the first Board meeting practicable following the annual meeting of stockholders and may make changes from time to time pursuant to the provisions below. Unless a chair is elected by the Board, the members of the Nominating Committee shall designate a chair by majority vote of the full Nominating Committee membership.

A Nominating Committee member may resign by delivering his or her written resignation to the chairman of the Board, or may be removed by majority vote of the Board by delivery to such member of written notice of removal, to take effect at a date specified therein, or upon delivery of such written notice to such member if no date is specified.

**MEETINGS AND COMMITTEE ACTION**

The Nominating Committee shall meet at such times as it deems necessary to fulfill its responsibilities. Meetings of the Nominating Committee shall be called by the chairman of the Nominating Committee upon such notice as is provided for in the Bylaws of the company with respect to meetings of the Board. A majority of the members shall constitute a quorum. Actions of the Nominating Committee may be taken in person at a meeting or in writing without a meeting. Actions taken at a meeting, to be valid, shall require the approval of a majority of the members present and voting. Actions taken in writing, to be valid, shall be signed by all members of the Nominating Committee. The Nominating Committee shall report its minutes from each meeting to the Board.

The chairman of the Nominating Committee may establish such rules as may from time to time be necessary or appropriate for the conduct of the business of the Nominating Committee. At each meeting, the chairman shall appoint as secretary a person who may, but need not, be a member of the Nominating Committee. A certificate of the secretary of the Nominating Committee or minutes of a meeting of the Nominating Committee executed by the secretary setting forth the names of the members of the Nominating Committee present at the meeting or actions taken by the Nominating Committee at the meeting shall be sufficient evidence at all times as to the members of the Nominating Committee who were present, or such actions taken.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES**

● Developing the criteria and qualifications for membership on the Board.

● Recruiting, reviewing and nominating candidates for election to the Board or to fill vacancies on the Board.

● Reviewing candidates proposed by stockholders, and conducting appropriate inquiries into the background and qualifications of any such candidates.

● Establishing subcommittees for the purpose of evaluating special or unique matters.

● Monitoring and making recommendations regarding committee functions, contributions, and composition.

● Evaluating, on an annual basis, the Nominating Committee's performance.

● Administer and oversee all aspects of the Company's corporate governance functions on behalf of the Board.

● Make recommendations to the Board regarding corporate governance issues and related policies for risk assessment and risk management.

● Review with management and the Board the adequacy of and compliance with the Company's Code of Ethics and the results of management's efforts to monitor compliance with the Company's policies designed to ensure adherence to applicable laws and rules.

● Performing any other activities consistent with this Charter, the Company's by-laws and governing law, as the Committee or the Board deems appropriate.

**V. REPORTING**

The Nominating Committee shall prepare a statement each year concerning its compliance with this charter for inclusion in the Company's proxy statement.

**BETA FINTECH HOLDINGS LIMITED<br> Board of Director Candidate Guidelines**

The Nominating Committee (the "**Nominating Committee**") of the Board of Directors ("**Board**") of Beta FinTech Holdings Limited (the "**Company**") will identify, evaluate, and recommend candidates to become members of the Board with the goal of creating a balance of knowledge and experience. Nominations to the Board may also be submitted to the Nominating Committee by the Company's stockholders in accordance with the Company's policy, a copy of which is attached hereto. Candidates will be reviewed in the context of current composition of the Board (including the diversity in background, experience, and viewpoints of the Board), the operating requirements of the Company, and the long-term interests of the Company's stockholders. In conducting this assessment, the Nominating Committee will consider and evaluate each director-candidate based upon its assessment of the following criteria:

● Whether the candidate is independent pursuant to the requirements of the Nasdaq.

● Whether the candidate is accomplished in his or her field and has a reputation, both personal and professional, that is consistent with the image and reputation of the Company.

● Whether the candidate has the ability to read and understand basic financial statements.

● If a candidate satisfies the criteria for being an "audit committee financial expert," as defined by the Securities and Exchange Commission.

● Whether the candidate has relevant experience and expertise and would be able to provide insights and practical wisdom based upon that experience and expertise.

● Whether the candidate has knowledge of the Company and issues affecting the Company.

● Whether the candidate is committed to enhancing stockholder value.

● Whether the candidate fully understands, or has the capacity to fully understand, the legal responsibilities of a director and the governance processes of a public company.

● Whether the candidate is of high moral and ethical character and would be willing to apply sound, objective, and independent business judgment, and to assume broad fiduciary responsibility.

● Whether the candidate has, and would be willing to commit, the required hours necessary to discharge the duties of Board membership.

● Whether the candidate has any prohibitive interlocking relationships or conflicts of interest.

● Whether the candidate is able to develop a good working relationship with other Board members and contribute to the Board's working relationship with the senior management of the Company.

● Whether the candidate is able to suggest business opportunities to the Company.

**BETA FINTECH HOLDINGS LIMITED**

**Stockholder Recommendations for Directors**

Stockholders who wish to recommend to the Nominating Committee (the "**Nominating Committee**") of the Board of Directors (the "**Board**") of Beta FinTech Holdings Limited (the "**Company**"), a candidate for election to the Board should send a written recommendation to Beta FinTech Holdings Limited, Attention: Nominating Committee. The Corporate Secretary will promptly forward all such letters to the members of the Nominating Committee. Stockholders must follow certain procedures to recommend to the Nominating Committee candidates for election as directors. In general, in order to provide sufficient time to enable the Nominating Committee to evaluate candidates recommended by stockholders in connection with selecting candidates for nomination in connection with the Company's annual meeting of stockholders, the Corporate Secretary must receive the stockholder's recommendation no later than thirty (30) days after the end of the Company's fiscal year.

The recommendation must contain the following information about the candidate:

● Name;

● Age;

● Business and current residence addresses, as well as residence addresses for the past 20 years;

● Principal occupation or employment and employment history (name and address of employer and job title) for the past 10 years (or such shorter period as the candidate has been in the workforce);

● Educational background;

● Permission for the Company to conduct a background investigation, including the right to obtain education, employment, and credit information;

● The number of shares of common stock of the Company beneficially owned by the candidate;

● The information that would be required to be disclosed by the Company about the candidate under the rules of the SEC in a Proxy Statement soliciting proxies for the election of such candidate as a director (which currently includes information required by Items 401, 404 and 405 of Regulation S-K); and

● A signed consent of the nominee to serve as a director of the Company, if elected.

## Exhibit 99.12

**Exhibit 99.12**

**Beta FinTech Holdings Limited**

Statement of Policy Concerning Trading in Company Securities<br>Adopted <u>[ ]</u>, 2025

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Page No.** |
| I. | Summary of Policy Concerning Trading in Company Securities | Summary of Policy Concerning Trading in Company Securities | 1 |
| II. | The Use of Inside Information in Connection with Trading in Securities | The Use of Inside Information in Connection with Trading in Securities | 1 |
|  | A. | General Rule. | 1 |
|  | B. | Who Does the Policy Apply To? | 2 |
|  | C. | Other Companies' Stock. | 2 |
|  | D. | Hedging and Derivatives. | 2 |
|  | E. | Pledging of Securities, Margin Accounts. | 3 |
|  | F. | General Guidelines. | 3 |
|  | G. | Applicability of U.S. Securities Laws to International Transactions. | 4 |
| III. | Other Limitations on Securities Transactions | Other Limitations on Securities Transactions | 5 |
|  | A. | Public Resales – Rule 144. | 5 |
|  | B. | Private Resales. | 6 |
|  | C. | Restrictions on Purchases of Company Securities. | 6 |
|  | D. | Filing Requirements. | 6 |

---

i

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **SUMMARY OF POLICY CONCERNING TRADING IN COMPANY SECURITIES** 

It is the policy of Beta FinTech Holdings Limited and its subsidiaries and consolidated affiliated entities (collectively, the "Company") that it will, without exception, comply with all applicable laws and regulations in conducting its business. Each employee, each executive officer and each director is expected to abide by this policy. When carrying out Company business, employees, executive officers and directors must avoid any activity that violates applicable laws or regulations. In order to avoid even an appearance of impropriety, the Company's directors, officers and certain other employees are subject to pre-approval requirements and other limitations on their ability to enter into transactions involving the Company's securities. Although these limitations do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Securities Exchange Act of 1934 (the "Exchange Act"), the entry into, amendment or termination of any such written trading plan is subject to pre-approval requirements and other limitations.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **THE USE OF INSIDE INFORMATION IN CONNECTION WITH TRADING IN SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***General Rule.*** 

The U.S. securities laws regulate the sale and purchase of securities in the interest of protecting the investing public. U.S. securities laws give the Company, its officers and directors, and other employees the responsibility to ensure that information about the Company is not used unlawfully in the purchase and sale of securities.

All employees, executive officers and directors should pay particularly close attention to the laws against trading on "inside" information. These laws are based upon the belief that all persons trading in a company's securities should have equal access to all "material" information about that company. Information is considered to be "material" if its disclosure would be reasonably likely to affect (1) an investor's decision to buy or sell the securities of the company to which the information relates, or (2) the market price of that company's securities. While it is not possible to identify in advance all information that will be deemed to be material, some examples of such information would include the following: earnings; financial results or projections; dividend actions; mergers and acquisitions; capital raising and borrowing activities; major dispositions; major new customers, projects or products; significant advances in product development; new technologies; major personnel changes in management or change in control; expansion into new markets; unusual gains or losses in major operations; major litigation or legal proceedings; granting of stock options; and major sales and marketing changes. When doubt exists, the information should be presumed to be material. If you are unsure whether information of which you are aware is inside information, you should consult with the Company's Chief Financial Officer. No individuals other than specifically authorized personnel may release material information to the public or respond to inquiries from the media, analysts or others. If you are contacted by the media or by a research analyst seeking information about the Company and if you have not been expressly authorized by the Company's Chief Financial Officer to provide information to the media or to analysts, you should refer the call to the Chief Financial Officer. On occasion, it may be necessary for legitimate business reasons to disclose inside information to outside persons. Such persons might include investment bankers, lawyers, auditors or other companies seeking to engage in a potential transaction with the Company. In such circumstances, the information should not be conveyed until an express understanding has been reached that such information is not to be used for trading purposes and may not be further disclosed other than for legitimate business reasons. For example, if an employee, an executive officer or a director of a company knows material non-public financial information, that employee, executive officer or director is prohibited from buying or selling shares in the company until the information has been disclosed to the public. This is because the employee, executive officer or director knows information that will probably cause the share price to change, and it would be unfair for the employee or director to have an advantage (knowledge that the share price will change) that the rest of the investing public does not have. In fact, it is more than unfair; it is considered to be fraudulent and illegal. Civil and criminal penalties for this kind of activity are severe.

The general rule can be stated as follows: It is a violation of federal securities laws for any person to buy or sell securities if he or she is in possession of material inside information. Information is material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision. It is inside information if it has not been publicly disclosed in a manner making it available to investors generally on a broad-based non-exclusionary basis. Furthermore, it is illegal for any person in possession of material inside information to provide other people with such information or to recommend that they buy or sell the securities. (This is called "**tipping**"). In that case, they may both be held liable.

The Securities and Exchange Commission (the "**SEC**"), the stock exchanges and plaintiffs' lawyers focus on uncovering insider trading. A breach of the insider trading laws could expose the insider to criminal fines up to three times the profits earned and imprisonment up to ten years, in addition to civil penalties (up to three times of the profits earned), and injunctive actions. In addition, punitive damages may be imposed under applicable state laws. Securities laws also subject controlling persons to civil penalties for illegal insider trading by employees, including employees located outside the United States. Controlling persons include directors, officers, and supervisors. These persons may be subject to fines up to the greater of $1,000,000 or three times profit (or loss avoided) by the insider trader.

Inside information does not belong to the individual directors, officers or other employees who may handle it or otherwise become knowledgeable about it. It is an asset of the Company. For any person to use such information for personal benefit or to disclose it to others outside the Company violates the Company's interests. More particularly, in connection with trading in the Company's securities, it is a fraud against members of the investing public and against the Company.

All directors, executive officers and employees of the Company must observe these policies at all times. Your failure to do so will be grounds for internal disciplinary action, up to and including termination of your employment or directorship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Who Does the Policy Apply To?*** 

The prohibition against trading on inside information applies to directors, officers and all other employees, and to other people who gain access to that information. The prohibition applies to both domestic and international employees of the Company and its subsidiaries. Because of their access to confidential information on a regular basis, Company policy subjects its directors and certain employees (the "**Window Group**") to additional restrictions on trading in Company securities. The restrictions for the Window Group are discussed in Section F below. In addition, directors and certain employees with inside knowledge of material information may be subject to ad hoc restrictions on trading from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Other Companies' Stock.*** 

Employees, executive officers and directors who learn material information about suppliers, customers, or competitors through their work at the Company, should keep it confidential and not buy or sell stock in such companies until the information becomes public. Employees, executive officers and directors should not give tips about such stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Hedging and Derivatives.*** 

Employees, executive officers and directors are prohibited from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or speculate on any change in the market value of the Company's equity securities.

Trading in options or other derivatives is generally highly speculative and very risky. People who buy options are betting that the stock price will move rapidly. For that reason, when a person trades in options in his or her employer's stock, it will arouse suspicion in the eyes of the SEC that the person was trading on the basis of inside information, particularly where the trading occurs before a company announcement or major event. It is difficult for an employee, executive officer or director to prove that he or she did not know about the announcement or event.

If the SEC or Nasdaq were to notice active options trading by one or more employees, executive officers or directors of the Company prior to an announcement, they would investigate. Such an investigation could be embarrassing to the Company (as well as expensive), and could result in severe penalties and expense for the persons involved. For all of these reasons, the Company prohibits its employees, executive officers and directors from trading in options or other derivatives involving the Company's stock. This policy does not pertain to employee stock options granted by the Company. Employee stock options cannot be traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***E.***  ***Pledging of Securities, Margin Accounts.*** 

Pledged securities may be sold by the pledgee without the pledgor's consent under certain conditions. For example, securities held in a margin account may be sold by a broker without the customer's consent if the customer fails to meet a margin call. Because such a sale may occur at a time when an employee, executive officer or a director has material inside information or is otherwise not permitted to trade in Company securities, the Company prohibits employees, executive officers and directors from pledging Company securities in any circumstance, including by purchasing Company securities on margin or holding Company securities in a margin account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.***  ***General Guidelines.*** 

The following guidelines should be followed in order to ensure compliance with applicable antifraud laws and with the Company's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nondisclosure</u>. Material inside information must not be disclosed to anyone, except to persons within the Company whose positions require them to know it. Tipping refers to the transmission of inside information from an insider to another person. Sometimes this involves a deliberate conspiracy in which the tipper passes on information in exchange for a portion of the "tippee's" illegal trading profits. Even if there is no expectation of profit, however, a tipper can have liability if he or she has reason to know that the information may be misused. Tipping inside information to another person is like putting your life in that person's hands. So the safest choice is: Don't tip.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Trading in Company Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order in the Company's securities when he or she has knowledge of material information concerning the Company that has not been disclosed to the public. This includes orders for purchases and sales of stock and convertible securities, including engaging in any "short sales" of the Company's securities. The exercise of employee stock options is not subject to this policy. However, stock that was acquired upon exercise of a stock option will be treated like any other stock, and may not be sold by an employee who is in possession of material inside information. Any employee, executive officer or director who possesses material inside information should wait until the start of the third business day after the information has been publicly released before trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Avoid Speculation</u>. Investing in the Company's common stock provides an opportunity to share in the future growth of the Company. But investment in the Company and sharing in the growth of the Company does not mean short range speculation based on fluctuations in the market. Such activities put the personal gain of the employee, executive officer or director in conflict with the best interests of the Company and its stockholders. Although this policy does not mean that employees, executive officers or directors may never sell shares, the Company encourages employees, executive officers and directors to avoid frequent trading in Company stock. Speculating in Company stock is not part of the Company culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Trading in Other Securities</u>. No employee, executive officer or director should place a purchase or sale order, or recommend that another person place a purchase or sale order, in the securities of another corporation (such as a supplier, an acquisition target or a competitor), if the employee, executive officer or director learns in the course of his or her employment confidential information about the other corporation that is likely to affect the value of those securities. For example, it would be a violation of the securities laws if an employee, executive officer or director learned through Company sources that the Company intended to purchase assets from a company, and then placed an order to buy or sell stock in that other company because of the likely increase or decrease in the value of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Restrictions on the Window Group</u>. The Window Group consists of (i) directors, executive officers and vice presidents of the Company and their assistants and household members, (ii) subset of employees in the financial reporting, business development or legal groups and (iii) such other persons as may be designated from time to time and informed of such status by the Company's Chief Financial Officer and general counsel or an officer with similar duties and responsibilities of the Company (the "**General Counsel**"). The Window Group is subject to the following restrictions on trading in Company securities:

● trading is permitted from the start of the third business day following the release of the Company's interim and annual earnings until the 16th calendar day of the last month of the then current fiscal period (the "**Window** "), subject to the restrictions below;

● all trades are subject to prior review;

● The Window Group must submit a request for approval in a form set forth in Annex B hereto from the Company's Chief Financial Officer and General Counsel before making any trade in Company Securities; requests for approval of trades by the Chief Financial Officer and General Counsel should be submitted to the Chief Executive Officer;

● no trading is permitted outside the Window except for reasons of exceptional personal hardship and subject to prior review by the Chief Financial Officer and General Counsel; provided that, if one of these individuals wishes to trade outside the Window, it shall be subject to prior review by the other; and

● individuals in the Window Group are also subject to the general restrictions on all employees.

Note that at times Chief Financial Officer and the General Counsel may determine that no trades may occur even during the Window when clearance is requested. No reasons may be provided and the closing of the Window itself may constitute material inside information that should not be communicated.

The foregoing Window Group restrictions do not apply to transactions pursuant to written plans for trading securities that comply with Rule 10b5-1 under the Exchange Act ("**10b5-1 Plans**") described in <u>Annex A</u> hereto. However, Window Group members may not enter into, amend or terminate a 10b5-1 Plan relating to Company securities without the prior approval of Chief Financial Officer and the General Counsel, which will only be given during a Window period.

The Company from time to time may also impose an *ad hoc* trading freeze on all officers, directors, and other members of the Window Group due to significant unannounced corporate developments. These trading freezes may vary in length.

Executive officers, directors or any other member of the Window Group must promptly report to the Chief Financial Officer and General Counsel any transaction in any of the Company's securities by his or her or any of their respective assistants or family members other than transactions made pursuant to an approved 10b5-1 Plan (as defined below).

***In summary, every employee of the Company is subject to trading restrictions when in possession of inside information regarding the Company. In addition, officers, directors, and other members of the Window Group are subject to paragraph 5 above restricting their trading to window periods and requiring pre-clearance.***

 ****

***You must promptly report to the chief financial officer and the general counsel any trading in the company's securities by anyone or disclosure of inside information by COMPANY personnel that you have reason to believe may violate this Policy or the securities laws of the United States.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.***  ***Applicability of U.S. Securities Laws to International Transactions.*** 

All employees of the Company' and its subsidiaries are subject to the restrictions on trading in Company securities and the securities of other companies. The U.S. securities laws may be applicable to the securities of the Company's subsidiaries or affiliates, even if they are located outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **OTHER LIMITATIONS ON SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***A.***  ***Public Resales – Rule 144.*** 

The U.S. Securities Act (the "**Securities Act**") requires every person who offers or sells a security to register such transaction with the SEC unless an exemption from registration is available. Rule 144 under the Securities Act is the exemption typically relied upon for (i) public resales by any person of "restricted securities" (*i.e.*, unregistered securities acquired in a private offering or sale) and (ii) public resales by directors, officers and other control persons of a company (known as "**affiliates**") of any of the Company's securities, whether restricted or unrestricted.

The exemption in Rule 144 may only be relied upon if certain conditions are met. These conditions vary based upon whether the Company has been subject to the SEC's reporting requirements for 90 days (and is therefore a "reporting company" for purposes of the rule) and whether the person seeking to sell the securities is an affiliate or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Holding Period</u>. Restricted securities issued by a reporting company (i.e., a company that has been subject to the SEC's reporting requirements for at least 90 days) must be held and fully paid for a period of six months prior to their sale. Restricted securities issued by a non-reporting company are subject to a one-year holding period. The holding period requirement does not apply to securities held by affiliates that were acquired either in the open market or in a public offering of securities registered under the Securities Act. Generally, if the seller acquired the securities from someone other than the Company or an affiliate of the Company, the holding period of the person from whom the seller acquired such securities can be "tacked" to the seller's holding period in determining if the holding period has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Current Public Information</u>. Current information about the Company must be publicly available before the sale can be made. The Company's periodic reports filed with the SEC ordinarily satisfy this requirement. If the seller is not an affiliate of the Company issuing the securities (and has not been an affiliate for at least three months) and one year has passed since the securities were acquired from the issuer or an affiliate of the issuer (whichever is later), the seller can sell the securities without regard to the current public information requirement.

Rule 144 also imposes the following additional conditions on sales by persons who are "affiliates." A person or entity is considered an "affiliate," and therefore subject to these additional conditions, if it is currently an affiliate or has been an affiliate within the previous three months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Volume Limitations</u>. The amount of debt securities which can be sold by an affiliate during any three-month period cannot exceed 10% of a tranche (or class when the securities are non-participatory preferred stock), together with all sales of securities of the same tranche sold for the account of the affiliate. The amount of equity securities that can be sold by an affiliate during any three-month period cannot exceed the greater of (i) one percent of the outstanding shares of the class or (ii) the average weekly reported trading volume for shares of the class during the four calendar weeks preceding the time the order to sell is received by the broker or executed directly with a market maker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Manner of Sale</u>. Equity securities held by affiliates must be sold in unsolicited brokers' transactions, directly to a market-maker or in riskless principal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Sale</u>. An affiliate seller must file a notice of the proposed sale with the SEC at the time the order to sell is placed with the broker, unless the amount to be sold neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000. See "Filing Requirements".

*Bona fide* gifts are not deemed to involve sales of shares for purposes of Rule 144, so they can be made at any time without limitation on the amount of the gift. Donees who receive restricted securities from an affiliate generally will be subject to the same restrictions under Rule 144 that would have applied to the donor, depending on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***B.***  ***Private Resales.*** 

Directors and officers also may sell securities in a private transaction without registration. Although there is no statutory provision or SEC rule expressly dealing with private sales, the general view is that such sales can safely be made by affiliates if the party acquiring the securities understands he is acquiring restricted securities that must be held for at least six months (if issued by a reporting company that meets the current public information requirements) or one-year (if issued by a non-reporting company) before the securities will be eligible for resale to the public under Rule 144. Private resales raise certain documentation and other issues and must be reviewed in advance by the Company's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***C.***  ***Restrictions on Purchases of Company Securities.*** 

In order to prevent market manipulation, the SEC adopted Regulation M under the U.S. Exchange Act. Regulation M generally restricts the Company or any of its affiliates from buying Company stock, including as part of a share buyback program, in the open market during certain periods while a distribution, such as a public offering, is taking place. You should consult with the Company's General Counsel, if you desire to make purchases of Company stock during any period that the Company is making conducting an offering or buying shares from the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***D.***  ***Filing Requirements.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Schedule 13D and 13G</u>. Section 13(d) of the Exchange Act requires the filing of a statement on Schedule 13D (or on Schedule 13G, in certain limited circumstances) by any person or group which acquires beneficial ownership of more than five percent of a class of equity securities registered under the Exchange Act. The threshold for reporting is met if the stock owned, when coupled with the amount of stock subject to options exercisable within 60 days, exceeds the five percent limit.

A report on Schedule 13D is required to be filed with the SEC and submitted to the Company within five business days after the reporting threshold is reached. If a material change occurs in the facts set forth in the Schedule 13D, such as an increase or decrease of one percent or more in the percentage of stock beneficially owned, an amendment disclosing the change must be filed within two business days. A decrease in beneficial ownership to less than five percent is per se material and must be reported.

A limited category of persons (such as banks, broker-dealers and insurance companies) may file on Schedule 13G, which is a much abbreviated version of Schedule 13D, as long as the securities were acquired in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. A report on Schedule 13G is required to be filed with the SEC and submitted to the Company within 45 days after the end of the calendar quarter in which the reporting threshold is reached.

A person is deemed the beneficial owner of securities for purposes of Section 13(d) if such person has or shares voting power (*i.e.*, the power to vote or direct the voting of the securities) or dispositive power (*i.e.*, the power to sell or direct the sale of the securities). A person filing a Schedule 13D or 13G may disclaim beneficial ownership of any securities attributed to him or her if he or she believes there is a reasonable basis for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Form 144</u>. As described above under the discussion of Rule 144, an affiliate seller relying on Rule 144 must file a notice of proposed sale with the SEC at the time the order to sell is placed with the broker unless the amount to be sold during any three-month period neither exceeds 5,000 shares nor involves sale proceeds greater than $50,000.

**<u>Annex A</u>**

***Overview of 10b5-1 Plans***

Under Rule 10b5-1, large stockholders, directors, officers and other insiders who regularly possess material nonpublic information (MNPI) but who nonetheless wish to buy or sell stock may establish an affirmative defense to an illegal insider trading charge by adopting a written plan to buy or sell at a time when they are not in possession of MNPI. A 10b5-1 plan typically takes the form of a contract between the insider and his or her broker.

The plan must be entered into at a time when the insider has no MNPI about the company or its securities (even if no trades will occur until after the release of the MNPI). The plan must:

1. specify the amount, price (which may include a limit price)
and specific dates of purchases or sales; or

2. include a formula or similar method for determining amount,
price and date; or

3. give the broker the exclusive right to determine whether,
how and when to make purchases and sales, as long as the broker does so without being aware of MNPI at the time the trades are made.

Under the first two alternatives, the 10b5-1 plan cannot give the broker any discretion as to trade dates. As a result, a plan that requests the broker to sell 1,000 shares per week would have to meet the requirements under the third alternative. On the other hand, under the second alternative, the date may be specified by indicating that trades should be made on any date on which the limit price is hit. The affirmative defense is only available if the trade is in fact made pursuant to the preset terms of the10b5-1 plan (unless the terms are revised at a time when the insider is not aware of any MNPI and could therefore enter into a new plan). Trades are deemed not to have been made pursuant to the plan if the insider later enters into or alters a corresponding or hedging transaction or position with respect to the securities covered by the plan (although hedging transactions could be part of the plan itself).

***Guidelines for 10b5-1 Plans***

***When can a plan be adopted or amended?*** Because Rule 10b5-1 prohibits an insider from adopting or amending a plan while in possession of MNPI, allegations of insider trading despite the existence of a 10b5-1 plan are likely to focus on what was known at the time of plan adoption or amendment. It is recommended that companies permit an executive to adopt or amend a 10b5-1 plan only when the executive can otherwise buy or sell securities under the company's insider trading policy, such as during an open window immediately after the announcement of quarterly earnings.

***Should a plan impose a waiting period before trading can begin?*** Because an insider cannot have MNPI when a plan is adopted or amended, Rule 10b5-1 does not require the plan to include a waiting period before trading can begin. And importantly, including a waiting period (even a lengthy delay) will not correct the fatal flaw of adopting or amending a plan while in possession of MNPI. Many companies, however, require 10b5-1 plans to include a waiting period as a matter of risk management, in order to decrease the likelihood of the scrutiny that can occur when an executive's trading activity suddenly commences before material news is announced. Practice varies as to length (anywhere from 10 days to the next open window), although the rationale for including a waiting period is usually stronger when the period is long enough to be able to say that any information currently in the insider's possession should either be stale or public by the time trading commences. This has no bearing on the effectiveness of a 10b5-1 plan, but a longer delay can, as a matter of optics, help an insider demonstrate that he or she was not motivated to make trades by nonpublic information available at the time of plan adoption or amendment.

***Should adoption of a plan be announced publicly?*** Generally speaking, there is no requirement to publicly disclose the adoption, amendment or termination of a 10b5-1 plan, although in some cases public announcement may be advisable due to the identity of the insider, the magnitude of the plan, or other special factors. That said, announcing the adoption of a 10b5-1 plan may be a useful way to head off future public relations issues, since announcing a plan's adoption prepares the market and should help investors understand the reasons for insider sales when trades are later reported. If a company decides to announce the adoption of a 10b5-1 plan, we do not generally recommend disclosing plan details, other than, perhaps, the aggregate number of shares involved; this is to diminish the ability of market professionals to front-run the insider's transactions. It is unusual to announce the suspension or termination of a plan.

***What else should we consider when amending or modifying a plan?*** As noted above, an insider may only modify or amend a 10b5-1 plan when he or she is not in possession of MNPI. Even if an insider is not in possession of MNPI at the time of amendment, a pattern of amending or modifying one's plan raises the question of whether the insider is using the plan as a legitimate tool to diversify his or her risk exposure and monetize assets, or as a way to opportunistically step in and out of the market. Because Rule 10b5-1 provides an affirmative defense but not a safe harbor, insiders and their companies should be aware that the effectiveness of the affirmative defense could be diminished by a pattern of plan amendments and modifications.

***Can a plan be terminated or suspended?*** Unlike amending a plan, a 10b5-1 plan may legally be terminated before its predetermined end date even though the insider is in possession of MNPI (although some brokers' forms prohibit this as a contractual matter). Because plan sales shortly before the announcement of bad news can generate unwanted attention, an insider may decide to terminate a plan in the face of an impending negative announcement, even though as a technical matter the affirmative defense would be expected to cover the sales. On the other hand, terminating a selling plan before an impending positive announcement may raise the suspicion that the insider is using Rule 10b5-1 as a way to opportunistically time the market, thereby risking the likelihood that his or her future use of the affirmative defense will be successful.

It is generally suggested that plan terminations initiated by an insider take place during an open window, absent special circumstances and approval by the general counsel. It may also make sense for the general counsel to have the ability, but not the responsibility, to terminate the plan. Plans should also allow for mandatory suspension if legally required, for example due to Regulation M or tax reasons.

***How long should a plan last?*** In order to minimize the need for early termination, the term of the plan should be carefully weighed at the outset. An optimal plan term will be long enough to distance the insider, and any current knowledge that he or she may have, from a particular trade but short enough that it will not require termination should the insider's financial planning strategies change. A short "one-off" 10b5-1 plan can appear to be timed to take advantage of MNPI. On the other hand, the longer the plan term, the greater the likelihood that it will need to be modified or terminated. Most plans tend to have a term of six months to two years.

***Should the company pre-clear or review an executive's plan?*** It is generally recommended that the company pre-clear or review a proposed 10b5-1 plan, which may provide assurance that the plan complies with best practices. Certain companies disallow the third type of plan (one that gives the broker the right to determine whether, how and when to make purchases) in order to avoid the evidentiary difficulty associated with proving that the executive did not communicate with the broker with respect to trades under the plan. While this is not required, this is a prudent option to consider.

In addition to requiring a 10b-5 plan to be pre-approved by the Company, other limits that are sometimes considered are whether to set a maximum percentage of holdings that can be subject to a 10b5-1 plan, and rules for setting price floors.

**<u>Annex B</u>**

**Request for Approval to Trade in the Securities of Beta FinTech Holdings Limited** 

To: Chief Financial Officer / General Counsel

From:____________________________________

Print Name

I hereby request approval for myself (or a member of my immediate family or household or a family member whose transactions regarding securities of Beta FinTech Holdings Limited are directed by me or are subject to my influence or control) to execute the following transaction relating to the securities of Beta FinTech Holdings Limited.

Type of transaction (check one):

☐ PURCHASE

☐ SALE

☐ EXERCISE OPTION (AND SELL SHARES)

☐ OTHER

Securities involved in transaction: ________________________________________

Number of securities: _________________________________________________

Other (please explain): __________________________________________________

Name of beneficial owner if other than yourself: ____________________________________

Relationship of beneficial owner to yourself: ___________________________________________

Signature:   Date:  

**This Authorization is valid until the earlier of thirty (30) calendar days after the date of this Approval or until the commencement of a "blackout" period.**

Approved by:  

Name:   <br>Date:   Time:

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form F-1**

**Beta FinTech Holdings Limited**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Fee Calculation or Carry Forward Rule** | **Amount Registered<sup>(1)</sup>** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price<sup>(1)</sup>** | **Fee Rate** | **Amount of Registration Fee** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward Initial effective date** | **Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity Ordinary<br> shares, par<br> value<br> US$0.0001<br> per share<sup>(1)(2)(3)</sup> | Rule 457(o) |  |  | $13800000 | 0.0001531 | $2112.78 |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** |  |  | $13800000 | 0.0001531 | $2112.78 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  | 0 |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  | - |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** |  |  |  |  | $2112.78 |  |  |  |  |

---

(1) Estimated solely for the purpose of calculating the amount
of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 (the "Securities Act"), as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 416 under the Securities Act, as amended, there is also being registered hereby such indeterminate number of additional ordinary shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes ordinary shares that may be purchased by the underwriters pursuant to their option to purchase additional ordinary shares to cover over-allotment, if any.