# EDGAR Filing Document

**Accession Number:** 0002000208
**File Stem:** 0001493152-26-025069
**Filing Date:** 2026-5
**Character Count:** 1430772
**Document Hash:** cff1376c800eb5be0aefefd68db228d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-025069.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001493152-26-025069

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 76

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kepler Group Ltd
- **CENTRAL INDEX KEY:** 0002000208
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296200
- **FILM NUMBER:** 261015021

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 3902-03, 39/F
- **STREET 2:** TOWER 6, THE GATEWAY
- **CITY:** HARBOUR CITY, TSIM SHA TSUI
- **STATE:** K3
- **ZIP:** 0000
- **BUSINESS PHONE:** (852) 2155 2889

**MAIL ADDRESS:**
- **STREET 1:** SUITE 3902-03, 39/F
- **STREET 2:** TOWER 6, THE GATEWAY
- **CITY:** HARBOUR CITY, TSIM SHA TSUI
- **STATE:** K3
- **ZIP:** 0000

**As filed with the Securities and Exchange Commission on May 22, 2026.**

**Registration Statement No. 333-[ ]** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Kepler Group Limited**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **6411** | **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) |

---

**Suite 3902-03, 39/F**

**Tower 6, The Gateway**

**Harbour City, Tsim Sha Tsui**

**Hong Kong**

**852-2155 2889**

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

**Cogency Global Inc.**

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

**New York, NY 10168**

**Tel: (212) 947-7200**

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

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

---

| | |
|:---|:---|
| **Lawrence S. Venick, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place, Central**<br> **Hong Kong SAR**<br> **Telephone: +852-3923-1111** | **Richard I. Anslow, Esq.**<br> **Jonathan Deblinger, Esq.**<br> **Ellenoff Grossman & Schole LLP**<br> **1345 Avenue of the Americas**<br> **New York, NY 10105**<br> **Telephone: (212) 370-1300** |

---

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

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, check the following box. ☒

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

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

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

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

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

† The term "new
or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment 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 Commission, acting pursuant to such Section 8(a), may determine.**

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

---

| | |
|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED MAY 22, 2026** |

---

**5,000,000** **Ordinary Shares**

**Kepler Group Limited**

We are offering 5,000,000 ordinary shares, par value $0.001 per share ("**Ordinary Shares**"). This is the initial public offering of Ordinary Shares of Kepler Group Limited (our "**Company**"). The offering price of our Ordinary Shares in this offering is expected to be between $6.00 and $8.00 per share. Prior to this offering, there has been no public market for our Ordinary Shares.

We have applied to list our Ordinary Shares on the Nasdaq Capital Market ("**Nasdaq**") under the symbol "KPL". We cannot guarantee that we will be successful in listing our ordinary shares on Nasdaq; however, we will not complete this offering unless we are so listed.

Our Company is a holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, we conduct our operations mainly in Hong Kong, through our operating subsidiaries, Equator Asset Protection Limited, Kepler Global Advisors Limited and Kepler Innovative Technology Limited (the "**Operating Subsidiaries**").

This is an offering of the Ordinary Shares of our Company, the holding company in the Cayman Islands, instead of shares of our Operating Subsidiaries. You may never directly hold any equity interest in our Operating Subsidiaries. We are offering 5,000,000 Ordinary Shares of our Company, representing 20% of the Ordinary Shares following completion of the offering of our Company. Following the offering, 20% of the Ordinary Shares will be held by public shareholders, assuming the underwriters do not exercise their over-allotment option.

Following the completion of this offering, we will be a "controlled company" within the meaning of the rules and regulations of the Nasdaq Stock Market ("**Nasdaq Rules**") and may rely on exemptions from certain corporate governance requirements. As at the date of this prospectus, 68.16% of the issued share capital of our Company is owned by Mr. KWOK Yu Hin, our Director. Mr. KWOK Yu Hin therefore owns 68.16% of our total voting power as at the date of this prospectus. Following completion of this offering, 54.53% of the issued share capital of our Company will be owned by Mr. KWOK Yu Hin and Mr. KWOK Yu Hin will own 54.53% of our total voting power. See "Management — Controlled Company Exception".

As our Company is a holding company incorporated in the Cayman Islands and not a Chinese operating company, our operations in Hong Kong are conducted by our Operating Subsidiaries based in Hong Kong. The Ordinary Shares offered in this offering are shares of Kepler Group Limited, the Cayman Islands holding company, instead of shares of the Operating Subsidiaries. Investors in this offering are purchasing interests in the Cayman Islands holding company and will not directly hold equity interests in the Operating Subsidiaries. This structure involves unique risks to investors. See "Risk Factors" beginning on page 10 of this prospectus for a discussion of risks facing our Company and the offering as a result of this structure. We may be subject to unique risks due to uncertainty of the interpretation and the application of the laws and regulations in China ("**PRC**"), including but not limited to the cybersecurity review and regulatory review of oversea listing of our Ordinary Shares through an offshore holding company. We are also subject to the risks of uncertainty about any future actions of the Chinese government or authorities in Hong Kong in this regard.

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

● could result in a material change in our operations;

● could significantly limit or completely hinder our ability to continue our operations;

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

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

Additionally, although we have direct ownership of our Operating Subsidiaries in Hong Kong and currently do not have or intend to have any contractual arrangement to establish a variable interest entity ("**VIE**") structure with any entity in the China, we are still subject to certain legal and operational risks associated with our Operating Subsidiaries in Hong Kong.

In addition, our Ordinary Shares may be prohibited from trading on a national exchange or over-the-counter under the Holding Foreign Companies Accountable Act (the "**HFCA Act**") (as amended by the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022) if the Public Company Accounting Oversight Board (United States) (the "**PCAOB**") is unable to inspect our auditors for two consecutive years.

The financial statements as of September 30, 2025 and for six months ended September 30, 2025 and September 30, 2024 have been reviewed and as of March 31, 2025 and 2024, and for each of the two years in the period ended March 31, 2025 included in this prospectus have been audited by Onestop Assurance PAC, an independent registered public accounting firm, as stated in their report appearing herein. The office of Onestop Assurance PAC is located at 10 Anson Road, #21-14 International Plaza, Singapore 079903.

Our auditor can be inspected by the PCAOB on a regular basis, and our auditor is not subject to the determinations announced by the PCAOB on December 16, 2021, which determinations were vacated on December 15, 2022. If trading in our Ordinary Shares is prohibited under the HFCA Act in the future because the PCAOB determines that it cannot inspect or fully investigate our auditor at such future time, Nasdaq may determine to delist our Ordinary Shares and trading in our Ordinary Shares could be prohibited. On August 26, 2022, the PCAOB signed the Statement of Protocol Agreements (the "**SOP Agreements**") with the China Securities Regulatory Commission and China's Ministry of Finance. The SOP Agreements established 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. 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 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. 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 uncertainty and depends on a number of factors out of our, and our auditor's, control. Should the PRC authorities fail to agree to the PCAOB's access in the future, the PCAOB Board 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 a stock exchange. See "Risk Factors — Risks Related to Doing Business in Hong Kong — Although the audit report included in this prospectus is prepared by 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 Ordinary Shares may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, would reduce the time before our Ordinary Shares may be prohibited from trading or delisted."

According to current PRC Law, PRC national laws relating to cash or assets transfer do not apply in Hong Kong. However, while there are currently no such restrictions on the ability of our Company and our Operating Subsidiaries to transfer cash and/or assets, we cannot assure you that the oversight of the PRC government will not be extended to companies operating in Hong Kong, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our Operating Subsidiaries in Hong Kong, and to the extent our cash and/or assets in the business is in Hong Kong or a Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on the ability of our Company and our Operating Subsidiaries to transfer funds or assets by the PRC government. Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business. See "Risk Factors – Risks Related to Doing Business in Hong Kong – In the event that we rely on dividends and other distributions on equity paid by our Hong Kong subsidiaries to fund any cash and financing requirements we may have, any limitation on the ability of our Hong Kong subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business" and "Risk Factors – Risks Related to Doing Business in Hong Kong – To the extent cash or assets in our business is in Hong Kong or in our Hong Kong subsidiaries, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability or the ability of our subsidiary by the PRC government to transfer cash or assets".

Our holding company, Kepler Group Limited, controls our Operating Subsidiaries. Within our holding structure, the cross-border transfer of funds within our corporate group is legal and compliant with the laws and regulations of the jurisdiction where our Operating Subsidiaries were established. After foreign investors' funds enter our Company at the closing of this offering, the funds can be transferred directly to our Operating Subsidiaries. If our Company intends to distribute dividends in the future, the Operating Subsidiaries will transfer the dividends to our Company in accordance with the laws and regulations of Hong Kong, and the dividends will then be distributed from our Company to all shareholders respectively in proportion to the shares they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions.

For the year ended March 31, 2024, one of our Operating Subsidiaries, Kepler Global Advisors Limited, has paid a dividend of HK$2,735,688, which is recognized as distribution, to Mr. KWOK Yu Hin. For the year ended March 31, 2025, we have paid an interim dividend of HK$365,300 and a special dividend of HK$2,912,162, which is recognized as distribution, to Mr. KWOK Yu Hin. See note 25 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of dividend. For the six months ended September 30, 2025 and up to the date of this prospectus, we did not declare any dividend. As at the date of this prospectus, dividend payables balance was nil. 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 our subsidiary by way of dividend payments. See "Dividend Policy" and Summary Consolidated Financial Data and Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm for further details.

We are aware that recently the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, expanding the efforts in anti-monopoly enforcement and regulating the overseas offering and listing activities involving PRC domestic companies. Since these statements and regulatory actions are new, it is 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 uncertain what the potential impact such modified or new laws and regulations will have on our daily business operation in Hong Kong, our ability to accept foreign investments and the listing of our Ordinary Shares on a U.S. or other foreign exchanges.

**Investing in our Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Ordinary Shares in "Risk Factors" beginning on page 10 of this prospectus.**

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

**Neither the U.S. 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.**

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| | | |
|:---|:---|:---|
|  | **PER SHARE** | **TOTAL** |
| Initial public offering price | $| $|
| Underwriting discounts<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to us | $| $|

---

(1) We
 agree to pay the underwriters underwriting discounts equal to 7.0% of the gross proceeds
 of the offering. Does not include a non-accountable expense allowance equal to 1% of the
 gross proceeds of the offering and up to $270,000 for accountable out-of-pocket expenses
 payable to Cathay Securities, Inc., acting as the representative of the underwriters. The non-accountable expense allowance is intended to cover miscellaneous
expenses incurred by the underwriters in connection with the offering, such as communication and other incidental costs that are not specifically
itemized or reimbursed.
 For a description of the compensation to be received by the underwriters, see "Underwriting"
 beginning on page 106.

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately $, exclusive of the above underwriting discounts. In addition, we will pay additional items of value in connection with this offering that are viewed by the Financial Industry Regulatory Authority, or FINRA, as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See "Underwriting."

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 15% of the total number of our Ordinary Shares to be offered by us pursuant to this offering (excluding shares subject to this option), solely for the purpose of covering over-allotments, at the initial public offering price less the underwriting discounts. If the underwriters exercise the option in full, the total underwriting discounts payable will be $ based on an assumed initial public offering price of $ per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), and the total gross proceeds to us, before underwriting discounts and expenses, will be $. If we complete this offering, net proceeds will be delivered to us on the closing date.

The underwriters expect to deliver the Ordinary Shares against payment as set forth under "Underwriting," on or about , 2026.

![](vi_001.jpg)

**The date of this prospectus is , 2026.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Prospectus Summary](#aj_001) | 1 |
| [Risk Factors](#aj_002) | 10 |
| [Special Note Regarding Forward-Looking Statements](#aj_003) | 27 |
| [Industry and Market Data](#aj_004) | 28 |
| [Use of Proceeds](#SL_01) | 38 |
| [Dividend Policy](#SL_02) | 39 |
| [Capitalization](#SL_03) | 40 |
| [Dilution](#SL_04) | 41 |
| [Exchange Rate Information](#SL_05) | 42 |
| [Corporate History and Structure](#SL_06) | 43 |
| [Selected Consolidated Financial Data](#SL_07) | 44 |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#SL_08) | 45 |
| [Business](#xc_001) | 61 |
| [Regulations](#ds_001) | 70 |
| [Management](#SL_10) | 74 |
| [Related Party Transactions](#SL_11) | 81 |
| [Principal Shareholders](#SL_12) | 82 |
| [Description of Securities](#SL_13) | 83 |
| [Shares Eligible for Future Sale](#me_001) | 99 |
| [Material Income Tax Considerations](#me_002) | 101 |
| [Underwriting](#me_003) | 106 |
| [Expenses Related to this Offering](#me_004) | 112 |
| [Legal Matters](#me_005) | 113 |
| [Experts](#me_006) | 113 |
| [Enforcement of Liabilities](#me_007) | 114 |
| [Where You Can Find Additional Information](#me_008) | 116 |
| [Index to Consolidated Financial Statements](#fin_001) | F-1 |

---

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

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

Our Company is incorporated under the laws of the Cayman Islands and a majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the U.S. Securities and Exchange Commission, or the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the Securities and Exchange Commission, or the SEC, as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange Act.

**Until and including , 2026 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

i

**CONVENTIONS THAT APPLY TO THIS PROSPECTUS**

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

● "BVI" are to the British Virgin Islands;

● "HKD" or "HK$" are to the legal currency of Hong Kong;

● "Hong Kong" are to the Hong Kong Special Administrative Region in China;

● "Ordinary Shares" or "Shares" are the ordinary shares of our Company, par value of $0.001 per share;

● "our Company" are to Kepler Group Limited, the holding company incorporated in the Cayman Islands that will issue the Ordinary Shares being offered in this offering;

● "our Director(s)" are to the director(s) of our Company;

● "our Group", "we", "us" and "our" are to our Company and its subsidiaries, as the context requires;

● "our Operating Subsidiaries" are Equator Asset Protection Limited, Kepler Global Advisors Limited and Kepler Innovative Technology Limited ;

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

● "$", "USD", "US$" or "U.S. dollars" are to the legal currency of the United States.

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

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

The functional currency of our entities located in Hong Kong is HKD. Our consolidated financial statements are presented in HKD. We use HKD as reporting currency in our consolidated financial statements and in this prospectus. Assets and liabilities are translated at the exchange rates on the date of consolidated statements of financial position, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. Gains or losses resulting from foreign currency transactions are included in the accompanying consolidated statements of profit or loss and other comprehensive (loss)/income.

Translations of balances in the consolidated statements of financial position, consolidated statements of profit or loss and other comprehensive (loss)/income and consolidated statements of cash flows from HKD into USD as of and for the year ended March 31, 2025 and as of and for the six months ended September 30, 2025 are solely for the convenience of the reader and were calculated at the rate of HKD 7.75 to USD 1. No representation is made that the HKD amounts represent or could have been, or could be, converted, realized or settled into USD at that rate, or at any other rate.

ii

**PROSPECTUS SUMMARY**

*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision.*

**Overview**

Our Group is principally engaged in the insurance brokerage business in Hong Kong. We act on behalf of our policyholders seeking insurance coverage from companies which are authorized insurers under the Insurance Ordinance in Hong Kong that provide the insurance products, including, among others, AXA China Region Insurance Company Limited, Prudential Hong Kong Limited and Manulife (International) Limited, etc. (the "**Insurance Companies**") and take pride in our premium brokerage service. According to relevant industry data prepared by China Insights Consultancy, we ranked around 5<sup>th</sup> in the 2<sup>nd</sup> Tier among all insurance brokerage company in Hong Kong in terms of revenue in 2024.

Founded by Mr. Kwok Yu Hin, our business commenced in 2016. Since then, our Group has grown throughout the years in terms of revenue generated from our insurance brokerage services based in Hong Kong. For the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, we generated revenue of approximately HK$157.4 million, HK$143.6 million and HK$191.6 million, respectively. The major contracts of insurance that our Group provides brokerage services for are life, saving and health insurance products, which accounted for approximately 95.0%, 95.7% and 97.9% of our total revenue for the years ended March 31, 2025 and 2024 and for the six months ended September 30, 2025, respectively. We also provide brokerage services for other general insurance including travel insurance and car insurance. Besides insurance brokerage services, we also generated revenue from other services, such as immigration services and software upgrade and maintenance service, for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025.

We currently operate all of our insurance brokerage business in Hong Kong and generated all of our revenue from insurance brokerage services within Hong Kong. All documents with our policyholders were executed in Hong Kong. As part of our business strategies, we plan to expand our insurance brokerage distribution network in Southeast Asia, such as Malaysia, Singapore, Thailand, Vietnam, Japan and Taiwan, within three to five years in the future. As first step, we plan to open up a branch office in Singapore, obtain the requisite insurance brokerage license and to develop and establish relationships and enter into broker agreements with local Insurance Companies in Singapore, including the local branches of the Insurance Companies currently cooperating with us in Hong Kong and also new Insurance Companies in Singapore, in order to conduct insurance brokerage business and act for potential policyholders in Singapore.

**Industry Background**

As an important part of Hong Kong's financial market, the insurance brokerage industry in Hong Kong has remained stable over the past five years, marked by a consistent market size in terms of gross insurance brokerage income. The figures fluctuated from HKD21.0 billion in 2020 to HKD36.3 billion in 2024, representing a compound annual growth rate (CAGR) of 14.6%. The outbreak of the COVID-19 pandemic in 2020 had a notable impact, leading to a decline in the commission fee of brokerage business in Hong Kong compared to the preceding year. Subsequent years witnessed slight fluctuations. Post-pandemic, a strong rebound is anticipated in Hong Kong's insurance brokerage industry. Projections indicate growth to HKD59.0 billion in 2029, reflecting a substantial CAGR of 10.2%. This optimistic outlook underscores the resilience of the industry and its capacity to recover from external disruptions.

**Competitive Strengths**

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

● Premium brokerage service experience;

● Experienced management team;

● Stable relationship with Insurance Companies; and

● Strong commitment to rigorous training and development.

**Our Strategy**

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

● Develop new geographic markets in the United States and Southeast Asia;

● Expand our product offerings to meet potential policyholders' needs; and

● Enhance the efficiency of the document signing process for our customers through the implementation of an integrated digital platform.

**Our Corporate History**

Our Group's operations in the insurance industry commenced in 2016 when Mr. KWOK Yu Hin, our Director and Chief Executive Officer, as a co-founder, established Kepler Global Advisors Limited (formerly known as Kepler Group Limited), our first Operating Subsidiary, to provide insurance brokerage service to customers in Hong Kong.

In 2019, our Group expanded its business operations to provide insurance brokerage service when Mr. KWOK Yu Hin acquired Equator Asset Protection Limited (formerly known as Jinjia (Hong Kong) Wealth Management Limited), a licensed insurance broker company in Hong Kong, which became the second Operating Subsidiary of our Group.

Over the years, our Group has grown from a small team to become a company with a large network of channels (the "**Channels**"), which consist of (i) individuals or firms who possess well-established business networks and effectively utilize those connections to introduce and connect potential policyholders to our Group as our referrers (the "**Referrers**"), allowing us to offer insurance products and brokerage services to those referred customers; and (ii) individuals registered with the Hong Kong Insurance Authority as licensed technical representatives and accredited to our Group, and engaged by our Group as external technical representatives (the "**Consultants**") which provide services directly on our Group's behalf to customers and potential customers in negotiating contracts of insurance. As of September 30, 2025, we had built a network of 227 Channels, including 198 Referrers and 29 Consultants. Our Group has entered into contracts for services with all of our Channels who provide insurance brokerage or referral services to our Company. For our Referrers, we pay referral fees to them in accordance with the terms and conditions stipulated in the contracts for services entered into between our Group and our Referrers for each policyholders they successfully introduce who completes a purchase of insurance products through us. The relationship between our Group and our Referrers are on non-exclusive basis, permitting our Referrers to engage in collaboration with other insurance brokerage service providers. For our Consultants, our Group pay commissions to them in accordance with the terms and conditions stipulated in the contracts for services entered into between our Group and our Consultants when they accomplish new business and produce broker commission income for our Group through the sale of various insurance products to the policyholders who in turn enter into insurance policy contracts with the Insurance Companies. The relationship between our Group and our Consultants are on exclusive basis, whereby our Consultants are only permitted to represent or promote products offered by our Group under the terms of the contracts for services.

Our business activities have diversified significantly since its inception. Initially focused on small personal insurance policies, our Group insurance products have expanded into various areas throughout the years, including life, saving and health insurance and other general insurance products. We also provide other ancillary services including immigration services and software upgrade and maintenance service to our customers.

**Our Corporate Structure**

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

The entities held by our Group below are direct subsidiaries of our Company.

![](formf-1_001.jpg)

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|:---|:---|
| *Note:* | Wong Lap Ip Alan, Shin Yick Fabian, Ng Lee Fan, Xu Ying, Choi Man Hin, Yang Liu, Wu Wenda and Chen Yanjun held as to 1.00%, 1.00%, 0.22% and 0.20%, 0.11%, 0.10%, 0.08% and 0.08% of the issued share capital of our Company, respectively. |

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

Our Company is permitted under the laws of the Cayman Islands to provide funding to our subsidiaries through loans or capital contributions without restrictions on the amount of the funds. Our Hong Kong subsidiaries are permitted under the laws of their respective jurisdictions to provide funding to our Company through dividend distribution without restrictions on the amount of the funds.

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

Subject to the Cayman Islands laws and our memorandum and articles of association as may be amended from time to time (each the "**Memorandum**" and the "**Articles**", and collectively, the "**Memorandum and Articles**"), our Company may only pay dividends out of profits or share premium and, our board of Directors may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following payment of the dividend we will be able to pay our debts as they become due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of Directors. There is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

For our Company and our subsidiaries located in Hong Kong, there is no restrictions on foreign exchange for such entities and they are able to transfer cash among these entities, across borders and to U.S. investors without any restriction. Also, there is no restrictions and limitations on the abilities of non-PRC subsidiary to distribute earnings from their businesses, including from subsidiary to the parent company or from the holding company to the U.S. investors as well as the abilities to settle amounts owed.

For the years ended March 31, 2024, one of our Operating Subsidiaries, Kepler Global Advisors Limited, has paid a dividend of HK$2,735,688, which is recognized as distribution, to Mr. KWOK Yu Hin. For the year ended March 31, 2025, we have paid an interim dividend of HK$365,300 and special dividend of HK$2,921,162, totaling of HK$3,277,462, which is recognized as distribution, to Mr. KWOK Yu Hin. See note 25 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of dividend. For the six months ended September 30, 2025 and up to the date of this prospectus, we did not declare any dividend. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments.

See "Dividend Policy", "Risk Factors — We rely on dividends and other distributions on equity paid by our subsidiary to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiary to make payments to us could have a material adverse effect on our ability to conduct our business", Summary Consolidated Financial Data and Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm for more information.

**Risks Related to Our Business and Industry (beginning on page 10 of this prospectus)**

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows and prospects that you should consider before making a decision to invest in our Ordinary Shares. These risks are discussed more fully in "Risk Factors" set out in page 10 to page 26. These risks include, but are not limited to, the following:

● Fluctuations in our operating results may occur due to the level of acceptance of our Group's services in the market.

● We rely on our management team and our Channels for carrying on our operations.

● We rely on business relationships with Insurance Companies.

● We rely on our top five insurance product providers for a significant portion of our revenue.

● Our Channels may lack the necessary financial resources to offer indemnification to our Group in the event that actions are taken against our Group by policyholders or potential policyholders regarding the services provided by our Channels.

● Our Group is exposed to risks associated with compliance standards in Hong Kong.

● There is a possibility that our Group may face challenges in successfully implementing our future plans.

● We operate in a highly competitive industry.

● The performance of our business is closely tied to the macro-economic situation in Hong Kong.

● Our historical dividends may not be indicative of our future dividends.

● Our risk management governance structures, especially our corporate governance required for a U.S. stock exchange listing, will be untested at the time of listing.

**Risks Related to Our Corporate Structure (beginning on page 13 of this prospectus)**

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

**Risks Related to Doing Business in Hong Kong (beginning on page 13 of this prospectus)**

● Due to the long arm provisions under the current PRC laws and regulations, if Chinese government exercises any significant oversight and discretion over the conduct of our business and intervenes in or influences our operations at any time our operations and/or the value of our Ordinary Shares could be affected. The policies, regulations, rules, and the enforcement of laws of the Chinese government may also be changed or amended and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system could be uncertain.

● The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the "**Hong Kong National Security Law**") could impact our Hong Kong subsidiaries.

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

● The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our Company.

● Changes, application and interpretation with respect to the PRC legal system could result in a material change in our operations and/or the value of the securities we are registering for sale.

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

● Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.

**Risks Related to our Ordinary Shares (beginning on page 19 of this prospectus)**

● There has been no public market for our Ordinary Shares prior to this offering, and you may not be able to resell our Shares at or above the price you pay for them, or at all.

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

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

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

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

● The price and the trading volume of our Ordinary Shares may be volatile which could result in substantial losses for investors purchasing our Shares under this offering.

● Our pre-initial public offering ()"**IPO**") shareholders will be able to sell their shares after completion of this offering subject to restrictions under the Rule 144.

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

● We will be a "controlled company" within the meaning of Nasdaq Rules and we will qualify for and may rely on exemptions from certain corporate governance requirements.

**Regulatory Permission**

We are currently not required to obtain approval from PRC authorities to list on U.S. exchanges; however, if our subsidiaries or the holding company were required to obtain approval in the future and were denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing on a U.S. exchange, which would materially affect the interest of the investors. It is uncertain when and whether our Company will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and when such permission is obtained, whether it will be rescinded. Although our Company is currently not required to obtain permission from any of the PRC federal or local government to list on U.S. exchanges and has not received any denial to list on a U.S. exchange, our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry. If we are subsequently advised by any Chinese authorities that permission for this offering and/or listing on the Nasdaq Stock Market was required, we may not be able to obtain such permission in a timely manner, if at all. If this risk occurs, our ability to offer securities to investors could be significantly limited or completely hindered and the securities currently being offered may substantially decline in value or become worthless.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities Activities, which were made available to the public on July 6, 2021. The Opinions on Strictly Cracking Down on Illegal Securities Activities emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Pursuant to the Opinions, Chinese regulators are required to accelerate rulemaking related to the overseas offering and listing of securities, and update the existing laws and regulations related to data security, cross-border data flow, and management of confidential information. Numerous regulations, guidelines and other measures are expected to be adopted under the umbrella of or in addition to the Cybersecurity Law and Data Security Law.

On February 17, 2023, the China Securities Regulatory Commission (the "**CSRC**") issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies ("**Overseas Listing Measures**"), which became effective on March 31, 2023. The Overseas Listing Measures requires that a PRC domestic enterprise seeking to issue and list its securities overseas ("**Overseas Offering and Listing**") shall complete the filing procedures and submit the relevant information to CSRC. The Overseas Offering and Listing includes direct and indirect issuance and listing. The recognition of overseas indirect issuance and listing of PRC domestic enterprises shall follow the principle of substance over form. If the issuer meets both of the following circumstances, it shall be deemed an overseas indirect issuance and listing: (1) 50% or more of the issuer's operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial statements for the most recent accounting year is accounted for by domestic companies; and (2) the main parts of the issuer's business activities are conducted in mainland China, or its main places of business are located in mainland China, or the senior managers in charge of its business operation and management are mostly Chinese citizens or domiciled in mainland China.

We understand that the Overseas Listing Measures apply to overseas offerings and listings of companies mainly operating in China, which is not the case for us. Legally, Hong Kong, as a special administrative region of China, exercises a high degree of autonomy and enjoys executive, legislative and independent judicial power, including that of final adjudication, authorized by the National People's Congress of PRC, in accordance with the provisions of the Basic Law of Hong Kong. Considering that (i) our Company's business activities are conducted outside mainland China; (ii) our principal executive office is located in Hong Kong, and (iii) most of our senior managers responsible for business operations and management are permanent residents of Hong Kong or their habitual residence is located in Hong Kong, based on our understanding of the conditions of overseas indirect issuance and listing, we believe that this proposed offering will not be identified as an overseas indirect offering and listing of PRC domestic enterprises and that therefore we will not be required to file with the CSRC.

Regarding Hong Kong, we are not required to obtain any prior approval or material regulatory permissions from authorities in Hong Kong to proceed with this offering. Our Hong Kong subsidiary, Equator Asset Protection Limited, is an insurance broker licensed and regulated by the Insurance Authority under the Insurance Ordinance. In connection with the regulated status of Equator Asset Protection Limited, should this offering result in any person becoming its controller who acquires 15% or more of its share capital or voting rights, or exercises ultimate control over its management, a written notification shall be submitted to the Insurance Authority pursuant to section 64ZZD of the Insurance Ordinance. We do not currently anticipate this post-offering notification regulatory requirement in Hong Kong will materially impede the completion of this offering.

However, the Chinese authorities may ultimately take a view contrary to or otherwise different from ours and if so our Company will be required to obtain permission from or file with the PRC government to list on a U.S. stock exchange now or in the future. If we are subsequently notified by any Chinese authorities that permission/filing for this offering and/or listing on the Nasdaq Stock Market was required, we may not be able to obtain such permission or complete such filing in a timely manner, if at all. Any failure to obtain such permission or complete such filing in a timely manner may restrict our ability to complete the proposed offering or any future equity capital raising activities and may subject us or relevant persons to certain penalties, which would have a material adverse effect on our business and financial position. However, as the Overseas Listing Measures was recently promulgated, there remain substantial uncertainties as to its interpretation, application and enforcement and how it may impact our ability to complete this offering or to raise or utilize fund.

On December 28, 2021, the Cyberspace Administration of China (the "**CAC**") jointly with the relevant authorities formally published Measures for Cybersecurity Review (2021) which took effect on February 15, 2022 and replaced the former Measures for Cybersecurity Review (2020). Measures for Cybersecurity Review (2021) stipulates that operators of critical information infrastructure purchasing network products and services, and online platform operator carrying out data processing activities that affect or may affect national security shall conduct a cybersecurity review, and any online platform operator who controls more than one million users' personal information must go through a cybersecurity review by the cybersecurity review office if it seeks to be listed in a foreign country. On July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border Data, which becomes effective on September 1, 2022. According to the Measures for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances, it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace administration: (1) the data processor provides important data abroad; (2) the operators of key information infrastructure and data processors that process the personal information of more than 1 million people provide personal information abroad; (3) data processors who have provided 100,000 personal information or 10,000 sensitive personal information abroad in aggregate since January 1 of last year provide personal information abroad; and (4) other situations required for security assessment as stipulated by the state cyberspace administration.

We provide insurance brokerage service in Hong Kong. Our subsidiaries in Hong Kong have not collected or stored any data (including certain personal information) from PRC individuals. As a result, the likelihood of us being subject to the review of the CAC is remote.

However, if the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers and extend to issuers based in Hong Kong, we may be unable to obtain such approvals and we may face sanctions by the CSRC, CAC or other PRC regulatory agencies for failure to seek their approval which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors and the securities currently being offered may substantially decline in value and be worthless. For more details, see "Risk Factors — Risks Related to Doing Business in Hong Kong — If the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, such action may significantly limit or completely hinder our ability to offer or continue to offer Ordinary Shares to investors and cause the value of our Ordinary Shares to significantly decline or be worthless."

**PCAOB Developments**

Our Ordinary Shares may be prohibited from trading on a national exchange under the HFCA Act (as amended by the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022) if the PCAOB is unable to inspect our auditors for two consecutive years. The delisting of our Ordinary Shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.

Our auditor, Onestop Assurance PAC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB can conduct regular inspections to assess our auditor's compliance with the applicable professional standards.

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, which determinations were vacated on December 15, 2022. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act, which determinations were vacated on December 15, 2022. As of the date of this prospectus, our auditor, headquartered in Singapore, is not subject to the any of the PCAOB determinations.

On August 26, 2022, the PCAOB signed SOP Agreements with the CRSC and China's Ministry of Finance. The SOP Agreements established 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. 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 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. 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 uncertainty and depends on a number of factors out of our, and our auditor's control. Should the PRC authorities fail to agree to the PCAOB's access in the future, the PCAOB Board 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 a stock exchange.

For more detailed information, see "Risk Factors — Risks Related to Doing Business in Hong Kong — Although the audit report included in this prospectus is prepared by 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 Ordinary Shares may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus reducing the time before our Ordinary Shares may be prohibited from trading or delisted."

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

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

● being permitted to present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations in our filings with the SEC;

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

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

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

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our Ordinary Shares pursuant to this offering. However, if certain events occur before the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1.0 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company before the end of such five-year period.

In addition, Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act.

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

● Exemption from filing quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four (4) days of their occurrence.

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

● Exemption from the Nasdaq Rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq Rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our board of Directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of Directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

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

Currently, we plan to rely on home country practices with respect to our corporate governance after we complete this offering.

**Implication of Being a Controlled Company**

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

We are, and will remain, a "controlled company" as defined under the Nasdaq Rules. As at the date of this prospectus, 68.16% of the issued share capital of our Company is owned by Mr. KWOK Yu Hin, our Director. Mr. KWOK Yu Hin therefore owns 68.16% of our total voting power as at the date of this prospectus. Following completion of this offering, 54.53% of the issued share capital of our Company will be owned by Mr. KWOK Yu Hin and Mr. KWOK Yu Hin will own 54.53% of our total voting power. For so long as we are a controlled company, we are permitted to elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

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|:---|
| that a majority of its board of directors consist of independent directors; |
| that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and |
| that its compensation committee be composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities. |

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As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption after we complete this offering. If we elected to rely on the "controlled company" exemption, a majority of the members of our board of Directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors after we complete this offering. See "Risk Factors — Risks Related to Our Ordinary Shares — We will be a "controlled company" within the meaning of Nasdaq Rules and we will qualify for and may rely on exemptions from certain corporate governance requirements."

**Corporate Information**

Our principal executive office is located at Suite 3902-03, 39/F, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. Our telephone number is (+852) 2155 2889. Our registered office in the Cayman Islands is located at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY10168. Our website is located at www.kplga.com. Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

**The Offering**

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|:---|:---|
| Securities being offered: | 5,000,000 Ordinary Shares on a firm commitment basis. |
| Initial public offering price: | We estimate the initial public offering price will be between $6.00 and $8.00 per Ordinary Share. |
| Over-allotment option: | We have granted the underwriters an option for a period of up to 45 days from the closing of this offering to purchase up to 750,000 additional Ordinary Shares (equal to the 15% of the total number of shares to be offered in this offering). |
| Number of Ordinary Shares outstanding before this offering: | 20,000,000 Ordinary Shares. |
| Number of Ordinary Shares outstanding after this offering: | 25,000,000 Ordinary Shares. |
| Use of proceeds: | Based upon an initial public offering price of $7.00 per Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering of approximately $[30.5] million if the underwriters do not exercise their over-allotment option, and $[35.3] million if the underwriters exercise their over-allotment option in full, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.<br>We plan to use the net proceeds of this offering as follows: |

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● Approximately
 30% for expansion of business in the United States;

● Approximately 10% for expansion
 of business to Southeast Asia regions;

● Approximately
 15% for expanding product offerings, marketing and promotional expenses;

● Approximately
 15% for the development of integrated digital platform to improve business efficiency and customer service quality, and effectively
 analyze customer and partner data;

● Approximately
 15% for recruitment of personals for the expansion of operations; and

● The
 balance to fund working capital and for other general corporate purposes.

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| | |
|:---|:---|
|  | For more information on the use of proceeds, see "Use of Proceeds" on page 38. |
| Lock-up: | We and each of our Directors, officers and holders of more than 5% of our securities (including warrants, options, convertible securities and Ordinary Shares) have agreed with the underwriters, for a period of six (6) months from the closing of this offering, subject to certain exceptions, not to (i) 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, or file with the SEC a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities.<br>See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
| Proposed Nasdaq symbol: | We have applied to have our Ordinary Shares listed on the Nasdaq Capital Market under the symbol "KPL". |
| Risk factors: | **Investing in our Ordinary Shares is highly speculative and involves a high degree of risk.** As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 10. |

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*Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriters' over-allotment option and is based on 20,000,000 Ordinary Shares outstanding as of the date of this prospectus.*

**RISK FACTORS**

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

***Risks Related to Our Business and Industry***

***Fluctuations in our operating results may occur due to the level of acceptance of our Group's services in the market.***

The future success of our Group's business is closely tied to our ability to achieve market acceptance for our existing services and successfully introduce new services to the market. To ensure that we continue to achieve market acceptance, we need to stay informed about market trends, emerging customer needs, and the competitive landscape. We must also be proactive in adapting our services to meet these evolving demands and preferences. While our Directors are confident in our ability to continue achieving market acceptance, failing to do so could adversely affect our operations and financial performance.

**We rely on our management team and our Channels for carrying on our operations.**

The success of our Group can be largely attributed to the ongoing dedication of our Directors, senior management, and teams of Channel, including our Referrers and Consultants. Our Directors and senior management possess extensive experience in the insurance brokerage industry and have been instrumental in driving the development and day-to-day operations of our Group. We cannot guarantee the retention of our Directors or other key personnel and the departure of any Director or senior management member could have a material adverse effect on our Group's management and operations. The absence of suitable replacements for our Directors and key personnel could also have a significant negative impact on our Group's operations and future profitability.

Moreover, our Group has significantly relied on our Channels, including our Referrers and our Consultants, to generate income from our policyholders. We have entered into contracts for services with our Channels on the basis that they are providing insurance brokerage or referral services to our Group in Hong Kong as opposed to employer-employee relationships. Competition for Channels is fierce, and there is no guarantee that our Group will be able to attract, integrate, or retain such personnel. Therefore, we cannot assure the continuous presence of our Channels. If we fail to maintain relationships with our Channels and are unable to secure replacements, it may have an adverse impact on our Group's business, operations, and financial position.

**We rely on business relationships with Insurance Companies.**

Our Group's success is partly attributable to the establishment of business relationships with major Insurance Companies such as, among others, AXA China Region Insurance Company Limited, Prudential Hong Kong Limited and Manulife (International) Limited, etc. These relationships allow our Group to provide a diverse range of products to meet the needs of our policyholders and also enable us to negotiate more favorable terms with these Insurance Companies for the benefit of our policyholders as customers.

We have been working with major Insurance Companies for more than 5 years, and these business relationships are formed based on the terms and conditions set forth by the Insurance Companies for accepting business referred or introduced by our Group. These relationships have been a key factor in our Group's ability to provide high-quality services and products to our policyholders, and we will continue to prioritize these relationships going forward. Nonetheless, there is no assurance that our Group will succeed in maintaining existing and/or establishing new, strategic relationships with the Insurance Companies. If our Group cannot maintain and/or establish such relationships, our Group's business, operations and financial position may be adversely affected.

**We rely on our top five insurance product providers for a significant portion of our revenue.**

We offer independent insurance services to policyholders as our customers, who then enter into insurance policies with the Insurance Companies. In exchange, we receive income in the form of broker commissions from various Insurance Companies with whom our customers purchase insurance policies from. We depend on a select group of Insurance Companies, who are independent of us, for a significant portion of our total revenue. In addition, for customers who wish to purchase specific insurance products that are not offered by our collaborating Insurance Companies, we may refer them to other insurance brokers that partner with Insurance Companies providing those products and we would receive commission income from the referred insurance brokers. During the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, the top five insurance product providers of our Group, including Insurance Companies and the referred insurance brokers, in terms of commission income, accounted for approximately 74.7%, 70.7% and 73.6% of our Group's revenue, respectively. We cannot guarantee that our Group will continue to receive commission income from these insurance product providers in the future, nor can we ensure that we will secure similar levels of income from other insurance product providers to compensate for any potential loss of revenue from these insurance product providers. If any of these insurance product providers significantly reduce or delay payments, or terminate their business relationship with us, it may adversely affect our cash flow and profitability.

**Our Group is exposed to risks associated with compliance standards in Hong Kong.**

Insurance brokerage services provided by our Group are characterized by and subject to regulations and regulatory approvals of government and regulatory bodies in Hong Kong such as the Insurance Authority. Compliance standards in relation to approvals or regulatory requirements may also change from time to time. New laws and regulations and/or changes in the interpretation of existing laws and regulations may escalate the compliance costs for our Group or limit our Group's ability to provide these services such that our Group's profitability in the provisions of insurance brokerage services may be affected.

Our Group and our Consultants are obligated to obtain registrations and/or licenses from the Insurance Authority, in order to offer services to policyholders. These registrations and approvals need to be renewed once they expire. The regulatory framework set by the relevant authorities is described in the "Regulations" section of this prospectus.

To date, our Group and our Consultants have not encountered any instances where the relevant authorities declined to renew their registrations and/or licenses upon expiration. However, if these registrations and approvals are not renewed, our Group may be unable to continue providing services to policyholders, resulting in potential adverse effects on our financial performance and business operations. Additionally, if the relevant authorities introduce new regulations or modify existing laws and regulations, our Group may be required to incur additional compliance costs, which could negatively impact our financial condition.

**There is a possibility that our Group may face challenges in successfully implementing our future plans.**

The successful implementation of our future plans relies heavily on the expansion of our teams of Channels and business operations. To achieve this expansion, it is crucial for us to identify suitable personnel and target markets. However, even if we are able to identify the aforementioned factors, our ability to expand our business may be hindered if we cannot effectively compete in the market.

In particular, there is no guarantee that our Group will successfully develop new geographic markets in Southeast Asia. Although our management maintains connections with Insurance Companies in various Asian countries, our management and existing Channels currently lack experience operating in Southeast Asian markets, which may hinder our ability to effectively navigate local regulations, market dynamics, and consumer preferences. This deficiency poses a risk to our expansion strategy, as challenges in establishing a successful presence in these regions could adversely impact our overall business performance. Additionally, adapting our business model and product offerings to meet the specific needs of consumers in these markets may prove difficult, leading to suboptimal product performance and potential customer dissatisfaction.

Moreover, our expansion plan in the United States is subject to compliance with a complex array of federal and state laws and regulations governing insurance brokerage activities. We will be required to obtain the appropriate insurance brokerage licenses in each state where we intend to operate, and the process for obtaining such licenses may be time-consuming, costly, and subject to various uncertainties, including changes in regulatory requirements and potential delays in approval. There is no assurance that we will be able to obtain the necessary licenses in a timely manner, or at all. We may also encounter difficulties in establishing relationships with local branches or affiliates of Insurance Companies, including those with whom we currently cooperate in Hong Kong, as well as with new partners in the United States.

While we plan to recruit local Channels in the new geographic markets to support our business expansion, there are inherent risks associated with this strategy. The effectiveness of these local partners may vary, and their alignment with our business objectives cannot be guaranteed. Furthermore, the process of identifying and integrating local Channels may require substantial time and resources, potentially delaying our market entry and affecting our competitive position. Any disruptions or failures on the local partners could significantly hinder our ability to achieve our business goals in these regions.

**We operate in a highly competitive industry.**

Our Group operates in a competitive landscape where we face competition from established competitors, including banks, insurance companies, and insurance brokerage firms. These competitors have developed and provided brokerage services similar to those offered by our Group. In this industry, competition is primarily based on factors such as the quality and scope of services, market reputation, business networks, and pricing.

While there may be certain entry barriers in the independent brokerage industry, there is no guarantee that our Group will be able to sustain a competitive advantage over our rivals or seize perceived or emerging market opportunities. Increased competition can lead to price reductions, which may erode our Group's market share and have a negative impact on our operations and profitability.

It is important for our Group to continually assess and adapt to the competitive environment, striving to differentiate ourselves through the quality of our services, building a strong market reputation, expanding our business networks, and effectively managing pricing strategies. This will help us navigate the challenges posed by competition and maintain a favorable position in the market.

**The performance of our business is closely tied to the macro-economic situation in Hong Kong.**

As all of our Group's earnings are currently generated in Hong Kong, our business and financial performance are highly influenced by the overall state of the Hong Kong economy. The performance of the Hong Kong economy, in turn, can be influenced by a wide range of unpredictable factors, including local and international economic and political conditions, general market sentiment, regulatory changes, and fluctuations in interest rates. Furthermore, it is important to recognize that the future prospects of Hong Kong are closely intertwined with the economic, social, and political development of the PRC. Any unfavorable disruptions to this development may have corresponding effects on the Hong Kong economy. Therefore, our business and results of operations are susceptible to the dynamics and uncertainties of the Hong Kong and PRC economic landscape, necessitating careful monitoring and adaptation to potential changes in the macroeconomic environment.

**Our historical dividends may not be indicative of our future dividends.**

Dividends may be paid out of our distributable profits in accordance with applicable laws. The ability to pay dividends is contingent upon our capacity to generate sufficient distributable profits. For the years ended March 31, 2024, one of our Operating Subsidiaries, Kepler Global Advisors Limited, has paid a dividend of HK$2,735,688, which is recognized as distribution, to Mr. KWOK Yu Hin. For the year ended March 31, 2025, we have paid an interim dividend of HK$365,300, and special dividend of HK$2,921,162 totaling of HK$3,277,462, which is recognized as distribution, to Mr. KWOK Yu Hin. See note 25 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of dividend. However, it is important to note that past dividend payments should not be used as a benchmark for future dividends.

There is no guarantee that we will pay dividends in the future, and if dividends are declared, the amount can vary. The decision to declare dividends depends on several factors, including our operational results, cash flows, financial position, statutory and regulatory restrictions, and future prospects. Furthermore, distributing profits as dividends reduces the amount available for reinvestment in our operations, potentially limiting our future development.

Ultimately, the declaration of future dividends, if any, rests with our Board and is subject to considerations such as our future operational performance, capital requirements, financial position, legal and contractual restrictions, and other relevant factors.

**Our risk management governance structures, especially our corporate governance required for a U.S. stock exchange listing, will be untested at the time of listing.**

We are in the process of developing significant policies and governance procedures related to risk management, such as related party transactions policy and framework and enterprise risk management framework, primarily under the direction of our Chief Executive Officer, Mr. KWOK Yu Hin. As we transition to a public company, many of these governance structures will be untested at the time of listing of our Company on the Nasdaq Capital Market, which may expose us to unforeseen risks. The lack of a fully developed and documented related party transaction policy could lead to potential conflicts of interest, compliance issues, or reputational damage if not properly managed. This uncertainty may affect our ability to effectively navigate the complexities of being a publicly traded company.

Moreover, the absence of established risk management practices may hinder our ability to identify, assess, and mitigate risks in a timely manner. As we implement these new governance structures, there is a possibility that they may not function as intended, leading to gaps in oversight or inadequate responses to emerging challenges. This could impact our operational effectiveness and overall financial performance. The evolving nature of our risk management framework necessitates vigilance and ongoing evaluation to ensure that we can adequately protect our interests and those of our stakeholders as we adapt to the heightened scrutiny and regulatory requirements of the public marketplace.

**Risks Related to Our Corporate Structure**

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

Our Company is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiary for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us. Any limitation on the ability of our Operating Subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

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

*Our operations are based in Hong Kong. Although we have equity ownership in our Hong Kong subsidiaries and currently do not have or intend to have any contractual arrangement to establish a variable interest entity structure with any entity in China, we may still be subject to unique risks due to uncertainty about any future actions of the Chinese government or authorities in Hong Kong in relation to business operations in Hong Kong, or regulatory oversight of overseas listing of companies with operations in Hong Kong.*

*Although Hong Kong has their own governmental and legal system that is independent of the PRC, it is uncertain whether in the future the Hong Kong government will implement regulations and policies of the Chinese government, or adopt regulations and policies of its own that are substantially the same as those of the Chinese government. Moreover, given that policies, regulations, rules, and the enforcement of laws of the Chinese government may be changed, it is also uncertain in the future whether our operations in Hong Kong will be subject to the oversight of the Chinese authorities. We may be subject to the risks that are specific to doing business in the PRC. Nevertheless, we believe that the effect of the risks below on our Group would not be material.*

***Due to the long arm provisions under the current PRC laws and regulations, if the Chinese government exercises any significant oversight and discretion over the conduct of our business and intervenes in or influences our operations, our operations and/or the value of our Ordinary Shares could be affected. The policies, regulations, rules, and the enforcement of laws of the Chinese government may also be changed or amended with little advance notice and our assertions and beliefs of the risk imposed by the PRC legal and regulatory system could be uncertain.***

Our Company is a holding company and we conduct our operations through our Operating Subsidiaries in Hong Kong. As at the date of this prospectus, we are not materially affected by recent statements by the Chinese government indicating an extent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. However, due to long arm provisions under the current PRC laws and regulations, there remains regulatory uncertainty with respect to the implementation and interpretation of laws in China. The PRC government may choose to exercise significant oversight and discretion, and the policies, regulations, rules, and enforcement of laws of the Chinese government to which we are subject may change from time to time. 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 could also be uncertain. In addition, these laws and regulations may be interpreted and applied inconsistently by different agencies or authorities, and inconsistently 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:

● delay or impede our development;

● result in negative publicity or increase our operating costs;

● require significant management time and attention; and

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

We are aware that recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in China, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon 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, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list on a U.S. or other foreign exchange.

The Chinese government may intervene or influence our operations at any time or may exert more control over offerings conducted overseas and foreign investment in China-based issuers, which may affect 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 restricts or otherwise unfavorably impacts the ability or way we conduct our business and could require us to change certain aspects of our business to ensure compliance, which could 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 required to be implemented, our business, financial condition and results of operations could be adversely affected as well as materially decrease the value of our Ordinary Shares, potentially rendering them worthless.

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

Recent statements by the Chinese government have indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investments in China-based issuers. On July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws. On December 24, 2021, the CSRC published the drafts of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies, and the Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies for public comment. On February 17, 2023, the CSRC published the formal Overseas Listing Measures to regulate overseas securities offering and listing activities by domestic companies. For more details, see "Prospectus Summary - Regulatory Permission".

Furthermore, on December 28, 2021, the CAC, the National Development and Reform Commission, and several other administrations jointly issued the revised Measures for Cybersecurity Review, or the "Revised Review Measures", which became effective on February 15, 2022 and replaced the existing Measures for Cybersecurity Review. According to the Revised Review Measures, if an "online platform operator" that is in possession of the personal data of more than one million users intends to list in a foreign country, it must apply for a cybersecurity review. 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. On July 7, 2022, the CAC released the Measures for the Security Assessment of Cross-Border Data, which becomes effective on September 1, 2022. According to the Measures for the Security Assessment of Cross-Border Data, where a data processor provides data abroad under any of the following circumstances, it shall apply for exit security assessment of data to the national cyberspace administration through the local provincial cyberspace administration: (1) the data processor provides important data abroad; (2) the operators of key information infrastructure and data processors that process the personal information of more than 1 million people provide personal information abroad; (3) data processors who have provided 100,000 personal information or 10,000 sensitive personal information abroad in aggregate since January 1 of last year provide personal information abroad; and (4) other situations required for security assessment as stipulated by the state cyberspace administration. Given the recency of the issuance of the Measures for the Security Assessment of Cross-Border Data, no guidance on the interpretation or implementation of such Measures has been published.

We provide insurance brokerage service in Hong Kong. Our subsidiaries in Hong Kong have not collected or stored any data (including certain personal information) from PRC individuals. As a result, the likelihood of us being subject to the review of the CAC is remote. However, if the Chinese government chooses to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers and extend to issuers based in Hong Kong, 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.

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

Under Hong Kong law, dividends could only be distributed out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses). Dividends cannot be paid out of share capital. 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.

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

***To the extent cash or assets in our business is in Hong Kong or in our Hong Kong subsidiaries, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability or the ability of our subsidiary by the PRC government to transfer cash or assets.***

We may in the future depend on dividends and other distributions on equity paid by our Hong Kong subsidiaries or depend on our assets located in Hong Kong for our cash and financing requirements.

The PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in the availability of foreign currency may then restrict the ability of any PRC entities to remit sufficient foreign currency to our offshore entities for our offshore entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations.

According to current PRC Law, PRC national laws relating to cash or assets transfer do not apply in Hong Kong. However, while there are currently no such restrictions on the ability of our Company and our Operating Subsidiaries to transfer cash and/or assets, we cannot assure you that the oversight of the PRC government will not be extended to companies operating in Hong Kong, if certain PRC laws and regulations, including existing laws and regulations and those enacted or promulgated in the future, were to become applicable to our Operating Subsidiaries in Hong Kong, and to the extent cash or assets in our business is in Hong Kong or in our Hong Kong subsidiaries, the funds or assets may not be available to fund operations or for other use outside of Hong Kong due to interventions in or the imposition of restrictions and limitations on our ability or the ability of our subsidiary by the PRC government to transfer cash or assets.

The PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting processes may be put forward by the State Administration of Foreign Exchange of the PRC for cross-border transactions. Any limitation on the ability of our Hong Kong subsidiaries to pay dividends or make other kinds of payments to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends or otherwise fund and conduct our business.

***Although the audit report included in this prospectus is prepared by 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 Ordinary Shares may be prohibited under the HFCA Act if the SEC subsequently determines our audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely, and as a result, U.S. national securities exchanges, such as the Nasdaq, may determine to delist our securities. Furthermore, on December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which amended the HFCA Act and requires the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus reducing the time before our Ordinary Shares 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 Chinese government authorities. 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 on our access to the U.S. capital markets.

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

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements in the HFCA Act. On December 2, 2021, the SEC adopted amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act. The rules apply to 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 HFCA Act (as amended by the Accelerating Holding Foreign Companies Accountable Act, which was enacted on December 29, 2022), 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 two consecutive years, and this ultimately could result in our Ordinary Shares being delisted.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCA Act and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three, and thus, would reduce the time before our Ordinary Shares may be prohibited from trading or delisted.

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

On December 16, 2021, the PCAOB issued a report on its determinations that it was unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in Mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions, which determinations were vacated on December 15, 2022. The PCAOB made its determinations pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act, which determinations were vacated on December 15, 2022. As of the date of this prospectus, our auditor, headquartered in Singapore, is not subject to the any of the PCAOB determinations.

On August 26, 2022, the PCAOB signed SOP Agreements with the CSRC and China's Ministry of Finance. The SOP Agreements established 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. 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 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. 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 uncertainty and depends on a number of factors out of our, and our auditor's control. Should the PRC authorities fail to agree to the PCAOB's access in the future, the PCAOB Board 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 a stock exchange.

The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above. Future developments in respect 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 we understand that there has been dialogue among the CSRC, the SEC and the PCAOB 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 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 enactment of 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 subsidiaries.***

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 offences — secession, subversion, terrorist activities, and collusion with a foreign country or external elements to endanger national security — and their corresponding penalties. Furthermore, on March 23, 2024, the Safeguarding National Security Ordinance was enacted in Hong Kong, which introduces additional offences relating to treason; insurrection, incitement to mutiny and disaffection, and acts with seditious intention; state secrets and espionage; sabotage endangering national security; and external interference endangering national security. On July 14, 2020, the then 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. It is difficult to predict the full impact of the Hong Kong National Security Law, the Safeguarding National Security Ordinance, and HKAA on Hong Kong and companies located in Hong Kong. If our subsidiaries in Hong Kong are determined to be in violation of the Hong Kong National Security Law or the HKAA by competent authorities, our business operations, financial position and results of operations could be materially and adversely affected.

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

We conduct our operation through our Operating Subsidiaries in Hong Kong. Accordingly, our business, prospects, financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions in Hong Kong and China generally and by continued economic growth in Hong Kong and China as a whole. The Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level of development, growth rate, control of foreign exchange and allocation of resources. While the Chinese economy has experienced significant growth over the past decades, growth has been uneven, both geographically and among various sectors of the economy. The Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us.

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

***The Hong Kong legal system embodies uncertainties which could limit the legal protections available to our Company.***

Hong Kong is a Special Administrative Region of the PRC and enjoys a high degree of autonomy under the "one country, two systems" principle. The Hong Kong Special Administrative Region'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 in a high degree of autonomy for its affairs, including currencies, immigration and custom, independent judiciary system and parliamentary system. However, we are not in any position to guarantee the implementation of the "one country, two systems" principle and the level of autonomy as currently in place at the moment. Any changes in the state of political environment in Hong Kong may materially and adversely affect our business and operation. Additionally, intellectual property rights and confidentiality protections in Hong Kong may not be as effective as in the United States or other countries. These uncertainties could limit the legal protections available to us, including our ability to enforce our agreements with our clients.

***Changes, application and interpretation with respect to the PRC legal system could result in a material change in our operations and/or the value of the securities we are registering for sale***.

Although our operations are based in Hong Kong and Hong Kong has their own governmental and legal system that is independent of the PRC, it is uncertain in the future whether our operations in Hong Kong will be subject to the oversight of the Chinese authorities.

The PRC legal system is based on written statutes and their legal interpretations by the Standing Committee of the National People's Congress. Previous court decisions may be cited for reference but have limited precedential value. Since 1979, the PRC government has been developing a comprehensive system of commercial laws, and considerable progress has been made in introducing laws and regulations dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade.

The PRC legal system is constantly evolving and may change quickly with little advance notice, and the PRC government may promulgate new laws and regulations in the future that may cover operations in Hong Kong. If we are deemed not to comply with these requirements, we may be subject to fines and other administrative penalties imposed by relevant PRC authorities. Any change in foreign investment regulations, and other laws, regulations and policies in China or any punishment imposed or actions taken by the PRC government for our violation of such regulations or policies could result in a material change in our operations and/or the value of the securities we are registering for sale and could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors or cause the value of our Ordinary Shares to significantly decline or be worthless.

Any failure to respond to changes in the regulatory environment in China could materially and adversely affect our business and impede our ability to continue our operations.

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

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

Tariffs could increase the cost of the goods and products which could affect customers' investment decisions. In addition, political uncertainty surrounding international trade disputes and the potential of the escalation to trade war and global recession could have a negative effect on customer confidence, which could materially and adversely affect our business. We may have also access to fewer business opportunities, and our operations may be negatively impacted as a result. In addition, the current and future actions or escalations by either the United States or China that affect trade relations may cause global economic turmoil and potentially have a negative impact on our markets, our business, or our results of operations, as well as the financial condition of our clients. and we cannot provide any assurances as to whether such actions will occur or the form that they may take.

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. However, based on recent political development, the U.S. State Department has indicated that the United States no longer considers Hong Kong to have significant autonomy from China. The Hong Kong's preferential trade status was removed by the United States government and 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.

***Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.***

Our revenues and expenses will be 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 Ordinary Shares**

***There has been no public market for our Ordinary Shares prior to this offering, and you may not be able to resell our Shares at or above the price you pay for them, or at all.***

Prior to this offering, there has not been a public market for our Ordinary Shares. We have applied for the listing of our Ordinary Shares on the Nasdaq Capital Market. An active public market for our Ordinary Shares, however, may not develop or be sustained after the offering, in which case the market price and liquidity of our Ordinary Shares will be materially and adversely affected.

In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market and industry factors may significantly affect the market price of our Ordinary Shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Ordinary Shares shortly following this offering. If the market price of our Ordinary Shares after this offering does not ever exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

In addition, in the past, class action litigation has often been instituted against companies whose securities have experienced periods of volatility in market price. Securities litigation brought against us following volatility in our share price, regardless of the merit or ultimate results of such litigation, could result in substantial costs, which would hurt our financial condition and operating results and divert management's attention and resources from our business.

***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, 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 last business day of our most recently completed second fiscal quarter, 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.

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

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 HFCA Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national exchange. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act.

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.

On August 26, 2022, the PCAOB signed SOP Agreements with the China Securities Regulatory Commission and China's Ministry of Finance. The SOP Agreements established 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. 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 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. 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 uncertainty and depends on a number of factors out of our, and our auditor's control. Should the PRC authorities fail to agree to the PCAOB's access in the future, the PCAOB Board 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 a stock exchange.

On December 29, 2022, the Accelerating Holding Foreign Companies Accountable Act was enacted, which reduces the period of time for foreign companies to comply with PCAOB audits to two consecutive years instead of three, thus reducing the time period for triggering the prohibition on trading.

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.

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

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

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

● reduced liquidity for our Ordinary Shares;

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

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

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

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

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

***The price and the trading volume of our Ordinary Shares may be volatile which could result in substantial losses for investors purchasing our Shares under this offering.***

The price and trading volume of our Ordinary Shares may be volatile. The market price of our Ordinary Shares may fluctuate significantly and rapidly as a result of the following factors, among others, some of which are beyond our control:

● fluctuations in stock market price and volume;

● depth and liquidity of the market for our Ordinary Shares;

● investors' perceptions of us and our business;

● actions by institutional shareholders;

● changes in accounting standards, policies, guidance, interpretations and principles;

● additions or departures of our key personnel;

● regulatory or legal developments, including involvement in litigation; and

● general global economic, political and stock market conditions.

As at the date of this prospectus, we have 20,000,000 Ordinary Shares outstanding, representing our total outstanding securities. We are offering 5,000,000 Ordinary Shares, representing 20% of the Ordinary Shares following completion of the offering of our Company, assuming no exercise of the underwriters' over-allotment option. As a result, our public float after this offering may be limited, which could exacerbate volatility in the price and trading volume of our Ordinary Shares.

There were instances of extreme stock price run-ups followed by rapid price declines and stock price volatility seemingly unrelated to company performance following a number of recent initial public offerings, particularly among companies with relatively smaller public floats. Such volatility, including stock run-up, may be unrelated or disproportionate to the actual or expected operating performance and financial condition or prospects of such companies, making it difficult for investors to assess the rapidly changing value of our Ordinary Shares.

In addition, if the trading volumes of our Ordinary Shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Ordinary Shares. This low volume of trades could also cause the price of our Ordinary Shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. A decline in the market price of our Ordinary Shares also could adversely affect our ability to issue additional shares of ordinary shares and our ability to obtain additional financing in the future. No assurance can be given that an active market in our ordinary shares will develop or be sustained. If an active market does not develop, holders of our ordinary shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

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

Our pre-IPO shareholders may be able to sell their Ordinary Shares under Rule 144 after completion of this offering (subject to the lock-up agreements relevant to our Directors, officers and holders of more than 5% of our securities, see "Underwriting" for details). Because these shareholders have paid a lower price per Ordinary Share than participants in this offering, when they are able to sell their pre-IPO shares under Rule 144, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the stock following completion of the offering, to the detriment of participants in this offering. Under Rule 144, before our pre-IPO shareholders can sell their shares, in addition to meeting other requirements, they must meet the required holding period. We do not expect any of the Ordinary Shares to be sold pursuant to Rule 144 during the pendency of this offering.

The potential resale of these significant outstanding Ordinary Shares could cause material dilution to new investors by increasing the supply of shares available in the market, potentially depressing our share price and reducing the value of investments made in this offering. Non-affiliates holding restricted securities may sell an unlimited number of restricted securities under Rule 144 once the required conditions are met (See "Shares Eligible for Future Sale - Rule 144" for details), which could flood the market and lead to heightened volatility or reduced liquidity. As at the date of this prospectus, a total of 4,280,437 Ordinary Shares, i.e. approximately 21.4% of our total outstanding Ordinary Shares, are held by individuals holding less than 5% of equity interests in our Company who are not our directors or officers, and will be considered non-affiliates. Such resales may hinder our ability to maintain a stable market for our securities, potentially jeopardizing our listing on the Nasdaq Capital Market. The maintenance criteria under the Nasdaq Capital Market include requirements for minimum bid price, public float, and number of shareholders; increased selling pressure from these securities could cause non-compliance, leading to delisting risks that would further impair market access and liquidity for all shareholders.

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

Investors purchasing our Ordinary Shares in this offering will pay a price per share that substantially exceeds the pro forma as adjusted net tangible book value per Ordinary Share. As a result, investors purchasing Ordinary Shares in this offering will incur immediate dilution. For more information on the dilution you may experience as a result of investing in this offering, see "Dilution".

***The sale or availability for sale of substantial amounts of our Ordinary Shares held by shareholders who individually hold less than 5% of equity interests in our Company could adversely affect their market price.***

As of the date of this prospectus, a total of 4,280,437 Ordinary Shares, or approximately 21.4% of our total outstanding Ordinary Shares, are held by individuals each holding less than 5% of our equity interests and who are not our directors or officers (the "**Minority Individuals**"). These Ordinary Shares are not subject to the lock-up agreements with the underwriter. The median price paid by several Minority Individuals including Ng Lee Fan, Choi Man Hin, Chen Yanjun, Xu Ying and Yang Liu as investors for their Ordinary Shares was $1.62 per share, which was significantly lower than the IPO price. The Ordinary Shares held by the remaining Minority Individuals were transferred to them by Mr. KWOK Yu Hin with nil consideration as recognition of their contributions to the development of our Group over the years. These Minority Individuals may sell their Ordinary Shares under Rule 144 once the required conditions, including the applicable holding period, are met (see "Shares Eligible for Future Sale – Rule 144" for details). Because these Minority Individuals acquired their shares at a substantially lower price than the IPO price, they may be more willing to accept a lower sales price than the IPO price, which could create downward pressure on the market price of our Ordinary Shares and result in substantial losses for investors in this offering.

We cannot predict the effect, if any, that sales of these securities or the availability of these securities for future sale will have on the market price of our Ordinary Shares. However, the potential for such sales could increase selling pressure, reduce liquidity in the market for our Ordinary Shares, and exacerbate price volatility, particularly given the relatively small size of this offering compared to our total outstanding shares.

***We will be a "controlled company" within the meaning of Nasdaq Rules and we will qualify for and may rely on exemptions from certain corporate governance requirements.***

We will be a "controlled company" within the meaning of Nasdaq Rules. As at the date of this prospectus, 68.16% of the issued share capital of our Company is owned by Mr. KWOK Yu Hin, our Director. Mr. KWOK Yu Hin therefore owns 68.16% of our total voting power as at the date of this prospectus. Following completion of this offering, 54.53% of the issued share capital of our Company will be owned by Mr. KWOK Yu Hin and Mr. KWOK Yu Hin will own 54.53% of our total voting power. Under the Nasdaq Rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

● that a majority of its board of directors consist of independent directors;

● that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and

● that its compensation committee be composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities.

If we elect to be treated as a controlled company and use these exemptions, you may not have the same protections afforded to stockholders of companies that are subject to all of Nasdaq Rules regarding corporate governance, which could make our Ordinary Shares less attractive to investors or otherwise harm our stock price.

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

We anticipate that we will use the net proceeds from this offering for our insurance brokerage business and other corporate purposes. Our management will have significant discretion as to the use of the net proceeds to us from this offering and could spend the proceeds in ways that do not improve our results of operations or enhance the market price of our Ordinary Shares.

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

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

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

***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. Under Cayman Islands law, we may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result our Company being unable to pay its debts as they become due in the ordinary course of business.

There is no guarantee that we will pay dividends in the future, and if dividends are declared, the amount can vary. The decision to declare dividends depends on several factors, including our operational results, cash flows, financial position, statutory and regulatory restrictions, and future prospects. Furthermore, distributing profits as dividends reduces the amount available for reinvestment in our operations, potentially limiting our future development.

Ultimately, the declaration of future dividends, if any, rests with our board of Directors and is subject to considerations such as our future operational performance, capital requirements, financial position, legal and contractual restrictions, and other relevant factors.

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

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

***Investors may have difficulty enforcing judgments against us, our Directors and management.***

We are incorporated under the laws of the Cayman Islands and all of our Directors and officers reside outside the United States. Moreover, many of these persons do not have significant assets in the United States. As a result, it may be difficult or impossible to effect service of process within the United States upon these persons, or to recover against us or them on judgments of U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands could render you unable to enforce a judgment against our assets or the assets of our Directors and officers.

There is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our Directors or officers predicated upon the civil liability provisions of the securities laws of the U.S. or any state in the U.S. or (ii) entertain original actions brought in the Cayman Islands against us or our Directors or officers predicated upon the securities laws of the U.S. or any state in the U.S.

The U.S. and the Cayman Islands do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the U.S. in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the U.S. based on civil liability, whether or not predicated solely upon the U.S. federal securities laws would not be enforceable in the Cayman Islands, however, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is given by a foreign court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is final;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is not in respect of taxes, a fine or a penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) was not obtained by fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

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

***The laws of the Cayman Islands relating to the protection of the interest of minority shareholders are different from those in the United States.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, as may be amended from time to time, and by the Companies Act (Revised) of the Cayman Islands (the "**Companies Act**") and common law of Cayman Islands. The rights of shareholders to take action against our Directors, action 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 and our Articles. 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, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands.

The laws of the Cayman Islands relating to the protection of the interests of minority shareholders differ in certain respects from those established under statutes or judicial precedent in existence in the United States and other jurisdictions. In addition, shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our Directors have discretion under our post-offering memorandum and articles of association that will become effective immediately prior to completion of this offering to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Such differences may mean that the remedies available to our minority shareholders may be different from those they would have under the laws of other jurisdictions, including the United States. Potential investors should be aware that there is a risk that provisions of the Companies Act may not offer the same protection as the relevant laws and regulations in the United States may offer, and should consider obtaining independent legal advice on the implications of investing in foreign-incorporated companies.

***We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. domestic public company.***

Upon the closing of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) 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 (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules thereunder. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders purchase or sell our shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until one hundred twenty (120) days after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within seventy-five (75) days after the end of each fiscal year. Foreign private issuers also are exempt from Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

If we lose our status as a foreign private issuer, we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC and Nasdaq Rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, it would make it more difficult and expensive for us to obtain and maintain directors' and officers' liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of Directors.

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq Rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from Nasdaq corporate governance listing standards. Currently, we do not plan to rely on some home country practices with respect to our corporate governance after we complete this offering. However, if we choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

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

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

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

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

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

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

● timing of the development of future business;

● capabilities of our business operations;

● expected future economic performance;

● competition in our market;

● continued market acceptance of our products;

● protection of our intellectual property rights;

● changes in the laws that affect our operations;

● inflation and fluctuations in foreign currency exchange rates;

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

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

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

● managing our growth effectively;

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

● fluctuations in operating results;

● health crisis, including due to pandemics such as the COVID-19 pandemic and government measures taken in response thereto; and

● other factors set forth under "Risk Factors."

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

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

**INDUSTRY AND MARKET DATA**

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties, as well estimates by our management based on such data. The market data and estimates used in this prospectus involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. While we believe that the information from these industry publications, surveys and studies is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section titled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. This section contains information from industry data and research commissioned by us and prepared by China Insights Consultancy, an independent research firm, to provide information regarding our industry and our market position globally.

**OVERVIEW OF THE INSURANCE INDUSTRY IN HONG KONG**

**Overview of the Insurance Industry in Hong Kong**

As an international financial center, Hong Kong's insurance industry holds a leading position globally. In fact, the insurance penetration in Hong Kong ranked first in Asia and second worldwide in 2023 compared to other developed countries and regions. At the same time, the insurance density in Hong Kong ranked third in the world with a value of USD9.0 thousand in 2023.

![](ro_001.jpg)

*Source: OECD, China Insights Consultancy*

In the midstream industry chain of the Hong Kong insurance market, the primary market players are insurance intermediaries, including insurance brokers, insurance agents, and bancassurance. These intermediaries serve as the connection between downstream customers and upstream insurance companies. Generally, insurance companies issue insurance products to intermediaries as sales channels. The intermediaries, in turn, sell these products to customers, earning a commission as their revenue. Additionally, insurance companies have the option to sell insurance products directly to customers without the need for intermediaries.

![](ro_002.jpg)

*Source: China Insights Consultancy*

As of March 31, 2025, Hong Kong boasted 118.4 thousand licensed insurance intermediaries, comprising 80.9 thousand licensed individual insurance agents, 23.7 thousand licensed technical representatives (agent), 11.4 thousand licensed technical representatives (broker), 1.6 thousand licensed insurance agencies, and 0.8 thousand licensed insurance broker companies. The growth trajectory of the Hong Kong insurance industry is evident, with a projected increase in the total number of licensed insurance intermediaries to 123.5 thousand units by 2029. This expansion is forecasted to occur at a CAGR of 0.8% from 2024 to 2029, reflecting the industry's ongoing development and overall vitality.

![](ro_003.jpg)

*Source: Insurance Authority, China Insights Consultancy*

*Note: In accordance with the information disclosed by the Hong Kong Insurance Authority, the closing date for the statistics cited herein is March 31 of the corresponding year.*

 

**The Market Size of the Insurance Industry in Hong Kong**

From 2020 to 2022, Hong Kong's insurance industry remained under significant pressure from the pandemic, with growth momentum steadily weakening. The market recorded a decline of 7.5% from 2021 to 2022, in terms of gross premium, reflecting the prolonged impact of the challenging environment.

Since 2022, Hong Kong's insurance market has experienced a robust rebound, supported by the gradual fading of pandemic-related impacts, the continued expansion of the city's financial sector, and deeper integration within the Greater Bay Area in China (which includes nine cities and two special administrative regions in China). This favorable environment has accelerated market recovery, with premium growth reaching 17.7% during 2023–2024. Total premiums amounted to HKD 637.8 billion in 2024, not only restoring but surpassing pre-pandemic levels, underscoring Hong Kong's position as a leading insurance hub in the region.

Factors such as the development of the Greater Bay Area in China, technological innovation, and heightened awareness of health insurance are poised to drive steady growth in the Hong Kong insurance market in the future. Projections suggest an increase to HKD859.9 billion by 2029, with an estimated CAGR of 6.2% from 2024 to 2029.

In the Hong Kong insurance market, products are broadly categorized into two main types: long term insurance and general insurance. The graph below illustrates the market size of Hong Kong's insurance industry in terms of gross premiums, spanning the period from 2020 to 2029:

![](ro_004.jpg)

*Source: Insurance Authority, China Insights Consultancy*

Among the various distribution channels in 2024, bancassurance remains the dominant force, securing about 50% of the market share. Simultaneously, insurance brokers claimed a substantial share, exceeding 20% and contributing to a gross premium of HKD132.7 billion in the same year. This reflects the significant role played by insurance brokers in facilitating transactions and providing expert advice within the industry.

Driven by the growth of the Hong Kong insurance brokerage sector and the increasing recognition of the value of professional insurance brokerage services, the gross insurance premium distributed through insurance brokers is projected to reach HKD195.3 billion by 2029. This trajectory indicates a robust CAGR of 8.0% from 2024 to 2029, underscoring the anticipated growth and influence of insurance brokers in the Hong Kong market.

![](ro_005.jpg)

*Source: Insurance Authority, China Insights Consultancy*

**Market Drivers of the Insurance Industry in Hong Kong**

● **Application of advanced technology.** Advanced technologies such as AI and Big Data Analytics are poised
 to be pivotal in the evolution of the insurance industry in Hong Kong. These technologies
 empower insurance companies to assess customer risks with greater precision, resulting in
 more accurate pricing of insurance products. Additionally, integrating IoT devices enables
 real-time monitoring of insured objects, enhancing risk assessment. For instance, in auto
 insurance, vehicle sensors can monitor driving behavior, contributing to a more nuanced understanding
 of risks.

● **Widespread adoption of mobile apps.** The pervasive use of mobile applications is reshaping how customers
 interact with insurance services. The development of mobile apps allows customers to manage
 their insurance affairs conveniently, from purchasing policies to claiming and checking policy
 information. Digital platforms facilitate seamless transactions, enabling insurance companies
 to sell products, offer online services, and streamline policy management and claims processes.

● **Increasing demand from Mainland Chinese customers.** The rapid economic growth in the Greater Bay
 Area has elevated the affluence levels of its residents, leading to a surge in demand for
 insurance among individuals and businesses seeking comprehensive coverage and investment
 opportunities. Hong Kong's well-established and sophisticated insurance market makes
 it an attractive option for mainland Chinese customers, particularly in investment-linked
 insurance.

● **Rising health awareness.** The heightened awareness of health risks, exacerbated by the COVID-19
 pandemic, has underscored the importance of comprehensive health insurance coverage. This
 awareness, coupled with an aging population and advancements in medical techniques, has made
 healthcare costs a critical concern in Hong Kong. This environment creates significant growth
 potential for the health insurance industry as individuals seek comprehensive coverage for
 unforeseen health challenges.

**The Challenges of the Insurance Industry in Hong Kong**

● **Global economic downturn.** The occurrence of a global economic downturn induces a low-interest-rate
 environment, presenting challenges to traditional savings and investment-linked insurance
 products. The potential impact on returns from these products may diminish the appeal of
 insurance purchases, subsequently affecting the revenue of insurance companies.

● **Increased regulatory compliance requirements.** Escalating regulatory compliance requirements imposes
 additional burdens on insurance companies. Stringent policies may necessitate companies to
 adhere to stricter regulatory standards, leading to heightened reporting and review obligations
 to ensure alignment with regulatory norms. The regulatory landscape regarding Mainland Chinese
 customers purchasing insurance in Hong Kong may also become more stringent, potentially limiting
 the expansion of Hong Kong insurance companies to Mainland customers.

● **Population aging.** Hong Kong is experiencing rapid population aging. With an aging demographic, insurance
 companies face longevity risks associated with life insurance and annuity products. This
 demographic shift may result in higher pay-out ratios than initially anticipated, posing
 challenges to the financial sustainability of insurance companies.

● **Operating cost pressures.** Rising operating costs, including healthcare, claims expenses, and marketing
 expenditures, contribute to an overall increase in operational expenses for insurance companies.
 This fiercely competitive landscape, coupled with the proliferation of various marketing
 channels, further intensifies marketing costs. These cost pressures may exert a negative
 impact on the pricing and profitability of insurance products, requiring strategic management
 to maintain financial viability.

**OVERVIEW OF THE INSURANCE BROKERAGE SECTOR IN HONG KONG**

**Overview of the Insurance Brokerage Sector in Hong Kong**

The insurance brokerage sector in Hong Kong involves facilitating negotiations and arrangements for insurance contracts, acting as intermediaries on behalf of policyholders or potential policyholders. Under the *Hong Kong Insurance Ordinance*, licensed insurance brokerage firms engage in regulated activities across various business lines. Their primary role is to represent policyholders in identifying the most suitable and optimal insurance plans available in the market, with gross insurance brokerage income serving as their principal source of revenue.

As per data from the Insurance Authority, the number of licensed insurance broker companies in Hong Kong stabilized around 800 during 2020-2024. Given the relatively mature nature of Hong Kong's insurance brokerage market, the number of brokerage firms is not expected to fluctuate significantly in the future, projecting the total number to remain 830 by 2029, reaching a CAGR of 0.7% from 2024-2029.

![](ro_006.jpg)

*Source: Insurance Authority, China Insights Consultancy*

The insurance brokerage business in Hong Kong holds three key advantages over traditional insurance agencies. First, as independent entities, brokers provide unbiased advice by assessing a diverse array of insurance products from various insurance companies. Secondly, brokers have extensive market intelligence that allows them to navigate regulatory complexities, ensuring clients receive optimal coverage with favorable terms. Thirdly, brokers adopt a client-centric approach, tailoring solutions to individual needs and providing ongoing support, particularly in claims processing. Overall, these factors highlight the personalized, informed, and advocacy-driven nature of the insurance brokerage business, therefore indicating a broad growth space for insurance brokers in Hong Kong.

**The Market Size of the Insurance Brokerage Industry in Hong Kong**

The insurance brokerage industry in Hong Kong has demonstrated remarkable growth over the past five years, following the impact of the COVID-19 pandemic. Total revenue increased from HKD 21.0 billion in 2020 to HKD 36.3 billion in 2024, representing a CAGR of 14.6%. The outbreak of COVID-19 in 2020 had a significant impact, resulting in a decline in brokerage commissions compared with the previous year. However, the market rebounded strongly in the subsequent years, notably an accelerated CAGR of 24.9% in the last two years. Looking ahead, the market is projected to reach HKD 59.0 billion by 2029, reflecting a solid CAGR of 10.2% during 2024-2029. This outlook highlights the industry's resilience and its strong capacity to recover from external shocks.

In terms of insurance product types, Hong Kong insurance brokers predominantly engage with three main categories: long term insurance (excluding Investment-Linked Assurance Schemes, or ILAS), long term insurance (ILAS only), and general insurance. During the period from 2020 to 2024, the total revenue of Hong Kong's insurance brokerage market recorded strong growth, rising from HKD 21.0 billion to HKD 36.3 billion, with a CAGR of 14.6%. Long-term insurance excluding ILAS: This was the fastest-growing segment, with revenue increasing from HKD 15.9 billion to HKD 30.2 billion, achieving an impressive CAGR of 17.3%. Long-term insurance (ILAS only): This segment experienced more moderate growth, rising from HKD 1.7 billion to HKD 2.3 billion, with a CAGR of 7.2%. General insurance: The market size remained relatively stable with slight growth, increasing from HKD 3.4 billion to HKD 3.8 billion, representing a CAGR of 3.2%.

The graph below presents the market size of Hong Kong's insurance brokerage industry in terms of gross insurance brokerage income from 2020 to 2029:

![](ro_007.jpg)

*Source: Insurance Authority, China Insights Consultancy*

**The Market Size of the Long-Term Insurance (excluding ILAS) Brokerage Industry in Hong Kong**

In the Hong Kong insurance brokerage industry, long term insurance (excluding ILAS) brokerage stands out as the dominant sector, maintaining a consistent estimated market share of approximately 83.2% in 2024. This segment encompasses various forms of long-term insurance, including life insurance, savings insurance, and other categories, sans ILAS. The graph below illustrates the market size of Hong Kong's long-term insurance (excluding ILAS) brokerage industry in terms of gross insurance brokerage income from 2020 to 2029:

![](ro_008.jpg)

*Source: Insurance Authority, China Insights Consultancy*

●  ***Life insurance*** 

Life insurance represented 45.2% of Hong Kong's insurance market in 2024, based on contribution payments. The sector is broadly divided into whole life insurance and term insurance. Over the past five years, term insurance recorded robust growth but experienced a notable decline in 2024, whereas whole life insurance maintained a relatively stable performance.

Despite the decline in total life insurance premiums during 2020–2024, premiums from new business exhibited a strong upward trajectory, achieving a CAGR of 22.8%. This growth fully offset the contraction in renewal business. In addition, the brokerage underwriting ratio for new business was slightly higher than that for renewal business. Consequently, life insurance brokerage premiums during the reporting period trended in the opposite direction of total premiums.

Fueled by an aging population, high savings rate, sustained economic development, increased household income, government support, regulatory initiatives, and heightened awareness of risk protection, the life insurance brokerage market is anticipated to experience faster growth than the overall insurance sectors. The market size of the life insurance brokerage industry in Hong Kong, measured in terms of gross insurance brokerage income, increased from HKD10.5 billion in 2020 to HKD23.7 billion in 2024, representing a CAGR of 22.5%. Rapid growth is expected, reaching HKD40.6 billion in 2029, with a five-year CAGR of 11.3%.

●  ***Saving insurance*** 

Saving insurance is an insurance product designed to help save, invest, and accumulate funds for various life goals. These saving insurance products are highly regarded due to their versatility in catering to diverse financial objectives, including funding children's education, home purchases, retirement planning, and other major expenditures individuals may encounter across different life stages. Saving insurance is broadly categorized into two main types: endowment insurance and annuity individual insurance. Over the past few years, there has been a contrasting trend in the growth rates of these categories.

Over the past five years, the premium scale of savings insurance has exhibited a V-shaped trajectory under the impact of the COVID-19 pandemic. The market reached its lowest point in 2022 and gradually recovered over the following two years. Although premiums have not yet returned to pre-pandemic levels, they have clearly moved away from the adverse effects, rebounding from a decline of more than 30% between 2021 and 2022. As a result, the five-year negative CAGR narrowed to -1.5%. In line with this trend, the brokerage commission scale of the savings insurance market also rebounded sharply from the 2022 trough, recording a CAGR of 22.7% between 2022 and 2024 and reaching HKD 5.4 billion.

**The Market Size of the General Insurance Brokerage Industry in Hong Kong**

In the Hong Kong insurance brokerage industry, general insurance brokerage stands out as another dominant sector, which encompasses mainly two parts: Direct business and reinsurance inward business.

![](ro_009.jpg)

*Source: Insurance Authority, China Insights Consultancy*

The market expanded from HKD 59.9 billion in 2020 to HKD 100.5 billion in 2024, representing a CAGR of 13.8%. This growth was primarily driven by the rapid expansion of reinsurance inward business, which grew at a remarkable CAGR of 33.1% during 2020–2024, compared with only 3.8% for direct business. Looking ahead, the market is projected to continue its upward trajectory, reaching HKD 152.5 billion by 2029. While growth is expected to moderate, the overall CAGR for 2024–2029E remains robust at 11.6%, with reinsurance inward business (18.2%) outpacing direct business (3.3%). This trend highlights the increasing importance of reinsurance as a key growth driver in Hong Kong's general insurance brokerage market and serves as a strong indicator of the sustained prosperity of Hong Kong's financial sector, particularly its insurance industry.

**Market Drivers of the Insurance Brokerage Industry in Hong Kong**

● **Rapidly aging population.** The demographic trend of a rapidly aging population in Hong Kong is
 a significant driver for the insurance brokerage industry. As the population ages, there
 is an increasing demand for customized insurance solutions. Insurance brokers play a pivotal
 role in addressing the evolving risk and coverage needs of this demographic, offering specialized
 products such as healthcare plans tailored to the requirements of an older clientele.

● **High savings rate.** Hong Kong's robust savings culture contributes to a favorable environment
 for the insurance industry. With a strong inclination towards wealth preservation and growth
 strategies, individuals seek insurance products that align with their financial planning
 goals. Insurance brokers are well-positioned to provide tailored solutions to cater to the
 population's focus on asset protection and financial planning.

● **Rising per capita income.** The continual rise in per capita income in Hong Kong is driving demand
 for sophisticated and personalized insurance solutions. Individuals with higher incomes
 are increasingly seeking comprehensive coverage and specialized products. Insurance brokers
 leverage their expertise and diverse product offerings to meet the evolving needs of a wealthier
 population, offering solutions that go beyond standard coverage.

● **Increased awareness of personal protection.** Growing awareness of the importance of personal protection
 is a key driver for the insurance brokerage industry. Individuals are becoming more conscious
 of the need for comprehensive risk management and insurance coverage. With their ability
 to provide tailored solutions, insurance brokers are well-suited to address specific protection
 requirements and guide clients in navigating the intricacies of personal risk management.

● **Favorable policies and regulations.** In recent years, Hong Kong has issued a series of favorable
 policies related to the insurance industry. Initiatives such as the *Development Roadmap for the Insurance Sector* and the *Hong Kong Insurance Ordinance* provide clear guidelines,
 facilitating entry into the industry and ensuring long-term planning. These policies serve
 as a guiding framework, promoting stability and growth within the insurance brokerage sector
 in Hong Kong.

**Market Trends of the Insurance Brokerage Industry in Hong Kong**

● **Digital transformation and technological integration.** The insurance brokerage industry in Hong
 Kong is undergoing a significant transformation driven by digitalization and technological
 integration. Brokers increasingly leverage digital tools and platforms to streamline their
 processes, improve customer experiences, and facilitate more efficient communication. This
 shift towards digital solutions not only enhances operational efficiency but also allows
 insurance brokers to adapt to changing consumer expectations in an evolving digital landscape.

● **Diversification of product offerings and services.** Beyond traditional insurance products, brokers are
 expanding their offerings to provide a broader range of risk management solutions. This includes
 specialized coverage for emerging risks, innovative investment-linked products, and comprehensive
 financial planning services. The trend towards diversification reflects a proactive approach
 by brokers to meet their clients' diverse and evolving needs, positioning them as holistic
 financial advisors.

● **Enhanced regulatory compliance and ethical standards.** Adhering to strict regulatory guidelines
 and upholding the highest ethical principles in daily operations have become paramount. This
 commitment aligns with global regulatory changes and builds trust and credibility in the
 market. As a result, insurance brokers are viewed as dependable and responsible partners
 by both clients and regulatory authorities alike.

**Market Opportunities of the Insurance Industry in Southeast Asia**

The Southeast Asian insurance industry is experiencing a transformative phase marked by substantial growth opportunities. The region's expanding middle class and rising incomes drive a heightened demand for insurance products, particularly in life, health, and property-related coverage. Concurrently, people recognize the importance of risk management and financial protection, fostering a growing insurance culture.

Furthermore, Southeast Asia's rapid digitization and technological advancements are reshaping the industry, offering opportunities for innovation and improved customer engagement. Overall, the confluence of a burgeoning middle class, increasing risk awareness, and technological advancements positions the Southeast Asian insurance sector for dynamic and promising development.

The market size of the insurance industry in Southeast Asia, as measured by gross premium, has grown at a CAGR of 10.2% in the past five years, from HKD698.6 billion in 2020 to HKD1,029.0 billion in 2024, and is expected to continue its strong growth trajectory, reaching HKD1,547.7 billion in 2029, with a CAGR of 8.5%.

**COMPETITIVE LANDSCAPE OF THE INSURANCE BROKERAGE INDUSTRY IN HONG KONG**

**Competitive Landscape of the Insurance Brokerage Industry in Hong Kong**

There are three types of players in Hong Kong's insurance brokerage industry. The first type is insurance broker companies backed by insurance companies that have a strong relationship with their Insurance Companies. The second type is international insurance broker companies affiliated with large global insurance brokerage groups that mainly focus on international general business and institutional customers. The final type is wealth management companies, which have the advantages of a comprehensive investment portfolio and customized consulting services.

Insurance broker companies in Hong Kong operate in segments of either long term business, general business, or both. While most engage in both segments, they often specialize in or exhibit competitive strengths in either long term or general business. The industry is largely composed of small and medium-sized businesses, with the majority having fewer than 20 technical representatives. In 2024, only 10% to 15% of insurance broker companies employed more than 25 technical representatives. This decentralized structure fosters a competitive landscape, with the top 20 companies collectively holding a market share of approximately 40% in terms of gross insurance brokerage income in 2024.

Based on the gross insurance brokerage income, the insurance broker companies in Hong Kong could be divided into three tiers in 2024:

● **1<sup>st</sup>Tier:** Gross insurance brokerage income exceeding HKD300 million, there are approximately 25 broker companies in 1<sup>st</sup> Tier ranking 1<sup>st</sup>-25<sup>th</sup>.

● **2<sup>nd</sup>Tier:** Gross insurance brokerage income ranging between HKD10 million and HKD300 million, there are 45 broker companies in 2<sup>nd</sup> Tier ranking 26<sup>th</sup>-70<sup>th</sup>.

● **3<sup>rd</sup>Tier:** Gross insurance brokerage income below HKD10 million, there are more than 700 broker companies in 3<sup>rd</sup> Tier ranking beyond 70<sup>th</sup>.

Our Company is in the 2<sup>nd</sup> Tier with a market share of around 0.5% in terms of gross insurance brokerage income in 2024. It is estimated that our Company is ranked around 5<sup>th</sup> in 2<sup>nd</sup> Tier.

**Key Success Factors of the Insurance Brokerage Industry in Hong Kong**

● **Strong relationship with Insurance Companies.** Successful insurance brokers establish
 and maintain strong relationships with Insurance Companies. This is crucial as brokers
 derive profits from the commission rate spread between what they receive from Insurance Companies and what is paid to individual technical representatives. Brokers with a solid
 reputation, a sizable client base, and an extensive sales network will likely receive higher
 commission rates. This enhances their profitability and enables them to offer customers more
 competitive prices while maintaining their financial viability.

● **Diversified insurance product offerings.** Policyholders typically require a range of insurance
 products to ensure comprehensive financial protection against potential losses, such as severe
 illness, physical injuries, or property damage. Brokers who offer a diversified portfolio
 of insurance products are more attractive to policyholders who are seeking one-stop
 solutions. Providing a broad spectrum of products positions insurance brokers to cater to
 evolving customer needs at different stages of life, thereby maximizing customer lifetime
 value.

● **Strong brand awareness and good reputation.** Companies with strong brand awareness are more likely
 to capture the interest of potential policyholders. When choosing an insurance broker,
 consumers may prefer to work with familiar brands, associating them with higher reliability
 and service quality. Increased brand awareness encourages policyholders trust and facilitates
 more effective marketing promotions with reduced marketing costs.

**Entry Barriers of the Insurance Brokerage Industry in Hong Kong**

● **Application for broker license.** Obtaining a valid insurance brokerage business license is a prerequisite
 for engaging in the insurance brokerage business in Hong Kong. The regulatory requirements
 set by the Hong Kong Insurance Authority encompass various aspects, including corporate
 governance, internal controls, risk management, and financial standards. The stringent application
 process acts as a barrier, ensuring that only entities meeting these criteria can operate
 as professional insurance brokers.

● **Knowledge and experience of the Hong Kong insurance industry.** Success in the insurance brokerage
 industry requires a deep understanding of the Hong Kong insurance landscape. Market players
 need comprehensive industry knowledge, including regulatory frameworks, customer needs, and
 effective sales strategies. Existing players benefit from accumulated industry experience,
 established sales teams, and a nuanced understanding of clients' protection needs.
 New entrants may find it challenging to quickly acquire comparable resources and market insights.

**●** **Well-trained employees.** Insurance products are intricate financial instruments, and clients often rely on professional brokers to navigate complexities,
compare products, and explain policy rules. Well-trained employees with a strong understanding of insurance intricacies are essential.
However, building a specialized team with the necessary expertise is time-consuming and resource-intensive, presenting a barrier for
new entrants aiming to establish themselves quickly in the market.

**USE OF PROCEEDS**

Based upon an initial public offering price of $7.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts, non-accountable expense allowance and the estimated offering expenses payable by us, of approximately $30.5 million if the underwriters do not exercise their over-allotment option, and $35.0 million if the underwriters exercise their over-allotment option in full.

Each $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) the net proceeds to us from this offering by $4.6 million, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1.0 million in the number of Ordinary Shares we are offering would increase (decrease) the net proceeds to us from this offering by $6.4 million, assuming the assumed initial public offering price remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.

The primary purposes of this offering are to create a public market for our shares for the benefit of all shareholders. We plan to use the net proceeds of this offering as follows:

● Approximately 30% for expansion of business in the United States ;

● Approximately 10% for expansion of business to Southeast Asia regions;

● Approximately 15% for expanding product offerings, marketing and promotional expenses;

● Approximately 15% for the development of integrated digital platform to improve business efficiency and customer service quality, and effectively analyze customer and partner data;

● Approximately 15% for recruitment of personals for the expansion of operations; and

● The balance to fund working capital and for other general corporate purposes.

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

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

**DIVIDEND POLICY**

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

For the years ended March 31, 2024, one of our Operating Subsidiaries, Kepler Global Advisors Limited, has paid a dividend of HK$2,735,688, which is recognized as distribution, to Mr. KWOK Yu Hin. For the year ended March 31, 2025, we have paid an interim dividend of HK$365,300, and special dividend of HK$2,240,000, totaling of HK$3,277,462, which is recognized as distribution, to Mr. KWOK Yu Hin. See note 25 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of dividend. For the six months ended September 30, 2025 and up to the date of this prospectus, we did not declare any dividend. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments.

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 subsidiary to us, and such other factors as our board of Directors may deem relevant. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of Directors.

Under Cayman Islands laws and our memorandum and articles of association as may be amended from time to time, our Company may only pay dividends out of profits or share premium and our board of Directors may authorize payment of a dividend to shareholders at such time and of such an amount as they determine provided that they are satisfied on reasonable grounds that immediately following the payment of dividend we will be able to pay our debts as they become due in the ordinary course of business. There is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

As we are a holding company, we rely on dividends paid to us by our subsidiary for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our Operating Subsidiaries.

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

**CAPITALIZATION**

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

● an actual basis;

● a pro forma basis to reflect the reorganization of the Company;

● a pro forma as adjusted basis to give effect to the sale of Ordinary Shares in this offering at the assumed initial public offering price of $7.00 per ordinary share (the midpoint of the price range set forth on the cover page of this prospectus) after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us, assuming the underwriters do not exercise the over-allotment option.

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

---

| | | |
|:---|:---|:---|
|  | **As of September, 2025** | **As of September, 2025** |
|  | **Actual** | **Pro Forma As Adjusted <sup>(1)</sup>** |
|  | HK$ | HK$ |
| Ordinary shares, $0.001 par value per share: 100,000,000 shares authorized; 20,000,000 shares issued and outstanding as at September 30, 2025 <sup>(2)</sup> ; and 5,000,000 shares to be issued and outstanding pro forma | 156000 | 194750 |
| Additional paid-in capital | - | 236010750 |
| Merged reserves | 1663491 | 1663491 |
| Retained earnings | 14278423 | 14278423 |
| Total equity/capitalization | 16097914 | 252147414 |

---

---

| | | |
|:---|:---|:---|
|  | **As of September, 2025** | **As of September, 2025** |
|  | **Actual** | **Pro Forma As Adjusted <sup>(1)</sup>** |
|  | $ | $ |
| Ordinary shares, $0.001 par value per share: 100,000,000 shares authorized; 20,000,000 shares issued and outstanding as at September 30, 2025 <sup>(2)</sup>; and 5,000,000 shares to be issued and outstanding pro forma | 20129 | 25129 |
| Additional paid-in capital |  | 30453000 |
| Merged reserves | 214644 | 214644 |
| Retained earnings | 1842377 | 1842377 |
| Total equity/capitalization | 2077150 | 32535150 |

---

(1) Reflects the sale of Ordinary
Shares in this offering at an assumed initial public offering price of $7.00 per share (the midpoint of the price range set forth
on the cover page of this prospectus), and after deducting the underwriting discounts, non-accountable expense allowance and estimated
offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based
on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects
the net proceeds we expect to receive, after deducting the underwriting discounts (7.0%), non-accountable allowance and estimated offering
expenses payable by us ($2.10 million). We estimate that such net proceeds will be approximately HK$236 million ($30.4
million). For an itemization of an estimation of the total offering expenses payable by us, see "Expenses Related to this Offering".

(2) Gives retroactive effect to reflect the reorganization
 in September 2025.

Each $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) the pro forma as adjusted amount of total capitalization by $1.40, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1.0 million in the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted amount of total capitalization by $1.42, assuming no change in the assumed initial public offering price per ordinary share as set forth on the cover page of this prospectus.

**DILUTION**

If you invest in our Ordinary Shares in this offering, your interest will be immediately diluted to the extent of the difference between the initial public offering price per Ordinary Share in this offering and the net tangible book value per ordinary share after this offering. Dilution results from the fact that the initial public offering price per ordinary share is substantially in excess of the net tangible book value per ordinary share. As of September 30, 2025, we had a historical net tangible book value of HK$16.1 million ($2.1 million), or $0.08 per ordinary share. Our net tangible book value per share represents total tangible assets less total liabilities, all divided by the number of Ordinary Shares outstanding as of September 30, 2025.

After giving effect to the sale of Ordinary Shares in this offering at the assumed initial public offering price of $7.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus), we will have 25,000,000 Ordinary Shares outstanding, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at September 30, 2025 would have been HK$252.1 million ($32.5 million), or $1.30 per ordinary share before Over-allotment Option. This represents an immediate increase in pro forma as adjusted net tangible book value of $1.22 per ordinary share to existing investors and immediate dilution of $5.70 per ordinary share to new investors. The following table illustrates this dilution to new investors purchasing Ordinary Shares in this offering:

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| | | |
|:---|:---|:---|
|  | **US$**<br> **Post-Offering <sup>(1)</sup>** | **US$**<br> **Full Exercise of Over-allotment Option<sup>(2)</sup>** |
| Assumed initial public offering price per ordinary share | $7 | $7 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per ordinary share as of September 30, 2025 | $0.08 | $0.08 |
| &nbsp;&nbsp;&nbsp;Increase in pro forma as adjusted net tangible book value per ordinary share attributable to new investors purchasing Ordinary Shares in this offering | $1.22 | $1.37 |
| Pro forma as adjusted net tangible book value per ordinary share after this offering | $1.30 | $1.45 |
| Dilution per ordinary share to new investors in this offering | $5.70 | $5.55 |

---

(1) Assumes
 gross proceeds from the offering of 5,000,000 Ordinary Shares, and assumes that the underwriters' over-allotment option
 has not been exercised.

(2) Assumes
 gross proceeds from the offering of 5,750,000 Ordinary Shares, and assumes that the underwriters' over-allotment option
 has been exercised in full.

Each $1.00 increase (decrease) in the assumed initial public offering price of $7.00 per ordinary share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) our pro forma as adjusted net tangible book value as of September 30, 2025 after this offering by approximately $1.40 per ordinary share, and would increase (decrease) dilution to new investors by $6.51 per ordinary share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1.0 million Ordinary Shares in the number of Ordinary Shares we are offering would increase (decrease) our pro forma as adjusted net tangible book value as of September 30, 2025 after this offering by approximately $1.42 per ordinary share, and would increase (decrease) dilution to new investors by approximately $5.54 per ordinary share, assuming the assumed initial public offering price per ordinary share, as set forth on the cover page of this prospectus remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per ordinary share after this offering would be $1.45, the increase in net tangible book value per ordinary share to existing shareholders would be $1.37, and the immediate dilution in net tangible book value per ordinary share to new investors in this offering would be $5.55.

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

**EXCHANGE RATE INFORMATION**

The functional currency of our entities located in Hong Kong is HKD. Our consolidated financial statements are presented in HKD. We use HKD as reporting currency in our consolidated financial statements and in this prospectus. Assets and liabilities are translated at the exchange rates on the date of consolidated statements of financial position, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period. Gains or losses resulting from foreign currency transactions are included in the accompanying consolidated statements of profit or loss and other comprehensive (loss)/income.

Translations of balances in the consolidated statements of financial position, consolidated statements of profit or loss and other comprehensive income/(loss) and consolidated statements of cash flows from HKD into USD as of and for the year ended March 31, 2025 and as of and for the six months ended September 30, 2025 are solely for the convenience of the reader and were calculated at the rate of HKD 7.75 to USD 1.

**CORPORATE HISTORY AND STRUCTURE**

**Our Corporate History**

Our Group's operations in the insurance industry commenced in 2016 when Mr. KWOK Yu Hin, our Director and Chief Executive Officer, as a co-founder, established Kepler Global Advisors Limited (formerly known as Kepler Group Limited), our first Operating Subsidiary, to provide insurance brokerage service to customers in Hong Kong.

In 2019, our Group expanded its business operations to provide insurance brokerage service when Mr. KWOK Yu Hin acquired Equator Asset Protection Limited (formerly known as Jinjia (Hong Kong) Wealth Management Limited), a licensed insurance broker company in Hong Kong, which became the second Operating Subsidiary of our Group.

Over the years, our Group has grown from a small team to become a company with a network of 227 Channels, including 198 Referrers and 29 Consultants. Our business activities have diversified significantly since its inception. Initially focused on small personal insurance policies, our Group insurance products have expanded into various areas throughout the years, including life insurance and other general insurance products. We also provide other ancillary services including immigration services and software upgrade and maintenance service to our customers.

**Our Corporate Structure**

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

The entities held by our Group below are direct subsidiaries of our Company and that none are of contractual arrangements with our Group using variable interest entity agreements.

![](formf-1_001.jpg)

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| | |
|:---|:---|
| *Note:* | Wong Lap Ip Alan, Shin Yick Fabian, Ng Lee Fan, Xu Ying, Choi Man Hin, Yang Liu, Wu Wenda and Chen Yanjun held as to 1.00%, 1.00%, 0.22% and 0.20%, 0.11%, 0.10%, 0.08% and 0.08% of the issued share capital of our Company, respectively. |

---

**Our Company**

Our Company, Kepler Group Limited, was incorporated under the laws of the Cayman Islands on October 3, 2023. Our principal executive office is located at Suite 3902-03, 39/F, Tower 6, The Gateway, Harbour City, Tsim Sha Tsui, Hong Kong. Our registered office in the Cayman Islands is located at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

We are offering 5,000,000 Ordinary Shares, representing 20% of the Ordinary Shares following completion of the offering of our Company, assuming no exercise of the underwriters' over-allotment option. Upon closing of this offering, our Directors, officers and principal shareholders will hold in aggregate, approximately 62.88% of our Ordinary Shares.

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

The authorized share capital of our Company is US$100,000 divided into 100,000,000 shares of US$0.001 each.

On September 2, 2025, the sole director of our Company resolved, approved and ratified share swap between the Company and three Hong Kong companies, namely Equator Asset Protection Limited, Kepler Global Advisors Limited and Kepler Innovative Technology Limited (the "**Share Swap**") as part of our Company's recapitalization prior to the listing. Pursuant to the Share Swap, the Company acquired the entire share capital of (i) Equator Asset Protection Limited (the "**Equator**") jointly held by Mr. KWOK Yu Hin, Ms. Zhu Meizhen and Mr. Tam King Yeung Alvin, being all of the then shareholders of Equator; (ii) Kepler Global Advisors Limited (the "**Kepler Global**") held by Mr. KWOK Yu Hin being the then sole shareholder of Kepler Global and (iii) Kepler Innovative Technology Limited (the "**Kepler Innovation**") held by Mr. KWOK Yu Hin being the then sole shareholder of Kepler Innovation; and in consideration therefor, the Company issued an aggregate of 2,499,999 Ordinary Shares to the shareholders of Equator, Kepler Global and Kepler Innovation, among which (i) 2,237,859 Ordinary Shares were issued to Mr. KWOK Yu Hin, (ii) 155,000 Ordinary Shares were issued to Ms. Zhu Meizhen and (iii) 107,140 Ordinary Shares were issued to Mr. TAM King Yeung Alvin (the "**Share Swap Allotments**").

On the same day, the Company further issued an aggregate of 12,500 Ordinary Shares to Mr. KWOK Yu Hin at par value per share (together with the Share Swap Allotments, the "**Share Allotments**"). Upon completion of the Share Allotments, our Company had 2,512,500 Ordinary Shares in issue and outstanding.

Immediately following the Share Allotments, Mr. KWOK Yu Hin transferred a portion of the shareholding held by him in our Company to various parties as recognition of their contributions to the development of our Group over the years and to several investors of our Company. On September 2, 2025, Mr. KWOK Yu Hin transferred an aggregate of 537,730 Ordinary Shares, among which (i) 2,730 Ordinary Shares were transferred to Mr. Yang Liu; (ii) 120,000 Ordinary Shares were transferred to Ms. Sun Xiaodi; (iii) 124,000 Ordinary Shares were transferred to Mr. Kwok Yu Fung; (iv) 123,500 Ordinary Shares were transferred to Mr. Luo Sen; (v) 25,000 Ordinary Shares were transferred to Mr. Wong Lap Ip Alan; (vi) 25,000 Ordinary Shares were transferred to Mr. Shin Yick Fabian; (vii) 3,000 Ordinary Shares were transferred to Choi Man Hin; (viii) 100,000 Ordinary Shars were transferred to Yang Boyi, (ix) 2,000 Ordinary Shares were transferred to Wu Wenda; (x) 5,500 Ordinary Shares were transferred to Ng Lee Fan; (xi) 2,000 Ordinary Shares were transferred to Chen Yanjun; and (xii) 5,000 Ordinary Shares were transferred to Xu Ying (the "**Share Transfers**"). Following the completion of the Share Transfers, the Company had 2,512,500 Ordinary Shares in issue and outstanding, 1,712,630 of which were held Mr. KWOK Yu Hin and the remaining 799,870 Ordinary Shares were held by the remaining 11 shareholders.

On September 19, 2025, our Company further issued an aggregate of 17,487,500 Ordinary Shares to our shareholders at par value per share (the "**Capitalization Issue**"). Upon completion of the Capitalization Issue, our Company has in total 20,000,000 Ordinary Shares in issue and outstanding, 13,632,876 of which are held by Mr. KWOK Yu Hin and the remaining 6,367,124 are held by the remaining 11 shareholders. The difference between the estimated IPO price range and the fair value of the Ordinary Shares will be recorded in share premium.

**Our Subsidiaries**

Branching from our corporate structure above, our subsidiaries as of the date of this prospectus is set forth in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Background** | **Ownership** | **Principal Activities** |
| Kepler Global Advisors Limited | A Hong Kong company incorporated on August 1, 2016 | 100% owned by our Company | Provision of insurance brokerage service and immigration services |
| Equator Asset Protection Limited | A Hong Kong company incorporated on January 8, 2015 | 100% owned by our Company | Provision of insurance brokerage service |
| Kepler Innovative Technology Limited | A Hong Kong company incorporated on September 17, 2019 | 100% owned by our Company | Provision of technology brokerage services and development of software |

---

**SELECTED CONSOLIDATED FINANCIAL DATA**

The following tables summarize our selected consolidated financial data for the periods and as of the dates indicated. The summary consolidated statements of profit or loss and other comprehensive income for the six months ended September 30, 2025 and 2024 and for the years ended March 31, 2025 and 2024, and the summary consolidated statement of financial position as of September 30, 2025, March 31, 2025 and March 31, 2024 are derived from our consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards ("**IFRS**") and audited in accordance with the standards of the PCAOB, and included elsewhere in this prospectus. The condensed financial statements include all adjustments, consisting only of normal and recurring adjustments, that we consider necessary for a fair representation of our financial position and operating results for the periods presented. Our consolidated financial statements are prepared and presented in accordance with IFRS. Our historical results do not necessarily indicate results expected for any future periods. Our historical results are not necessarily indicative of the results that may be expected in the future. The following summary consolidated financial data should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements included elsewhere in this prospectus.

*For the figures in this selected consolidated financial data, we have used the figures in the unaudited financial statements and made necessary minor rounding on the numbers for easy reference.*

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| | | | |
|:---|:---|:---|:---|
|  | **For the Six Months Ended September 30,** | **For the Six Months Ended September 30,** | **For the Six Months Ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| **CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** |  |  |  |
| Revenues | 71867 | 191642 | 24728 |
| Cost of revenues | (59977) | (167945) | (21670) |
| Gross profits | 11890 | 23697 | 3058 |
| Other Income | 2397 | 688 | 89 |
| Other gains and (loss) | (1) | 21 | 3 |
| Administrative expenses | (9594) | (13348) | (1722) |
| Finance costs | (141) | (108) | (14) |
| Profit before tax | 4551 | 10950 | 14137 |
| Income tax expenses | (895) | (2527) | (326) |
| Profit for the year | 3656 | 8422 | 1087 |
| Earnings per share, basic and diluted | 3656 | 8422 | 1087 |
| Weighted average number of Ordinary Shares outstanding\* | 3659221 | 2512500 | 2512500 |

---

\* Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on September 22, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Audited<br> March 31, 2025** | **Unaudited<br> September 30, 2025** | **Unaudited<br> September 30, 2025** |
| **CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** | **HK$** | **HK$** | US$ |
| Current assets | 35917 | 85491 | 11031 |
| Total assets | 41652 | 89414 | 11537 |
| Current liabilities | 30319 | 71384 | 9211 |
| Total liabilities | 34133 | 73316 | 9460 |
| Total equity | 7519 | 16098 | 2077 |

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended March 31,** | **For the Year Ended March 31,** | **For the Year Ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| **CONDENSED** **CONSOLIDATED FINANCIAL STATEMENTS** |  |  |  |
| Revenues | 143583 | 157367 | 20305 |
| Cost of revenues | (126332) | (136259) | (17582) |
| Gross profits | 17251 | 21108 | 2723 |
| Other Income | 5450 | 5789 | 747 |
| Other gains and (loss) | 753 | (11) | (1) |
| Administrative expenses | (13697) | (18104) | (2336) |
| Finance costs | (196) | (244) | (31) |
| Profit before tax | 9561 | 8538 | 1102 |
| Income tax expenses | (1597) | (1949) | (251) |
| Profit for the year | 7964 | 6589 | 851 |
| Earnings per share, basic and diluted | 7964 | 6589 | 851 |
| Weighted average number of Ordinary Shares outstanding\* | 1 | 1 | 1 |

---

\* Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on March 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
| <br>**CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION** | **HK$'000** | **HK$'000** | **US$'000** |
| Current assets | 36697 | 40943 | 5283 |
| Total assets | 43503 | 45774 | 5906 |
| Current liabilities | 34546 | 35352 | 4562 |
| Total liabilities | 39275 | 38235 | 4934 |
| Total equity | 4228 | 7539 | 972 |

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this prospectus. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that could reflect our current expectations and plans. See "Special Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

*All figures for the six months ended September 30, 2025 are derived from the unaudited financial statements included elsewhere in this prospectus. All figures for the fiscal years ended March 31, 2025 and 2024 ("**Annual Financial Statements**") are derived from our audited consolidated financial statements included elsewhere in this prospectus. The Annual Financial Statements have been prepared in accordance with International Financial Reporting Standards ("**IFRS**").*

*Unless otherwise indicated, all share amounts and per share amounts in this prospectus have been presented giving effect to the issuance of Ordinary Shares prior to this offering.* 

*For the figures in this management discussion and analysis, we have adopted the figures in the audited financial statements provided to us and we have made necessary minor rounding on the numbers for easy reference.*

**Holding Company Structure**

Our Company is a holding company with no material operations of its own other than investment holding. We conduct our operations primarily through our direct operating subsidiaries. As a result, our Company's ability to pay dividends depends upon dividends paid by our subsidiaries. Some of our subsidiaries have debt on their own with instruments governing their debt that may restrict their ability to pay dividend to us, unless those debts are settled. The same restrictions may apply if they incur any new debt on their own in the future.

Our Company is a restructured group of companies, focusing on provision of insurance brokerage service, as well as other services including immigration services and software upgrade and maintenance service. Being as Hong Kong companies, the financial records and statements are stated in its domestic currency, Hong Kong Dollars (HKD). Upon its intended application to seek a listing approval from Nasdaq, our Company will be looking into possibilities of expanding its operation regionally out of Hong Kong. In conjunction with this, it would be more appropriate for our Company to change the functional currency of its subsidiaries where relevant, to USD to better reflect its business and operation activities and the insurance brokerage, immigration services and software development service that we are in. At the same time, we have commenced discussions with our existing and new financiers to obtain and/or convert our existing banking facilities into foreign currency denominated.

**Our Competitive Advantages**

We have been continuously strengthening our capability to capture business opportunities and expanding our project portfolio.

Our management team has extensive industry knowledge and project experience in insurance brokerage service, immigration services and software upgrade and maintenance service.

We have established a stable customer base comprising private high worth networks and individuals that require tailor-made insurance products and/or other insurance products or services. Our established working relationships with our major customers have enhanced our market recognition and enabled us to attract more business opportunities. Furthermore, we have established long-standing and close working relationships with our major insurance companies.

**Critical Accounting Policies**

We prepare our unaudited condensed consolidated financial statement in accordance with IFRS, which requires us to make judgement, estimation and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during each reporting period. We continually evaluate these judgements, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions and our expectations regarding the future based on available information, which together form our basis for making judgements about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from these estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

The selection of critical accounting policies, the judgment and other uncertainties affecting of those policies and the sensitivity of reported results to changes in conditions and assumptions are factors that should be considered when reviewing our financial statements. You should read the accounting policies outlined in our unaudited condensed consolidated financial statements within this prospectus, along with the accompanying disclosures and statements.

Our Company generates revenue primarily by providing insurance brokerage services, immigration services and software upgrade and maintenance service in Hong Kong.

Our major revenue is broker commission income generated from the insurance brokerage services. Our Company sells insurance products underwritten by insurance companies operating in Hong Kong to its policyholders and is compensated for our services by commissions paid by insurance companies, typically based on a percentage of the premium paid by the policyholder to the insurance companies.

Our Group recognizes revenue from various streams based on the principles of IFRS 15, applying the 5-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identifying
 the contract with a customer

(ii) Identifying
 the performance obligations

(iii) Determining
 the transaction price

(iv) Allocating
 the transaction price to the performance obligations

(v) Recognizing
 revenue when/as performance obligation(s) are satisfied

Our Company recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to the customer.

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates or enhances an asset that the customer controls as the Company performs; or

● the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct good or service.

Our Group recognizes revenue with the principles in IFRS 15 for the following major business lines:

Revenue Recognition by Product Type

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Broker commission income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Life and Health Insurance (Including Savings and Investment-Linked Insurance)

Revenue from broker commission income is recognized at the point in time when the performance obligation is satisfied, specifically upon the completion of the insurance underwriting process by the insurance companies and satisfied twenty-one days cooling off period for the insurance policy.

Broker commission income is determined based on predefined agreements with insurance companies, typically as a percentage of the premium paid by the policyholder. These commissions for life and health insurance include First-Year Commission, which is a percentage of the first-year premium for the corresponding period, and Renewal Commission, which is a percentage of premiums paid upon policy renewal in subsequent years for the corresponding periods. Commissions are generally paid by insurance companies in 30 days after the policy becomes effective and satisfies twenty-one days cooling-off period. However, the timing of payments does not impact the recognition of revenue, as revenue is recognized when the performance obligation is satisfied, rather than upon receipt of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 General Insurance (e.g., Motor, Home, and Travel Insurance)

Revenue from broker commission income is recognized at the point in time when the performance obligation is satisfied, specifically upon the completion of the insurance underwriting process by the insurance companies.

Broker commission income is determined based on predefined agreements with insurance companies, typically as a percentage of the premium paid by the policyholder. These commissions for general insurance are based on a percentage of the insurance premium. Commissions are generally paid by insurance companies in 30 days after the policy becomes effective. However, the timing of payments does not impact the recognition of revenue, as revenue is recognized when the performance obligation is satisfied, rather than upon receipt of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Immigration
 service income

Our Company has entered into an immigration service agreement with customers and pre-determined the transaction price through mutual agreement. Revenue from immigration services is recognized at the point in time when the performance obligation is satisfied. The only performance obligation of the services for Our Company is to provide immigration service that assist customers to obtain the right of abode. Our Company recognized the revenue at the point of customers successfully obtained the right of abode. The timing of payments does not impact the recognition of revenue, as revenue is recognized when the performance obligation is satisfied, rather than upon receipt of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Software
 upgrade and maintenance service income

Our Company provides software upgrade and maintenance service income to customers.

Software Upgrade Revenue

Revenue from software upgrade services is recognized over time because the Group's performance does not create an asset with an alternative use, and the Group has an enforceable right to payment for performance completed to date. Progress towards satisfaction of these performance obligations is measured using the input method, based on man hours incurred relative to the total estimated man hours.

IT Maintenance Service Revenue

Revenue from IT maintenance services is recognized at a point in time when the maintenance service is completed and delivered to the customer. The Group recognizes revenue upon completion of the service, as this is the point at which the customer has received and accepted the maintenance service performed.

*Preparation of unaudited condensed consolidated financial statements*

The unaudited condensed consolidated financial statements have been prepared as if the reorganization have been completed for all the periods.

*Related party policy*

Kepler Group Limited is a newly incorporated holding company meant as a special purpose vehicle for the proposed listing of an insurance brokerage segment on the Nasdaq Capital Market, and as such it has yet to develop any Related Party Transactions Policy and Framework ("**RPT Policy and Framework**") and Enterprise Risk Management Framework ("**ERM Framework**").

As part of our effort to develop good corporate governance practice and culture, our Company will at such appropriate and reasonable time in the future initiate to develop a set of policies and procedures to comply and meet the requirements of the Nasdaq Rules.

**Internal Control Over Financial Reporting**

Our Company is an investment holding company that holds equity interest in its subsidiary companies that operates as small medium enterprise ("**SME**") entities in Hong Kong. So, focusing on growing the business which is in its infancy stage through expansion of its marketplace and customer base has every priority over other corporate governance and compliance matters, including internal control.

Without any specific nor written policies for its financial reporting, the chief executive officer conducts weekly meetings with the subsidiaries operations and finance departments where he will be briefed on the financial and operation results, as well as the business overall development to mitigate and overcome any internal control risk over its financial reporting.

The chief executive officer and the chief financial officer of our Company are responsible for establishing and maintaining internal controls over financial reporting. Our Company's internal controls over financial reporting are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The chief executive officer and the chief financial officer have evaluated, or caused to be evaluated under their supervision, whether or not there were changes to its internal controls over financial reporting during the years ended March 31, 2025 or the six months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect our Company's internal controls over financial reporting.

Our Company acknowledges that it may have shortcomings in its internal control over the past years for the past financial reporting due to the insufficient resources.

Our Company has appointed an experienced chief financial officer and an experienced Finance Manager to strengthen the segregation of duties in finance and accounting. As of the date of this prospectus, the finance and accounting team has increased to a total of four members and oversight by the chief financial officer.

Having considered the above, we do not expect that the current internal control system of our Company will result in a material weakness in our internal control over financial reporting. The Company will add on resources to solidify the internal control system to provide reasonable assurance from 2025.

Our Company will ensure that it will have sufficient and adequate resources to ascertain proper and adequate internal control procedures and policies after listing.

The chief executive officer is making sure that the insurance broker's business and procedures taken in insurance activity are consistent with the provisions of the laws issued and with the laws, regulations and instructions issued by the Hong Kong Insurance Authority in particular. He is also responsible for providing information, data and documents required by the Hong Kong Insurance Authority in respect of those fields. The chief executive officer and chief financial officer have defined the guidelines regarding roles, responsibilities and processes that are vital in maintaining good internal control.

**Key Factors that Affect Results of Operations**

As our Company grapples with multifaceted challenges, the Company has been identifying and understanding the following risk factors:

1. Compliance
 changes

Regulatory dynamics in the Company are never static. With Hong Kong presenting its unique set of rules and guidelines, the Company often find navigating a labyrinth of compliance mandates.

This ever-changing nature of regulations necessitates that insurers both keep up with the latest updates and also forecast potential shifts to pre-emptively address them. Failing to do so can expose firms to hefty fines, legal action and an unwanted reputation.

2. Cybersecurity
 threats

The digital age, while bringing convenience, also brings significant cybersecurity vulnerabilities. Given that insurance firms hold sensitive client data, they are lucrative targets for cybercriminals.

This not only pose a threat to the data itself, but a breach can erode client trust and create long-term reputation damages. As cyber threats become more sophisticated, insurers must remain a step ahead, investing in robust cyber defenses and promoting a culture of security.

3. Technology
 changes

Technology's rapid evolution is both a boon and a bone. On one hand , the emergence of IoT (Internet of Things) devices and AI systems offer innovative ways to assess and manage risks.

On the other, they usher in uncharted territories of potential claims and data security concerns. As tech continues its relentless march forward, the Company must stay updated on the latest trends, ensuring that they harness technology's potential without falling victim to its pitfalls.

4. Talent
 shortage

High-performing talent remains the backbone of the insurance industry. Despite technological advancements, it's still the human touch that discerns nuances and makes strategic decisions. Talent, especially senior talent, shapes businesses, deals with risks and drives companies forward.

For our Company, attracting and retaining talent is more than an HR task and it is a strategic imperative that influences the staff's ability to meet industry challenges head-on. The chief executive officer is recruiting for highly experienced sales head and sales team members to further the growth of the Company.

**Market demand**

The demand for our services is driven by the demand of customers who are looking for protection of wealth by takeout of insurance products especially life and saving insurance products, which would be affected by economic changes, self-protection alertness, interest rate changes as well as opportunity for various kind of different investment opportunity.

*Political condition and laws and regulations in Hong Kong*

Our key operations are 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. Accordingly, our business, prospects, financial condition, and results of operations may be influenced to a significant degree by the political, economic, and social conditions in the PRC generally and by the continued economic growth in China as a whole. Accordingly, our results of operations and prospects are, to a significant degree, subject to economic, political, and legal developments in the PRC.

Hong Kong is a Special Administrative Region of the PRC, and the basic policies of the PRC regarding Hong Kong are reflected in the Basic Law, namely the 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 operations are 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.

*Competition from other players in the market*

The insurance agency industry in Hong Kong is highly competitive, and it is often the case that multiple of our competitors are involved in marketing and distribution of similar products.

*Our ability to attract new customers*

Our success depends in large part upon the widespread adoption of our services and timeliness response and follow up services by our customers. In order to attract new customers and continue to expand our customer base, we must appeal to and attract customers who identify with our product management expertise. If we are unable to timely secure new customers, our turnover and, hence, results of operations may have a material setback and we may also suffer from higher staffing turnover.

*Cost control and management*

Our cost of sales is mainly comprised of commission payout, staff cost and other administration expenses. Therefore, any failure to control and manage the cost and time involved in a project or excessive payout of commission expenses or wrong assessment of such may give rise to cost overruns, which in turn may materially and adversely affect our financial condition, profitability, and liquidity.

*Key drivers for business model integration*

Our Company has increasingly seen significant integration and an institutional focus on the bottom-line as a requisite for a high-quality insurance brokerage platform for the future. Through the work with a broad spectrum of brokers and their third-party service providers in the insurance ecosystem, our Company has identified the following four key drivers of tangible results from greater integration.

1. **Tech and operational model optimization**: Focus should be placed on establishing an integrated
 technology stack, standardization and centralization of corporate services, process re-engineering
 to expand automation and self-service, and organizational streamlining.

2. **Effective use of third-party vendors:** Optimizing procurement and vendor management can help extract
 savings in third-party expenses.

3. **Pricing effectiveness:** Focus should be placed on ensuring commission alignment and driving yield
 optimization via standardizing commissions, optimizing performance commissions, and reducing
 commissions leakage.

4. **Salesforce effectiveness:** Key focus areas include optimizing the front-office organization, implementing
 productivity management (for example, aligning incentives to metrics, centralizing support
 teams), analyzing customer profitability, and ensuring a structured coverage model.

The right combination of the drivers listed above (amongst others) will vary broker-to-broker. Nonetheless, the Company sees universal value for brokers investing in these areas in the lockstep with ongoing acquisition strategies. The Company sees universal value for brokers investing in these areas and generally recommends a staged approach, starting with levers that have the broadest level of organizational buy-in and are expected to deliver the greatest upside.

**Financial Results For The Six Months Ended September 30, 2025 and 2024**

The following table summarizes our consolidated results of operations for the six months ended September 30, 2025 and 2024. This information should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Revenue | 71867 | 191642 | 24728 | 119775 | 166.66% |
| Cost of revenue | (59977) | (167945) | (21670) | (107968) | 180.02% |
| Gross profit | 11890 | 23697 | 3058 | 11807 | 99.30% |
| Other income | 2.397 | 688 | 89 | (1709) | (71.30)% |
| Other gains and losses | (1) | 21 | 3 | 21 | 2100% |
| Administrative expenses | (9594) | (13348) | (1722) | (3754) | 39.13% |
| Finance costs | (141) | (108) | (14) | 33 | (23.40)% |
| Income before income tax | 4551 | 10950 | 1413 | 6398 | 140.58% |
| Income tax expenses | (895) | (2527) | (326) | (1632) | 182.35% |
| Income for the year | 3656 | 8422 | 1087 | 4766 | 130.36% |
| Other comprehensive income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation differences rising from consolidation |  |  |  |  |  |
| Total comprehensive income | 3656 | 8422 | 1087 | 4766 | 130.36% |

---

**Revenue**

Revenue increased from HK$71.9 million for the six months ended September 30, 2024 to HK$191.6 million (US$24.7 million) for the six months ended September 30, 2025, reflecting an 166.66% growth between 2025 and 2024. The growth was attributable to a combination of factors, including an expansion in commission income generated by an increase in premiums paid under life insurance policies by policyholders.

Our Group's revenue comprises of commission income from insurance brokerage services, services income from immigration services and software upgrade and maintenance service as tabulated below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** |  | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** |  | **US$'000** | **HK$'000** | **%** |
| Analysis by Segment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Broker commission income | 67095 | 190989 |  | 24644 | 123894 | 184.65% |
| &nbsp;&nbsp;&nbsp;Immigration services income | 4772 | 653 |  | 84 | (4119) | (86.32)% |
| Software upgrade and maintenance service income |  |  | _ |  |  | N/A |
| **Total Revenue** | **71867** | **191642** |  | **24728** | **119775** | **166.66%** |

---

**Broker commission income** 

The increase in the broker commission income by HK$123.9 million to HK$191.0 million (US$24.6 million) in the six months ended September 30, 2025 from HK$67.1 million in the six months ended September 30, 2024 was attributable to the continuing effort of management and channels to attract additional and new policyholders, which resulted in an increase in premiums paid for life and health insurance policies by both existing and new policyholders of our Group.

**Immigration services income**

The decrease in the immigration services revenue by HK$4.1 million to HK$0.7 million (US$84,000) in the six months ended September 30, 2025 from HK$4.8 million in the six months ended September 30, 2025 was mainly due to the fact that approval of immigration by various government was slower during such period.

**Software upgrade and maintenance service income**

There was no such income for both six months ended September 30, 2025 and September 30, 2024.

**Cost of Revenue**

Our cost of revenue represents direct expenses incurred to generate revenue. Such costs incurred are recorded and accrued at the time they incurred. Cost of revenue comprises of insurance brokage commission expenses paid to different Channels, direct expenses incurred for immigration and Software upgrade and maintenance service.

Our major cost components are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Insurance brokerage commission expense (including related party, HK$169,693 and HK$442,480) | 58040 | 167553 | **21620** | **109513** | **188.69%** |
| Agencies' expenses for Immigration Services | 1937 | 392 | **51** | **(1545)** | **(79.76)%** |
| Software upgrade and maintenance expenses | **-** | - | **-** | **-** | **N/A** |
| **Total Cost of revenue** | **59977** | **167945** | **21670** | **107968** | **180.02%** |

---

Insurance brokerage commission expense represents the commissions paid to channels, including payments made to referrers and consultants. The commission expense is recognized based on the contracted percentage of the insurance premium for confirmed policies referred by referrers and/or consultants. This recognition occurs at the same time as the corresponding broker commission income from the insurance company to our Company is recognized. The insurance brokerage commission expenses was increased from HK$58.0 million for the six months ended September 30, 2024 to HK$167.6 million for the six months ended September 30, 2025 by HK$109.5 million or 188.69%. The increase was in line the growth in revenue for broker commission income due to combined effect on (i) increase in commission paid to channels for life and health insurance policy as well as the Company recruited additional marketing staffs to expand the sources of potential policyholders.

For the six months ended September 30, 2025, an amount of HK$0.2 million was paid to Mr. TAM King Yeung Alvin, our director as insurance brokerage expenses. For the six months ended September 30, 2024, an amount of HK$0.4 million was paid to Yean Limited, a company controlled by the spouse of Mr. TAM King Yeung Alvin, our director, as an insurance brokerage commission expense.

Agencies expenses for immigration services was decreased from HK$1.9 million for the six months ended September 30, 2024 to HK$0.4 million for the six months ended September 30, 2025 by 79.76%. The decrease of cost of revenue in immigration service income was in line with the decrease in such revenue due to slower in approval of immigration from various government.

There was no software upgrade and maintenance expenses income for both six months ended September 30, 2025 and September 30, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$** | **HK$'000** | **%** |
| Revenue | 71867 | 191642 | 24728 | 119775 | 166.66% |
| Cost of revenue | 59977 | 167945 | 21670 | 107969 | 180.02% |
| Gross Profit | 11890 | 23697 | 3.058 | 11807 | 99.30% |
| Gross Profit Margin - % | 16.54% | 12.37% |  | 9.86% |  |

---

Gross profit increased from HK$11.9 million for the six months ended September 30, 2024, to HK$23.7 million for the six months ended September 30, 2025, representing an increase of HK$11.8 million or 99.30%. Additionally, the gross profit margin decreased from 16.54% for the six months ended September 30, 2024, to 12.37% for the six months ended September 30, 2025. This decrease in gross profit margin was primarily due to increase in payout rate on commission expenses to channels. On the other hand, increase in gross profit was in line with the increase in revenue.

**Other Income**

This comprises of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Bank interest income | 13 | 1 | 1 | (12) | (92.31)% |
| Imputed interest income | 9 | 10 | 1 | 1 | 11.11% |
| Sponsorship income | 124 |  |  | (124) | (100.00)% |
| Consultancy fee income | 789 |  |  | (789) | (100.00)% |
| Management fee income | 1358 | 558 | 72 | (800) | (58.91)% |
| Sundry income | 104 | 119 | 15 | 15 | 14.42% |
| **Total Other Income** | **2397** | **688** | **89** | **1709** | (71.30)% |

---

Other income has decreased from HK$2.4 million for the six months ended September 30, 2024 to HK$0.7 million (US$89,000) for the six months ended September 30, 2025 for HK$1.7 million mainly due to the following:

1. There
 was no consultancy fee income for the six months ended September 30, 2025. Consultancy income for the six months ended September
 30, 2024 represents tutor fee of training seminar as guest speaker which organized by independent third parties and consultancy service
 to immigration agency.

2. Management
 fee income represents provision of marketing and related administrative services to independent third parties. There was a decrease
 from HK$1.4 million during for the six months ended September 30, 2024 to HK$0.6 million (US$72,000) during the six months
 ended September 30, 2025, representing a decrease of 58.91%. The management fee is based on time costs of the staffs and their
 related office expenses incurred for the services provided.

**Administrative Expenses**

The administrative expenses which increased by 26.77% from HK$9.6 million for the six months ended September 30, 2024 to HK$13.1 million for the six months ended September 30, 2025 comprise of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | | |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Staff cost and MPF contributions | 3983 | 6730 | 868 | 2747 | 68.97% |
| Director's remuneration | 1400 | 1479 | 191 | 79 | 5.64% |
| Depreciation | 1097 | 957 | 124 | (140) | (12.76)% |
| Professional expenses | 23 | 25 | 3 | 2 | 8.70% |
| Rental related expenses | 221 | 228 | 29 | 7 | 3.17% |
| Others | 978 | 1356 | 175 | 378 | 38.65% |
| Listing expenses | 1892 | 2573 | 332 | 681 | 35.99% |
| **Total Administrative Expenses** | **9594** | **13348** | **1722** | **3754** | 39.13% |

---

The increase in administrative expenses was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 increase in staff cost by HK$2.7 million from HK$4.0 million for the six months ended September 30, 2024 to HK$6.7 million
 (US$0.8 million) from for the six months ended September 30, 2025 was contributed by the increase in number of staff in sales
 and marketing department and accounting department.

2. Depreciation
 represents the annual depreciation on the cost of Group's leasehold improvement, office equipment, computer hardware and software,
 furniture and fittings and right-of-use of assets. Depreciation decreased of HK$0.1 million for six months ended September
 30, 2025 due to the leasehold improvement was fully depreciated during the period.

**Provision For Income Taxes**

Cayman Islands

Our Company was incorporated in Cayman Islands. Under the current tax laws of Cayman Islands, we are not subject to income, corporation or capital gains tax, and no withholding tax is imposed upon the payment of dividends.

Hong Kong

We are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which our Company and its subsidiaries domicile or operate. Income tax expense is comprised mainly of Hong Kong profits tax. Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for both periods.

Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

With the aforementioned, our Group's effective tax rate for the six months ended September 30, 2024 was 20% due to that listing expenses are non-tax deductible.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** | **For the six months ended September 30,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$000** | **HK$'000** | **%** |
| Current Income Tax based on results for the period | 895 | 2527 | 326 | 1632 | 182.35 |

---

Income tax was provided for the six months ended September 30, 2025 of approximately HK$2.5 million (US$0.3 million) as there was assessable profits generated for the subsidiaries of our Group during such period.

**Financial Results For the Years Ended March 31, 2025 and 2024**

The following table summarizes our consolidated results of operations for the years ended March 31, 2025 and 2024. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Revenue | 143583 | 157367 | 20305 | 13784 | 9.60% |
| Cost of revenue | (126332) | (136259) | (17582) | (9927) | 7.86% |
| Gross profit | 17251 | 21108 | 2723 | 3857 | 22.36% |
| Other income | 5450 | 5789 | 747 | 339 | 6.22% |
| Other gains and losses | 753 | (11) | (1) | (764) | (101.52)% |
| Administrative expenses | (13697) | (18104) | (2336) | (4407) | 32.19% |
| Finance costs | (196) | (244) | (31) | (48) | 24.16% |
| Income before income tax | 9561 | 8538 | 1102 | (1023) | (10.71)% |
| Income tax expenses | (1597) | (1949) | (251) | (352) | 22.00% |
| Income for the year | 7964 | 6589 | 851 | (1375) | (17.27)% |
| Other comprehensive income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translation differences rising from consolidation | 7 |  |  | (7) | (100.00)% |
| &nbsp;&nbsp;&nbsp;Release of translation reserve upon disposal of a subsidiary | (11) |  |  | 11 | (100.00)% |
| Total comprehensive income | 7960 | 6589 | 851 | (1371) | (17.23)% |

---

**Revenue**

Revenue increased from HK$143.6 million for the year ended March 31, 2024 to HK$157.4 million for the year ended March 31, 2025, reflecting an 9.60% growth between 2025 and 2024. The growth was attributable to a combination of factors, including an expansion in commission income generated by an increase in premiums paid under life insurance policies by policyholders and a surge in demand for immigration-related services following the COVID-19 pandemic.

Our Group's revenue comprises of commission income from insurance brokerage services, services income from immigration services and software upgrade and maintenance service as tabulated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Analysis By Segment |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Broker commission income | 137638 | 149640 | 19308 | 12002 | 8.72% |
| &nbsp;&nbsp;&nbsp;Immigration services income | 5550 | 7403 | 955 | 1853 | 33.39% |
| &nbsp;&nbsp;&nbsp;Software upgrade and maintenance service income | 395 | 324 | 42 | (71) | (18.07)% |
| **Total Revenue** | **143583** | **157367** | **20305** | **13784** | **9.60%** |

---

**Broker commission income** 

These revenues are sourced through our extensive network of Channels, which include two primary components: Referrers and Consultants. The levels of revenues recognized through and from each of these components for each period presented are addressed as follows:

**1.** **Revenues Recognized Through Referrers**

Referrers are individuals or firms that possess well-established business networks. They leverage their connections to introduce potential policyholders to our Group. Upon they sourced potential policyholders, our Group's licensed technical representatives (either employees of the Group or Consultants) provide insurance brokerage services to those referred customers.

The revenue attributed to Referrers is recognized as commission income generated from customers sourced by them. This income is dependent on the Referrers' ability to attract and connect potential policyholders to our Group. Accordingly, for each period presented, the level of revenue recognized through Referrers reflects the effectiveness of their network and their contribution to introducing policyholders to the Group.

**2. Revenues Recognized Through Consultants**

Consultants are individuals who are registered with the Hong Kong Insurance Authority as licensed technical representatives. They are accredited to our Group and directly represent the Group in providing insurance brokerage services to customers and potential customers. Consultants actively engage in negotiating and facilitating insurance contracts, thereby contributing directly to the revenue generation process.

The revenue attributed to Consultants is recognized as commission income derived from the insurance services they provide directly to customers. For each period presented, the level of revenue recognized through Consultants reflects their contribution to the Group's operations, based on their ability to provide professional insurance brokerage services and secure contracts.

**3. Revenues Recognized Through a Combination of Referrers and Consultants**

In certain cases, Referrers introduce potential policyholders to the Group, and the Group subsequently engages Consultants (rather than its own staff) to provide insurance brokerage services to those referred customers. In such cases, the Referrers act as the sourcing channel for the policyholders, while the Consultants serve as the licensed representatives who directly provide the services.

The revenue generated in these scenarios is a combination of contributions from both Referrers and Consultants. However, the Group considers this revenue to be commission income resulting from its overall channel network, and the distinction between Referrers and Consultants is primarily a matter of income sourcing rather than a difference in the principles of revenue recognition.

While the sources of revenue differ between Referrers and Consultants, the Group's revenue recognition principles remain consistent across these channels.

The slight increase in the broker commission income by HK$12.0 million to HK$149.4 million (US$19.3 million) in the year ended March 31, 2025 from HK$137.6 million in the year ended March 31, 2024 was attributable to the continuing effort of management and channels to attract additional and new policyholders, which resulted in an increase in premiums paid for life and health insurance policies by both existing and new policyholders of our Group.

**Immigration services income**

The increase in the immigration services revenue by HK$1.9 million to HK$7.4 million (US$0.96 million) in the year ended March 31, 2025 from HK$5.6 million in the year ended March 31, 2024 was mainly due to our Company completed immigration services cases from 6 cases for the year ended March 31, 2024 to 23 cases for the year ended March 31, 2025. As a result, immigration services income was increased by 33.4%.

**Software upgrade and maintenance service income**

In November 2023, our Company entered into agreements for software upgrade and maintenance service with two customers. Our Company continues the existing contracts for software maintenance service to customers and generated revenue amounted to HK$0.3 million for the year ended March 31, 2025 and HK$0.4 million the year ended March 31, 2024.

**Cost of Revenue**

Our cost of revenue represents direct expenses incurred to generate revenue. Such costs incurred are recorded and accrued at the time they incurred. Cost of revenue comprises of insurance brokerage commission expenses paid to different Channels, direct expenses incurred for immigration and Software upgrade and maintenance service.

Our major cost components are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Insurance brokerage commission expense (including related party, HK9.0 million and HK0.7 million for the year ended March 31, 2024 and 2025, respectively) | 124915 | 133092 | 17173 | 8177 | 6.5% |
| Agencies' expenses for Immigration Services | 1041 | 2876 | 371 | 1835 | 176.27% |
| Software upgrade and maintenance expenses | 376 | 291 | 38 | (85) | (22.61)% |
| **Total Cost of revenue** | **126332** | **136259** | **17582** | **9927** | **7.86%** |

---

Insurance brokerage commission expense represents the commissions paid to Channels, including payments made to referrers and consultants. The commission expense is recognized based on the contracted percentage of the insurance premium for confirmed policies referred by referrers and/or consultants. This recognition occurs at the same time as the corresponding broker commission income from the insurance company to our Company is recognized. The insurance brokerage commission expenses were increased from HK$124.9 million for the year ended March 31, 2024 to HK$133.1 million for the year ended March 31, 2025 for HK$8.2 million or 6.5%. The increase was relatively lower than the growth in revenue for broker commission income due to combined effect on (i) increase in commission paid to Channels for life and health insurance policy; offset by (ii) the Company recruited additional marketing staffs to expand the sources of potential policyholders result in reduce reliance on external Channels and their associated average commission expenses.

For the year ended March 31, 2025, no commission was paid to Mr. KWOK Yu Hin, our director, and HK$0.7 million was paid to Mr. TAM King Yeung Alvin, our director, as insurance brokerage commission expense. For the year ended March 31, 2024, no commission was paid to Mr. KWOK Yu Hin, our director, and insurance brokerage commission expense was paid to Yean Limited, a company controlled by the spouse of Mr. TAM King Yeung Alvin, our director amounted to HK$9.0 million.

Agency expenses represent payments made to third-party agencies that assist in providing immigration services to customers. These payments are determined based on agreements with the agencies, which outline the scope of services provided and the corresponding payment terms. The agency expenses are recognized at the same time the related revenue from immigration services is recognized, ensuring alignment with the Group's revenue recognition policies. Payments to agencies are typically structured based on the terms of their agreements. Agencies expenses for immigration services was significantly increased from HK$1.04 million for the year ended March 31 , 2024 to HK$2.88 million for the year ended March 31, 2025 or 176.27%. The increase of cost of revenue in immigration service income due to an increase in number of successful immigration cases and relative payment to agencies in relation to immigration services.

Software upgrade and maintenance expenses represent payments made to third-party service providers that assist in delivering software upgrade and maintenance services. These payments are determined based on agreements with the service providers, which outline the scope of services and the corresponding payment terms. The software upgrade and maintenance expenses are recognized at the same time as the related revenue from software upgrade and maintenance, ensuring alignment with the Group's revenue recognition policies. Payments to service providers are typically structured according to the terms of their service agreements. Software upgrade and maintenance expenses decreased by HK$0.08 million for the year ended March 31, 2025. The decrease of cost of revenue in software upgrade and maintenance service because of the Company paid to service providers in relation to software upgrade and maintenance service.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Revenue | **143583** | **157367** | **20305** | **13784** | **9.60%** |
| Cost of revenue | **126332** | **136259** | **17582** | **9927** | **7.86%** |
| Gross Profit | 17251 | 21108 | 2723 | 3857 | 22.36% |
| Gross Profit Margin - % | 12.01% | 13.41% |  | 11.66% |  |

---

Gross profit increased from HK$17.2 million for the year ended March 31, 2024, to HK$21.1 million for the year ended March 31, 2025, representing an increase of HK$3.9 million or 22.36%. Additionally, the gross profit margin increased from 12.01% for the year ended March 31, 2024, to 13.41% for the year ended March 31, 2025. This improvement was primarily due to: (i) our Company increase in revenue from broker commission income with a cost control on commission expenses paid to channels, which resulted in an increase in gross profits of HK$3.8 million for the year ended March 31, 2025; and (ii) the slight increase in gross profits amounting to HK$0.1 million, generated from immigration service income for the year ended March 31, 2025.

**Other Income**

This comprises of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Government grant | 1203 |  |  | (1203) | (100)% |
| Bank interest income | 13 | 17 | 2 | 4 | 34.41% |
| Imputed interest income | 22 | 19 | 3 | (3) | (13.64)% |
| Sponsorship income | 48 | 632 | 82 | 584 | 1222.15% |
| Consultancy fee income | 1194 | 1250 | 161 | 56 | 4.69% |
| Handling fee income |  | 240 | 31 | 240 | N/A |
| Referral fee income |  | 846 | 109 | 846 | N/A |
| Management fee income | 2970 | 2766 | 357 | (204) | (6.86)% |
| Sundry income | - | 19 | 3 | 19 | N/A |
| **Total Other Income** | **5450** | **5789** | **748** | **339** | 6.22% |

---

Other income has increased from HK$5.5 million for the year ended March 31, 2024 to HK$5.8 million (US$0.7 million) for the year ended March 31, 2025 for HK$0.3 million mainly due to the following:

1. Consultancy
 fee income represents tutor fee of training seminar as guest speaker which organized by independent
 third parties and consultancy service to immigration agency. It increased from HK$1.2
 million for the year ended March 31, 2024 to HK$1.25 million for the year
 ended March 31, 2025 or 4.69% mainly due to increase in the consultancy service
 to immigration agency.

2. Management
 fee income represents provision of marketing and related administrative services to independent
 third parties. There is a decrease of HK$0.2 million to HK$2.8 million (US$0.4 million)
 or 6.86%. The management fee is based on time costs of the staffs and their related office
 expenses incurred for the services provided.

3. Referral fee income for the year ended March 31, 2025 represented
 income arising from referring business other than insurance brokerage business to third party. Such income was HK$0.8 million while
 no such income for the year ended March 31, 2024.

4. Increase from above (1) to (3) was offset by no government grant
 income was recorded for the year ended March 31, 2025 while there was such amount of HK$1.2 million during the year ended March 31,
 2024.

**Administrative Expenses**

The administrative expenses which increased by 32.18% from HK$13.7 million for the year ended March 31, 2024 to HK$18.1 million for the year ended March 31, 2025 and comprise of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | | |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$'000** | **HK$'000** | **%** |
| Staff cost and MPF contributions | 7013 | 8489 | 1095 | 1476 | 21.05% |
| Key management personnel<br> salaries and MPF contributions | 205 | 1164 | 150 | 959 | 467.80% |
| Depreciation | 3019 | 2056 | 265 | (963) | (31.89)% |
| Professional expenses | 531 | 280 | 36 | (251) | (47.26)% |
| Rental related expenses | 451 | 434 | 56 | (17) | (3.77)% |
| Others | 1160 | 1849 | 239 | 689 | 59.40% |
| Listing expenses | 1317 | 3832 | 495 | 2515 | 191.96% |
| **Total Administrative Expenses** | **13696** | **18104** | **2336** | **4408** | 32.18% |

---

The increase in administrative expenses was mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 increase in staff cost by HK$1.5 million from HK$7.0 million to HK$8.5
 million (US$1.1 million) from for the year ended March 31, 2024 to year
 ended March 31, 2025 was contributed by the increase in number of staff in sales and
 marketing department and accounting department.

2. The
 increase in key management personnel salaries ()"**KMPS**") by HK$1.2
 million (US$154,839) for year ended March 31, 2025 was mainly due to our Company
 paying director's fee and commission to key management personnel, effective
 from April 2024.

3. Depreciation
 represents the annual depreciation on the cost of Group's leasehold improvement, office equipment, computer hardware and software,
 furniture and fittings and right-of-use of assets. Depreciation decreased for HK$0.9 million year ended March 31, 2025
 due to the leasehold improvement was fully depreciated during the period.

**Provision For Income Taxes**

Cayman Islands

Our Company was incorporated in Cayman Islands. Under the current tax laws of Cayman Islands, we are not subject to income, corporation or capital gains tax, and no withholding tax is imposed upon the payment of dividends.

Hong Kong

We are subject to income tax on an entity basis on profit arising in or derived from the jurisdiction in which our Company and its subsidiaries domicile or operate. Income tax expense is comprised mainly of Hong Kong profits tax. Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for both periods.

Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

With the aforementioned, our Group's effective tax rate for the year ended March 31, 2025 was 22.70% due to that listing expenses are non-tax deductible.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** | **Changed** | **Changed** |
|  | **HK$'000** | **HK$'000** | **US$000** | **HK$'000** | **%** |
| Current Income Tax based on results for the period | 1597 | 1949 | 251 | 352 | 22.03 |

---

Income tax was provided for the year ended March 31, 2025 of approximately HK$1.9 million (US$0.3 million) as there were assessable profits generated for the subsidiaries of our Group during such year.

**Liquidity & Capital Resources**

We believe that our existing cash resources, anticipated cashflow from operations, together with this offering will be sufficient to meet and fund our anticipated operational working capital and expansion requirements for the next 12 months from the date of this prospectus.

The amount of proceeds to be utilized for our operation and expansion plans will also depend on the amount of cash generated from our operation and strategic decisions we may make that could alter our expansion plans and the amount of funding required for such plans.

As at September 30, 2025, March 31, 2025 and March 31, 2024, our cash and cash equivalents were approximately HK$64.1 million (US$8.3 million), HK$28.2 million (US$3.6 million) and HK$24.1 million (US$3.1 million), respectively, comprising primarily of cash and bank balances.

As at September 30, 2025 and March 31, 2025, there was nil amount due to director. During the year ended March 31, 2024, the amount due to the director was fully settled through cash generated from the operating activities as at March 31, 2024. Our Group does not expect this incident to continue.

**Cash Flows & Working Capital**

**Cash Flows**

The consolidated cash flows data for the six months ended September 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For the Six Months Ended September 30,** | **For the Six Months Ended September 30,** | **For the Six Months Ended September 30,** | **For the Six Months Ended September 30,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| Net cash generated from operating activities | 963 | 37211 | 4801 |
| Net cash (used in)/ generated from investing activities | 13 | (53) | (7) |
| Net cash used in financing activities | (1638) | (1271) | (164) |
| Net increase/(decrease) of cash & cash equivalents | (662) | 35887 | 4631 |
| Effect of foreign exchange rate |  |  |  |
| Cash at beginning of year | 24102 | 28247 | 3645 |
| Cash at end of year | 23440 | 64134 | 8275 |

---

**Operating Activities**

Our cash inflow from operating activities was principally from collections of revenue. Our cash outflows used in operating activities was principally for payment of commission expenses, staff cost and administrative expenses.

Net cash provided by operating activities amounting to HK$37.2 million for the six months ended September 30, 2025, mainly derived from (i) increase in net income of HK$4.7 million; (ii) depreciation of right-of-use assets of HK$1.0 million; (iii) decrease in accounts receivable of HK$5.9 million; (iv) decrease in accrued expenses of HK$1.5 million partially and by the effect of (v) increase in commission payables of HK$36.0 million; and (vi) increase in deferred listing expenses of HK$0.7 million.

Net cash provided by operating activities amounting to HK$0.1 million for the six months ended September 30, 2024, mainly derived from (i) increase in net income of HK$4.5 million; (ii) depreciation of right-of-use assets of HK$0.9 million; (iii) decrease in accounts receivable of HK$0.9 million; (iv) increase in accrued expenses of HK$0.1 million partially offset by the effect of (v) decrease in commission payables of HK$5.0 million; and (vi) increase in deferred listing expenses of HK$0.5 million.

**Investing Activities**

Net cash used in investing activities amounted to HK$53,000 for the six months ended September 30, 2025 from HK$13,000 generated for the year ended September 30, 2024, mainly due to purchase of property, plant and equipment.

**Financing Activities**

Our net cash used in financing activities amounted to HK$1.3 million for the year ended September 30, 2025, which was mainly attributable to (i) repayment of lease liabilities of HK$1.0 million; and (ii) repayment of bank borrowings of HK$0.3 million.

Our net cash from financing activities amounted to HK$1.6 million for the year ended September 30, 2024, which was mainly attributable to (i) repayment of lease liabilities of HK$1.0 million; (ii) dividend paid of HK$0.4 million; and (iii) repayment of bank borrowings of HK$0.3 million.

The consolidated cash flows data for the years ended March 31, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended March 31,** | **For the year ended March 31,** | **For the year ended March 31,** |
|  | **2024** | **2025** | **2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| Net cash generated from operating activities | 31190 | 10012 | 1292 |
| Net cash generated from/(used in) investing activities | 456 | (45) | (6) |
| Net cash used in financing activities | (8254) | (5822) | (751) |
| Net increase of cash & cash equivalents | 23392 | 4145 | 535 |
| Effect of foreign exchange rate | 13 | (1) | (1) |
| Cash at beginning of year | 698 | 24103 | 3110 |
| Cash at end of year | 24103 | 28247 | 3644 |

---

**Operating Activities**

Our cash inflow from operating activities was principally from collections of revenue. Our cash outflows used in operating activities was principally for payment of commission expenses, staff cost and administrative expenses.

Net cash provided by operating activities amounting to HK$10.0 million for the year ended March 31, 2025, mainly derived from (i) profit before tax of HK$8.5 million; (ii) depreciation of property, plant and equipment of HK$0.2 million; (iii) depreciation of right-of-use assets of HK$1.9 million; (iv) decrease in trade receivable of HK$2.4 million and increase in others receivables, deposits and prepayment of HK$1.6 million; (v) decrease in accrued expenses of HK$1.0 million partially offset by the effect of (vi) increase in commission payables of HK$0.3 million; and (vii) increase in deferred listing expenses of HK$0.98 million.

Net cash provided by operating activities amounting to HK$31.2 million for the year ended March 31, 2024, mainly derived from (i) net income of HK$9.6 million; (ii) depreciation of property, plant and equipment of HK$0.8 million; (iii) depreciation of right-of-use assets of HK$2.2 million; (iv) increase in commission payable of HK$20.2 million; (v) increase in accrued charges and other payables of HK$1.8 million; by partial offsetting by (vi) gain on disposal of a subsidiary of HK$0.7 million; (vii) increase in trade receivables of HK$1.6 million; (viii) deposit, prepayment, and other receivables of HK$0.7 million; and (ix) deferred expenses of HK$0.5 million.

**Investing Activities**

Net cash used in investing activities decreased to HK$44,438.00 for the year ended March 31, 2025 from HK$0.5 million for the year ended March 31, 2024, mainly due to purchase of property, plant and equipment offset by interest received from bank balances.

**Financing Activities**

Our net cash from financing activities amounted to HK$5.8 million for the year ended March 31, 2025, which was mainly attributable to (i) repayment of lease liabilities of HK$2.0 million; (ii) repayment to directors of HK$3.3 million; and (iii) repayment of bank borrowings of HK$0.5 million.

Our net cash from financing activities amounted to HK$8.3 million year ended March 31, 2024, which was mainly attributable to (i) repayment of lease liabilities of HK$2.1 million; (ii) repayment of amount due to the director of HK$2.7 million; (iii) dividend paid of HK$2.7 million, and partially offset by (iii) repayment of bank borrowings of HK$0.7 million.

**Analysis of Items with Major Changes on the Consolidated Statements of Financial Position as at September 30, 2025 and March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash & cash balances | 28247 | 64134 | 8275 |
| &nbsp;&nbsp;&nbsp;Trade receivables, prepayment and deposits | 11198 | 19165 | 2473 |
| &nbsp;&nbsp;&nbsp;Deferred offering expenses | 1498 | 2192 | 283 |
| &nbsp;&nbsp;&nbsp;**Total Current Assets** | **40943** | **85491** | **11031** |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 3950 | 3046 | 393 |
| &nbsp;&nbsp;&nbsp;Deposit | 556 | 566 | 73 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 325 | 311 | 40 |
| &nbsp;&nbsp;&nbsp;**Total Non-Current Assets** | **4831** | **3922** | **506** |
| **TOTAL ASSETS** | **45774** | **89414** | **11537** |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Commission and other payables | 29720 | 66468 | 8577 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1878 | 1913 | 247 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 3344 | 2865 | 370 |
| &nbsp;&nbsp;&nbsp;Bank borrowings | 409 | 137 | 18 |
| &nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **35351** | **71384** | **9212** |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1953 | 985 | 127 |
| &nbsp;&nbsp;&nbsp;Provision for reinstatement cost | 930 | 946 | 122 |
| **Total Non-Current Liabilities** | **2883** | **1932** | **249** |
| **Total Liabilities** | **38234** | **73316** | **9461** |
| **Capital and reserves** |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 156 | 20 |
| &nbsp;&nbsp;&nbsp;Merger reserves | 1683 | 1663 | 214 |
| &nbsp;&nbsp;&nbsp;Retained profits | 5857 | 14278 | 1842 |
| **Equity Attributable to owners of our Company** | **7540** | **16098** | **2077** |
| Non-controlling Interest | - | - | - |
| **Total equity** | **7540** | **16098** | **2077** |
| **TOTAL LIABILITIES AND EQUITY** | **45774** | **89414** | **11537** |

---

**Cash & Cash Balances**

This represents cash on hand and cash held at banks. The balance has significantly increased from HK$28.2 million as of March 31, 2025 to HK$64.1 million as of September 30, 2025. The growth was primarily driven by increased premium payments for life and health insurance policies from both existing and new policyholders during the six months ended September 30, 2025.

**Trade Receivables, Prepayment and Deposits**

The amounts comprise receivables from commission and immigration service income, as well as other prepayments and deposits. The trade receivables primarily represent one month of trade receivables on commission income of insurance brokage business as of September 30, 2025 of approximately HK$15.3 million due to increase in revenue.

We generally conduct our business with creditworthy third parties, with credit terms of 30 days to insurance companies in the ordinary course of business. We determine, on a continuing basis, the probable losses and an allowance for estimated credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Trade receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

 

We have not experienced any significant bad debt or write-offs of accounts receivable in the past.

Up to the date of this prospectus, we subsequently collected 100% of accounts receivable as of September 30, 2025.

**Property, Plant and Equipment**

This included the right-of-use assets, office equipment, furniture and fixtures and leasehold improvement. The amount dropped from HK$4.0 million to HK$3.0 million, reflecting a decrease of HK$1.0 million, or 33.33%, which was primarily due to the depreciation expense recognized in accordance with accounting policies.

**Commission and Other Payables**

These represented mainly:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| Commission payables (a) | 27976 | 64907 | 8375 |
| Contract liabilities (b) |  | 1298 | 168 |
| Accrued charges and other payables (c) | 1744 | 263 | 34 |
|  | 29720 | 66468 | 3288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;a) Our
 company conducts insurance brokerage business with Channels, offering credit terms of 60 days in the ordinary course of business.
 Commission payables represent the outstanding amounts for the last two months of insurance brokerage commission expenses incurred
 for the period ended September 30, 2025, payable to Channels. The commission payables increase from HK$22.6 million to HK$64.9 million
 was mainly due efficient payment of commission based on the credit terms, of which HK$64.8 million has been paid up
 as of the date of this prospectus.

b) Contract
 liabilities represented fee received for immigration
 services, such fee will be recognized as revenue upon completion of such services. As at September 30, 2025, services for several
 immigration cases were yet to complete.

c) Accrued
 charges and other payables of HK$1.7 million and HK$0.3 million as at September 30 2025 and as at March 31,
 2025, respectively. Accrued charges and other payables as at September 30, 2025 included accrued employee's salaries
 and other administrative expenses, such as auditor's remuneration and utilities expenses.

**Lease Liabilities**

Our lease liabilities represented the lease of our office in Hong Kong. The decrease in lease liabilities was mainly attributable to the scheduled repayments of the remaining lease obligations over time.

**Analysis of Items with Major Changes on the Consolidated Statements of Financial Position as at March 31, 2025 and March 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash & cash balances | 24102 | 28247 | 3645 |
| &nbsp;&nbsp;&nbsp;Trade receivables, prepayment and deposits | 12032 | 11198 | 1445 |
| &nbsp;&nbsp;&nbsp;Deferred offering expenses | 518 | 1498 | 193 |
| &nbsp;&nbsp;&nbsp;Amount due to related companies | 45 |  |  |
| &nbsp;&nbsp;&nbsp;Amount due from directors | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total Current Assets** | **36697** | **40943** | **5283** |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 5945 | 3950 | 510 |
| &nbsp;&nbsp;&nbsp;Deposit | 537 | 556 | 72 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 324 | 325 | 42 |
| &nbsp;&nbsp;&nbsp;**Total Non-Current Assets** | **6806** | **4831** | **624** |
| **TOTAL ASSETS** | **43503** | **45774** | **5907** |
| **LIABILITIES** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Commission and other payables | 30398 | 29720 | 3835 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 1816 | 1878 | 242 |
| &nbsp;&nbsp;&nbsp;Amount due to a director |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxes payable | 1394 | 3344 | 432 |
| &nbsp;&nbsp;&nbsp;Bank borrowings | 938 | 409 | 53 |
| &nbsp;&nbsp;&nbsp;Provision for reinstatement cost | - | - | - |
| &nbsp;&nbsp;&nbsp;**Total Current Liabilities** | **34546** | **35351** | **4562** |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities | 3832 | 1953 | 252 |
| &nbsp;&nbsp;&nbsp;Provision for reinstatement cost | 897 | 930 | 120 |
| **Total Non-Current Liabilities** | **4729** | **2883** | **372** |
| **Total Liabilities** | **39275** | **38234** | **4934** |
| **Capital and reserves** |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  |  |  |
| &nbsp;&nbsp;&nbsp;Merger reserves | 1683 | 1683 | 217 |
| &nbsp;&nbsp;&nbsp;Exchange reserve |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated profits | 2545 | 5857 | 756 |
| **Equity Attributable to owners of our Company** | **4228** | **7540** | **973** |
| Non-controlling Interest | - | - | - |
| **Total equity** | **4228** | **7540** | **973** |
| **TOTAL LIABILITIES AND EQUITY** | **43503** | **45774** | **5907** |

---

**Cash & Cash Balances**

This represents cash on hand and cash held at banks. The balance remained relatively stable, increasing slightly from HK$24.1 million as of March 31, 2024 to HK$28.2 million as of March 31, 2025.

**Trade Receivables, Prepayment and Deposits**

The amounts comprise of receivables from commission and immigration service income, as well as other prepayments and deposits. The trade receivables primarily represent one month of trade receivables on commission income of insurance brokerage business as of March 31, 2025 of approximately HK$9.5 million.

We generally conduct our business with creditworthy third parties, with credit terms of 30 days to insurance companies in the ordinary course of business. We determine, on a continuing basis, the probable losses and an allowance for estimated credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecasted economic and market conditions. Trade receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

For year ended March 31, 2025, we had not experienced any significant bad debt or write-offs of accounts receivable in the past.

Up to the date of this prospectus, we subsequently collected 100% of accounts receivable as of March 31, 2025.

**Property, Plant and Equipment**

This included the right-of-use assets, office equipment, furniture and fixtures and leasehold improvement. The amount dropped from HK$5.9 million as at March 31, 2024 to HK$4.0 million as at March 31, 2025, which represents a decrease of HK$1.99 million or 33.5% that was primarily due to the depreciation expense recognized in accordance with accounting policies.

**Commission and Other Payables**

These represented mainly:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2024** | **March 31, 2025** | **March 31, 2025** |
|  | **HK$'000** | **HK$'000** | **US$'000** |
| Commission payables (a) | 27644 | 27976 | 3610 |
| Other payables (b) | 1264 | 1265 | 163 |
| Accrued charges (c) | 1490 | 479 | 62 |
| &nbsp;&nbsp;&nbsp;Total | 30398 | 29720 | 3835 |

---

---

| | |
|:---|:---|
| a) | Our Company conducts insurance brokerage business with channels, offering credit terms of 60 days in the ordinary course of business. Commission payables represent the outstanding amounts for the last two months of insurance brokerage commission expenses incurred for the year ended March 31, 2025, payable to Channels. The commission payables remain stable from HK$27.7 million to HK$28 million was mainly due efficient payment of commission based on the credit terms, HK$26.0 million has been paid up the date of this statement. |
| b) | The money advance from third parties of HK$0.8 million as at March 31, 2025 and HK$1.3 million as at March 31, 2024, the amounts were interest-bearing at 3.375% to 3.5 % and 1% per annum respectively for year ended March 31, 2025 and for the year ended March 31, 2024, and repayable in one year. Furthermore, we confirmed that our Company does not intend to extend these money advances from third parties beyond their respective maturity dates. In the month of August 2025, such money advance from third parties was fully repaid. |
|  | For the year ended March 31, 2024, the money advance from third parties represented additional funding from independent third parties for the development of our Group and the further funding for listing expenses. With the view that the funding cost was 1% per annum during such instances, the management of the Group considered that such costs were lower than available alternative ways of funding including loans from bank. This approach was taken to minimize the additional cash needs associated with the listing process while ensuring the Company's operations were not unduly affected. For the year ended March 31, 2025, given the funding cost was still lower than that could be obtained from other financial institution including bank, such money advance were still in place as at March 31, 2025. In the month of August 2025, such money advance from third parties was fully repaid as management considered that no such additional funding was necessary. |
| c) | Accrued charges of HK$0.5 million as at March 31, 2025 and HK$0.9 million as at March 31, 2024, included accrued employee's salaries and other administrative expenses, such as auditor's remuneration and utilities expenses. |

---

**Lease Liabilities**

Our lease liabilities represented the lease of our office in Hong Kong. The decrease of HK$1.8 million in lease liabilities from the year ended March 31, 2024, to the year ended March 31, 2025, was mainly attributable to the scheduled repayments of the remaining lease obligations over time.

**Forward-Looking** **Information** 

This section contains "forward-looking information" and "forward-looking statements" (collectively, "**forward-looking information**") within the meaning of applicable securities laws. Forward-looking information may relate to our financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate.

The forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances as at the date of the forward-looking information. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions made in respect of our ability to build our market share and enter new markets and industry verticals; our ability to attract, develop and retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion plans; our ability to continue investing in infrastructure and implement scalable controls, systems and processes to support our growth; the pricing of our offerings; our ability to successfully integrate the companies we have acquired and to derive the benefits we expect from the acquisition thereof; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; seasonality in our business and in the business of our customers; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors in preparing forward-looking information and management's expectations.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in this section should be considered carefully by prospective investors.

**Related Party Transactions**

See "Related Party Transactions" section of this prospectus.

**BUSINESS**

**OVERVIEW**

Our Group is principally engaged in the insurance brokerage business in Hong Kong. We act on behalf of our customers seeking insurance coverage from companies which are authorized insurers under the Insurance Ordinance in Hong Kong that provide the insurance products, including, among others, AXA China Region Insurance Company Limited, Prudential Hong Kong Limited, Manulife (International) Limited, etc. (the "**Insurance Companies**") and take pride in our premium brokerage service. According to relevant industry data prepared by China Insights Consultancy, we ranked around 5<sup>th</sup> in the 2nd Tier among all insurance brokerage company in Hong Kong in terms of revenue in 2024.

Founded by Mr. Kwok Yu Hin, our business commenced in 2016. Since then, our Group has grown throughout the years in terms of revenue generated from our insurance brokerage services based in Hong Kong. For the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, we generated revenue of approximately HK$157.4 million, HK$143.6 million and HK$191.6 million, respectively. The major contracts of insurance that our Group provides brokerage services for are life, saving and health insurance products, which accounted for approximately 95.0%, 95.7% and 97.9% of our total revenue for the years ended March 31, 2025 and 2024 and for the six months ended September 30, 2025, respectively. We also provide brokerage services for other general insurance including travel insurance and car insurance. Besides insurance brokerage services, we also generated revenue from other services, such as immigration services and software upgrade and maintenance service, for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025.

**OUR COMPETITIVE STRENGTHS**

We believe that the following competitive strengths contribute to our success and differentiate us from our competitors:

***Premium brokerage service experience***

We believe providing superior brokerage service to our existing and potential policyholders as customers is the most important aspect of our business in terms of brand building and product differentiation. We have designed our services to provide personalized brokerage service throughout the whole process of purchasing insurance, which include in-depth customer needs analysis, product and plan customization, product evaluation and selection, and claim settlement related assistance.

***Experienced management team***

Our Director and chief executive officer, Mr. KWOK Yu Hin, has more than 20 years of experience serving as a senior executive in the insurance industry. Our chief financial officer, Dr. CHENG Chak Ho Tony, has 33 years of experience in valuation and financial management and accounting, and other core members of our management team have on average over 13 years of experience in the insurance industry and are familiar with the insurance intermediary industry in Hong Kong. In addition, we are always recruiting experienced insurance professionals to join our management team and providing training to our managerial staff, who support our senior management in expanding our operations.

***Stable relationship with Insurance Companies***

As of September 30, 2025, our Group had built up a network with 22 Insurance Companies. We have fostered collaborative partnerships with many key Insurance Companies in Hong Kong, 19 out of our network of 22 Insurance Companies have been collaborating with us for over four years. This long-term engagement has allowed us to gain valuable insights into market trends and customer needs, enabling us to offer tailored solutions to our clients.

Our partnerships are built on trust and mutual benefit, leading to a consistent flow of business opportunities. By working closely with these Insurance Companies, we ensure that potential policyholders as our customers receive high-quality and competitive product offerings. This strategic alignment not only enhances our service capabilities but also strengthens our position in the insurance market, allowing us to adapt to changing industry dynamics effectively.

***Strong commitment to rigorous training and development***

Given the rapid development of new insurance products and the heavy reliance on face-to-face sales efforts in Hong Kong's insurance industry, we believe that our strong in-house training program, which covers both product knowledge and sales skills, gives us a competitive edge over the other professional insurance intermediaries and helps us retain our sales force and improve our sales.

**OUR BUSINESS STRATEGIES**

***Develop new geographic markets in Southeast Asia and the United States***

We currently operate all of our insurance brokerage business in Hong Kong and generated all of our revenue from insurance brokerage services within Hong Kong. All documents with our customers, i.e., the policyholders, were executed in Hong Kong.

According to relevant industry data prepared by China Insights Consultancy, the market size of the insurance industry in Southeast Asia, as measured by gross premium, has grown at a CAGR of 10.2% in the past five years, from HKD698.6 billion in 2020 to HKD1,029.0 billion in 2024, and is expected to continue its strong growth trajectory, reaching HKD1,547.7 billion in 2029, with a CAGR of 8.5%. Therefore, we believe we need to expand our distribution network to reach untapped customer bases and grow our business. While we will continue to develop and expand our existing markets, we also intend to develop new geographic markets in Southeast Asia within three to five years, such as Malaysia, Singapore, Thailand, Vietnam, Japan and Taiwan, by opening new offices and obtaining requisite licenses for insurance brokerage services in selective cities that have the potential of generating large contribution payments in sales. As first step, in the next 12 months, we plan to open up a branch office in Singapore, apply and obtain the necessary insurance brokerage license and to develop and establish relationships and enter into broker agreements with local Insurance Companies in Singapore, including the local branches of the Insurance Companies currently cooperating with us in Hong Kong and also new Insurance Companies in Singapore, in order to conduct insurance brokerage business and act for potential policyholders in Singapore.

We also intend to establish new service centers in countries such as Vietnam and Thailand, subject to the relevant local regulations, to reach out and serve potential policyholders in those regions for insurance products offered in Singapore and in Hong Kong. We believe that expanding our distribution network will help us generate more business and grow our sales.

We currently establish and maintain all of our business relationships with Insurance Companies at a local level with local branches of these Insurance Companies in Hong Kong. As we plan to expand our distribution network through opening up new offices in Southeast Asia in the future, we believe that opportunities exist for us to develop and establish relationships with the local branches of Insurance Companies in those countries where we plan to establish such new offices. Although our management and existing Channels do not have experience operating in other Southeast Asian markets, our management maintains connections with Insurance Companies in various Asian countries. We also plan to recruit local Channels in those regions to support our business expansion. If we are able to increase our sales volumes in the future, we hope to obtain favorable commission rates and exclusive rights to distribute high-margin products or collaborate with the insurance companies partners to custom-develop products to suit the needs of our prospective customers.

Our Directors anticipate that the expenditure required for establishing our business presence in Singapore will be approximately US$500,000. Additionally, the estimated cost for setting up new service centers in countries such as Vietnam and Thailand will be approximately US$250,000.

In addition to our expansion plans in Southeast Asia, we are also preparing to develop our business in the United States, which aligns with our listing on the Nasdaq Capital Market in the U.S. The listing will provide us with increased visibility, credibility, and access to capital, which we believe will facilitate our entry and growth in the U.S. insurance brokerage industry. By establishing a presence in the U.S. market as a Nasdaq-listed company, we will be well-positioned to develop new business relationships, attract high-quality talent, and strengthen our partnerships with leading insurance companies.

Our approach in the U.S. will mirror our Singapore strategy. In the next 12 to 24 months, subject to applicable state and federal regulations, we plan to open a branch office in a U.S. city, such as New York or Los Angeles. We will apply for and obtain the necessary insurance brokerage licenses at the state level, and establish and develop relationships with local branches or affiliates of Insurance Companies, including those with whom we currently cooperate in Hong Kong, as well as new partners in the U.S. This will enable us to conduct insurance brokerage business and act for policyholders in the U.S. market. We also intend to recruit local Channels and professionals to support our U.S., operations and to ensure compliance with all regulatory requirements. The anticipated expenditure for establishing our business presence in the U.S. for the next two years is approximately US$9 million, reflecting higher regulatory and operational costs, with US$500,000 for the initial setting up costs for the new branch office.

We believe that leveraging our status as a U.S. listed company on Nasdaq will not only facilitate our market entry by enhancing credibility and transparency, but also provide us with a competitive advantage in building trust with customers and insurance partners. This strategic expansion is expected to unlock substantial growth opportunities and further diversify our revenue streams.

***Expand our product offerings to meet customer needs***

As the insurance market constantly evolves around the changing needs of consumers, we believe it is necessary for us to continuously expand our product offerings in order to attract new policyholders as our customers and remain competitive. As such, we intend to also provide investment and asset management services and obtain necessary licenses in the future. As China's economy continues to experience rapid growth, the internationalization of Renminbi is becoming an undeniable trend in the future. In light of the new trend, we intend to capture this opportunity by expanding our range of products by offering offshore Renminbi products and services to meet the evolving market demand. We believe that our long-term success and growth will largely depend on our ability to provide products and services that meet our customers' needs in the existing and new market.

Our Directors anticipate that the costs for expanding our product offerings as discussed above will be approximately US$4.6 million, including approximately US$4.0 million on developing our investment and asset management services and obtain necessary licenses and approximately US$600,000 on developing offshore Renminbi products and services.

***Enhance the efficiency of the document signing process for our customers through the implementation of an integrated digital platform***

Insurance products have traditionally involved a cumbersome document signing process by individual customers, i.e. the policyholders, which often required multiple physical documents and in-person meetings. This process not only slowed down transactions but also increased the potential for errors and misunderstandings. Customers had to navigate through various forms and signatures, making the experience less efficient and more time-consuming. As a result, both agents and customers faced challenges in completing transactions smoothly. This outdated method highlighted the need for more streamlined and efficient solutions in the insurance industry. We intend to apply the use of proceeds to develop and build a new integrated digital platform that will streamline the contract and document signing process using a computerized system. We also intend to prepare a marketing plan promoting the integrated digital platform. While we recognize that face-to-face sales efforts and detailed explanations of insurance products will remain essential for specific insurance products, such as life insurance, we anticipate that the integrated digital platform will assist customers more broadly in the insurance purchasing process. This platform is expected to enhance our operational efficiency and generate additional sales revenue in the coming years.

Our current plan is to launch the integrated digital platform in approximately six months. Additionally, we intend to minimize our reliance on open source code in developing the platform based on our in-house development capability, ensuring that we maintain full control over our technology and processes.

Our Group has actively engaged in research and development within the information technology sector, primarily through our subsidiary, Kepler Innovative Technology Limited. We have commenced to engage in the development of business-related software for our customer since November 2023. Leveraging on our experience in information technology development, we believe we possess the necessary capabilities to effectively execute the aforementioned strategy to develop and build our own integrated digital platform.

Our Directors anticipate that the costs for developing and launching the platform as discussed above will be approximately US$4.6 million, including approximately US$2.0 million on developing the platform, approximately US$50,000 on getting relevant approval from the Hong Kong Insurance Authority, and approximately US$500,000 on launching and promoting the platform and US$2.1 million for rolling out of such platform to U.S. and South east Asia.

**OUR BUSINESS MODEL**

The diagram below illustrates our existing business model:

![](formdrs_018.jpg)

Our Group acts as an intermediary between insurance policyholders as our customers and the Insurance Companies by facilitating the purchase and management of insurance policies. Our Group establishes business relationships with the Insurance Companies by entering into the broker agreements. We provide services through our Channels, which consist of (i) Referrers which are individuals or firms who possess well-established business networks and effectively utilize those connections to introduce and connect potential customers to our Group, allowing us to offer insurance products and provide insurance brokerage services to those referred customers. When our Referrers introduce potential customers to our Group, our internal licensed technical representatives, registered with the Hong Kong Insurance Authority and employed by our Group, will provide services to these customers; and (ii) Consultants which are individuals registered with the Hong Kong Insurance Authority as licensed technical representatives and accredited to our Group, and engaged by our Group as external technical representatives to seek and identify potential customers and to provide services directly on our Group's behalf to customers and potential customers in negotiating contracts of insurance, and play a pivotal role in providing advice and guidance to our customers, helping them to understand their insurance needs and select appropriate insurance products. Occasionally, our Consultants will provide services on our Group's behalf to customers referred to us by our Referrers. Although our Group delivers our services to the customers through our Channels, we believe that it is the industry norm that the independent insurance brokers treat the policyholders as their customers.

During the course of our business operations, we will conduct financial needs analysis for customers who need long term insurance products and schemes and make recommendations to the customers concerning the selection by them. Our customers will enter into the product purchase contracts with the Insurance Companies and pay contributions to the Insurance Companies directly. The Insurance Companies, which develop the insurance products, would remunerate our Group on a commission fee basis for services provided by our Group to the customers. Although broker commission income are paid to us by the Insurance Companies, the policyholders are our customers whom we provide services to. We consider that the arrangement (as described in the above diagram) will not lead to conflicts despite commission income is paid by the Insurance Companies based on that our primary focus is to provide advice and information to our customers based on their specific objectives, needs, and concerns and our Group is committed to offering customers a wide range of comprehensive and high-quality product options by establishing strong business relationships with multiple Insurance Companies and conducting thorough due diligence on their products. This enables our customers to make informed decisions when selecting the most suitable products for their individual requirements.

The aforementioned relationships among the policyholders as customers, authorized insurers as Insurance Companies, insurance brokers and Channels are common across the insurance brokerage industry in Hong Kong. Our customers directly enter into product purchase contracts with the Insurance Companies, and our Group is not a party to these contracts. We would enter into a Master Client Agreement with our customers setting out the terms and conditions for providing insurance brokerage services to our customers. Our customers would also sign, among others, a Master Client Agreement, Financial Needs Analysis Form, a Suitability Questionnaire and certain Applicant's Declarations  ****to ensure that the insurance products our customers purchased are suitable for them and consistent with their requirements and risk preferences. If inappropriate products are recommended by us or by our Consultants to and purchased by the customers, our Group will need to bear the liabilities, subject to the indemnity provided by the relevant Consultants under the contracts for services. On the other hand, if the products themselves have defects or if there are misrepresentations in the Insurance Companies' documentations, the Insurance Companies would bear the liabilities. They are responsible for the quality and accuracy of their products and the information provided to customers. In summary, our Group assumes liability for the recommendations made by our us or by our Consultants, while the Insurance Companies are accountable for any defects or misrepresentations in their products and accompanying documentation.

As of September 30, 2025, we had collaborated with 22 Insurance Companies in Hong Kong, including, among others, AIA Group Limited, AXA China Region Insurance Company Limited, Prudential Hong Kong Limited and Manulife (International) Limited, and are working with 227 Channels, including 198 Referrers and 29 Consultants, to offer a comprehensive portfolio of insurance products to our customers. Our customers will have access to a diverse range of insurance products tailored to their specific requirements.

**OUR PRODUCTS AND SERVICES**

Our Group is principally engaged in the insurance brokerage business in Hong Kong. We also provide other ancillary services, including the provision of immigration services and software upgrade and maintenance services.

**Insurance Brokerage Services**

We market and sell insurance products to potential policyholders as our customers which focus on meeting the insurance needs of institutions and individuals, and are responsible for the after-sale services of our customers such as policy review and claims assistance. Our Group is entitled to receive broker commission income from Insurance Companies for brokering the sale of their products. The insurance products we sell are underwritten by Insurance Companies in Hong Kong.

Our main products are life, saving and health insurance products. Revenue generated from broker commission income from life, saving and health insurance products accounted to approximately HK$150.6 million, HK$137.4 million and HK$190.8 million, or approximately 95.0%, 95.7% and 97.9% of our total revenue for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, respectively.

In addition, we also offer other general insurance products including travel insurance and car insurance.

***Life, saving***  ***and health insurance products***

Life insurance is a major component of Hong Kong's insurance market. According to relevant industry data prepared by China Insights Consultancy, life insurance accounted for 45.2% of the insurance market in Hong Kong based on contribution payments in 2024. Life insurance is primarily structured to mitigate the financial risk associated with the death of insured individuals. Its purpose is to minimize the impact of their demise on their dependents, particularly if the insured individuals serve as the main income providers for their families. By offering a death benefit, life insurance provides financial support to dependents, helping to cover their ongoing expenses and financial needs.

Due to Hong Kong's rapidly aging population, high savings rate, sustained economic development, rising household income, strong support from government policies and regulations, and enhanced risk protection awareness, we expect that Hong Kong's life insurance sector will experience faster growth than the most of other insurance sectors.

Saving insurance in Hong Kong provides individuals or families with a structured way to accumulate savings while enjoying insurance protection. It typically involves regular premium payments that help policyholders build up a cash value over time, which can be accessed through withdrawals or loans. Key features often include guaranteed returns, annual bonuses, and maturity benefits, making it suitable for long-term financial planning, such as funding education, retirement, or other major life goals. Savings insurance in Hong Kong is commonly bundled with life insurance coverage.

Health insurance products includes types of medical insurance and accident insurance. These products in Hong Kong provides coverage for hospital stays, outpatient treatments, and other healthcare expenses. It can cover both public and private healthcare services, with varying levels of coverage and premium costs. Many employers in Hong Kong provide basic medical insurance as part of their employee benefits package.

***General insurance products***

Our general insurance products include products such as travel insurance and car insurance.

Travel insurance in Hong Kong offers protection for individuals or families during their trips, both within and outside of Hong Kong. It typically covers expenses related to trip cancellation or interruption, medical emergencies, lost or stolen luggage, and other travel-related issues.

Car insurance in Hong Kong is mandatory for all vehicle owners, as required by law. The minimum coverage includes third-party liability, which covers damages or injuries caused to other parties in an accident. Drivers can also opt for additional coverage, such as comprehensive insurance, which includes protection for their own vehicle, as well as personal accident and medical coverage.

**Other services**

***Immigration services***

Complementary to our insurance brokerage services, we also provide immigration services to our customers, where we offer guidance to our customers on the most suitable visa or immigration option based on their individual circumstances and objectives, as well as assist with the preparation and submission of visa application. The immigration services are provided through dedicated personnel which act as our agents with specific knowledge and experience in the field. Distinct from our Channels, these personnel specialize solely in immigration services and do not operate in the insurance sector. This approach ensures that our customers receive expert guidance and support tailored to their immigration needs.

We currently collaborate with two dedicated personnel specializing in immigration services. When our customers engage us for immigration services, we would work with these personnel to provide specialized advice and services to them. Upon receiving service fees from our customers, we would remit a specified percentage to these personnel as agency fees determined based on the scope of work and the time required for the personnel to deliver services to the customers.

***Software Upgrade and Maintenance Service***

In addition, since November 2023, through our subsidiary, Kepler Innovative Technology Limited, we have also commenced to engage in the development of business-related software for our customers. The workflow involves (i) receiving a specific software upgrade or maintenance order from our customers; (ii) collaborating with a third-party development company for the upgrade or maintenance company for the development of the software, where project specifications, timelines, and deliverables were discussed; (iii) monitoring the progress and communicating with the third-party development company on any feedback from our customers during the software upgrade and development phase; and (iv) receiving payment from the customer and disbursing a portion of that payment as commission to the third-party development company.

The following table illustrates the breakdown of our revenue by segment for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the year ended March 31** | **For the six months ended 30 September** | **For the six months ended 30 September** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** |
|  | HK$'000 | % | HK$'000 | % | HK$'000 | % |
| ***Insurance products*** |  |  |  |  |  |  |
| Life, saving and health insurance | 149401 | 95.0 | 137399 | 95.7 | 187692 | 97.9 |
| General insurance | 240 | 0.2 | 239 | 0.2 | 3297 | 1.7 |
| ***Immigration services*** | 7403 | 4.7 | 5550 | 3.9 | 653 | 0.4 |
| ***Software upgrade and maintenance service*** | 324 | 0.2 | 395 | 0.2 |  |  |
| **Total** | 157368 | 100 | 143583 | 100 | 191642 | 100 |

---

**COLLABORATION WITH INSURANCE COMPANIES**

Insurance Companies are authorized insurers under the Insurance Ordinance in Hong Kong that provide different insurance products. As of September 30, 2025, we had built a network with 22 Insurance Companies in Hong Kong and established strategic partnerships in promotion, marketing and sale of insurance products.

We typically enter into broker agreements with the Insurance Companies, which shall remain in effect unless terminated by either party in accordance with the terms and conditions thereof. Pursuant to the terms of such broker agreements, we market and present the insurance products underwritten by the Insurance Companies, and the Insurance Companies issue policies and provide settlement, and pay us broker commission based on a percentage of the contribution payments we facilitate.

In general, the major terms of the broker agreements entered into between our Group and the Insurance Companies include, inter alia, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) our
 Group shall introduce business to the Insurance Companies and in return the Insurance Companies shall pay commission to our Group
 at a specified rate on a regular basis;

(ii) the
 Insurance Companies reserve the rights not to accept the business introduced by our Group;

(iii) in
 the event of an insurance policy being terminated by the relevant customer during the insured period, our Group may be required to
 refund to the Insurance Companies the relevant commission which it has received on a pro-rata basis;

(iv) the
 agreements have no expiry date and can be terminated subject to 15 days to one month's advance notice and/or under certain
 circumstances, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) winding
 up proceedings being instituted against our Group;

(b) our
 Group committing any act of misconduct which is or likely to be prejudicial to its interest; or

(c) any
 breach of conditions under the broker agreements.

In addition, if potential policyholders express interest in purchasing specific insurance products that are not offered by our collaborating Insurance Companies, we may refer them to other insurance brokers that partner with Insurance Companies providing those products. In such cases, we would receive commission income from the referred insurance brokers.

Our Group has cooperated with each of the top five insurance product providers, including Insurance Companies and the referred insurance brokers, in terms of broker commission income generated for the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, for over four years. Our five largest insurance product providers for the years ended March 31, 2025 and 2024 and for the six months ended September 30, 2025 accounted for approximately 74.7%, 70.7% and 73.6% of our total revenue in the respective period.

Examples of our top five insurance product providers for the years ended March 31, 2025 and 2024 and for the six months ended September 30, 2025 include reputable Insurance Companies that we collaborated with such as AIA Group Limited, AXA China Region Insurance Company Limited, FWD Life Insurance Company (Bermuda) Limited, Chow Tai Fook Life Insurance Limited, Prudential Hong Kong Limited and Manulife (International) Limited, all of which are well-regarded in Hong Kong's insurance market.

**OUR** **CHANNELS**

As of September 30, 2025, we had built a network of 227 Channels, including 198 Referrers and 29 Consultants. Our Channels are not employed by our Group but our Group has entered into contracts for services with our Channels who provide insurance brokerage or referral services to our Company.

***Referrers***

Our Referrers are responsible for utilizing their established business network to connect potential customers to us and we will provide tailored services directly to the customers they refer. By tapping into their networks, referrers play a crucial role in expanding our customer base. We pay referral fees to the Referrers in accordance with the terms and conditions stipulated in the contracts for services entered into between our Group and our Referrers for each customer they successfully introduce who completes a purchase of insurance products through us. The relationship between our Group and our Referrers are on non-exclusive basis, permitting our Referrers to engage in collaboration with other insurance brokerage service providers.

For the six months ended September 2025, one of our Referrers contributed over 10% of our total revenue in the year, being 24.4%. For the year ended March 31, 2025, one of our Referrers contributed over 10% of our total revenue in the year, being 11.1%. For the year ended March 31, 2024, two of our Referrers contributed over 10% of our total revenue in that period, being 13% and 12%, respectively.

In general, the major terms of the contracts entered into between our Group and the Referrers include, inter alia, the following:

(i) the Referrer refers potential policyholders to our Group. If the insurance application of the potential policyholders is accepted, and the premium is paid, the Referrer will receive a referral fee. Our Group are not responsible for any costs incurred by the Referrers, including travel or accommodation fee;

(ii) the Referrer must ensure that potential policyholders understand that insurance contracts are handled by our Group. The Referrer must comply with all applicable laws and cannot sell, explain, negotiate, or arrange contracts without proper authorization or licenses;

(iii) our Group will not be liable if relevant insurance application of the potential policyholder is rejected. the Referrers cannot collect premiums, contributions, or deposits from potential policyholders and must be handled by our Group. If premiums are unpaid, our Group or the Insurance Companies may cancel the policy;

(iv) referral fees are calculated based on a specified fee's schedule of our Group currently in force and the policies selected by the potential policyholders. Referral fees are settled monthly. Referral fees are paid to the Referrer by the end of the month, provided our Group receives confirmation of the commission payment from the Insurance Companies by the 15<sup>th</sup> of that month;

(v) the Referrers must indemnify and compensate our Group for any losses or costs (including legal fees) arising from the Referrers' breach of the contract or applicable laws; and

(vi) either party can terminate the agreement with seven days prior notice. Immediate termination may occur in situations such as material breaches of the agreement, non-compliance with regulatory requirements, or other specified circumstances. Referral fees are paid only for premiums received before the termination of the contracts.

***Consultants***

Our Consultants are responsible for promoting, arranging and negotiating contracts of insurance on our behalf with our customers in accordance with all applicable codes, rules, laws and regulations of the relevant regulatory bodies and government authorities in Hong Kong and are remunerated on a commission basis by our Group for the insurance products they have successfully arranged. Our Consultants are registered with the Hong Kong Insurance Authority as licensed technical representatives. Acting as agents of our Group, they rely on our license as insurance broker company in order to engage in brokerage activities with our customers. When our Consultants accomplish new business and produce broker commission income for our Group through the sale of various insurance products in the course of provision of brokerage services to our customers who in turn enter into insurance policy contracts with the Insurance Companies, our Group pay commissions to our Consultants in accordance with the terms and conditions stipulated in the contracts for services entered into between our Group and our Consultants. The relationship between our Group and our Consultants are on exclusive basis, whereby our Consultants are only permitted to represent or promote products offered by our Group under the terms of the contracts for services.

In general, the major terms of the contracts entered into between our Group and the Consultants include, inter alia, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Consultants are entitled to solicit proposals or applications for insurance products to be issued and published by Insurance Companies;

(ii) the
 Consultants are required to participate in meeting and activities of our Group so as to equip themselves with the necessary knowledge
 to perform his duties;

(iii) the
 Consultants shall comply with all legislation, statutory rules and regulations of Hong Kong;

(iv) during
 the term of the contracts, and for a period of 24 months after termination, the Consultant shall not represent, promote or otherwise
 try to sell in Hong Kong any lines or products that compete with our products;

(v) the
 commission rates payable to Consultants are specified in a commission's schedule of our Group currently in force, which are
 typically structured as a percentage of the commissions earned by the Group from Insurance Companies for the policies facilitated
 by the Consultants. These rates may vary depending on the type of insurance product and the volume of business generated by the Consultant;

(vi) payments
 to Consultants are typically made after the Group receives the corresponding commission income from the Insurance Companies.
 In most cases, the payment to Consultants occurs one month after the Group receives the commission income; and

(vii) either
 party can terminate the agreement with seven days prior notice. Immediate termination may
 occur in situations such as material breaches of the agreement, non-compliance with regulatory
 requirements, or other specified circumstances.

**CUSTOMERS**

We sell insurance products to both individuals and institutional policyholders as our customers through our Channels. As an insurance broker in Hong Kong, our Group is required under the Insurance Ordinance in Hong Kong to act for the interest of policyholders and potential policyholders. All documents with our customers were executed in Hong Kong. Through provision of relevant advices, our Group is entitled to receive broker commission income from Insurance Companies as a result of arrangement of insurance products to our customers. Upon engagement with our customers to provide insurance brokerage services, we would enter into a Master Client Agreement with our customers setting out the terms and conditions for providing services to our customers. Our customers would also sign, among others, a Financial Needs Analysis Form, a Suitability Questionnaire and certain Applicant's Declarations to ensure that the insurance products our customers purchased are suitable for them and consistent with their requirements and risk preferences.

For the years ended March 31, 2025 and 2024 and for the six months ended September 30, 2025, we had engaged with more than 2,800, 1,700 and 2,116 policyholders, respectively. By providing premium services to our customers, we strive to build a loyal customer base that generates referral and cross-selling opportunities, and that become returning customers.

**SALES AND MARKETING**

We believe that based on our proven track record, our relationships with our Channels and policyholders, our extensive supply network, our reputation and our years of experience in insurance brokerage, we do not rely heavily on marketing and promotional activities. Our sales and marketing channels include seminars, exhibitions and surveys.

Our sales and marketing team (including our internal technical representatives and salesman) are generally responsible for liaising and maintaining our relationships with existing Channels and sourcing new Channels and keeping abreast of market developments and potential business opportunities. Our internal technical representatives provide services to policyholders as our customers and follow-up administrative works.

**QUALITY CONTROL**

We believe that the quality of our services is essential to the success of our business and place great emphasis on quality control. To monitor and further improve the quality of the brokerage services we offer, we proactively collect feedback from our customers and make adjustments and improvement accordingly.

In addition, we actively conduct due diligence on new products facilitated by our Group. This involves preparing comprehensive due diligence reports and gathering relevant information and materials pertaining to the new products offered by the Insurance Companies through our Group. We undertake thorough research to understand the features of different products and produce reports for product comparison and analysis. These reports serve as valuable resources for us and also our Consultants, enabling us to make informed decisions and provide better guidance to our customers. By conducting diligent research and analysis, we aim to ensure that the products we offer align with our customers' needs and meet our stringent quality standards.

In addition, our Group conducts a review of the suitability analysis signed by each customer before making any insurance recommendations either by our Consultants or directly by our Group's internal technical representatives. This review is primarily carried out by our management team, which assess the individual needs and circumstances of each customer to ensure that the proposed insurance solutions are appropriate.

In addition to this internal review, we also maintain oversight of the actions taken by our Referrers throughout the referral process. We enforce a strict guideline for our Referrers regarding their conduct during the referral process. Referrers should, among others, clarify to potential policyholders that they are acting solely as referrers, provide our Group's contact details to potential customers for services, and notify the potential customers that they are entitled to referral fees payable by our Group for successful referrals. On the other hand, they are prohibited from offering any insurance advice or recommendations or persuading potential customers to purchase any insurance products. They are also prohibited from collecting any premium or fees directly from the potential customers. This oversight ensures that all referrals made align with regulatory requirements and best practices.

We monitor the performance of our Channels to verify compliance and effectiveness in serving our customers, thereby maintaining the integrity of our brokerage process and protecting the interests of our customers as policyholders.

**COMPETITION**

We believe that our Group's major competitors are private companies providing insurance brokerage services in Hong Kong with different scales of operation. According to relevant industry data prepared by China Insights Consultancy, the insurance broker companies in Hong Kong could be divided into three tiers based on the gross insurance brokerage income. Our Group is in the 2nd Tier with income ranging between HKD10 million and HKD300 million. In 2024, there were a total of 45 companies in the category of 2nd Tier insurance broker companies in Hong Kong. Our Group ranked around 5<sup>th</sup> among all 2nd Tier insurance broker companies in Hong Kong in terms of gross insurance brokerage income in 2024.

**INSURANCE**

Our Group maintains insurance coverage for, among other things, professional indemnity liability for insurance broker insurance, employees' compensation, employees' hospitalization and damage to property.

**EMPLOYEES**

The following table sets forth a breakdown of our employees categorized by function as of the date of this prospectus.

---

| | |
|:---|:---|
| **Function** | **Number of Employees** |
| Management | 3 |
| Accounting | 6 |
| Sales and marketing | 25<br> (including 6 licensed technical representatives) |
| Administration | 13 |
| Information technology | 1 |
| **Total** | 48 |

---

**Remuneration policy**

The remuneration package of our Group offered to our employees includes salary, discretionary bonuses and other allowances. In general, our Group determines employees' salaries based on each employee's qualifications, position and seniority. Our Group has designed an annual review system to assess the performance of our employees, which forms the basis of our decisions with respect to salary raises, bonuses and promotions. We give preferences to internal promotion should opportunities arise.

Our Group provides a Mandatory Provident Fund plan for all qualifying employees in Hong Kong.

**PROPERTIES**

We do not own any property and we rent the following leased property from independent third parties for our operations:

---

| | | |
|:---|:---|:---|
| **Property address** | **Use of the property** | **Term** |
| Suits 3902-3, 39th Floor, Tower 6, The Gateway, Harbour City, Kowloon, Hong Kong | Office | April 19, 2024 to April 18, 2027 |

---

**INTELLECTUAL PROPERTY**

As of the date of this prospectus, we have registered the following trademarks in Hong Kong:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Trademark** | **Registration number** | **Name of applicant** | **Class** | **Place of registration** | **Date of registration** | **Expiry date** |
| ![](formdrs_015.jpg) | 305241375 | Kepler Global Advisors Limited | 35, 36, 41 | Hong Kong | April 7, 2020 | April 6, 2030 |
| ![](formdrs_014.jpg) | 305241384 | Kepler Global Advisors Limited | 35 | Hong Kong | April 7, 2020 | April 6, 2030 |
| ![](formdrs_013.jpg) | 305241401 | Kepler Global Advisors Limited | 36, 41 | Hong Kong | April 7, 2020 | April 6, 2030 |
| ![](formdrs_012.jpg) | 306283053 | Kepler Global Advisors Limited | 35, 36, 41 | Hong Kong | June 29, 2023 | June 28, 2033 |

---

As of the date of this prospectus, we have registered the following domain names:

---

| | | | |
|:---|:---|:---|:---|
| **Domain name** | **Registered owner** | **Registration date** | **Expiry date** |
| kplga.com | KWOK Yu Hin | October 31, 2023 | October 31, 2028 |
| equator-ap.com | KWOK Yu Hin | May 20, 2019 | May 20, 2028 |

---

**LEGAL AND REGULATORY COMPLIANCE**

During the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025, and up to the date of this prospectus, we have obtained the licenses, approvals and permits that are required and material for our business and operations. Further, we have complied in all material aspects with the relevant laws and regulations and there was no incident relating to our material licenses that are material to our business and operations which constitutes non-compliance during the years ended March 31, 2025 and 2024 and the six months ended September 30, 2025. The following table sets out the details of the material license held by our Group as of the date of this prospectus:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **License** | **Holding entity** | **Issuing authority** | **Date of grant** | **Date of expiry** |
| Insurance Broker Company | Equator Asset Protection Limited | Insurance Authority | December 10, 2021 | November 20, 2026<br>|

---

We have not experienced any refusal of the renewal application of any material licenses for our operations and business. For details on the approval, permits, consents, and licenses for our business and operations, see "Regulations" in this prospectus.

**LITIGATION AND POTENTIAL CLAIMS**

From time to time, we may become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract and labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material adverse effect on our business, financial condition, cash-flow or results of operations. We may periodically be subject to legal proceedings, investigations and claims relating to our business. We may also initiate legal proceedings to protect our rights and interests.

**REGULATION**

*The following sets forth a summary of the major laws and regulations applicable to our business in Hong Kong.*

**GENERAL** 

**Occupational Safety and Health Ordinance**

The Occupational Safety and Health Ordinance (Chapter 509 of the Laws of Hong Kong) provides for the safety and health of employees and improves the safety and health standards applicable to certain hazardous processes, plant and substances used or kept in workplaces.

Employers shall as far as reasonably practicable ensure the safety and health of their employees in their workplaces by:

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

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

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

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

● providing and maintaining a safe and healthy work environment.

Failure to comply with the above provisions constitutes an offence and the employer is liable on summary conviction to a fine of HK$3,000,000 and on conviction on indictment to a fine of HK$10,000,000. An employer who fails to comply with the above provisions intentionally, knowingly or recklessly commits an offence and is liable on summary conviction to a fine of HK$3,000,000 and to imprisonment for six months, and on conviction on indictment to a fine of HK$10,000,000 and to imprisonment for two years.

The Commissioner for Labour may serve an improvement notice on an employer or occupier if the Commissioner is of the opinion that they are contravening, or likely to continue or repeat a contravention of, this Ordinance or the Factories and Industrial Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong). Failure to comply with an improvement notice without reasonable excuse constitutes an offence punishable by a fine of HK$400,000 and imprisonment for 12 months. Furthermore, the Commissioner may serve a suspension notice directing an activity not to be undertaken, or premises, plant, or substances not to be used, if there is an imminent risk of death or serious bodily injury. Contravening a suspension notice without reasonable excuse constitutes an offence punishable by a fine of HK$1,000,000 and imprisonment for 12 months, together with a further fine of HK$100,000 for each day during which the offender knowingly and intentionally continues the contravention.

**Employees' Compensation Ordinance**

The Employees' Compensation Ordinance (Chapter 282 of the Laws of Hong Kong) establishes a no-fault and non-contributory employee compensation system for work injuries and lays down the rights and obligations of employers and employees in respect of injuries or death caused by accidents arising out of and in the course of employment, or by prescribed occupational diseases. The Employees' Compensation Ordinance applies equally to full-time and part-time employees who are employed under service agreements or apprenticeships.

If an employee sustains an injury or dies as a result of an accident arising out of and in the course of his employment, his employer is generally liable to pay compensation under the Employees' Compensation Ordinance even if the employee might have contributed to the accident that occurred.

Pursuant to the Employees' Compensation Ordinance, all employers (including contractors and subcontractors) are obliged to take out insurance policies to cover their liabilities arising from the Employees' Compensation Ordinance and the common law as a result of injuries sustained by their employees in the course of their employments. Similarly, under section 32 of the Employees' Compensation Ordinance, an employee who suffers incapacity or dies arising from an occupational disease is entitled to receive the same compensation as that payable to employees injured in occupational accidents. Further, section 40 of the Employees' Compensation Ordinance provides that an employer is not permitted to 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 that specified in the Employees' Compensation Ordinance.

**Minimum Wage Ordinance**

With effect from May 1, 2026, the Minimum Wage Ordinance (Chapter 608 of the Laws of Hong Kong) provides for a statutory minimum wage level at HK$43.1 per hour for every employee employed under the Employment Ordinance (Chapter 57 of the Laws of Hong Kong). Any provision of the employment contract which purports to extinguish or reduce the right, benefit or protection conferred on the employee by the Minimum Wage Ordinance is void.

**Mandatory Provident Fund Schemes Ordinance**

The Mandatory Provident Fund Schemes (the "**MPF**") are defined contribution retirement scheme managed by authorized independent trustees. The Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) provides that an employer shall participate in a MPF scheme and make contributions for its employee who is aged between 18 to 65. Under the MPF scheme, an employer and its employee are both required to contribute 5% of the employee's monthly relevant income as mandatory contribution for and in respect of the employee, subject to the minimum and maximum relevant income levels for contribution purposes. The maximum level of relevant income for contribution purpose is currently HK$30,000 per month or HK$360,000 per year, and the maximum amount of contribution payable by the employer to the MPF is HK$1,500 per month. 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 and imprisonment for three years, and to a daily penalty of HK$500 for each day on which the offence is continued.

**Occupiers Liability Ordinance**

The Occupiers Liability Ordinance (Chapter 314 of the Laws of Hong Kong) regulates the obligations of a person occupying or having control of premises on injury resulting to persons or damage caused to goods or other property lawfully on the land.

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

**INDUSTRY SPECIFIC**

Our Group is principally engaged in provision of insurance brokerage services in Hong Kong with the main products covering life, saving and health insurance products and other general insurance products.

**Regulatory landscape of the insurance business**

Insurers and insurance intermediaries are regulated by the Hong Kong Insurance Authority (the "**IA**") with effect from September 23, 2019. Equator, one of our operating subsidiaries, is approved as a licensed insurance broker company by the IA as a body of insurance brokers, to carry out both long-term (including linked long-term) and general business, and is required to act in accordance with the Insurance Ordinance (Chapter 41 of the Laws of Hong Kong). Whilst our Group maintains in strict compliance with all of the requirements imposed on our insurance brokerage business, in the event that we failed to do so this could impact our regulatory position and ability to operate our business.

The Insurance Ordinance (along with its subsidiary legislation) provides the regulatory framework for the business of insurers and insurance intermediaries (covering insurance agents and brokers) in Hong Kong. The Insurance Ordinance provides that a person must not carry on a regulated activity, or must not hold out that the person is carrying on a regulated activity, in the course of business or employment, or for reward unless the person holds an appropriate type of insurance intermediary license or is exempt under the Insurance Ordinance. Regulated activities include (i) negotiating or arranging a contract of insurance; (ii) inviting or inducing a person to enter into a contract of insurance (or attempting to do so); (iii) inviting or inducing a person to make a material decision in relation to a contract of insurance (or attempting to do so); and (iv) giving regulated advice.

*Types of Licensed Insurance Brokers*

The licensing regime under the Insurance Ordinance prescribes two types of licensed insurance brokers:

&nbsp;&nbsp;&nbsp;&nbsp;(i) licensed
 insurance broker companies, which are companies that are granted a license to carry out regulated activities and to
 perform the act of negotiating or arranging an insurance contract as an agent of any policy holder or potential policy holder; and

(ii) licensed
 technical representatives (broker), which are individuals who are granted a license to carry on regulated activities,
 as an agent of any licensed insurance broker company.

*Application for licensing*

A license granted to a licensed insurance broker company or licensed technical representative by the IA is generally valid for three years or, if the IA considers it appropriate in a particular case, another period determined by the IA. The IA maintains a register of licensed intermediaries on its website.

**Requirements for Insurance Broker Companies**

Under the Insurance Ordinance, an applicant who is, is applying to be, or is applying for a renewal of a license to be, a licensed insurance broker company is required to satisfy the IA that it is a fit and proper person. In addition, the responsible officer(s), controller(s), and director(s) (where applicable) of a licensed insurance broker company are also required to be fit and proper persons. These "fit and proper" requirements aim at ensuring that the licensed insurance brokers are competent, reliable and financially sound, and have integrity.

Under the Insurance Ordinance, a licensed insurance broker company is required to have a responsible officer approved by the IA. If the licensed insurance broker company ceases to have a responsible officer, the IA may suspend the license of the licensed insurance broker company and ultimately revoke the license if no application for the approval of an individual as a responsible officer is made within 90 days or if such application is rejected. On the other hand, if a licensed insurance broker company appoints or terminates a licensed technical representative (broker) or terminates a responsible officer, it is required to notify the IA in writing at least 14 days before such appointment or 14 days after such termination.

The Insurance Ordinance also imposes conduct requirements for licensed insurance broker companies in relation to its appointed licensed technical representatives (broker). In particular, a license insurance broker company must establish and maintain proper controls and procedures for securing compliance with the conduct requirements in the Insurance Ordinance (section 90) by the company and the licensed technical representatives (broker) appointed by the company.

The Insurance Ordinance also imposes requirements on the licensed insurance broker companies in relation to the following aspects:

● Share capital: it must always maintain a paid-up share capital of not less than HKD500,000;

● Net assets: it must always maintain net assets of not less than HKD500,000;

● Professional indemnity ()"**PI**") insurance: it must have PI insurance with a minimum limit of indemnity for any one claim and in any one insurance period of 12 months of not less than, broadly speaking, the greater of either HKD3 million or two times its aggregate insurance brokerage income in the previous 12 months (up to a maximum of HKD75 million)

● Client accounts: it must keep separate client accounts and handle client monies in compliance with section 71 of the Insurance Ordinance; and

● Proper books and accounts: it must keep proper books and accounts to ensure compliance with the Broker Rules and section 71 of the Insurance Ordinance and facilitate audit under sections 72 to 73 of the Insurance Ordinance.

As at the date of this prospectus, Equator Asset Protection Limited, as a licensed insurance broker company in Hong Kong, is in compliance with the above requirements.

The IA has also issued other codes and guidelines (the "**IA Guidelines**") pursuant to section 133 of the Insurance Ordinance to be read collectively and in alignment with the Code of Conduct for Licensed Insurance Brokers published by the IA in September 2019 pursuant to section 95 of the Insurance Ordinance (the "**IA Code**"). The IA Code also suggested the controls, procedures and supervisions which the licensed insurance broker company should have towards its licensed technical representatives (broker).

The Insurance Ordinance (and rules, regulations, codes and guidelines administered or issued by the IA) also includes requirements, which focus on the interactions which licensed insurance brokers have with policyholders and potential policyholders when carrying on regulated activities. These requirements include: (i) the statutory conduct requirements, with which licensed insurance brokers must comply in carrying on regulated activities, in sections 90 and 92 of the Insurance Ordinance; (ii) the relevant requirements set out in the rules, regulations, codes and guidelines made or issued under the Insurance Ordinance; and (iii) the general principles, standards and practices set out in the IA Code.

**Regulation Related to Personal Data**

The nature of our business inevitably requires that it collects, keeps, and makes use of our policyholders' and potential customers' personal data on a frequent and regular basis. As a result, we have to follow the data protection principles of the Personal Data Privacy Ordinance (Chapter 486 of the Laws of Hong Kong) (the "**PDPO**"). We inform our policyholders of their rights under the PDPO and the purpose for which their data may be used.

Although we owe a duty of confidentiality to our customers under the relevant laws and regulations on protection of data privacy as well as under the general law of confidentiality, it is required, and is entitled to report any suspicious cases to the relevant authorities. Legislation in Hong Kong, such as the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong), the Drug Trafficking (Recovery of Proceeds) Ordinance (Chapter 405 of the Laws of Hong Kong), the Organized and Serious Crimes Ordinance (Chapter 455 of the Laws of Hong Kong), and the United Nations (Anti-Terrorism Measures) Ordinance (Chapter 575 of the Laws of Hong Kong) require that disclosure of certain suspicious transactions be made under the legislation. Such disclosures are not to be treated as a breach of any restriction upon the disclosure of information imposed by contract or by any enactment, rule of conduct or other legislation provision, and any person making such disclosure shall not be liable in damages for any loss which may arise out of such disclosure.

Further, section 58 of the PDPO provides that if personal data is used for any of the purposes referred to in section 58(1) of the PDPO (which includes but is not limited to prevention or detection of crime, prosecution or detention of offenders, and prevention, preclusion or remedying of unlawful or seriously improper conduct or dishonesty or malpractice by persons, etc.) ("Exempted Matters") and the application of the personal data protection principle in relation to such use would likely prejudice any of the Exempted Matters, then: (i) such personal data is exempted from the provisions of such data protection principle; and (ii) if there are proceedings against any person for a contravention of any of those provisions of the PDPO, it shall be a defense if that person can show that they have reasonable grounds for believing that failure to so use the data would have been likely to prejudice any of the Exempted Matters.

Part 6A of the PDPO imposes regulations on the use and provision of personal data in direct marketing. Under Part 6A, if customers' personal data is intended to be used in direct marketing, customers must be notified and their consent must be obtained before using or transferring any of their personal data to another person. Furthermore, customers must be notified of their opt-out right when using their personal data in direct marketing for the first time. Customers are entitled to require us to cease using their personal data at any time. Customers shall not be charged for compliance with Part 6A of the PDPO.

**MANAGEMENT**

Our current directors and executive officers, their ages and positions are as follows:

---

| | | |
|:---|:---|:---|
| **Directors and Executive officers** | **Age** | **Position** |
| Mr. KWOK Yu Hin | 42 | Chairman of the Board, Director and Chief Executive Officer |
| Mr. TAM King Yeung Alvin | 39 | Director |
| Dr. CHENG Chak Ho Tony | 55 | Chief Financial Officer |
| Mr. AU YEUNG Po Fung | 58 | Independent Director |
| Mr. CHUNG Kwok Mo John | 57 | Independent Director |
| Mr. TSE Kwok On Ernest | 59 | Independent Director |
| Mr. ZHU James | 35 | Independent Director Nominee |

---

Below is a summary of the business experience of each our executive officers and directors:

***Mr. KWOK Yu Hin,*** aged 42, is the chairman of our Board, Director and Chief Executive Officer, and is primarily responsible for overseeing the strategy and decision making of our Group. He has over 20 years of experience in the insurance industry. Before founding our Group, he was employed by Convoy Financial Services Limited from July 2005 to December 2015 with his last position as associate director. He received a bachelor of arts in accountancy degree from The Hong Kong Polytechnic University in December 2005.

We believe Mr. Kwok is well qualified to serve on our board of Directors based on his extensive operating and management experience and knowledge within our industry.

***Mr. TAM King Yeung Alvin,*** aged 39, is our Director and he is responsible for the overall strategic direction and development of our Group. Mr. Tam has over 13 years of finance performance control, multi-location finance team management and fund-raising. Prior to joining our Group in May 2019, from April 2012 to May 2016, Mr. Tam served as a financial consultant of Convoy Financial Services Limited, a financial brokerage company in the Hong Kong and South China region. From June 2016 to May 2019, Mr. Tam served as an operation manager of Asia One Asset Management Limited, a professional asset management company in Hong Kong. Mr. Tam obtained a bachelor's degree in commerce (Honors), majoring in accountancy from The Hong Kong Baptist University in November 2010.

We believe Mr. Tam is well qualified to serve on board of Directors based on his extensive work experience in finance.

***Dr. CHENG Chak Ho Tony,*** aged 55, is our Chief Financial Officer, and is primarily responsible for formulating corporate strategies, overall management of financial, mergers and acquisitions and capital market affairs of our Group. He has 33 years of experience in valuation and financial management and accounting. Prior to joining our Group in July 2024, Dr. Cheng has been the founder of BMI Group and the managing director of BMI Appraisals Limited since 2000.

Dr. Cheng graduated from the University of Hong Kong with a Master degree in Urban Design in 1994, and obtained an Honorary Doctorate of Philosophy from the Queen's University of Brighton in 2003. He is a Fellow of Chartered Institute of Management Accountants (FCIMA), Association of International Accountants (FAIA), Institute of Public Accountants (FIPA) and Institute of Financial Accountants (FFA). He is elected as President of Institute of Public Accountants Hong Kong on July 1, 2024.

***Mr. AU YEUNG Po Fung,*** aged 58, is our independent Director, the chairman of the audit committee, and a member of each of the compensation committee and nominating and corporate governance committee. He has more than 23 years of experience in managing Hong Kong listed companies' financial control/treasury and investments functions for leading PRC/Hong Kong property developers. From January 2001 to January 2005, Mr. Au Yeung was a senior manager of corporate strategy department of the Hong Kong Exchanges and Clearing Limited, and was primarily responsible for leading business development projects, evaluating mergers & acquisitions proposals and conducting financial analysis. From 2005 to 2021, he held senior positions in various property development companies, many of which are listed on the Hong Kong Stock Exchange. From 2005 to 2006, Mr. Au Yeung served as the chief financial officer of the Nanjing Landsea Properties. From 2006 to 2007, Mr. Au Yeung was employed by Greenland Hong Kong Holdings Limited (stock code: 337), with his last position as financial controller. From 2007 to 2011, Mr. Au Yeung served as the vice president and the chief financial officer of Powerlong Real Estate Holdings Limited (stock code: 1238). From October 2011 to December 2013, Mr. Au Yeung served as the chief executive officer of Sun Hung Kai Properties Limited (stock code: 16). From February 2014 to August 2014, Mr. Au Yeung served as a vice president and the chief financial officer of the Fosun Properties Holdings (stock code: 656). From October 2014 to July 2015, Mr. Au Yeung served as a vice president and the chief financial officer of TenReal Cultural Tourism Property Group, a hotel property developer in the PRC. From July 2016 to August 2017, Mr. Au Yeung served as the chief financial officer of South China Holdings Limited (stock code: 413). From August 2017 to January 2018, Mr. Au Yeung served as a vice president and the chief financial officer of Sansheng Holdings (Group) Limited (stock code: 2183). From March to October 2018, Mr. Au Yeung served as a vice president and the chief financial officer of Beijing Hua Group Co., Ltd. From February 2019 to January 2021, Mr. Au Yeung served as a vice president and general manager of Hua Dong (China) Holdings Group, a residential property developer in the PRC.

He has been an independent non-executive director of eBroker Group Limited (stock code: 8036) since June 2018, Redsun Properties Group Limited (stock code: 1996) since June 2018, Zhongliang Holdings Group Company Limited (stock code: 2772) since June 2019, ZhengYe International Holdings Limited (stock code: 3363) since July 2025, Powerlong Real Estste Holding Limited (stock code: 1238) since August 2025, Sunkwan Properties Group Limited (stock code: 6900) from October 2020 to July 2024, Zhenro Services Group Limited (stock code: 6958) from June 2020 to January 2026 each a listed company in Hong Kong.

Mr. Au Yeung obtained a bachelor's degree in business studies, majoring in Finance from the Hong Kong Polytechnic University in November 1990. He was admitted as fellow of the Association of Chartered Certified Accountants in November 2000, a fellow of the Hong Kong Institute of Certified Public Accountants in May 2003, a chartered financial analyst of the CFA Institute in September 2006, and a fellow of the Institute of Chartered Accountants in England and Wales in July 2015.

We believe Mr. Au Yeung is well qualified to serve on our board of Directors as an independent Director based on his extensive operating and management experience and knowledge in the industry.

***Mr. CHUNG Kwok Mo John,*** aged 57, is our independent Director, the chairman of the nominating and corporate governance committee, and a member of each of the audit committee and compensation committee. Mr. Chung has over 20 years of experience in auditing, financial management and corporate finance. Mr. Chung was an auditor in an international accounting firm from 1992 to 1999. From 2000, Mr. Chung had held several senior management positions, including chief financial officer, executive director and independent non-executive director, in a number of listed companies in Hong Kong. Mr. Chung is an independent non-executive director of Zhengye International Holdings Company Limited (a listed company on the Hong Kong stock exchange with stock code: 3363), BYD Electronic (International) Company Limited (a listed company on the Hong Kong stock exchange with stock code: 285), YTO International Express and Supply Chain Technology Limited (a listed company on the Hong Kong stock exchange with stock code: 6123), B & S International Holdings Ltd. (a listed company on the Hong Kong stock exchange with stock code: 1705) since March 2011, June 2013, December 2017 and February 2018, respectively, and was an independent non-executive director of Tokyo Chuo Auction Holdings Limited (a listed company on the Hong Kong stock exchange with stock code: 1939) from September 2018 to June 2025.

Mr. Chung graduated from Macquarie University, Australia in 1992 with a Bachelor of Economics degree, then became a member of CPA Australia in 1995 and that of Hong Kong Institute of Certified Public Accountants in 1996.

We believe Mr. Chung is well qualified to serve on our board of Directors as an independent Director based on his extensive financial management and corporate finance experience and knowledge in the finance industry.

***Mr. TSE Kwok On Ernest,*** aged 59, is our independent Director, the chairman of the compensation committee, and a member of each of the audit committee and nominating and corporate governance committee. Mr. Tse has over 26 years experiences in corporate finance in Hong Kong and throughout the asia-pacific region, with experience in IPO issuance, secondary market placement, equity issuance and convertible bonds. Mr. Tse is currently the deputy chief executive officer, managing director and head of global capital market at SBI China Capital Financial Services Limited. Prior to joining SBI China Capital, Mr. Tse worked in CIMB (Malaysia State Investment Bank Hong Kong Branch), CMBI, Ping An China and Southwest Securities served as senior management and managing director, responsible for the development of capital market business in Hong Kong, Greater China and Southeast Asia. In addition, Mr. Tse worked in CLSA Asia for 10 years. Mr. Tse actively involved in asia-pacific markets, including a number of global capital markets lead roles in his track record. Mr. Tse obtained a Master of Business Administration degree from University of Northern Virginia in June 2007. Mr. Tse is an independent director of TMD Energy Limited , a company listed on NYSE (Amex).

We believe Mr. Tse is well qualified to serve on our board of Directors as an independent Director based on his extensive corporate finance experience.

***Mr. ZHU James***, aged 35, will immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part, be appointed as our independent Director, and a member of the audit committee, compensation committee and nominating and corporate governance committee. Mr. Zhu has over 10 years of experience in legal practice, specializing in real estate finance, corporate governance, securities law, and bankruptcy matters in the United States.

Mr. Zhu has served as vice president and general counsel of XIN Development Group International, Inc. (a subsidiary of Xinyuan Real Estate, Co. Ltd., previously listed on NYSE) in New York since July 2023, and as secretary to the board of directors of Xinyuan Real Estate Co. Ltd. since February 2026, where he is responsible for overseeing daily legal operations, ensuring compliance with industry regulations and securities laws, and advising senior management on capital markets and corporate finance matters. Mr. Zhu has handled and facilitated a wide range of commercial and residential real estate transactions, including acquisitions, sales, senior and mezzanine financings, and retail leasing for anchor tenants. He has played a key role in various corporate transactions, such as spin-offs and private issuances under Regulation S and Regulation D. Mr. Zhu has also been involved in drafting and negotiating complex agreements, forbearance arrangements, and condominium offering plans, as well as leading property management and litigation strategies.

Prior to joining XIN Development Group International, Inc., Mr. Zhu was an associate attorney at Romer Debbas, LLP (formerly Katz and Matz, PC) in New York from May 2020 to July 2023, where he focused on real estate finance and transactions, advising institutional lenders on agency lending guidelines and affordable housing transactions, and handling all aspects of real estate purchase and financing transactions. From March 2016 to May 2020, Mr. Zhu served as a paralegal at the same firm, collaborating with major lending institutions and preparing closing documents for residential and commercial transactions.

Mr. Zhu received his Juris Doctor from New York Law School in 2020 and holds a Bachelor of Science in Applied Mathematics and Statistics and a Bachelor of Arts in Economics from Stony Brook University, obtained in 2012. He is admitted to practice law in the State of New York, the State of New Jersey, and before the United States District Courts for the Eastern and Southern Districts of New York.

We believe Mr. Zhu is well qualified to serve on our Board of Directors based on his extensive legal expertise and practical experience in capital markets and corporate governance.

**Family Relationships**

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

**Employment Agreements**

We have entered into employment agreements with each of our executive officers. The executive officers are entitled to a fixed salary and other company benefits, each as determined by the Board from time to time. We may terminate an executive officer's employment under applicable laws and regulations.

Each executive officer has agreed during and after the termination or expiry of his or her employment agreement, not to reveal to any person or use all information, know-how and records that is confidential or not, which may come to their knowledge during their employment, except as authorized or required by their duties to do so. The restriction shall cease to apply to information or knowledge which may come into the public domain.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our Directors or executive officers has, during the past 10 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 consists of five Directors, comprising two Directors and four independent Directors (with Mr. Zhu James being an independent director nominee as of the date of this prospectus). A director is not required to hold any shares in our Company to qualify to serve as a director. Subject to the Nasdaq Stock Market Listing Rules and disqualification by the chairman of the relevant board meeting, after making appropriate disclosures on the nature of the interest of any directors in such contract or transaction at or prior to its consideration and any vote in that matter to the board of directors in accordance with our post-offering amended and restated Memorandum and Articles, a director may vote with respect to any contract or transaction, or proposed contract or transaction, in which he or she is interested, and in voting in respect of any such matter, such director should take into account his or her directors duties. A director may exercise all the powers of the company to borrow money, mortgage its business, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any obligation of the company or of any third party.

**Board Diversity**

We seek to achieve board diversity through the consideration of a number of factors when selecting the candidates to our Board, including but not limited to gender, skills, age, professional experience, knowledge, cultural, education background, ethnicity and length of service. The ultimate decision of the appointment will be based on merit and the contribution which the selected candidates will bring to our Board.

Our Directors have a balanced mix of knowledge and skills. We have four independent Directors (with Mr. Zhu James being an independent director nominee as of the date of this prospectus) with different industry backgrounds, representing a majority of the members of our Board. Our Board is well balanced and diversified in alignment with the business development and strategy of our Group.

**Committees of the Board of Directors**

We have established an audit committee, a compensation committee and a nominating and corporate governance committee under the board of directors. We have adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*

Our audit committee consists of Mr. AU YEUNG Po Fung, Mr. TSE Kwok On Ernest, Mr. CHUNG Kwok Mo John and Mr. ZHU James (upon his appointment) and is chaired by Mr. AU YEUNG Po Fung. We have determined that each of these four director nominees satisfies the "independence" requirements of the Nasdaq Rules and meet the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. AU YEUNG Po Fung qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting processes and the audits of our financial statements. The audit committee is responsible for, among other things:

● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

● reviewing with the independent registered public accounting firm any audit problems or difficulties and management's responses;

● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

● discussing the annual audited financial statements with management and the independent registered public accounting firm;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any special steps taken to monitor and control major financial risk exposures;

● annually reviewing and reassessing the adequacy of our audit committee charter;

● meeting separately and periodically with management and the independent registered public accounting firm;

● monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

● reporting regularly to the board.

*Compensation Committee*

Our compensation committee consists of Mr. TSE Kwok On Ernest, Mr. AU YEUNG Po Fung, Mr. CHUNG Kwok Mo John and Mr. ZHU James (upon his appointment), and is chaired by Mr. TSE Kwok On Ernest. We have determined that each of these four directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our Directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

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

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or other similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

*Nominating and Corporate Governance Committee*

Our nominating and corporate governance committee consists of Mr. CHUNG Kwok Mo John, Mr. AU YEUNG Po Fung, Mr. TSE Kwok On Ernest and Mr. ZHU James (upon his appointment), and is chaired by Mr. CHUNG Kwok Mo John. We have determined that each of these four directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our Directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

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

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

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

● developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices; and

● evaluating the performance and effectiveness of the board as a whole.

**Foreign Private Issuer Exemption**

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

● Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, or from providing current reports on Form 8-K disclosing significant events within four (4) days of their occurrence, and from the disclosure requirements of Regulation FD.

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

● Exemption from the Nasdaq Rules applicable to domestic issuers requiring disclosure within four (4) business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq Rules, as permitted by the foreign private issuer exemption.

● Exemption from the requirement that our board of Directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

● Exemption from the requirements that director nominees are selected, or recommended for selection by our board of Directors, either by (i) independent directors constituting a majority of our board of Directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

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

Currently, we plan to rely on home country practices with respect to our corporate governance after we complete this offering.

**Controlled Company Exception**

We may also be eligible to utilize the controlled company exemptions under the Nasdaq corporate governance rules. We will be a "controlled company" within the meaning of Nasdaq Rules. As at the date of this prospectus, 68.16% of the issued share capital of our Company is owned by Mr. KWOK Yu Hin, our Director. Mr. KWOK Yu Hin therefore owns 68.16% of our total voting power as at the date of this prospectus. Following completion of this offering, 54.53% of the issued share capital of our Company will be owned by Mr. KWOK Yu Hin and Mr. KWOK Yu Hin will own 54.53% of our total voting power. Under the Nasdaq Rules, a company of which more than 50% of the voting power with respect to the election of directors is held by an individual, a company or a group of persons acting together is a "controlled company" and may elect not to comply with certain stock exchange rules regarding corporate governance, including the following requirements:

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| |
|:---|
| that a majority of its board of directors consist of independent directors; |
| that its director nominees be selected or recommended for the board's selection by a majority of the board's independent directors in a vote in which only independent directors participate or by a nominating committee comprised solely of independent directors, in either case, with a formal written charter or board resolutions, as applicable, addressing the nominations process and such related matters as may be required under the federal securities laws; and |
| that its compensation committee be composed solely of independent directors with a written charter addressing the committee's purpose and responsibilities. |

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**Duties of Directors**

Under Cayman Islands law, our Directors owe fiduciary duties at both common law and under statute, including a statutory duty to act honestly, in good faith and with a view to our best interests. When exercising powers or performing duties as a director, the director is required to exercise the care, diligence and skill that a reasonable director would exercise in the circumstances taking into account, without limitation, the nature of the company, the nature of the decision and the position of the director and the nature of the responsibilities undertaken by him and to exercise the skill they actually possess. In exercising the powers of a director, the directors must exercise their powers for a proper purpose and shall not act or agree to act in a manner that contravenes our Memorandum and Articles or the Companies Act. You should refer to "Description of Securities — Differences in Corporate Law" for additional information on our standard of corporate governance under Cayman Islands law.

**Compensation of Directors and Executive Officers**

For the year ended March 31, 2024, we paid an aggregate of nil and HKD$204,750 in cash (including remuneration, salaries and mandatory provident fund) to Mr. KWOK Yu Hin and Mr. TAM King Yeung Alvin, respectively. For the year ended March 31, 2025, we paid an aggregate of HK$0.4 million and HK$1.0 million in cash (including remuneration, salaries and mandatory provident fund) to Mr. KWOK Yu Hin and Mr. TAM King Yeung Alvin, respectively. For the six months ended September 30, 2025, we paid an aggregate of HK$[1.2] million and HK$[0.4] million in cash (including remuneration, salaries and mandatory provident fund) to Mr. KWOK Yu Hin and Mr. TAM King Yeung Alvin, respectively. We have not entered into any agreements with our Directors to provide benefits upon termination of employment.

**Term of Directors**

Pursuant to our post-offering amended and restated Memorandum and Articles, 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 our Company and the Director, if any; but no such term shall be implied in the absence of express provision.

Mr. KWOK Yu Hin has served the office as our Director since October 10, 2023, Mr. TAM King Yeung Alvin has served the office as our Director since September 3, 2025. All independent Directors have served the office since December 31, 2025. No fixed term was stipulated for all Directors when they were appointed as Directors.

**Equity Compensation Plan Information**

We have not adopted any equity compensation plans.

**Outstanding Equity Awards at Fiscal Year-End**

As of March 31, 2025 and 2024 and September 30, 2025, we had no outstanding equity awards.

**RELATED PARTY TRANSACTIONS**

Set forth below are the related party transactions of our Group that occurred during the past three fiscal years up to the date of this prospectus.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **For the year ended**<br> **March 31,**  | **For the year ended**<br> **March 31,**  | **For the year ended**<br> **March 31,**  |
| <br>**Party** | <br>**Relationship** | <br>**Nature of transaction** | <br>**From September 30, 2025**<br>up to the date of this prospectus** | <br>**For the six months ended September 30, 2025** | **2025** | **2024** | **2023** |
|  |  |  | ***HK$***<br> ***(unaudited)*** | ***HK$*** | ***HK$*** | **HK$** | **HK$** |
| Yean Limited | A company controlled by the spouse of TAM King Yeung Alvin, our Director | This amount represents the commission expenses paid to a related company. | - |  |  | 8982807 |  |
| TAM King Yeung Alvin | Director | This amount represents the commission expenses paid |  | 169693 | 661514 |  |  |

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The Company entered into channels agreements with Yean Limited, a related party, under which Yean Limited leverages its connections to introduce potential policyholders to our Group. These agreements are based on commercial terms, whereby the Company pays a commission to Yean Limited calculated as a contracted percentage of the insurance premiums paid by policyholders.

The commission expenses incurred under these agreements are recognized by the Company at the time the corresponding commission income is recognized, in accordance with the Group's revenue recognition policy. The transactions with Yean Limited are conducted on an arm's-length basis and under normal commercial terms.

Set forth below are the amounts due from/to related companies and our Director as at March 31, 2023, March 31, 2024, March 31, 2025 and the date of this prospectus.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **As at March 31** | **As at March 31** | **As at March 31** |
| <br>**Party** | <br>**Nature of Transaction** | <br>**Relationship** |<br>**As at the date of this prospectus** | **2025** | **2024** | **2023** |
|  |  |  | **HK$**<br> ***(unaudited)*** | **HK$** | **HK$** | **HK$** |
| **<u>Amount due from related companies</u>** |  |  |  |  |  |  |
| Kepler Group Limited (BVI) | This amount represents the advances to the company for its company secretary expenses. | KWOK Yu Hin is sole shareholder and director of the company |  |  | 42300 | 31300 |
| Kepler Galaxy Culture and Entertainment Media Co. Limited | This amount represents the advances to the company for its company secretary expenses. | KWOK Yu Hin is sole shareholder and director of the company |  |  | 2505 |  |
|  |  |  |  |  | 44805 | 31300 |
| **<u>Commission payables</u>** |  |  |  |  |  |  |
| Yean Limited | This amount represents the accrued commission payable to a related company. | A company controlled by the spouse of Mr. TAM King Yeung Alvin |  |  | 333378 |  |
| **<u>Amount due to a director</u>** |  |  |  |  |  |  |
| KWOK Yu Hin | This amount represents the non-interest bearing advances from director. | Director of the Group |  |  |  | (3526336) |

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See Note 17 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of related party transactions and balances.

**Policies and Procedures for Related Party Transactions**

Our board of Directors has established an audit committee in connection with this offering which will be tasked with review and approval of all related party transactions.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one (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/her, subject to applicable community property laws.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary Shares beneficially<br> owned prior to this offering** | **Ordinary Shares beneficially<br> owned prior to this offering** | **Ordinary Shares beneficially held<br> immediately after this offering** | **Ordinary Shares beneficially held<br> immediately after this offering** |
| <br>**Name of Beneficial Owners** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** | **Number of Ordinary Shares** | **Approximate percentage of outstanding Ordinary Shares** |
| *5% or greater shareholders* |  |  |  |  |
| ZHU Meizhen | 1233831 | 6.17% | 1233831 | 4.94% |
| *Directors and executive officers* |  |  |  |  |
| Mr. KWOK Yu Hin | 13632876 | 68.16% | 13632876 | 54.53% |
| Mr. TAM King Yeung Alvin | 852856 | 4.26% | 852856 | 3.41% |
| Dr. CHENG Chak Ho Tony |  |  |  |  |
| Mr. AU YEUNG Po Fung |  |  |  |  |
| Mr. CHUNG Kwok Mo John |  |  |  |  |
| Mr. TSE Kwok On Ernest |  |  |  |  |
| Mr. ZHU James |  |  |  |  |
| *Directors and executive officers as a group (seven individuals)* | 14485732 | 72.42% | 14485732 | 57.94% |

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*Note:* the business address of ZHU Meizhen, KWOK Yu Hin and TAM King Yeung Alvin is located at the principal executive office of our Company.

**DESCRIPTION OF SECURITIES**

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

The share capital of our Company consists of Ordinary Shares. As of the date hereof, our authorized share capital is US$100,000 divided into 100,000,000 Ordinary Shares of par value US$0.001 each. As of the date of this prospectus, 20,000,000 Ordinary Shares were issued and outstanding. We will issue 5,000,000 Ordinary Shares in this offering, assuming no exercise of the underwriters' over-allotment option. The following are summaries of material provisions of our post-offering amended and restated Memorandum and Articles (which will become effective immediately prior to completion of this offering) and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

***Ordinary Shares***

All of our issued and outstanding ordinary shares are fully paid and non-assessable. Our Ordinary Shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our ordinary shares will not receive a certificate in respect of such ordinary shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their ordinary shares. We may not issue shares or warrants to bearer.

Subject to the provisions of the Companies Act and the Articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. The directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

***Listing***

We have applied to list the ordinary shares on the Nasdaq Capital Market under the symbol "KPL."

***Transfer Agent and Registrar***

The transfer agent and registrar for the ordinary shares is VStock Transfer, LLC, at 18 Lafayette Place, Woodmere, NY 11598.

***Dividends***

Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with the Articles:

● the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and

● our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.

Subject to the requirements of the Companies Act regarding the application of a company's share premium account and with the sanction of an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Unless provided by the rights attached to a share, no dividend shall bear interest.

***Voting Rights***

Subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights, on a poll, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

***Variation of Rights of Shares***

Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the votes by the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholders holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

***Alteration of Share Capital***

Subject to the Companies Act, our shareholders may, by ordinary resolution:

● increase our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges set out in that ordinary resolution;

● consolidate and divide all or any of our share capital into shares of larger amount than our existing shares;

● convert all or any of our paid-up shares into stock, and reconvert that stock into paid up shares of any denomination;

● sub-divide our shares or any of them into shares of an amount smaller than that fixed by the memorandum, so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

● cancel shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled or, in the case of shares without nominal par value, diminish the number of shares into which our capital is divided.

Subject to the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders may, by special resolution, reduce its share capital in any way.

***Calls on Shares and Lien on Shares***

Subject to the terms of allotment, the directors may make calls on the shareholders in respect of any monies unpaid on their shares including any premium and each shareholder shall (subject to receiving at least 14 clear days' notice specifying when and where payment is to be made), pay to us the amount called on his shares. Shareholders registered as the joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share. If a call remains unpaid after it has become due and payable the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is paid at the rate fixed by the terms of allotment of the share or in the notice of the call or if no rate is fixed, at the rate of ten percent per annum. The directors may waive payment of the interest wholly or in part. The ordinary shares being registered and offered in this offering will be fully paid and non-assessable and therefore, our directors may not make calls on such ordinary shares.

We have a first and paramount lien on all shares (whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies payable to us by the shareholder or the shareholder's estate:

● either alone or jointly with any other person, whether or not that other person is a shareholder; and

● whether or not those monies are presently payable.

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

We may sell any ordinary share over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

(b) we
 give notice to the shareholder holding the ordinary share (or to the person entitled to it
 in consequence of the death or bankruptcy of that shareholder) demanding payment and stating
 that if the notice is not complied with the ordinary share may be sold; and

(c) that
 sum is not paid within 14 clear days after that notice is deemed to be given according to
 the articles of association.

***Unclaimed Dividend***

A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the company.

***Forfeiture or Surrender of Shares***

If a shareholder fails to pay any capital call, the directors may give to such shareholder not less than 14 clear days' notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The notice shall also contain a warning that if the notice is not complied with, the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share being the subject of that notice be forfeited (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares, together with all expenses and interest from the date of forfeiture or surrender until payment, but his liability shall cease if and when we receive payment in full of the unpaid amount.

A declaration, whether statutory or under oath, made by a director or the secretary shall be conclusive evidence that the person making the declaration is our Director or secretary and that the particular shares have been forfeited or surrendered on a particular date.

***Share Premium Account***

The directors shall establish a share premium account and shall carry the credit of such account from time to time to a sum equal to the amount or value of the premium paid on the issue of any share or capital contributed or such other amounts required by the Companies Act.

***Redemption and Purchase of Own Shares***

Subject to the Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our Directors:

● issue shares that are to be redeemed or liable to be redeemed, at our option or the option of the shareholder holding those redeemable shares, on the terms and in the manner our Directors determine before the issue of those shares;

● with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at our option on the terms and in the manner which the directors determine at the time of such variation; and

● purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which the directors determine at the time of such purchase.

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

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

***Transfer of Shares***

Subject to any applicable requirements set forth in the Articles and provided that a transfer of ordinary shares complies with applicable rules of the Nasdaq Capital Market, a shareholder may transfer ordinary shares to another person by completing an instrument of transfer in a common form or in a form prescribed by the Nasdaq Capital Market (if the Ordinary Shares are listed) or in any other form approved by the directors, executed by or on behalf of:

● where the ordinary shares are fully paid, that shareholder; and

● where the ordinary shares are partly paid, that shareholder and the transferee.

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

Where the ordinary shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our board of Directors may, in its absolute discretion, decline to register any transfer of any ordinary share that has not been fully paid up or is subject to a company lien. Our board of Directors may also decline to register any transfer of such ordinary share unless:

● the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of Directors may reasonably require to show the right of the transferor to make the transfer;

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

● the instrument of transfer is properly stamped, if required

● the ordinary share transferred is fully paid and free of any lien in favor of us;

● any fee related to the transfer has been paid to us; and

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

If our Directors refuse to register a transfer, they are required, within one month after the date on which the instrument of transfer was lodged, to send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of Directors may, in their absolute discretion, from time to time determine. The registration of transfers, however, may not be suspended, and the register may not be closed, for more than 30 clear days in any year.

***Inspection of Books and Records***

Holders of our ordinary shares will have no general right under the Companies Act to inspect or obtain copies of our register of members or our corporate records.

***General Meetings***

As a Cayman Islands exempted company, we are not obligated by the Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of Directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

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

At least 5 clear days' notice of any general meeting (including an annual general meeting) shall be given to shareholders entitled to attend and vote at such meeting. The notice shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 place, the day and the hour of the meeting;

(ii) whether
 the meeting will be held virtually, at a physical place or both;

(iii) if
 the meeting is to be held in any part at a physical place, the address of such place;

(iv) if
 the meeting is to be held in two or more places, or in any part virtually, the electronic communication facilities that will be used
 to facilitate the meeting, including the procedures to be followed by any shareholder or other participant of the meeting who wishes
 to utilize such electronic communication facilities for the purposes of attending and participating in such meeting;

(v) subject
 to paragraph (vi) in below and the requirements of (to the extent applicable) the Nasdaq listing rules, the
 general nature of that business to be transacted; and

(vi) if
 a resolution is proposed as a special resolution, the text of that resolution.

Notice of every general meeting shall also be given to the directors and our auditors.

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

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

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

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for more than seven clear days, notice of the adjourned meeting shall be given in accordance with the Articles.

At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

A poll shall be taken in such manner as the chairman directs.

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 not be entitled to a second or casting vote.

***Directors***

We may by ordinary resolution, from time to time, fix the maximum and minimum number of directors to be appointed. Under the Articles, we are required to have a minimum of one director and the maximum number of directors shall be unlimited.

A director may be appointed by ordinary resolution or by the directors. Any appointment may be to fill a vacancy or as an additional director.

Unless the remuneration of the directors is determined by the shareholders by ordinary resolution, the directors shall be entitled to such remuneration as the directors may determine.

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification shall be required.

A director may be removed by ordinary resolution.

A director may at any time resign from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to us.

Subject to the provisions of the Articles, the office of a director may be terminated forthwith if:

● he is prohibited by the law of the Cayman Islands from acting as a director;

● he is made bankrupt or makes an arrangement or composition with his creditors generally;

● he resigns his office by notice to us;

● he only held office as a director for a fixed term and such term expires;

● in the opinion of a registered medical practitioner by whom he is being treated he becomes physically or mentally incapable of acting as a director;

● he is given notice by the majority of the other directors (not being less than two in number) to vacate office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such director);

● he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise; or

● without the consent of the other directors, he is absent from meetings of directors for continuous period of six months.

Each of the compensation committee and the nominating and corporate governance committee shall consist of at least three directors and the majority of the committee members shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules. The audit committee shall consist of at least three directors, all of whom shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq Rules and will meet the criteria for independence set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

***Powers and Duties of Directors***

Subject to the provisions of the Companies Act and the Memorandum and Articles, our business shall be managed by the directors, who may exercise all our powers. No prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum and Articles. To the extent allowed by the Companies Act, however, shareholders may by special resolution validate any prior or future act of the directors which would otherwise be in breach of their duties.

The directors may delegate any of their powers to any committee consisting of one or more persons who need not be shareholders and may include non-directors so long as the majority of those persons are directors; 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. Upon the initial closing of this offering, our board of Directors will have established an audit committee, compensation committee, and nominating and corporate governance committee.

The board of directors may establish any local or divisional board of directors or agency and delegate to it its powers and authorities (with power to sub-delegate) for managing any of our affairs whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional board of directors, or to be managers or agents, and may fix their remuneration.

The directors may from time to time and at any time by power of attorney or in any other manner determine whether they appoint any person, either generally or in respect of any specific matter, to be our agent with or without authority for that person to delegate all or any of that person's powers.

The directors may from time to time and at any time by power of attorney or in any other manner they determine to appoint any person, whether nominated directly or indirectly by the directors, to be our attorney or our authorized signatory and for such period and subject to such conditions as they may think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the Articles.

The board of directors may remove any person so appointed and may revoke or vary the delegation.

The directors may exercise all of our powers to borrow money and to mortgage or charge our undertaking, property and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of ours or our parent undertaking (if any) or any subsidiary undertaking of us or of any third party.

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 Nasdaq Rules and disqualification by the chairman of the relevant board meeting, a director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

***Capitalization of Profits***

The directors may resolve to capitalize:

● any part of our profits not required for paying any preferential dividend (whether or not those profits are available for distribution); or

● any sum standing to the credit of our share premium account or capital redemption reserve, if any.

The amount resolved to be capitalized must be appropriated to the shareholders who would have been entitled to it had it been distributed by way of dividend and in the same proportions.

***Liquidation Rights***

If we are wound up, the shareholders may, subject to the Articles and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

● to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

● to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

***Register of Members***

Under the Companies Act, we must keep a register of members and there should be entered therein:

● the names and addresses of our shareholders, and, a statement of the shares held by each member, which:

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| | |
|:---|:---|
| ![](formdrs_011.jpg) | distinguishes each share by its number (so long as the share has a number); |
| ![](formdrs_011.jpg) | confirms the amount paid, or agreed to be considered as paid, on the shares of each member; |

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|:---|:---|
| ![](formdrs_011.jpg) | confirms the number and category of shares held by each member; and |
| ![](formdrs_011.jpg) | confirms whether each relevant category of shares held by a member carries voting rights under the articles of association of the company, and if so, whether such voting rights are conditional; |

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● the date on which the name of any person was entered on the register as a shareholder; and

● the date on which any person ceased to be a shareholder.

Under the Companies Act, the register of members of our Company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of members is deemed as a matter of the Companies Act to have legal title to the shares as set against its name in the register of members. Upon the completion of this offering, the shareholder list maintained by our Company and our transfer agent will be immediately updated to record and give effect to the issuance of shares by us to the custodian or its nominee. Once our shareholder list has been updated, the shareholders recorded in the shareholder list will be deemed to have legal title to the shares set against their name.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of our Company, the person or shareholder aggrieved (or any shareholder of our Company or our Company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Differences in Corporate Law**

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

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| | | |
|:---|:---|:---|
|  | **Delaware** | **Cayman Islands** |
| *Title of Organizational Documents* | Certificate of Incorporation and Bylaws | Certificate of Incorporation and Memorandum and Articles of Association |
| *Duties of Directors* | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that directors act in an informed and deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care also requires that directors exercise care in overseeing and investigating the conduct of the corporation's employees. The duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders. | As a matter of Cayman Islands law, a director owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our Directors must ensure compliance with our Memorandum and Articles, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our Directors are breached. |

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| | | |
|:---|:---|:---|
| *Limitations on Personal Liability of Directors* | Subject to the limitations described below, a certificate of incorporation may provide for the elimination or limitation of the personal liability of a director to the corporation or its shareholders for monetary damages for a breach of fiduciary duty as a director. Such provision cannot limit liability for breach of loyalty, bad faith, intentional misconduct, unlawful payment of dividends or unlawful share purchase or redemption. In addition, the certificate of incorporation cannot limit liability for any act or omission occurring prior to the date when such provision becomes effective. | The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. |
| *Indemnification of Directors, Officers, Agents, and Others* | A corporation has the power to indemnify any director, officer, employee, or agent of corporation who was, is, or is threatened to be made a party who acted in good faith and in a manner he believed to be in the best interests of the corporation, and if with respect to a criminal proceeding, had no reasonable cause to believe his conduct would be unlawful, against amounts actually and reasonably incurred. | Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of directors and officers, 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 the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.<br>Our post-offering amended and restated articles of association provide to the extent permitted by law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against: (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary's or officer's duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere. |
|  |  | No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own actual fraud, willful default or willful neglect.<br>To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs. |

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| | | |
|:---|:---|:---|
| *Interested Directors* | Under Delaware law, a transaction in which a director who has an interest in such transaction would not be voidable if (i) the material facts as to such interested director's relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors are less than a quorum, (ii) such material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the shareholders, or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified. Under Delaware law, a director could be held liable for any transaction in which such director derived an improper personal benefit. | Interested director transactions are governed by the terms of a company's memorandum and articles of association. |
| *Voting Requirements* | The certificate of incorporation may include a provision requiring supermajority approval by the directors or shareholders for any corporate action.<br>In addition, under Delaware law, certain business combinations involving interested shareholders require approval by a supermajority of the non-interested shareholders. | For the protection of shareholders, certain matters must be approved by special resolution of the shareholders as a matter of Cayman Islands law, including alteration of the memorandum or articles of association, appointment of inspectors to examine company affairs, reduction of share capital (subject, in relevant circumstances, to court approval), change of name, authorization of a plan of merger or transfer by way of continuation to another jurisdiction or consolidation or voluntary winding up of the company.<br>The Companies Act requires that a special resolution be passed by a majority of at least two-thirds or such higher percentage as set forth in the memorandum and articles of association, of shareholders being entitled to vote and vote in person or by proxy at a general meeting, or by unanimous written consent of shareholders entitled to vote at a general meeting.<br>The Companies Act defines "special resolutions" only. A company's memorandum and articles of association can therefore tailor the definition of "ordinary resolutions" as a whole, or with respect to specific provisions. |
| *Voting for Directors* | Under Delaware law, unless otherwise specified in the certificate of incorporation or bylaws of the corporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. | Director election is governed by the terms of the memorandum and articles of association of a company. |

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|:---|:---|:---|:---|
| *Cumulative Voting* | No cumulative voting for the election of directors unless so provided in the certificate of incorporation. | There are no prohibitions in relation to cumulative voting under the Cayman Companies Act but our post-offering amended and restated articles of association do not provide for cumulative voting. | There are no prohibitions in relation to cumulative voting under the Cayman Companies Act but our post-offering amended and restated articles of association do not provide for cumulative voting. |
| *Directors' Powers Regarding Bylaws* | The certificate of incorporation may grant the directors the power to adopt, amend or repeal bylaws. | The memorandum and articles of association may only be amended by a special resolution of the shareholders. | The memorandum and articles of association may only be amended by a special resolution of the shareholders. |
| *Nomination and Removal of Directors and Filling Vacancies on Board* | Shareholders may generally nominate directors if they comply with advance notice provisions and other procedural requirements in company bylaws. Holders of a majority of the shares may remove a director with or without cause, except in certain cases involving a classified board or if the company uses cumulative voting. Unless otherwise provided for in the certificate of incorporation, directorship vacancies are filled by a majority of the directors elected or then in office. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. | Nomination and removal of directors and filling of board vacancies are governed by the terms of the memorandum and articles of association. |
| *Mergers and Similar Arrangements* | Under Delaware law, with certain exceptions, a merger, consolidation, or sale of all or substantially all of the assets of a corporation must be approved by the board of directors and by a majority of the outstanding voting power of the shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain mergers are entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value (as determined by the Delaware Court of Chancery) of the shares held by such shareholder in lieu of the consideration such shareholder would otherwise receive in the transaction. | The Companies Act provides for the merger or consolidation of two or more companies into a single entity. The legislation makes a distinction between a "consolidation" and a "merger." In a consolidation, a new entity is formed from the combination of each participating company, and the separate consolidating parties, as a consequence, cease to exist and are each stricken off by the Registrar of Companies. In a merger, one company remains as the surviving entity, having in effect absorbed the other merging parties that are then stricken off and cease to exist. | The Companies Act provides for the merger or consolidation of two or more companies into a single entity. The legislation makes a distinction between a "consolidation" and a "merger." In a consolidation, a new entity is formed from the combination of each participating company, and the separate consolidating parties, as a consequence, cease to exist and are each stricken off by the Registrar of Companies. In a merger, one company remains as the surviving entity, having in effect absorbed the other merging parties that are then stricken off and cease to exist. |
|  | Delaware law also provides that a parent entity, by resolution of its board of directors, may merge with any subsidiary corporation, of which it owns at least 90% of each class of capital stock without a vote by shareholders of such subsidiary. Upon any such merger, dissenting shareholders of the subsidiary would have appraisal rights unless the subsidiary is wholly owned. | Two or more Cayman-registered companies may merge or consolidate. Cayman-registered companies may also merge or consolidate with foreign companies provided that the laws of the foreign jurisdiction permit such merger or consolidation.<br>Under the Companies Act, a plan of merger or consolidation shall be authorized by each constituent company by way of (i) a special resolution of the members of each such constituent company; and (ii) such other authorization, if any, as may be specified in such constituent company's memorandum and articles of association. | Two or more Cayman-registered companies may merge or consolidate. Cayman-registered companies may also merge or consolidate with foreign companies provided that the laws of the foreign jurisdiction permit such merger or consolidation.<br>Under the Companies Act, a plan of merger or consolidation shall be authorized by each constituent company by way of (i) a special resolution of the members of each such constituent company; and (ii) such other authorization, if any, as may be specified in such constituent company's memorandum and articles of association. |
|  |  | 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 subsidiary is a company of which at least ninety percent (90%) of the votes are owned by the parent company.<br>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 circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.<br>In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders or creditors, 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: | 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 subsidiary is a company of which at least ninety percent (90%) of the votes are owned by the parent company.<br>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 circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.<br>In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that: |
|  |  | ● | the statutory provisions as to the required majority vote have been met; |

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|  |  | ● | the shareholders have been fairly represented at the meeting in question; |
|  |  | ● | the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |
|  |  | ● | the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act or that would amount to a "fraud on the minority". |
|  |  | When a takeover offer is made and accepted by holders of not less than 90% of the shares affected within four (4) months, the offeror may, within a two (2) month period commencing on the expiration of such four (4) month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.<br>If an arrangement and reconstruction is thus approved, the 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. | When a takeover offer is made and accepted by holders of not less than 90% of the shares affected within four (4) months, the offeror may, within a two (2) month period commencing on the expiration of such four (4) month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.<br>If an arrangement and reconstruction is thus approved, the 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. |
| ***Shareholder Suits*** | Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law.<br>In such actions, the court generally has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action but such discretion is rarely used. Generally, Delaware follows the American rule under which each party bears its own costs. | In principle, we will normally be the proper plaintiff 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, there are exceptions to the foregoing principle, including when: | In principle, we will normally be the proper plaintiff 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, there are exceptions to the foregoing principle, including when: |
|  |  | ● | a company acts or proposes to act illegally or ultra vires; |
|  |  | ● | the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and |
|  |  | ● | those who control the company are perpetrating a "fraud on the minority. |

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| ***Inspection of Corporate Records*** | Under Delaware law, shareholders of a corporation, upon written demand under oath stating the purpose thereof, have the right during normal business hours to inspect for any proper purpose, and to make copies and extracts of list(s) of shareholders and other books and records of the corporation and its subsidiaries, if any, to the extent the books and records of such subsidiaries are available to the corporation. | Shareholders of a Cayman Islands exempted company have no general right under Cayman Islands law to inspect or obtain copies of a list of shareholders or other corporate records (other than copies of our memorandum and articles, the register of mortgages or charges, and any special resolutions passed by our shareholders) of the company. However, these rights may be provided in the company's memorandum and articles of association. |
| ***Shareholder Proposals*** | Under Delaware 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 corporation's governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the corporation's governing documents, but shareholders may be precluded from calling special meetings. | The Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in the company's memorandum and articles of association. |
| ***Approval of Corporate Matters by Written Consent*** | Delaware law permits shareholders to take action by written consent signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting of shareholders unless otherwise provided in the corporation's certificate of incorporation. A corporation must send prompt notice of the taking of the corporate action approved by shareholders without a meeting by less than unanimous written consent to those shareholders who have not consented in writing and who would have otherwise been entitled to notice of the meeting at which such action would have been taken. | The Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association). |
| ***Calling of Special Shareholders Meetings*** | Delaware law permits the board of directors or any person who is authorized under a corporation's certificate of incorporation or bylaws to call a special meeting of shareholders. | The Companies Act does not have provisions governing the proceedings of shareholders meetings which are usually provided in the memorandum and articles of association. |

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**Anti-money Laundering — Cayman Islands**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**SHARES ELIGIBLE FOR FUTURE SALE**

Before this offering, there was no established public market for our Ordinary Shares, and while we intend to apply for approval to have our Ordinary Shares listed on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Ordinary Shares, including Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Ordinary Shares and our ability to raise equity capital in the future.

Upon the closing of this offering, we will have 25,000,000 outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. Of that amount, 5,000,000 Ordinary Shares will be publicly held by investors participating in this offering, and 20,000,000 Ordinary Shares will be held by our existing shareholders, some of whom may be our "affiliates" as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an "affiliate" of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" in the United States without restriction or further registration under the Securities Act. Ordinary shares purchased by one of our "affiliates" may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares held by existing shareholders are, and any Ordinary Shares issuable upon exercise of options outstanding following the completion of this offering will be, "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

**Rule 144**

In general, persons who have beneficially owned restricted Ordinary Shares for at least six (6) months, and any affiliate of the company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three (3) months preceding, a sale may sell an unlimited number of restricted securities under Rule 144 if:

● the restricted securities have been held for at least six (6) months, including the holding period of any prior owner other than one of our affiliates;

● we have been subject to the Exchange Act periodic reporting requirements for at least ninety (90) days before the sale; and

● we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three (3) months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three (3) months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three (3) month period only that number of securities that does not exceed the greater of either of the following:

● 1% of the number of Ordinary Shares then outstanding, which will equal approximately 214,000 shares immediately after the closing of this offering; or

● the average weekly trading volume of our Ordinary Shares in the form of Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three (3) months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six (6) month holding period of Rule 144, which does not apply to sales of unrestricted securities.

**Rule 701**

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until ninety (90) days after the date of this prospectus before selling any such shares.

**Regulation S**

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

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

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

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

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

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

**Lock-up Agreements**

We and each of our Directors, officers and holders of more than 5% of our securities (including warrants, options, convertible securities and Ordinary Shares) have agreed with the underwriters, for a period of six (6) months from the closing of this offering, subject to certain exceptions, not to (i) 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, or file with the SEC a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities. See "Underwriting."

**MATERIAL INCOME TAX CONSIDERATIONS**

**Cayman Islands Taxation**

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

Payments of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income or corporation tax.

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 us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought within, the jurisdiction of the Cayman Islands . The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands. No stamp duty is payable in respect of the issue of our securities or on an instrument of transfer in respect of our securities.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. Our Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

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

The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase our Ordinary Shares pursuant to this offering and hold such Ordinary Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions, insurance companies, dealers or traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities or governmental organizations, retirement plans, regulated investment companies, real estate investment trusts, grantor trusts, brokers, dealers or traders in securities, commodities, currencies or notional principal contracts, certain former citizens or long-term residents of the United States, persons who hold our Ordinary Shares as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or integrated investment, persons that have a "functional currency" other than the U.S. dollar, persons that own directly, indirectly or through attribution 10% or more of the voting power of our Ordinary Shares, corporations that accumulate earnings to avoid U.S. federal income tax, partnerships and other pass-through entities, and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative minimum tax consequences.

As used in this discussion, the term "U.S. Holder" means a beneficial owner of our Ordinary Shares who is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of its source or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of our Ordinary Shares.

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

***Passive Foreign Investment Company Consequences***

In general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (i) at least 75% of its gross income is "passive income", or the PFIC income test, or (ii) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income, or the PFIC asset test. Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

Although PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not successfully challenge our position.

If we are a PFIC in any taxable year during which a U.S. Holder owns our Ordinary Shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (i) a distribution paid during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our Ordinary Shares, and (ii) any gain recognized on a sale, exchange or other disposition, including a pledge, of our Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our Ordinary Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.

If we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which the U.S. Holder holds such Ordinary Shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our Ordinary Shares. If the election is made, the U.S. Holder will be deemed to sell our Ordinary Shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's Ordinary Shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and one of our non-United States subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Any of our non-United States subsidiaries that have elected to be disregarded as entities separate from us or as partnerships for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and accordingly, cannot be classified as lower-tier PFICs. However, non-United States subsidiaries that have not made the election may be classified as a lower-tier PFIC if we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to any of our non-United States subsidiaries.

If we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized on our Ordinary Shares if a valid "mark-to-market" election is made by the U.S. Holder for our Ordinary Shares. An electing U.S. Holder generally would take into account as ordinary income each year, the excess of the fair market value of our Ordinary Shares held at the end of such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our Ordinary Shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange or other disposition of our Ordinary Shares in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC income or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described above and any gain or loss recognized on the sale or exchange of the Ordinary Shares would be classified as a capital gain or loss.

A mark-to-market election is available to a U.S. Holder only for "marketable stock." Generally, stock will be considered marketable stock if it is "regularly traded" on a "qualified exchange" within the meaning of applicable U.S. Treasury regulations. A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in de minimis quantities, on at least fifteen (15) days during each calendar quarter.

Our Ordinary Shares will be marketable stock as long as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market election will not apply to the Ordinary Shares for any taxable year during which we are not a PFIC, but will remain in effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any of our non-U.S. subsidiary. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding the U.S. Holder's mark-to-market election for the Ordinary Shares.

The tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund, or QEF, election. As we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.

**The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of our Ordinary Shares, the consequences to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition of Ordinary Shares of a PFIC.**

***Distributions***

Subject to the discussion above under "— Passive Foreign Investment Company Consequences," a U.S. Holder that receives a distribution with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Ordinary Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Ordinary Shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends.

Distributions on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the "dividends received'' deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations. Dividends paid by a "qualified foreign corporation'' to certain non-corporate U.S. Holders may be are eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income provided that a holding period requirement (more than sixty (60) days of ownership, without protection from the risk of loss, during the 121-day period beginning sixty (60) days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "— Passive Foreign Investment Company Consequences''), we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains tax rate described above will not apply.

Dividends will be included in a U.S. Holder's income on the date of the depositary's receipt of the dividend. The amount of any dividend income paid in British Virgin Islands dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

A non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays on Ordinary Shares that are readily tradable on an established securities market in the United States.

***Sale, Exchange or Other Disposition of Our Ordinary Shares***

Subject to the discussion above under "— Passive Foreign Investment Company Consequences,'' a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange or other disposition of our Ordinary Shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange or other disposition and such U.S. Holder's adjusted tax basis in the Ordinary Shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if, on the date of sale, exchange or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

***Medicare Tax***

Certain U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Ordinary Shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of this Medicare tax to your income and gains in respect of your investment in our Ordinary Shares.

***Information Reporting and Backup Withholding***

U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "Passive Foreign Investment Company Consequences", each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

Dividends on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.

U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.

**EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN OUR ORDINARY SHARES IN LIGHT OF THE INVESTOR'S OWN CIRCUMSTANCES.**

Prospective investors should consult their professional advisers on the possible tax consequences of buying, holding or selling any Ordinary Shares under the laws of their country of citizenship, residence or domicile.

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

**Cayman Islands Taxation**

The Cayman Islands currently 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 us levied by the government of the Cayman Islands except for stamp duties that may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010, but is not otherwise party to any double-tax treaties that are applicable to any payments made to or by our Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

**Taxation in Hong Kong**

Under Hong Kong tax laws, 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.

See Note 12 of the notes to the consolidated financial statements included elsewhere in this prospectus for a discussion of taxation.

**UNDERWRITING**

Under the terms and subject to the conditions of an underwriting agreement dated the effective date of this registration statement with the underwriters named below, for whom Cathay Securities, Inc. (and its affiliates) is acting as the representative of the underwriters with respect to the Ordinary Shares in this offering (the "**Underwriting Agreement**"). Under the terms and subject to the conditions contained in the Underwriting Agreement, we agree to issue and sell to the underwriters the number of shares indicated below:

---

| | |
|:---|:---|
| **Name** | **Number of<br> Ordinary Shares** |
| Cathay Securities, Inc. |  |
| **Total** |  |

---

The underwriters are offering the Ordinary Shares subject to its acceptance of the Ordinary Shares from us and subject to prior sale. The Underwriting Agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such shares are taken.

Certain of the underwriters are expected to make offers and sales both inside and outside the U.S. through their respective selling agents. Any offers or sales in the U.S. will be conducted by broker-dealers registered with the SEC.

**Over-Allotment Option**

We agree to grant to the underwriters an option, exercisable for 45 days from the closing of this offering, to purchase up to 15% additional Ordinary Shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional Ordinary Shares as the number listed next to the underwriters' name in the preceding table.

**Fees, Commissions and Expense Reimbursement**

The underwriting discounts and commissions are equal to seven percent (7.0%) of the initial public offering price set forth on the cover of this prospectus. The underwriters propose initially to offer the Ordinary Shares to the public at the offering price set forth on the cover page of this prospectus and to dealers at those prices less the aforesaid fee ("**underwriting discounts**") set forth on the cover page of this prospectus. If all of the Ordinary Shares offered by us are not sold at the offering price, the underwriters may change the offering price and other selling terms by means of a supplement to this prospectus.

The following table shows the underwriting fees/commission payable to the Underwriters, assuming an initial public offering price of $ per share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus):

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Ordinary<br> Share** | **Total Without<br> Over-Allotment<br> Option** | **Total With Full<br> Over-Allotment<br> Option** |
| Public offering price | $[\*] | $[\*] | $[\*] |
| Underwriting discounts (7.0%)<sup>(1)</sup> | $[\*] | $[\*] | $[\*] |
| Proceeds, before expenses, to us | $[\*] | $[\*] | $[\*] |

---

(1) The fees do not include the expense reimbursement as described below.

We agree to reimburse the representative up to $270,000 for out-of-pocket and accountable expenses, including, but not limited to travel, due diligence expenses, reasonable fees and expenses of its legal counsel, roadshow and background check of the Company's principals. In addition, at the closing of the offering, we will reimburse the representative 1.0% of the offering proceeds as a non-accountable allowance.

We have agreed to pay an advanced expense of $145,000 to the representative for the representative's anticipated out-of-pocket expenses, with $75,000 due upon execution of its engagement letter with the representative, $20,000 due upon receipt of FINRA "no objection" letter and $50,000 due upon first public filing of the registration statement with the SEC. Any expense deposits 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).

Except as disclosed in this prospectus, the representative has not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

**Right of First Refusal**

In addition, the Company agrees to grant the representative a right of first refusal (the "**Right of First Refusal**"), exercisable at the sole discretion of the representative for twelve (12) months from the closing of this offering, to provide investment banking service to the Company on an exclusive basis and on terms that are the same or more favorable to the Company comparing to terms offered to the Company by other underwriters or placement agents. For these purposes, the investment banking service includes, without limitation, (a) acting as lead manager for any underwritten public offering and (b) acting as placement agent or initial purchaser in connection with any private offering of securities of the Company. The Right of First Refusal shall be subject to FINRA Rule 5110(g)(6).

**Lock-up Agreements**

We and each of our Directors, officers and holders of more than 5% of our securities (including warrants, options, convertible securities and Ordinary Shares) have agreed with the underwriters, for a period of six (6) months from the closing of this offering, subject to certain exceptions, not to (i) 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, or file with the SEC a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities.

**Tail Financing**

We have granted the representative the right, for a period of twelve (12) months after the termination of our engagement letter with the representative, to receive compensation calculated in the manner set forth herein if we complete an offering with an investor introduced to us by the representative and not-known to us before such introduction regarding an offering prior to the termination or expiration of our engagement letter with the representative, provided that the representative provides a list of such identified investors to us and proof of such communication in connection with this offering.

**Pricing of the Offering**

Prior to this offering, there has been no public market for any of our securities. The initial public offering price for our Ordinary Shares was determined by negotiations between us and the underwriters. In determining the initial public offering price, the underwriter and we considered a number of factors, including:

● the information set forth in this prospectus and otherwise available to the underwriters;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● our prospects for future earnings;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded securities of generally comparable companies; and

● other factors deemed relevant by the underwriters and us.

The initial public offering price set forth on the cover page of this prospectus is subject to change due to market conditions and other factors. Neither the underwriters nor we can assure investors that an active trading market will develop for our Ordinary Shares or that the Shares will trade in the public market at or above the initial public offering price.

**Indemnification**

We agree to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act. If we are unable to provide this indemnification, we will contribute to payments that the underwriters may be required to make for these liabilities.

**Listing**

We have applied to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "KPL." We make no representation that our Ordinary Shares will continue to trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Ordinary Shares remain so listed at completion of this offering.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by representative or by its affiliates. Other than the prospectus in electronic format, the information on the representative's website and any information contained in any other website maintained by it is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the representative in its capacity as an underwriter, and should not be relied upon by investors. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations.

**No Prior Public Market**

Prior to this offering, there has been no public market for our securities and the public offering price for our Ordinary Shares was 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, estimates of our business potential, the present state of our development and other factors deemed relevant. The offering price for our Ordinary Shares in this offering was arbitrarily determined by the Company in its negotiations with the underwriters and does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of the Company.

**Offers Outside the U.S.**

Other than in the U.S., no action has been taken by us or the underwriters that would permit a public offering of the Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such Shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Price Stabilization, Short Positions**

In connection with this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our Ordinary Shares. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing our Ordinary Shares in this offering because such underwriter repurchases those shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on the Nasdaq Capital Market, in the over-the-counter market, or otherwise.

**Selling Restrictions**

No action may be taken in any jurisdiction (except in the U.S.) that would permit a public offering of the Ordinary Shares, or the possession, circulation or distribution of this prospectus in any jurisdiction 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 under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction.

In addition to the public offering of the Ordinary Shares in the U.S., the underwriters may, subject to applicable foreign laws, also offer the Ordinary Shares in certain countries and regions.

*Australia.* This prospectus is not a product disclosure statement, prospectus or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "**Act**") and does not purport to include the information required of a product disclosure statement, prospectus or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material or advertisement in relation to the offer of the Ordinary Shares has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the Ordinary Shares under this prospectus may only be made to persons: (i) to whom it is lawful to offer the Ordinary Shares without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the Ordinary Shares sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

*British Virgin Islands*. No invitation, whether directly or indirectly, may be made to the public in the British Virgin Islands to subscribe for our Ordinary Shares. This prospectus does not constitute a public offer of the Ordinary Shares or Ordinary Shares, whether by way of sale or subscription, in the British Virgin Islands. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any Ordinary Shares to any member of the public in the British Virgin Islands.

*Canada.* The Ordinary Shares may not be offered, sold or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

*European Economic Area.* In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the Ordinary Shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the Ordinary Shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the Ordinary Shares to the public in that Relevant Member State at any time,

● to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

● to any legal entity that has two or more of (1) an average of at least 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;

● to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive); or

● in any other circumstances that do not require the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Ordinary Shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of ordinary shares to the public" in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe the Ordinary Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

*Hong Kong.* The Ordinary Shares may not be offered or sold by means of this document or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) ("**Companies (WUMP) Ordinance**") or the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ("**SFO**"), or (ii) to "professional investors" within the meaning of the SFO and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies (WUMP) Ordinance, and no advertisement, invitation or document relating to the Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and any rules made thereunder.

*Malaysia.* The Ordinary Shares have not been and may not be approved by the Securities Commission Malaysia ("**SC**"), and this document has not been and will not be registered as a prospectus with the SC under the Capital Markets and Services Act of 2007 ("**CMSA**"). Accordingly, no securities or offer for subscription or purchase of our securities or invitation to subscribe for or purchase of our securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of Schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

*People's Republic of China.* This prospectus may not be circulated or distributed in the PRC and the Ordinary Shares may not be offered or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

*Singapore.* This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our Ordinary Shares may not be circulated or distributed, nor may our Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore ("**SFA**")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

*United Kingdom.* An offer of the Ordinary Shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended ("**FSMA**"), except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, ("**FSA**").

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the Company.

All applicable provisions of the FSMA with respect to anything done by the underwriters in relation to the Ordinary Shares must be complied with in, from or otherwise involving the United Kingdom.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and non-accountable expense allowance, which are expected to be incurred in connection with the sale of Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee and the filing fee payable to FINRA, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $5703 |
| The Nasdaq Capital Market listing fee | 5000 |
| FINRA filing fee | 7400 |
| Printing and engraving expenses | 20800 |
| Underwriter expenses | 275449 |
| Legal fees and expenses | 602797 |
| Accounting fees and expenses | 770492 |
| Transfer agent and registrar fee and expenses | 21950 |
| Miscellaneous | 290125 |
| **Total** | 1999716 |

---

**LEGAL MATTERS**

We are being represented by Loeb & Loeb LLP with respect to certain legal matters of U.S. federal securities. The validity of our shares underlying our Ordinary Shares and certain other matters of the Cayman Islands law will be passed upon for us by Ogier. Legal matters as to Hong Kong law will be passed upon for us by Kemp M.B. LLP. The underwriters are being represented by Ellenoff Grossman & Schole LLP with respect to certain legal matters as to United States federal securities and New York State law.

**EXPERTS**

The financial statements as of March 31, 2025 and 2024, and for each of the two years in the period ended March 31, 2025 included in this prospectus have been audited by Onestop Assurance PAC, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing.

The office of Onestop Assurance PAC is located at 10 Anson Road, #21-14 International Plaza, Singapore 079903.

**ENFORCEMENT OF LIABILITIES**

**Cayman Islands**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to enjoy the following benefits: (a) political and economic stability; (b) an effective judicial system; (c) a favorable tax system; (d) the absence of exchange control or currency restrictions; and (e) the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include:

● the Cayman Islands has a less exhaustive body of securities laws than the United States and these securities laws provide significantly less protection to investors; and

● Cayman Islands companies may not have standing to sue before the federal courts of the United States.

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

We conduct a substantial amount of our operations in Hong Kong, and a substantial amount of our assets are located outside the United States. A majority our 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 or impossible for a shareholder 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. It may also be difficult for shareholder to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

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

We have been advised by Ogier, our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:

● recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and

● entertain original actions brought in the Cayman Islands against us or our Directors or officers predicated upon the securities laws of the United States or any state in the United States.

There is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 given by a foreign court of competent jurisdiction;

(b) imposes
 on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;

(c) is
 final;

(d) is
 not in respect of taxes, a fine or a penalty;

(e) was
 not obtained by fraud; and

(f) is
 not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

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

**Hong Kong**

There is uncertainty as to whether the courts of 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 Hong Kong against us or our Directors or officers predicated upon the securities laws of the United States or any state in the United States.

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

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

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

The SEC maintains a website at *www.sec.gov* that contains reports, proxy and information statements and other information regarding issuers, like us, that file electronically with the SEC.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**KEPLER GROUP LIMITED AND ITS SUBSIDIARIES**

Consolidated Financial Statements

For the Years Ended March 31, 2025 and March 31, 2024

**Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [**Report of Independent Registered Public Accounting Firm**](#sk_001) (Firm ID: PCAOB:6732) | F-2 |
| [**Consolidated Statements of Profit or loss and Other Comprehensive Income for the years ended March 31, 2025 and 2024**](#sk_002) | F-3 |
| [**Consolidated Statements of Financial Position for the years ended March 31, 2025 and 2024**](#sk_003) | F-5 |
| [**Consolidated Statements of Changes in Shareholders' Equity for the years ended March 31, 2025 and 2024**](#sk_004) | F-7 |
| [**Consolidated Statements of Cash Flows for the years ended March 31, 2025 and 2024**](#sk_005) | F-8 |
| [**Notes to Consolidated Financial Statements for the years ended March 31, 2025 and 2024**](#sk_006) | F-10 |

---

Unaudited Condensed Consolidated Financial Statements<br> For the Six Months Ended September 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **[Unaudite**d** Condensed Statements of Profit or loss and Other Comprehensive Income for the six months ended September 30, 2025 and 2024](#JA_001)** | F-58 |
| [**Unaudited Condensed Consolidated Statements of Financial Position for the six months ended September 30, 2025 and March 31, 2024**](#JA_002) | F-60 |
| **[Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the six months ended September 30, 2025 and 2024](#JJ_001)** | F-62 |
| **[Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2025 and 2024](#JA_003)** | F-63 |
| **[Notes to Unaudited Condensed Consolidated Financial Statements](#JA_004)** | F-65 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of Kepler Group Limited

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial positions of Kepler Group Limited and its Subsidiaries (collectively, the "Group") as of March 31, 2025 and 2024, and the related consolidated statements of profit or loss, consolidated statements of comprehensive income, changes in shareholders' equity, and cash flows for each of the two years in the period ended March 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of March 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended March 31, 2025, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated 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 Group in accordance with the United States 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 consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group 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 Group'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 consolidated 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 consolidated 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 consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Group's auditor since 2024.

*/s/ Onestop Assurance PAC*

Singapore

September 3, 2025

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| Revenue | 7 | 157367185 | 143583044 |
| Cost of revenue |  | (136258875) | (126332459) |
| Gross profits |  | 21108310 | 17250585 |
| Other income | 8 | 5789204 | 5449945 |
| Other (loss)/gain | 9 | (11430) | 752879 |
| Administrative expenses |  | (18104835) | (13695827) |
| Finance costs | 10 | (243687) | (196272) |
| Profit before tax | 11 | 8537562 | 9561310 |
| Income tax expense | 12 | (1948838) | (1596991) |
| **Profit for the year** |  | 6588724 | 7964319 |
| **Other comprehensive income/(expenses)** |  |  |  |
| Items that maybe reclassified to profit or loss: |  |  |  |
| Currency translation differences rising from consolidation |  |  | 6513 |
| Release of translation reserve upon disposal of a subsidiary |  | - | (10964) |
| Other comprehensive income for the year, net of tax |  | - | (4451) |
| Total comprehensive income for the year |  | 6588724 | 7959868 |
| Profit for the year attributable to: |  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of the Company |  | 6588724 | 7989537 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | - | (25218) |
|  |  | 6588724 | 7964319 |
| Total comprehensive income for the year attributable to: |  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of the Company |  | 6588724 | 7985086 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests |  | - | (25218) |
| Total comprehensive income for the year |  | 6588724 | 7959868 |

---

<u>KEPLER GROUP LIMITED</u>

EARNINGS PER SHARE

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025 | 2024 |
|  | HK$ | HK$ |
| Earnings per share – Basic and Diluted | 6588724 | 7989537 |
| Weighted Average number of common shares | 1 | 1 |

---

See the accompanying Notes, which are an integral part of these Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

<u>FOR THE YEARS END MARCH 31, 2025 aND 2024</u>

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and bank balances | 18 | 28246749 | 24102446 |
| Trade and other receivables, prepayments and deposits | 15 | 11197805 | 12031568 |
| Deferred offering expenses | 16 | 1497988 | 518157 |
| Amount due from related parties | 17 | - | 44805 |
| **Total current assets** |  | 40942542 | 36696976 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 13 | 3950006 | 5944841 |
| Deposits | 15 | 556252 | 536765 |
| Deferred tax assets | 23 | 325011 | 324019 |
| **Total non-current assets** |  | 4831269 | 6805625 |
| **Total assets** |  | 45773811 | 43502601 |
| **LIABILITIES** |  |  |  |
| **Current liabilities** |  |  |  |
| Commission and other payables | 19 | 29720766 | 30397883 |
| Lease liabilities | 20 | 1878157 | 1815969 |
| Tax payable |  | 3343791 | 1393961 |
| Bank borrowings | 21 | 408977 | 938351 |
| **Total current liabilities** |  | 35351691 | 34546164 |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 20 | 1953378 | 3831534 |
| Provision for reinstatement cost | 22 | 929714 | 897137 |
| **Total non-current liabilities** |  | 2883092 | 4728671 |
| **Total liabilities** |  | 38234783 | 39274835 |

---

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENT OF FINANCIAL POSITION– continued

<u>as at March 31, 2025 aND 2024</u>

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Notes | 2025<br>HK$ | 2024<br>HK$ |
| **Capital and reserves** |  |  |  |
| Share capital | 24 | \* | \* |
| Merge reserve | 24 | 1683089 | 1683089 |
| Accumulated profits |  | 5855939 | 2544677 |
| **Equity attributable to owners of the Company** |  | 7539028 | 4227766 |
| **Total liabilities and equity** |  | 45773811 | 43502601 |

---

\* On October 3, 2023, Kepler Group Limited was incorporated with issuance of one ordinary share at a par value of US$0.001 per share, which equivalent to below HK$1.

See the accompanying Notes, which are an integral part of these Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Attributable to the owners of the Company** | **Attributable to the owners of the Company** | **Attributable to the owners of the Company** | **Attributable to the owners of the Company** | **Attributable to the owners of the Company** | | |
|  |<br>**Number of common <br>shares** | **Share capital <br>HK$** | **Merger** **reserve<br>HK$** | **Exchange reserve <br>HK$** | **Accumulated <br>(loss)/profits <br>HK$** | **Sub-total <br>HK$** | **Attributable to**<br>**non-controlling <br>interests <br>HK$** |<br>**Total <br>HK$** |
| At April 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |  | 1265706 | 4451 | (2709172) | (1439015) | 442605 | (996410) |
| Adjustment for reorganization (Note 2) |  |  | (4) |  |  | (4) |  | (4) |
| Profit (loss) for the year |  |  |  |  | 7989537 | 7989537 | (25218) | 7964319 |
| Other comprehensive expense (income) for the year |  |  |  | (4451) |  | (4451) |  | (4451) |
| Dividends recognized as distribution (Note 25) |  |  |  |  | (2735688) | (2735688) |  | (2735688) |
| Equity transaction (Note 24(c)) |  | - | 417387 | - | - | 417387 | (417387) | - |
| At March 31, 2024 | 1 | \* | 1683089 |  | 2544677 | 4227766 |  | 4227766 |
| Profit for the year |  |  |  |  | 6588724 | 6588724 |  | 6588724 |
| Dividends recognized as distribution (Note 25) |  | - | - | - | (3277462) | (3277462) | - | (3277462) |
| At March 31, 2025 | 1 | \* | 1683089 | - | 5855939 | 7539028 | - | 7539028 |

---

\* On October 3, 2023, Kepler Group Limited was incorporated with issuance of one ordinary share at a par value of US$0.001 per share, which equivalent to below HK$1.

See the accompanying Notes, which are an integral part of these Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENTS OF CASH FLOWS

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| **OPERATING ACTIVITIES** |  |  |
| Profit before taxation | 8537562 | 9561310 |
| Adjustment for: |  |  |
| Depreciation of property, plant and equipment | 171904 | 832089 |
| Depreciation of right-of-use assets | 1884501 | 2187007 |
| Gain on disposal of a subsidiary |  | (753499) |
| Interest income | (36619) | (35091) |
| Finance cost | 243687 | 196272 |
| Operating cash flows before movements in working capital | 10801035 | 11988088 |
| Increase in prepayments and deposits | (1598870) | (652901) |
| Decrease (increase) in trade receivables | 2432633 | (1594681) |
| Increase in deferred listing expenses | (979831) | (518157) |
| Increase in commission payables | 332770 | 20165496 |
| (Decrease) increase in accruals and other payables | (1020526) | 1815382 |
| Decrease (increase) in amount due from related parties | 44805 | (13505) |
| **NET CASH GENERATED FROM OPERATING ACTIVITIES** | 10012016 | 31189722 |
| **INVESTING ACTIVITIES** |  |  |
| Interest received | 17132 | 17747 |
| Purchase of property, plant and equipment | (61570) | - |
| Net cash inflow on disposal of a subsidiary | - | 438659 |
| **NET CASH (USED IN) GENERATED FROM INVESTING ACTIVITIES** | (44438) | 456406 |
| **FINANCING ACTIVITIES** |  |  |
| Repayment of bank borrowings | (529374) | (685307) |
| Interest paid | (24291) | (44214) |
| Repayments of lease liabilities | (1991316) | (2135729) |
| Payment to a director |  | (2653268) |
| Dividend paid | (3277462) | (2735688) |
| **NET CASH USED IN FINANCING ACTIVITIES** | (5822443) | (8254206) |

---

<u>KEPLER GROUP LIMITED</u>

CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| **NET INCREASE IN CASH AND CASH EQUIVALENTS** | 4145135 | 23391922 |
| **CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR** | 24102446 | 697621 |
| **EFFECT OF FOREIGN EXCHANGE RATE** | (832) | 12903 |
| **CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR** | 28246749 | 24102446 |

---

See the accompanying Notes, which are an integral part of these Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

1. DESCRIPTION
OF BUSINESS AND NATURE OF OPERATIONS

The Company is a private limited company incorporated in Cayman Islands on October 3, 2023. The address of the registered office of the Company is 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands and the principal place of business of the Company is suite 3902-03, 39/F, Tower 6, Gateway, Tsim Sha Tsui, Hong Kong.

The principal activities of the Company and its subsidiaries (the "Group") are engaged in provision of insurance brokering services and immigration services and software upgrade and maintenance business.

2. GROUP REORAGANIZATION

Prior to group reorganization, Equator Asset Protection Limited ("Equator") and Kepler Global Advisor Limited ("Kepler Global") generate revenue for the Group. Equator commenced its business operations in 2015 and since then, the Company has engaged in provision of insurance brokering services. Kepler commenced its business operation in 2016 and since then, the Company has engaged in provision of commission and immigration services. Both of Equator and Kepler Global are under common control of ultimate shareholder.

Kepler Group Limited, or ("Kepler Group" or "the "Company") was established, in the Cayman Islands on October 3, 2023 as a limited liability corporation under the laws of Cayman Islands.

On March 31, 2023, one of the subsidiaries, Equator Asset Protection Limited ("Equator") allotted 25,300 ordinary shares of HK$275,000 (HK$10.8696 for one share). The share capital reclassed to merger reserve as the share allotment of subsidiary has been accounted for as merger accounting for business combination involving businesses under common control.

On December 22, 2023, one of the subsidiaries, Fo Shan City Ka Bu Le Information Consultant Limited Company, held by Kepler Global, was disposed to third parties with the consideration of HK$578,443. The disposal of subsidiaries was disclosed in Note 18.

On March 15, 2024, the Company acquired 100% interest in Equator of 531,300 ordinary shares with capital value at HK$1,735,000 by the consideration at HK$4. The difference between capital value of shares and consideration is recorded as merger reserve. The acquisition has been accounted for as merger accounting for business combination involving businesses under common control.

On May 16, 2024, the Company acquired 100% interest in Kepler Innovative Technology Limited ("Kepler Innovative") and Kepler Global with the consideration at HK$1 respectively. The merger reserve is recorded as HK$20,000 for both the acquisition of Kepler Innovative and Kepler Global as they has been accounted for as merger accounting for business combination involving businesses under common control.

After the completion of the reorganization on May 16, 2024, Kepler Group has become the offshore holding company and has held Equator, Kepler Global and Kepler Innovative as subsidiaries directly since then.

The details of the subsidiaries held by the Company is disclosed in Note 31.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

3. BASIS
OF PRESENTATION

These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). In prior financial years, the Group prepared its financial statements in accordance with Hong Kong Financial Reporting Standards ("HKFRS"). Based on a comparison of HKFRS and IFRS, management has concluded that there are no material differences between the two frameworks that would impact the Group's financial reporting. Consequently, the Group did not apply IFRS 1, First-time Adoption of International Financial Reporting Standards, as HKFRS is substantially convergent with IFRS in terms of accounting policies, with only minor differences in transitional provisions and effective dates that are not material to the Group.

The preparation of consolidated financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to these consolidated financial statements are disclosed in Note 6.

The consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company.

The Company has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern.

4. APPLICATION
 OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

**Adoption of new and revised Standards**

For the purpose of preparing and presenting the consolidated financial statements for the years ended March 31, 2025 and 2024, the Group has consistently applied the accounting policies which conform with International Financial Reporting Standards ("IFRS Accounting Standards"), which are effective for the accounting periods beginning on or after April 1, 2024.

---

| | |
|:---|:---|
| Amendment to IFRS 16 | Lease Liability in a Sale and Leaseback |
| Amendments to IAS 1 | Classification of Liabilities as Current or Non-current |
| Amendments to IAS 1 | Non-current Liabilities with Covenants |
| Amendments to IAS 7 and IFRS 7 | Supplier Finance Arrangements |

---

The application of the amendments to IFRSs in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

4 APPLICATION OF NEW AND AMENDMENTS TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS - continued

**New and amendments to IFRSs issued but not yet effective**

The Group has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective:

---

| |
|:---|
| Amendments to IFRS 10 and IAS 28 |
| Amendments to IAS 21 Lack of Exchangeability<sup>2</sup> |
| Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments and Contracts Referencing Nature dependent Electricity (amendments)<sup>3</sup> |
| IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Annual Improvements to IFRS Accounting Standards — Volume 11<sup>3</sup> |
| IFRS 18 Presentation and Disclosure in Financial Statements<sup>4</sup> |

---

<sup>1</sup> Effective for annual periods beginning on or after a date to be determined.

<sup>2</sup> Effective for annual periods beginning on or after January 1, 2025.

<sup>3</sup> Effective for annual periods beginning on or after January 1, 2026.

<sup>4</sup> Effective for annual periods beginning on or after January 1, 2027.

The directors do not expect that the adoption of the Standards listed above will have a material impact on the consolidated financial statements of the Group in future periods.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION

The consolidated financial statements have been prepared on the historical cost basis as explained in the accounting policies set out below.

The principal accounting policies are set out below.

<u>Basis of consolidation</u>

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

● has power over the investee;

● is exposed, or has rights, to variable returns from its involvement with the investee; and

● has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.

Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Non-controlling interests in subsidiaries are presented separately from the Group's equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Merger accounting for business combination involving businesses under common control</u>

The consolidated financial statements incorporate the financial statements items of the combining businesses in which the common control combination occurs as if they had been combined from the date when the combining businesses first came under the control of the controlling party.

The net assets of the combining businesses are consolidated using the existing book values from the controlling party's perspective. No amount is recognized in respect of goodwill or bargain purchase gain at the time of common control combination.

The consolidated statement of profit or loss and other comprehensive income includes the results of each of the combining businesses from the earliest date presented or since the date when the combining businesses first came under the common control, where this is a shorter period.

The comparative amounts in the consolidated financial statements are presented as if the businesses had been combined at the beginning of the previous reporting period or when they first came under common control, whichever is shorter.

<u>Revenue from contracts with customers</u>

The Group recognizes revenue from various streams based on the principles of IFRS 15, applying the 5-step process:

1. Identifying the contract with a customer

2. Identifying the performance obligations

3. Determining the transaction price

4. Allocating the transaction price to the performance obligations

5. Recognizing revenue when/as performance obligation(s) are satisfied

The Group recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to the customer.

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates or enhances an asset that the customer controls as the Company performs; or

● the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct good or service.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Revenue from contracts with customers</u> - continued

**Principal versus agent**

When another party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent).

The Group is a principal if it controls the specified good or service before that good or service is transferred to a customer.

The Group is an agent if its performance obligation is to arrange for the provision of the specified good or service by another party. In this case, the Group does not control the specified good or service provided by another party before that good or service is transferred to the customer. When the Group acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.

The Group recognizes revenue with the principles in IFRS 15 for the following major business lines:

**Broker commission income**

The Group has engaged in brokerage agreements with insurance companies and/or insurance brokerage companies, determining the commission rates through mutual agreement. There is only one performance obligation which promotes insurance products to prospective insured clients. Upon completion of the selling procedures to potential insured clients and prepares full set documents for insured client, these documents are forwarded to the insurance companies for underwriting processes and assessment. After the underwriting procedures, the commission income are paid by insurance companies based on predetermined commission rates of insurance premium for each insurance product, the Group recognized the revenue at the point of completion of underwriting procedures and satisfied twenty-one days cooling off period.

The Group is acting as an agent and the revenue is recognized as net basis, specifically the commission income received from insurance companies rather than insurance premiums. The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Group does not assume the primary responsibility for fulfilling the insurance contract, instead its role is limited to promoting
 the insurance products to potential policyholders;

ii. There
 is no inventory risk for the Group as the insurance companies assume all risks associated with the insurance products, including
 unsold insurance policies or the costs of claims linked to the policies; and

iii. Revenue
 is derived from a predefined commission structure that has been mutually agreed upon with insurance companies.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Revenue from contracts with customers</u> - continued

**Immigration service income**

The Group has entered into an immigration service agreement with customers and pre-determined the transaction price through mutual agreement. There is only one performance obligation that the service provided the immigration service to customers. The Group recognized the revenue at the point of customers successfully obtained the right of abode.

The Group is acting as a principal and the revenue is recognized as gross basis, The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 Group has primary responsibility to perform the immigration services to the customers from preparation the documents for customers,
 submission the documents to authority and follow-up the status with authority;

ii. the
 Group bears the performance risk for the entire immigration services whatever successful case or unsuccessful case; and

iii. the
 Group has a full control in determining the transaction price for immigration services with customers.

**Software upgrade and maintenance service income**

The Group provided software upgrade and maintenance service income to customers.

Software Upgrade Revenue

Revenue from software upgrade services is recognized over time because the Group's performance does not create an asset with an alternative use, and the Group has an enforceable right to payment for performance completed to date. Progress towards satisfaction of these performance obligations is measured using the input method, based on man hours incurred relative to the total estimated man hours.

IT Maintenance Service Revenue

Revenue from IT maintenance services is recognized at a point in time when the maintenance service is completed and delivered to the customer. The Group recognizes revenue upon completion of the service, as this is the point at which the customer has received and accepted the maintenance service performed.

The Group is acting as a principal and the revenue is recognized as gross basis, The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 Group has primary responsibility to perform the software upgrade and maintenance service to the customers from building up the software;

ii. the
 Group bears the performance risk for the entire IT software upgrade and maintenance service; and

iii. the
 Group has a full control in determining the transaction price for IT software upgrade and maintenance service with customers.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL ACCOUNTING POLICY
 INFORMATION - continued

<u>Leases</u>

**Definition of a lease**

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

Non-lease components are separated from lease component on the basis of their relative stand-alone prices.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee**

*Short-term leases and leases of low-value assets*

The Group applies the short-term lease recognition exemption to warehouse leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term.

*Right-of-use assets*

 

The cost of right-of-use asset includes:

● the amount of the initial measurement of the lease liability;

● any lease payments made at or before the commencement date, less any lease incentives received;

● any initial direct costs incurred by the Company; and

● an estimate of costs to be incurred by the Company in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liability.

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. The remaining right-of-use assets are depreciated on a straight-line basis over the term of the leases.

The Group presents right-of-use assets as a separate line item in the consolidated statement of financial position.

Variable lease payments that do not depend on an index or a rate are not included in the measurement of lease liabilities and right-of-use assets, and are recognized as expense in the period on which the event or condition that triggers the payment occurs.

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever the lease term has changed, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.

The Group presents lease liabilities as a separate line item in the consolidated statement of financial position.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee** - continued

 

*Lease modifications*

The Group accounts for a lease modification as a separate lease if:

● the modification increases the scope of the lease by adding the right to use one or more underlying assets; and

● the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability, less any lease incentives receivable, based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use assets.

<u>Foreign currencies</u>

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of the entity ("foreign currencies") are recognized at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognized in profit or loss in the period in which they arise.

<u>Government grants</u>

Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

Government grants related to income that are receivables as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognized in profit or loss in the period in which they become receivable. Such grants are presented under "other income".

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Deferred listing expenses</u>

An entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognized as an expense.

Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Transaction costs that relate jointly to more than one transaction (for example, costs of a concurrent offering of some shares and a stock exchange listing of other shares) are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions.

<u>Borrowing costs</u>

All borrowing costs are recognized in profit or loss in the period in which they are incurred.

<u>Retirement benefit costs</u>

Payments to the Mandatory Provident Fund Schemes, which are defined contribution schemes, are charged as an expense when employees have rendered service entitling them to the contributions.

<u>Short-term employee benefits</u>

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized as an expense unless another IFRS requires or permits the inclusion of the benefit in the cost of an asset.

A liability is recognized for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

<u>Income Taxes</u>

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from "profit before tax" as reported in the statement of profit or loss and other comprehensive income because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Income Taxes</u> - continued

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

For the purposes of measuring deferred tax for leasing transactions in which the Group recognizes the right-of-use assets and the related lease liabilities, the Company first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies IAS 12 Income *Taxes* requirements to the leasing transaction as a whole. Temporary differences relating to right-of use assets and lease liabilities are assessed on a net basis. Excess of depreciation on right-of-use assets over the lease payments for the principal portion of lease liabilities resulting in net deductible temporary differences.

Current and deferred tax are recognized in profit or loss.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Property, plant and equipment</u>

Property, plant and equipment are stated in the statement of financial position at cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

Depreciation is recognized so as to write off the cost of items of property, plant and equipment, less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

---

| | |
|:---|:---|
| Leasehold improvements | Over the shorter of the term of the lease |
| Furniture and fixtures | 5 years |
| Office equipment | 5 years |
| Leased property | Over term of the lease |

---

<u>Impairment losses recognized on property, plant and equipment and right-of-use assets</u>

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized as income immediately.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u>

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15 Revenue from Contracts with Customers. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

**Financial assets**

*Classification and subsequent measurement of financial assets*

Financial assets that meet the following conditions are subsequently measured at amortized cost:

● the financial asset is held within a business model whose objective is to collect contractual cash flows; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income ("FVTOCI"):

● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Classification and subsequent measurement of financial assets* - continued

All other financial assets are subsequently measured at FVTPL except that at the date of initial application of IFRS 9/initial recognition of a financial asset the Company may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 Business Combinations applies.

A financial asset is classified as held for trading if:

● It has been acquired principally for the purpose of selling in the near term; or

● On initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

● It is a derivative that is not designated and effective as hedging instrument.

In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortized cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

Amortized cost and interest income

Interest income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

 

*Impairment of financial assets*

The Group performs impairment assessment under Expected Credit Loss ("ECL") model on financial assets including trade receivables, deposits, amount due from relate parties and bank balances and cash which are subject to impairment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

The Group always recognizes lifetime ECL for trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix based on appropriate groupings.

For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant increase in credit risk

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant increase in credit
 risk - continued

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

● an actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;

● significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

● existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;

● an actual or expected significant deterioration in the operating results of the debtor; or

● an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor's ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are past due, unless the Company has reasonable and supportable information that demonstrates otherwise.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Definition of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Company).

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Credit-impaired financial
 assets

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) significant
 financial difficulty of the issuer or the borrower;

(b) a
 breach of contract, such as a default or past due event;

(c) the
 lender(s) of the borrower, for economic or contractual reasons relating to the borrower's
 financial difficulty, having granted to the borrower a concession(s) that the lender(s) would
 not otherwise consider;

(d) it
 is becoming probable that the borrower will enter bankruptcy or other financial reorganization;
 or

(e) the
 disappearance of an active market for that financial asset because of financial difficulties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Impairment policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. An impairment constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement and recognition
 of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement and recognition of ECL **-** continued

Where ECL is measured on a collective basis or cater for cases where evidence at individual instrument level may not yet be available, the financial instruments are grouped on the following basis:

● Nature of financial instruments (i.e. the Group's trade receivables and other receivables are each assessed as a separate group. Cash and amount due from directors/ related party are assessed for ECL on an individual basis);

● Past-due status;

● Nature, size and industry of debtors; and

● External credit ratings where available.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortized cost of the financial asset.

The Group recognizes an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables measured at amortized cost where the corresponding adjustment is recognized through a loss allowance account.

*Derecognition of financial assets*

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On derecognition of a financial asset measured at amortized cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial liabilities and equity instruments**

*Classified as debt or equity*

Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

 

*Equity instruments*

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

*Financial liabilities at amortized cost*

 

Financial liabilities including commission payables, accrued charges and other payables, amount due to a director, bank borrowings and lease liabilities are subsequently measured at amortized cost, using the effective interest method.

*Effective interest method*

 

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Interest expense is recognized on an effective interest basis.

*Derecognition of financial liabilities*

The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

5. MATERIAL
ACCOUNTING POLICY INFORMATION - continued

<u>Provisions</u>

Provisions are recognized when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material).

6. CRITICAL
 ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group's accounting policies, which are described in Note 5, the directors of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

**Critical judgements in applying accounting policies**

The following are the critical judgements, apart from those involving estimations, that the directors of the Company have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements.

<u>Principal versus agent consideration (agent)</u>

The Group is considered as an agent for its contracts with customers relating to provision of insurance brokering services as the Group did not obtain the control over insurance contract before passing on to customers taking into consideration indicators such as the Group is not primarily responsible for fulfilling the promise and not exposed to inventory risk. When the Group satisfies the performance obligation, the Group recognizes commission income in the amount it expects to be entitled as specified in the contracts.

During the year ended March 31, 2025 and 2024, the Group recognized commission revenue relating to provision of insurance brokering services amounted to HK$149,640,421 and HK$137,637,952, respectively.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

6. CRITICAL
 ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY - continued

**Key sources of estimation uncertainty**

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk causing a material adjustment to the carrying amounts of assets within the next financial year.

<u>Provision of ECL for trade receivables</u> 

As at March 31, 2025 and 2024, the Group's trade receivables amounted to HK$9,470,773 and HK$11,903,406 (Note 15), respectively.

Trade receivables with significant balances and credit-impaired are assessed for ECL individually. In addition, the Group uses practical expedient in estimating ECL on trade receivables which are not assessed individually using a provision matrix. The provision rates are based on past due aging of debtors as groupings of various debtors taking into consideration the Group's historical default rates and forward-looking information that is reasonable and supportable available without undue costs or effort. At every reporting date, the historical observed default rates are reassessed and changes in the forward-looking information are considered.

For the year ended March 31, 2025 and 2024, no loss allowance of trade receivables were recognized.

<u>Useful lives of property, plant and equipment</u>

The Group's management determines the estimated useful lives and related depreciation charges for its property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of the property, plant and equipment of similar nature and functions. Management will change the depreciation charge where useful lives are different from the previously estimated lives. It will also write off or write down technically obsolete or non-strategic assets that have been abandoned or sold.

<u>Determination on discount rates of lease contracts</u>

The Group applies incremental borrowing rates as the discount rates of lease liabilities, which is similar to the current corporate borrowing rate from bank, the assessments in determining the discount rates involved management judgment, which may significantly affect the amount of lease liabilities and right-of-use assets. As at March 31, 2025, the carrying amounts of right-of-use assets and lease liabilities are HK$3,860,190 and HK$3,831,535 (2024: HK$5,744,691 and HK$5,647,503), respectively.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND 2024</u>

7. REVENUE

The Group derives principal revenue from insurance brokerage service and immigration services at a point in time and software upgrade and maintenance service income at overtime in the following major product lines and geographical regions. Revenue is attributed to countries by location of customers.

<u>Breakdown of revenue</u>

---

| | | |
|:---|:---|:---|
|  | For the year ended March 31, | For the year ended March 31, |
|  | 2025<br>HK$ | 2024<br>HK$ |
| <u>Types of services</u> |  |  |
| Commission income |  |  |
| - Hong Kong | 149640421 | 137637952 |
| Immigration service income |  |  |
| - Hong Kong | 7403239 | 5550200 |
| Software upgrade and maintenance service income | 323525 | 394892 |
| Total | 157367185 | 143583044 |
| <u>Timing of revenue recognition</u> |  |  |
| At a point in time | 157043660 | 143188152 |
| At overtime | 323525 | 394892 |
| Total | 157367185 | 143583044 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

8. OTHER
 INCOME

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Government grant |  | 1202875 |
| Bank interest income | 17132 | 12747 |
| Imputed interest income | 19487 | 17344 |
| Other interest income |  | 5000 |
| Sponsorship income b | 631987 | 47800 |
| Handling fee income e | 239990 |  |
| Consultancy fee income | 1249896 | 1194405 |
| Management fee income d | 2766156 | 2969774 |
| Referral income | 846058 | - |
| Sundry income | 18498 | - |
|  | 5789204 | 5449945 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For
 the year ended March 31, 2024, the Group recognized government grant of HK$1,202,875 related to Dedicated Fund on Branding, Upgrading
 and Domestic Sales of HK$693,675, Technology Voucher Programme of HK$363,750, and rental subsidy of HK$145,450 provided by the China
 Government. There was no government grant recognized for the year ended March 31, 2025.

b. For
 the year ended March 31, 2025, the Group recognized the sponsorship income of HK$631,987 (2024: HK$47,800) from insurance
 companies for special bonus and supporting the Group's marketing events.

c. For
 the year ended March 31, 2025, the Group recognized the consultancy fee income of HK$1,249,896 (2024: HK$1,194,405) from third
 parties for providing the training services, financial analysis and recommendation in relation to insurance industry.

d. For
 the year ended March 31, 2025, the Group received the management fee income of HK$2,766,156 (2024: HK$2,969,774) from third
 parties for providing the administrative services and office expense.

e. For the year ended March 31, 2025, the Group recognized
 the handling fee income of HK$239,990 (2024:Nil) for providing administrative support to technical representatives.

f. For the year ended March 31, 2025, the Group recognized
 the referral income of HK$846,058 (2024: Nil) for referral
 services provided to third party other than insurance brokerage services.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

9. OTHER
 (LOSS)/GAIN

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Exchange (loss)/gain | (11430) | (620) |
| Gain on disposal of a subsidiary | - | 753499 |
|  | (11430) | 752879 |

---

10. FINANCE
 COSTS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Interest on bank borrowings | 24291 | 44214 |
| Interest on other payables | 11471 | 8332 |
| Interest on reinstatement cost | 32577 | 30709 |
| Interest on lease liabilities | 175348 | 113017 |
|  | 243687 | 196272 |

---

11. PROFIT
 BEFORE TAX

Profit before tax has been arrived at after charging:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Salaries and allowance for staff excluding directors | 8940389 | 6753726 |
| Retirement benefit scheme contributions for staff excluding directors | 335011 | 259466 |
| Total staff cost | 9275400 | 7013192 |
| Depreciation of property, plant and equipment | 2056405 | 3019096 |
| Listing expenses | 3831685 | 1316579 |
| Auditor's remuneration | 74000 | 72000 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

12. INCOME
 TAX EXPENSE

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Current tax: |  |  |
| Hong Kong profits tax | 1949830 | 1372322 |
| Deferred tax (Note 23) | (992) | 224669 |
| Income tax expenses | 1948838 | 1596991 |

---

The income tax expense can be reconciled to the profit before tax per the consolidated statement of profit or loss and other comprehensive income as follows:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Profit before tax | 8537562 | 9561310 |
| Income tax rate | 16.5% | 16.5% |
| National tax on profit before tax | 1408698 | 1577616 |
| Tax effect of income not taxable for tax purpose | (6000) | (129287) |
| Tax effect of expenses not deductible | 675106 | 319662 |
| Tax effect of tax losses not recognized | 39034 |  |
| Income tax at concessionary rate | (165000) | (165000) |
| Income tax deduction | (3000) | (6000) |
| Income tax expense | 1948838 | 1596991 |

---

Hong Kong profits tax is calculated at 16.5% on the estimated assessable profit for both years.

Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

The Group's subsidiaries operating in Hong Kong are eligible for certain tax concessions. The maximum tax concessions eligible for each subsidiary is HK$1,500 (2024: HK$3,000) for the year ended March 31, 2025.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

13. PROPERTY,
 PLANT AND EQUIPMENT

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Leased property<br>HK$ | Furniture <br>and Fixtures<br>HK$ | Office <br>equipment<br>HK$ | Leasehold improvement<br>HK$ | Total<br>HK$ |
| COST |  |  |  |  |  |
| At April 1, 2023 | 7041755 | 36466 | 202556 | 2417315 | 9698092 |
| Lease modification | 5539928 |  |  |  | 5539928 |
| Disposal of a subsidiary (Note 18) | (544990) |  |  |  | (544990) |
| Currency translation differences | (25507) | - | - | - | (25507) |
| At March 31, 2024 <br>and April 1, 2024 | 12011186 | 36466 | 202556 | 2417315 | 14667523 |
| Additions | - | - | 61570 | - | 61570 |
| At March 31, 2025 | 12011186 | 36466 | 264126 | 2417315 | 14729093 |
| DEPRECIATION |  |  |  |  |  |
| At April 1, 2023 | 4596263 | 36466 | 117140 | 1470492 | 6220361 |
| Charged for the year | 2187007 |  | 26397 | 805692 | 3019096 |
| Disposal of a subsidiary (Note 18) | (499574) |  |  |  | (499574) |
| Currency translation differences | (17201) | - | - | - | (17201) |
| At March 31, 2024 and April 1, 2024 | 6266495 | 36466 | 143537 | 2276184 | 8722682 |
| Charged for the year | 1884501 | - | 30773 | 141131 | 2056405 |
| At March 31, 2025 | 8150996 | 36466 | 174310 | 2417315 | 10779087 |
| CARRYING VALUES |  |  |  |  |  |
| At March 31, 2025 | 3860190 | - | 89816 | - | 3950006 |
| At March 31, 2024 | 5744691 | - | 59019 | 141131 | 5944841 |

---

Right-of-use assets acquired under leasing arrangements are presented together with the owned assets of the same class. Details of such leased assets are disclosed in Note 14.

During the year ended March 31, 2024, the Group renegotiated and modified an existing lease contract for an office building by extending the lease term by 3 years at revised lease payments. As this extension is not part of the terms and conditions of the original lease contract, it is accounted for as a lease modification to the right-of-use assets, classified under 'Property, plant and equipment'. The corresponding remeasurement was recorded to lease liabilities (Note 20). There was no lease modification for the year ended March 31, 2025.

Leasehold improvement represented the renovation of rental office.

The above items of property, plant and equipment are depreciated on a straight-line basis, after taking into account of their estimated residual values.

The Group has no pledged property, plant and equipment to secure general banking facilities granted to the Group.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

14. LEASES
 – THE GROUP AS A LESSEE

<u>Nature of the Group's leasing activities</u>

Leased property

The Group leases office space for the purpose of business operations. During the current year, the Group renegotiated and modified an existing lease contract for an office building by extending the lease term by 3 years at revised lease payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Carrying
 amounts

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Note | 2025<br>HK$ | 2024<br>HK$ |
| Leased property | 13 | 3860190 | 5744691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Depreciation
 charge during the year

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Note | 2025<br>HK$ | 2024<br>HK$ |
| Leased property | 13 | 1884501 | 2187007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Interest
 expense

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Note | 2025<br>HK$ | 2024<br>HK$ |
| Interest on lease liabilities | 10 | 175348 | 113017 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Total
 cash outflow for all the leases were HK$1,991,316 and HK$2,135,729 for the years ended
 March 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. For
 the year ended March 31, 2024, the Group recognized lease modification of HK$5,539,928 due
 to the Group renegotiated and modified an existing lease contract for an office building
 by extending the lease term by 3 years at revised lease payments. As this extension is not
 part of the terms and conditions of the original lease contract, it is accounted for as a
 lease modification to the right-of-use assets. No lease modification was incurred for the
 year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Right-of-use
 assets in which the Company is reasonably certain to obtain ownership of the underlying leased
 assets at the end of the lease term is depreciated from commencement date to the end of the
 useful life. The remaining right-of-use assets are depreciated on a straight-line basis over
 the terms of the leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. As
 at March 31, 2025 and 2024, the Company had no leases that are committed but not yet
 commenced.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

15. TRADE AND OTHER RECEIVABLES,
 PREPAYMENTS AND DEPOSITS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Trade receivables | 9470773 | 11950329 |
| Less: Provision for expected credit losses | - | (46923) |
|  | 9470773 | 11903406 |
| Prepayment | 566123 | 115562 |
| Other receivables and deposits | 1717161 | 549365 |
|  | 2283284 | 664927 |
| Less: Receivables within twelve months shown under current assets | (1727032) | (128162) |
| Rental deposits and other receivables shown under non-current assets | 556252 | 536765 |
| Receivables within twelve months shown under current assets | 11197805 | 12031568 |

---

The credit terms of trade receivables is 30 days (2024: 30 days).

The following is an ageing analysis of trade receivables presented based on the revenue recognition date at the end of the reporting period.

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Within 30 days | 9470031 | 11891674 |
| 31 to 60 days | 742 | 11732 |
|  | 9470773 | 11903406 |

---

The prepayment is comprised of prepaid administrative expenses, such as licence fee and insurance expenses. The deposits are comprised of electricity deposit and rental deposit for office. As of March 31, 2025, the leased office would be terminated over 12 months, and classified as non-current assets.

Details of impairment assessment of trade receivables for the years ended March 31, 2025 and 2024 are set out in Note 27(b).

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

16. DEFERRED
 OFFERING EXPENSES

Deferred offering expenses included the costs that relate to the stock market listing and directly attributable to issuing new shares, the deferred offering expenses would be deducted from equity upon the Company being listing.

17. RELATED
 PARTY TRANSACTIONS AND BALANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Compensation
 of key management personnel of the Company:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Salaries, fees and other allowances | 1117323 | 195000 |
| Commission | 661514 |  |
| Retirement benefit scheme contributions | 46450 | 9750 |
|  | 1825287 | 204750 |

---

The commission expense of HK$661,514 was paid to one of the Company's key management personnel and has been recognized in cost of sales for the financial year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Related
 party transactions

During the years ended March 31, 2025 and 2024, the Group has entered into the following transactions with related party:

Commission expense to related company

---

| | | | |
|:---|:---|:---|:---|
|  | Nature of | 2025 | 2024 |
| Relationship | transaction | HK$ | HK$ |
| Related company controlled by the Key Management's Spouse | Commission expense |  | 8982807 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

17. RELATED
 PARTY TRANSACTIONS AND BALANCES - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Amounts
 due from/to related companies

The related party balances are set out below:

---

| | | |
|:---|:---|:---|
|  | As at 31 March | As at 31 March |
|  | 2025<br>HK$ | 2024<br>HK$ |
| <u>Amount due from related companies</u> |  |  |
| Kepler Group Limited \* |  | 42300 |
| Kepler Galaxy Culture and Entertainment Media Co. Limited |  | 2505 |
|  |  | 44805 |
| <u>Commission payables</u> |  |  |
| Yean Limited |  | 333378 |

---

\* Kepler Group Limited was incorporated in Brith Virgin Island ("BVI") on June 19, 2019, the shareholder and director of the Kepler Group Limited is Mr. KWOK Yu Hin.

The amounts from/to related companies are non-trade nature, the amounts are unsecured, interest-free and repayable on demand.

During the current year, the Company declared and paid interim and special dividends totaling HK$3,277,462 (2024: HK$2,735,688) to its shareholder. These amounts have been disclosed in the consolidated statement of cash flows as distribution.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

18. CASH
 AND BANK BALANCES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Cash at bank | 28238349 | 24094046 |
| Cash on hand | 8400 | 8400 |
|  | 28246749 | 24102446 |

---

Bank balances carried interest rates at prevailing market rates based on daily bank deposit rate for the years ended March 31, 2025 and 2024. The carrying amounts of the Group's foreign currency denominated bank balances, as at the end of the reporting period are as follows:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| HKD | 27621098 | 23756604 |
| USD | 373514 | 325841 |
| CNY | 31975 | 5878 |
| AUD | 18 | 19 |
| CAD | 5378 | 5704 |
| EUR | 206366 | - |

---

18. CASH
 AND BANK BALANCE - continued

<u>Disposal of a subsidiary</u>

On December 22, 2023, the Group disposed of its wholly owned subsidiary, Fo Shan City Ka Bu Le Information Consultant Limited Company with the cash consideration of CNY500,000 (equivalent to HK$578,443). The effects of the disposal on the cash flows of the Group were:

---

| | |
|:---|:---|
|  | At December 22,<br>2023<br>HK$ |
| Carrying amounts of assets and liabilities as at the date of disposal: |  |
| Cash and bank balances | 139784 |
| Property, plant and equipment | 45416 |
| Deposits | 43340 |
| Total assets | 228540 |
| Accruals charges | 43340 |
| Amounts due to director | 140325 |
| Lease liability | 125936 |
| Provision for reinstatement cost | 83031 |
| Total liabilities | 392632 |
| Net liabilities derecognized | (164092) |
| Cash inflows arising from disposal: |  |
| Net liabilities disposed of (as above) | (164092) |
| Reclassification of exchange reserve | (10964) |
| Total liabilities | (175056) |
| Gain on disposal | 753499 |
| Cash proceeds on disposal | 578443 |
| Less: Cash and bank balances in subsidiary disposed of | (139784) |
| Net cash inflow on disposal | 438659 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

19. COMMISSION
 AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Commission payables | 27976444 | 27643674 |
| Other payables | 1264826 | 1263887 |
| Accrued charges | 479496 | 1490322 |
|  | 29720766 | 30397883 |

---

Other payables were unsecured, interest bearing at 3.375% to 3.5% (2024: 1%) and repayable within one year. The other payables included the money advance from third parties of principal of HK$1,250,000 (2024: HK$1,255,555) and interest payables of HK$14,826 (2024: HK$8,332). Details of subsequent settlement of other payables for the year ended March 31, 2025 are set out in Note 34.

Accrued charges included accrued employee's salaries and other administrative expenses, such as auditor's remuneration, utilities expenses.

20. LEASE
 LIABILITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts
 recognized in the consolidated statement of financial position

The consolidated statement of financial position shows the following amounts relating to lease liabilities:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| **Lease liabilities** |  |  |
| Current | 1878157 | 1815969 |
| Non-current | 1953378 | 3831534 |
|  | 3831535 | 5647503 |

---

The lease modification during the 2024 financial year was HK$5,572,431. No lease modification was recognized for the year ended March 31, 2025.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

20. LEASE
 LIABILITIES - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amounts
 recognized in the consolidated statement of profit or loss

The consolidated statement of profit or loss shows the following amounts relating to lease liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |<br>Note | 2025<br>HK$ | 2024<br>HK$ |
| Interest expense (included in finance cost) | 10 | 175348 | 113017 |

---

The total cash outflow for leases is HK$1,991,316 (2024: HK$2,135,729).

The weighted average incremental borrowing rates applied to lease liabilities at 3.63% (2024: 3.63%).

The lease agreements do not impose any extension or termination options which are exercisable only by the Company and not by the respective lessors.

As at March 31, 2025 and 2024, the Group did not provide residual value guarantees in relation to leases arrangement. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.

21. BANK
 BORROWINGS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Unsecured and repayable on demand clause | 408977 | 938351 |
| Amounts due within one year, shown under current liabilities with repayment on demand | 408977 | 938351 |
| Repayment of bank borrowings | 529374 | 685307 |

---

The bank borrowings were unsecured and personal guaranteed by Mr. KWOK Yu Hin, the director of the Group, and Ms. Chow Shui Yan, the former director of the Group's subsidiary. The bank borrowings were carried variable market interest rate at 3.000% (2024: 3.625%) as at March 31, 2025 with repayable on demand clause. No additional bank borrowing was incurred for the year ended March 31, 2025 and 2024.

The variable market interest rate for March 31, 2025 and 2024:

---

| | |
|:---|:---|
|  | Interest rate |
| For the year ended March 31, 2024 | 3.375% - 3.625% |
| For the year ended March 31, 2025 | 3.000% - 3.625% |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

22. PROVISION
 FOR REINSTATEMENT COST

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Non-current | 929714 | 897137 |

---

Provision for reinstatement costs is recognized for the costs to be incurred for the reinstatement of the properties used by the Group for its operations upon expiration of the relevant leases. As at March 31, 2025, the Group expected that the total undiscounted costs required in the future would amount to approximately HK$1,000,000 (2024: HK$1,000,000). The Group contained one lease and remaining three years as at March 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Beginning of financial year | 897137 | 1056553 |
| Interest expense (included in finance cost) | 32577 | 30709 |
| Lease modification |  | (103313) |
| Disposal of a subsidiary |  | (83031) |
| Currency translation differences | - | (3781) |
| End of financial year | 929714 | 897137 |

---

23. DEFERRED
 TAX ASSETS

The following is the major deferred tax assets recognized and movements thereon during the current and prior years:

---

| | | | |
|:---|:---|:---|:---|
|  | Accelerated tax depreciation<br>HK$ | Tax <br>loss<br>HK$ | Total<br>HK$ |
| At April 1, 2023 | 203685 | 345003 | 548688 |
| Credit to profit or loss | 119929 | (344598) | (224669) |
| At March 31, 2024 and April 1, 2024 | 323614 | 405 | 324019 |
| Charge to profit or loss | 1397 | (405) | 992 |
| At March 31, 2025 | 325011 | - | 325011 |

---

At the end of the reporting period, March 31, 2025, the Group has unused tax losses of approximately HK$236,572 (2024: Nil) available for offset against future profits. No deferred tax asset has been recognized in respect of the remaining approximately HK$236,572 (2024: Nil) due to the unpredictability of future profit streams and carried forward indefinitely.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

24. SHARE
 CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Authorized Share Capital** 

The Company's authorized common shares were 100,000,000 with par value of HK$0.0078 (US$0.001).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Issued Share Capital** 

---

| | | |
|:---|:---|:---|
|  | Number of shares | Amount <br>HK$ |
| **Issued and fully paid:** |  |  |
| Ordinary shares with no par value |  |  |
| At April 1, 2023, March 31, 2024 and March 31 2025 | 1 | \* |

---

The Company was incorporated on October 3, 2023, with an issuance of one ordinary share at a par value of US$0.001 (HK$0.0078).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Merger** **reserve** 

Merger reserve accounts for any differences between the book values of the transferred assets and liabilities and the consideration paid in a business acquisition under common control. On May 16, 2024, the Company completed the acquisition of Kepler Global Advisor Limited and Kepler Innovative Technology Limited commonly controlled by same individual.

On March 15, 2024, the Group changed interests in a subsidiary and the ultimate controlling interest was from 43.3% to 100%. The Group recognized a decrease in non-controlling interest and an increase in equity attributable to owners of the Company of approximately HK$417,387 respectively.

25. DIVIDENDS

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Dividends for ordinary shareholders of the Company recognized as distribution during the year: |  |  |
| 2025 Interim – HK$365,300 (2024: Interim - HK202.6688) per share | 365300 | 2026688 |
| Special dividend – HK$2,912,162 (2024: HK$70.90) per share | 2912162 | 709000 |

---

For the year ended March 31, 2024, one of the subsidiaries of the Group, Kepler Global Advisors Limited, has declared an interim dividend of HK$202.6688 per share to 10,000 shares and special dividend of HK$70.90 per share to 10,000 shares, totaling HK$2,735,688, which is recognized as distribution.

For the year ended March 31, 2025, the Company has declared an interim dividend of HK$365,300 per share to 1 shares and special dividend of HK$672,162 per share to 1 share and HK$2,240,000 per share to 1 share, totaling HK$3,277,462, which is recognized as distribution.

No final dividend was proposed for ordinary shareholders since the end of the reporting period (2024: Nil).

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

26. CAPITAL
 RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The Group's overall strategy remains unchanged from prior year.

The capital structure of the Company consists of bank borrowings and lease liabilities disclosed in Note 21 and Note 20, respectively, net of cash and cash equivalents and equity attributable to owner of the Company, comprising issued share capital and accumulated losses.

The directors of the Company review the capital structure on an on-going basis. As part of this review, the directors consider the cost of capital and the risks associated with each class of capital.

Based on recommendations of the directors, the Company will balance its overall capital structure through new share issues as well as the issue of new debt.

27. FINANCIAL
 INSTRUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Categories of financial instruments</u> 

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| **Financial assets** |  |  |
| <u>Amortized cost</u> |  |  |
| Trade receivables | 9470773 | 11903406 |
| Other receivables and deposits | 1717161 | 549365 |
| Amount due from related parties |  | 44805 |
| Cash and bank balances | 28246749 | 24102446 |
|  | 39434683 | 36600022 |
| **Financial liabilities** |  |  |
| <u>Amortized cost</u> |  |  |
| Commission payables | 27976444 | 27643674 |
| Accruals and other payables | 1744322 | 2754209 |
| Bank borrowings | 408977 | 938351 |
| Lease liabilities | 3831535 | 5647503 |
|  | 33961278 | 36983737 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> 

The major financial instruments of the Group include trade receivables, other receivables and deposits, cash and bank balances, commission payables, accruals and other payables, amount due from related parties, bank borrowings and lease liabilities. Details of the financial instruments are disclosed in the respective notes. The risks associated with these financial instruments include market risk (represented by interest rate risk), credit risk and liquidity risk. The policies on how to mitigate these risks are set out below. The Group's management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

**Market risk**

*Interest rate risk*

The Group is exposed to fair value interest rate risk which arise from lease liabilities. The Group is exposed to cash flow interest rate risk in relation to variable-rate bank balances and variable rate bank borrowings due to the fluctuation of the prevailing market interest rate. The Company currently does not have a policy on hedging interest rate risk. However, the management of the Company monitors interest rate exposure and will consider hedging significant interest rate risk should the need arise.

*Sensitivity analysis*

No sensitivity analysis is presented since the directors of the Group consider that the Group's exposure to interest rate risk is insignificant.

**Credit risk and impairment assessment**

As at March 31, 2025 and 2024, the Group's maximum exposure to credit risk which will cause a financial loss due to failure to discharge an obligation by the counterparties is arising from the carrying amounts of the recognized financial assets as stated in the statement of financial position.

*Trade receivables arising from contracts with customers*

The Group has concentration of credit risk as 32.6% (2024: 0.1%) and 46.4% (2024: 39.9%) of the total trade receivables were due from the Group's largest customer and the five largest customers respectively.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Credit risk and impairment assessment** - continued

*Trade receivables arising from contracts with customers*- continued

In order to minimize the credit risk, management of the Group has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. The Group only extends credit to customers based on careful evaluation of the customers' financial conditions and credit history. The Group performs impairment assessment under ECL model upon application of IFRS 9 on trade receivables individually. In this regard, the directors of the Group consider that the Group's credit risk is significantly reduced.

*Amount due from related parties* 

 

The Company has considered that credit risks on amount due from related parties have not increased significantly since initial recognition and has assessed the ECL under 12-month ECL method based on the Company's assessment in the risk of default of the respective counterparties.

*Other receivables and deposits*

 

For other receivables and deposits, the management makes periodic individual assessment on the recoverability of deposits based on historical settlement records, past experience, and also quantitative and qualitative information that is reasonable. The management believes that there are no significant increase in credit risk of these amounts since initial recognition and the Group provided impairment based on 12m ECL. For the year ended March 31, 2025 and 2024, the Group assessed the ECL for other receivables and deposits are insignificant and thus no loss allowance is recognized.

*Bank balances* 

 

The credit risk on cash balances is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

*Significant concentration of credit risk*

The Company's concentration of credit risk on trade receivables by geographical locations is in Hong Kong. The Company has no other significant concentration of credit risk, with exposure spread over a number of counterparties.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Credit risk and impairment assessment** - continued

The Company's internal credit risk grading assessment on trade receivables and other financial assets comprise the following categories:

---

| | | | |
|:---|:---|:---|:---|
| Internal credit rating | Description | Trade<br> receivables | Other financial<br> assets |
| Low risk | The counterparty has a low risk of default and does not have any past-due amounts | Lifetime ECL -<br> not credit-impaired | 12m ECL |
| Watch list | The counterparty has amounts past-due but is continuously settling after due date and with continuous business transactions with the Company | Lifetime ECL -<br> not credit-impaired | 12m ECL |
| Doubtful | There have been significant increases in credit risk since initial recognition through information developed internally or external resources while the counterparty is with continuous business transactions with the Company | Lifetime ECL -<br> not credit-impaired | Lifetime ECL -<br> not credit-impaired |
| Loss | There is evidence indicating the asset is credit-impaired | Lifetime ECL -<br> credit-impaired | Lifetime ECL -<br> credit-impaired |
| Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery | Amount is written off | Amount is written off |

---

The table below details the credit risk exposures of the Company's financial assets, which are subject to ECL assessment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Gross carrying amount | Gross carrying amount |
|  | | | For the year ended March 31, | For the year ended March 31, |
|  | <br>Internal<br>Credit<br> rating | <br>12m or<br> Lifetime ECL | 2025<br> HK$ | 2024 <br>HK$ |
| Trade receivables | Low risk | Lifetime ECL - | 9470773 | 11950329 |
|  |  | not credit-impaired |  |  |
| Other receivables and deposits | Low risk | 12m ECL | 1717161 | 549365 |
| Amount due from related parties | Low risk | 12m ECL |  | 44805 |
| Bank balances | Low risk | 12m ECL | 28238349 | 24094046 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

**Credit risk and impairment assessment** - continued

The following table shows the movement in lifetime ECL that has been recognized for trade receivables under the simplified approach.

---

| | |
|:---|:---|
|  | Lifetime ECL (not credit-impaired) HK$ |
| As at April 1, 2023 and March 31, 2024 | 46923 |
| Write-offs | (46923) |
| As at March 31, 2025 | - |

---

**Liquidity risk**

In management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group's operations and mitigate the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings.

The following table details the Group's remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group can be required to pay. Specifically bank borrowings with a repayment on demand clause are included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates.

The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amounts is derived from the interest rate at the end of the reporting period.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2025 | Weighted average interest <br> rate | On demand <br> or less than <br> 1 month | 1 -3 months | 3 months <br> to <br> 1 year | 1 year <br> to <br> 5 years | Over <br> 5 years | Total <br> undiscounted <br> cash flows | Carrying <br> amount <br> at March 31, 2024 |
|  | % | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Commission payables |  | 27976444 |  |  |  |  | 27976444 | 27976444 |
| Accruals and other payables |  | 1744322 | 10781 | 3594 |  |  | 1758697 | 1744322 |
| Bank borrowings | 3.00 | 408977 |  |  |  |  | 408977 | 408977 |
| Lease liabilities | 3.63 | 165943 | 331886 | 1493487 | 1991316 |  | 3982632 | 3831535 |
|  |  | 30295686 | 342667 | 1497081 | 1991316 |  | 34126750 | 33961278 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Financial risk management objectives and policies</u> - continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 2024 | Weighted average interest <br>rate | On demand <br>or less than <br>1 month | 1 -3 months | 3 months <br>to <br>1 year | 1 year <br>to <br>5 years | Over <br>5 years | Total <br>undiscounted <br>cash flows | Carrying <br>amount <br>at March 31, <br>2024 |
|  | % | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ | HK$ |
| **Non-derivative financial liabilities** |  |  |  |  |  |  |  |  |
| Commission payables |  | 27643674 |  |  |  |  | 27643674 | 27643674 |
| Accruals and other payables |  | 2754209 |  |  |  |  | 2754209 | 2754209 |
| Bank borrowings | 3.63 | 938351 |  |  |  |  | 938351 | 938351 |
| Lease liabilities | 3.63 | 165943 | 331886 | 1493487 | 3982632 |  | 5973948 | 5647503 |
|  |  | 31502177 | 331886 | 1493487 | 3982632 |  | 37310182 | 36983737 |

---

**Liquidity risk** - continued

Bank borrowings with a repayment on demand clause are included in the "on demand or less than 1 month" time band in the above maturity analysis. As at March 31, 2025, the aggregate principal amounts of these bank borrowings were amounted to HK$414,134 (2024: HK$969,939). Taking into account the Group's financial position, the directors do not believe that it is probable that the banks and the third-party lenders will exercise their discretionary rights to demand for immediate repayment. The directors believe that such loans will be repaid eight years after the end of the reporting period in accordance with the scheduled repayment dates set out in the loan agreements, details of which are set out in the table below. The aggregate principal and interest cash outflows of bank and other borrowings with a repayment on demand clause are amounted to HK$408,977 (2024: HK$938,351).

***Maturity Analysis – Bank borrowings with a repayment on demand clause based on scheduled repayments***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Weighted average interest <br>rate% | Less than <br>1 year<br>HK$ | 1 -2 years<br>HK$ | More than <br>2 years<br>HK$ | Total <br>undiscounted <br>cash flows<br>HK$ | Carrying amount<br>HK$ |
| March 31, 2025 | 3.00 | 414134 |  |  | 414134 | 408977 |
| March 31, 2024 | 3.63 | 554181 | 415758 |  | 969939 | 938351 |

---

The amounts included above for variable interest rate instruments are subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

27. FINANCIAL
 INSTRUMENTS - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fair value measurements of financial instruments</u> 

IFRS 7 Financial Instruments: Disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation technique used to measure fair value as follows:

● Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

● Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liability either directly or indirectly; and

● Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs)

28. RECONCILIATION
 OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flow were, or future cash flows will be classified in the Company's statement of cash flows as cash flows from financing activities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bank borrowings**<br>**HK$** | **Lease liabilities**<br>**HK$** | **Amount due to a director**<br>**HK$** | **Total**<br>**HK$** |
| At April 1, 2023 | 1623658 | 2234417 | 3526336 | 7384411 |
| Repayment of bank borrowings | (685307) |  |  | (685307) |
| Interest paid | (44214) |  |  | (44214) |
| Repayments of lease liabilities |  | (2135729) |  | (2135729) |
| Lease modification |  | 5572431 |  | 5572431 |
| Interest expense | 44214 | 113017 |  | 157231 |
| Payment to a director |  |  | (2653268) | (2653268) |
| Received on behalf of the Group |  |  | (800000) | (800000) |
| Expenses paid on behalf of the Group |  |  | 60690 | 60690 |
| Disposal of a subsidiary |  | (125936) | (140325) | (266261) |
| Foreign exchange movement | - | (10697) | 6567 | (4130) |
| At March 31, 2024 | 938351 | 5647503 |  | 6585854 |
| Repayment of bank borrowings | (529374) |  |  | (529374) |
| Interest paid | (24291) |  |  | (24291) |
| Repayments of lease liabilities |  | (1991316) |  | (1991316) |
| Interest expense | 24291 | 175348 | - | 199639 |
| At March 31, 2025 | 408977 | 3831535 | - | 4240512 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

29. SEGMENT
 INFORMATION

The Group determines its operating and reportable segments based on the reports, reviewed by the chief operating decision-maker, that are used for resources allocation and assessment of performance focusing specifically on the revenue analysis by principal categories of the Group's business and the profit of the Group as a whole. For the year ended March 31, 2025, the Group has three operating and reportable segments – (i) insurance brokerage service, (ii) immigration service and (iii) software upgrade and maintenance service. These segments are managed separately as they belong to different industries and require different operating systems and strategies.

*Segment revenues and results and segment assets and liabilities*

The following table is an analysis of the Group's revenue and results and assets and liabilities by operating and reportable segment.

**For the year ended March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Insurance brokerage service**<br>HK$ | **Immigration service**<br>HK$ | **Software upgrade and maintenance service**<br>HK$ | **Total**<br>HK$ |
| Total segment revenue | 254776434 | 7403238 | 323525 | 262503197 |
| Inter-company revenue | (105136012) | - | - | (105136012) |
| Revenue to external parties | 149640422 | 7403238 | 323525 | 157367185 |
| Cost of revenue | (238228203) | (2875594) | (291090) | (241394887) |
| Inter-company cost of revenue | 105136012 | - | - | 105136012 |
| Cost of revenue from external parties | (133092191) | (2875594) | (291090) | (136258875) |
| Gross profit | 16548231 | 4527644 | 32435 | 21108310 |
| Other income | 3666734 | - | 178 | 3666912 |
| Segment profit | 20214965 | 4527644 | 32613 | 24775222 |
| Unallocated other income (Note 1) |  |  |  | 2122292 |
| Unallocated other loss (Note 2) |  |  |  | (11430) |
| Unallocated administrative expenses (Note 3) |  |  |  | (18104835) |
| Unallocated finance costs (Note 4) |  |  |  | (243687) |
| Group's profit before tax |  |  |  | 8537562 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

29. SEGMENT INFORMATION - continued

**For the year ended March 31, 2025** - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Insurance brokerage service**<br>HK$ | **Immigration service**<br>HK$ | **Software upgrade and maintenance service**<br>HK$ | **Total**<br>HK$ |
| ASSETS |  |  |  |  |
| Segment assets | 39041077 |  | 226984 | 39268061 |
| Unallocated corporate assets (Note 5) |  |  |  | 6505750 |
| Consolidated assets |  |  |  | 45773811 |
| LIABILITIES |  |  |  |  |
| Segment liabilities | (34291554) |  | (21000) | (34312554) |
| Unallocated corporate liabilities (Note 6) |  |  |  | (3922229) |
| Consolidated liabilities |  |  |  | (38234783) |

---

---

| | |
|:---|:---|
| Note 1: | Unallocated other income included the bank interest income and consultancy fee income from Kepler Global Advisors Limited ("Kepler Global"), and bank interest income. |
| Note 2: | Unallocated other gain included the exchange difference for the year ended March 31, 2025. |
| Note 3: | Unallocated administrative expenses included the depreciation expenses for right-of-use asset, staff cost, other office expenses and the listing expenses incurred for the Group. |
| Note 4: | Unallocated finance costs included the interest expenses on lease liability, provision for re-instatement cost and interest on bank borrowings. |
| Note 5: | Unallocated corporate assets included deferred offering expenses from the Company, and bank and cash of Kepler Global. |
| Note 6: | Unallocated corporate liabilities included the accruals and other payables and tax payable from Kepler Global and accrued expenses from the Company. |

---

**For the year ended March 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Insurance brokerage service**<br>HK$ | **Immigration service**<br>HK$ | **Software upgrade and maintenance service**<br>HK$ | **Total**<br>HK$ |
| Total segment revenue | 235906834 | 5550200 | 394892 | 241851926 |
| Inter-company revenue | (98268882) | - | - | (98268882) |
| Revenue to external parties | 137637952 | 5550200 | 394892 | 143583044 |
| Cost of revenue | (223184353) | (1041036) | (375952) | (224601341) |
| Inter-company cost of revenue | 98268882 | - | - | 98268882 |
| Cost of revenue from external parties | (124915471) | (1041036) | (375952) | (126332459) |
| Gross profit | 12722481 | 4509164 | 18940 | 17250585 |
| Other income | 4572343 | - | 20 | 4572343 |
| Segment profit | 17294824 | 4509164 | 18960 | 21822948 |
| Unallocated other income (Note 1) |  |  |  | 877582 |
| Unallocated other gain (Note 2) |  |  |  | 752879 |
| Unallocated administrative expenses (Note 3) |  |  |  | (13695827) |
| Unallocated finance costs (Note 4) |  |  |  | (196272) |
| Group's profit before tax |  |  |  | 9561310 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>For THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

29. SEGMENT INFORMATION - continued

**For the year ended March 31, 2024** - continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Insurance brokerage service**<br>HK$ | **Immigration service**<br>HK$ | **Software upgrade and maintenance service**<br>HK$ | **Total**<br>HK$ |
| ASSETS |  |  |  |  |
| Segment assets | 18167919 | 2921200 | 45926 | 21135045 |
| Unallocated corporate assets (Note 5) |  |  |  | 22367556 |
| Consolidated assets |  |  |  | 43502601 |
| LIABILITIES |  |  |  |  |
| Segment liabilities | (35291547) | (765050) | (66000) | (36122597) |
| Unallocated corporate liabilities (Note 6) |  |  |  | (3152238) |
| Consolidated assets |  |  |  | (39274835) |

---

*Other Segment Information*

Major amounts included in the measure of segment results and segment assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Insurance brokerage service**<br>HK$ | **Immigration service**<br>HK$ | **Software upgrade and maintenance service**<br>HK$ | **Total**<br>HK$ |
| **For the year ended March 31, 2025** |  |  |  |  |
| Depreciation of property, plant and equipment | 2056405 |  |  | 2056405 |
| **For the year ended March 31, 2024** |  |  |  |  |
| Depreciation of property, plant and equipment | 2888788 |  | 130308 | 3019096 |

---

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

29. SEGMENT INFORMATION - continued

---

| | |
|:---|:---|
| Note 1: | Unallocated other income included the bank interest income and consultancy fee income from Kepler Global Advisors Limited ("Kepler Global"), and bank interest and government grant from a subsidiary, Fo Shan City Ka Bu Le Information Consultant Limited Company ("Fo Shan") in the PRC, which is inactive for both years. The company was disposed during the year ended March 31, 2024. |
| Note 2: | Unallocated other gain included the exchange difference from Fo Shan for both years, and the gain on disposal of a subsidiary, Fo Shan, for the year ended March 31, 2024. |
| Note 3: | Unallocated administrative expenses included the depreciation expenses for right-of-use asset, staff cost, other office expenses and the listing expenses incurred for the Group. |
| Note 4: | Unallocated finance costs included the interest expenses on lease liability and provision for re-instatement cost for Fo Shan. |
| Note 5: | Unallocated corporate assets included deferred offering expenses from the Company, and bank and cash of Fo Shan and Kepler Global. |
| Note 6: | Unallocated corporate liabilities included the accruals and other payables and tax payable from Kepler Global and accrued expenses from the Company and accrued operating expense, lease liabilities and provision for reinstatement cost for Fo Shan. |

---

*Major customers*

The revenue from major customers individually contributed over 10% of total revenue of the Group for the years ended March 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | 2025<br>HK$ | 2024<br>HK$ |
| Customer A | 15889669 | N/A\* |
| Customer B | 59543966 | 14692961 |
| Customer C | 15883770 | N/A\* |
| Customer D | N/A\* | 41028163 |
| Customer E | N/A\* | 19917190 |
| Customer F | N/A\* | 15442919 |
| Customer G | N/A\* | 14374827 |

---

\*The corresponding revenue did not contribute over 10% of the total revenue of the Group.

<u>KEPLER GROUP LIMITED AND ITS SUBSIDIARIES</u>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE YEARS ENDED MARCH 31, 2025 AND</u> <u>2024</u>

30. MAJOR
 NON-CASH TRANSACTIONS

During the year ended March 31, 2024, the Group entered into renewed lease agreements for extending the use of leased properties for 3 years. On the lease modification date, the Group recognized right-of-use assets and lease liabilities of HK$5,539,928 and HK$5,572,431, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. PARTICULARS
 OF SUBSIDIARIES OF THE COMPANY

Details of the subsidiaries directly and indirectly held by the Company are set out below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Proportion of ownership interest held by the Company** | **Proportion of ownership interest held by the Company** | |
| <br>**Name of subsidiary** | **Place of** <br> **Incorporation/**<br>**registered** | **Class of**<br>**shares held** | **Paid up issued/registered**<br>**capital** | **2025** | **2024** | <br>**Principal activities** |
|  |  |  |  | **%** | **%** |  |
| Equator Asset Protection Limited | Hong Kong | Ordinary shares | HK$1,735,000 | 100 | 100 | Insurance brokerage services |
| Kepler Global Advisors Limited | Hong Kong | Ordinary shares | HK$10,000 | 100 |  | Insurance brokerage services and provision of immigration services |
| Kepler Innovative Technology Limited | Hong Kong | Ordinary shares | HK$10,000 | 100 |  | Provision of technology advisory services and development of software |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. CAPITAL
 MANAGEMENT

The primary objective of the Group's capital management is to ensure that it maintains a strong credit rating and net current asset position in order to support its business and maximize shareholder value. The capital structure of the Group comprises issued share capital and retained earnings.

The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements. No changes were made to the objectives, policies or processes during the financial years ended March 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. COMMITMENT
 AND CONTINGENT LIABILITIES

As at March 31, 2025 and 2024, the Group did not have any commitment and significant contingent liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. SUBSEQUENT
 EVENT

Management has evaluated subsequent events through the date these consolidated financial statements were available to be issued.

On June 30, 2025, the Company entered into a new engagement letter and appointed the new underwriter for its initial public offering. On that date, the Company was obligated to pay one-time termination fee of US$110,000 (equivalent to HK$858,000) to prior underwriter. As of March 31, 2025, the Group recognized deferred listing expense of HK$234,360 under consolidated statement of financial position and would be expense off on the date of new underwriter appointment.

In August 2025, the Group has settled the money advance from third of principal HK$1,250,000 with its interest, in total of HK$1,288,906.

Based on our evaluation, except for aforementioned above, there are no subsequent events that would require disclosure in these consolidated financial statements.

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

---

| | | | |
|:---|:---|:---|:---|
|  | | For the six months ended | For the six months ended |
|  | <br>Notes | September 30, <br> 2025<br>HK$<br>(Unaudited) | September 30, 2024<br>HK$<br>(Unaudited) |
| Revenue | 4 | 191642232 | 71866939 |
| Cost of revenue |  | (167945427) | (59976715) |
| Gross profit |  | 23696805 | 11890224 |
| Other income | 5 | 688470 | 2397003 |
| Other gains (losses) | 6 | 20650 | (618) |
| Administrative expenses |  | (13348257) | (9593555) |
| Finance costs | 7 | (108157) | (141239) |
| Profit before tax | 8 | 10949511 | 4551815 |
| Income tax expense | 9 | (2527027) | (895416) |
| Profit and total comprehensive income for the period |  | 8422484 | 3656399 |

---

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 - continued

**EARNINGS PER SHARE**

---

| | | |
|:---|:---|:---|
|  | For the six months ended | For the six months ended |
|  | September 30, <br> 2025<br>HK$<br>(Unaudited) | September 30, <br>2024<br>HK$<br>(Restated)<br>(Unaudited) |
| Earnings per share - Basic and Diluted | 2.30 | 1.46 |
| Weighted average number of common shares | 3659221 | 2512500 |

---

See the accompanying Notes, which are an integral part of these Unaudited Condensed Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR THE FINANCIAL PERIOD ENDED SEPTEMBER 30, 2025 AND MARCH 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited, restated) |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and bank balances | 14 | 64133527 | 28246749 |
| Trade receivables, prepayments and deposits | 12 | 19165517 | 11197805 |
| Deferred offering expenses | 13 | 2192147 | 1497988 |
| **Total current assets** |  | 85491191 | 40942542 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 11 | 3045697 | 3950006 |
| Deposits | 12 | 566209 | 556252 |
| Deferred tax assets | 21 | 310548 | 325011 |
| **Total non-current assets** |  | 3922454 | 4831269 |
| **Total assets** |  | 89413645 | 45773811 |
| **Current liabilities** |  |  |  |
| Commission and other payables | 15 | 65169638 | 29720766 |
| Contract liabilities | 20 | 1298376 |  |
| Lease liabilities | 18 | 1913450 | 1878157 |
| Tax payable |  | 2865188 | 3343791 |
| Bank borrowing | 17 | 137336 | 408977 |
| **Total current liabilities** |  | 71383988 | 35351691 |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 18 | 985383 | 1953378 |
| Provision for reinstatement cost | 19 | 946360 | 929714 |
| **Total non-current liabilities** |  | 1931743 | 2883092 |
| **Total liabilities** |  | 73315731 | 38234783 |

---

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FOR THE FINANCIAL PERIOD ENDED SEPTEMBER 30, 2025 AND MARCH 31, 2025 - continued

---

| | | | |
|:---|:---|:---|:---|
|  | <br>Notes | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited, restated) |
| **Capital and reserves** |  |  |  |
| Share capital | 22 | 156000 | \*19,598 |
| Merger reserve | 22 | 1663491 | \*1,663,491 |
| Retained profits |  | 14278423 | 5855939 |
| **Total equity** |  | 16097914 | 7539028 |
| **Total liabilities and equity** |  | 89413645 | 45773811 |

---

\* Comparative share capital and merger reserve have been retrospectively adjusted for the September 2025 recapitalization. Please refer to Notes 1 and 22 for further details.

See the accompanying Notes, which are an integral part of these Unaudited Condensed Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Number of common shares | Share <br> capital <br> HK$ | Merger <br>reserve<br> HK$ | Accumulated <br> (losses)/ <br> Retained profits <br> HK$ | Sub-total <br> HK$ |
| At March 31, 2024 (Audited, restated) (Note 1) | 2512500 | 19598 | 1663491 | 2544677 | 4227766 |
| Profit for the period |  |  |  | 3656399 | 3656399 |
| Dividends recognized as distribution (Note 10) |  | - | - | (365300) | (365300) |
| At September 30, 2024 (Unaudited) | 2512500 | 19598 | 1663491 | 5835776 | 7518865 |
| At March 31, 2025 (Audited, restated) (Noted 1) | 2512500 | 19598 | 1663491 | 5855939 | 7539028 |
| Profit for the period |  |  |  | 8422484 | 8422484 |
| Capitalization issue | 17487500 | 136402 | - | - | 136402 |
| At September 30, 2025 (Unaudited) | 20000000 | 156000 | 1663491 | 14278423 | 16097914 |

---

See the accompanying Notes, which are an integral part of these Unaudited Condensed Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

---

| | | |
|:---|:---|:---|
|  | For the six months ended | For the six months ended |
|  | September 30, 2025<br>HK$<br>(Unaudited) | September 30, 2024<br>HK$<br>(Unaudited) |
| **OPERATING ACTIVITIES** |  |  |
| Profit before tax | 10949511 | 4551815 |
| Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 18209 | 154330 |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets | 939212 | 942251 |
| &nbsp;&nbsp;&nbsp;Interest income | (10515) | (21405) |
| &nbsp;&nbsp;&nbsp;Finance costs | 108157 | 141239 |
| Operating cash flows before movements in working capital | 12004574 | 5768230 |
| Increase in prepayments and deposits | (1977021) | (257909) |
| (Increase) decrease in trade receivables | (5854289) | 832427 |
| Increase in deferred listing expenses | (694159) | (502672) |
| Increase (decrease) in commission payables | 36930656 | (5040293) |
| Decrease in amount due from related companies |  | 44805 |
| Increase in contract liabilities | 1298376 |  |
| (Decrease) increase in accrued charges and other payables | (1505864) | 118277 |
| Cash generated from operations | 40202273 | 962865 |
| Income tax paid | (2991167) | - |
| **NET CASH GENERATED FROM OPERATING ACTIVITIES** | 37211106 | 962865 |
| **INVESTING ACTIVITIES** |  |  |
| Interest received | 558 | 12524 |
| Purchase of property, plant and equipment | (53112) | - |
| **NET CASH GENERATED FROM INVESTING ACTIVITIES** | (52554) | 12524 |

---

<u>KEPLER GROUP LIMITED</u>

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 - Continued

---

| | | |
|:---|:---|:---|
|  | For the six months ended | For the six months ended |
|  | September 30, <br> 2025<br>HK$<br>(Unaudited) | September 30, <br> 2024<br>HK$<br>(Unaudited) |
| **FINANCING ACTIVITIES** |  |  |
| Repayment of borrowing | (271641) | (261935) |
| Interest paid | (4474) | (15156) |
| Repayment of lease liabilities | (995659) | (995658) |
| Dividend paid | - | (365300) |
| **CASH USED IN FINANCING ACTIVITIES** | (1271774) | (1638049) |
| **NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS** | 35886778 | (662660) |
| **CASH AT THE BEGINNING OF THE FINANCIAL PERIOD** | 28246749 | 24102446 |
| **CASH AT THE END OF THE FINANCIAL PERIOD** | 64133527 | 23439786 |

---

See the accompanying Notes, which are an integral part of these Unaudited Condensed Consolidated Financial Statements.

<u>KEPLER GROUP LIMITED</u>

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

1. DESCRIPTION
 OF BUSINESS AND NATURE OF OPERATIONS

Kepler Group Limited (the "Company") is a private limited company incorporated in Cayman Islands on October 3, 2023. The address of the registered office of the Company is 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands and the principal place of business of the Company is suite 3902-03, 39/F, Tower 6, Gateway, Tsim Sha Tsui, Hong Kong.

The principal activities of the Company and its subsidiaries (the "Group") are provision of insurance brokering services, immigration services and software upgrade and maintenance business.

In connection with the Group's pre-initial public offering ("pre-IPO") corporate reorganization, on September 2, 2025, the Company issued an aggregate of 2,512,499 ordinary shares at par value of HK$0.0078 per share, comprising (i) 2,499,999 ordinary shares issued pursuant to the share swap and (ii) 12,500 ordinary shares issued by subscription. Following these transactions and the related share transfers among shareholders, Mr. KWOK Yu Hin remained the controlling shareholder of the Company.

On September 19, 2025, the Company further issued 17,487,500 ordinary shares at par value of HK$0.0078 per share to existing shareholders on a pro-rata basis by way of a capitalization issue (the "Capitalization Issue"). The value of Capitalization Issue is HK$136,402.

For consolidated financial statement presentation purpose, the effects of the September 2025 recapitalization have been reflected in these unaudited condensed consolidated financial statements as a reclassification from merger reserve to share capital, amounting in aggregate to HK$19,598.

Following completion of the above recapitalization, the total number of issued ordinary shares of the Company became 20,000,000, and Mr. KWOK Yu Hin remained the controlling shareholder of the Company.

As the above recapitalization represents a share restructuring with no change in the economic resources of the Group, the financial statements have been retrospectively restated, where appropriate, to reflect the revised share structure as if it had been in place at the beginning of the earliest period presented. Accordingly, all share numbers, share capital, merger reserve and per share amounts presented in these unaudited condensed consolidated financial statements have been adjusted retrospectively. See Note 22 for further details.

2. BASIS
 OF PRESENTATION

The accompanying interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting ("IAS 34"), and should be read in conjunction with the Company's annual consolidated financial statements for the year ended March 31, 2025.

The preparation of interim unaudited condensed financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and the exercise of management's judgment in applying the Company's accounting policies. Areas involving a high degree of judgment or complexity and areas where assumptions and estimates are significant to the Group's interim unaudited condensed consolidated financial statements which were the same as those described in the Group's annual consolidated financial statements as at and for the year ended March 31, 2025.

The unaudited condensed consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company.

The Group has prepared the unaudited condensed consolidated financial statements on the basis that it will continue to operate as going concern.

<u>New, revised or amended Accounting Standards and Interpretations adopted</u>

The Group has adopted all of the new, revised or amended Accounting Standards and Interpretations issued by the IASB that are mandatory for the current reporting period.

Other new standards did not have any impact on the Group's accounting policies and did not require retrospective adjustments.

Any new, revised or amended Accounting Standards or Interpretations that are not yet mandatory have not been adopted early.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION

The unaudited condensed consolidated financial statements have been prepared on the historical cost basis as explained in the accounting policies set out below.

The principal accounting policies are set out below.

<u>Basis of consolidation</u>

The unaudited condensed consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

● has power over the investee;

● is exposed, or has rights, to variable returns from its involvement with the investee; and

● has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the unaudited condensed consolidated statements of profit or loss and other comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary. Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Merger accounting for business combination involving businesses under common control</u>

The unaudited condensed consolidated financial statements incorporate the financial statements items of the combining businesses in which the common control combination occurs as if they had been combined from the date when the combining businesses first came under the control of the controlling party.

The net assets of the combining businesses are consolidated using the existing book values from the controlling party's perspective. No amount is recognized in respect of goodwill or bargain purchase gain at the time of common control combination.

The unaudited condensed consolidated statements of profit or loss and other comprehensive income includes the results of each of the combining businesses from the earliest date presented or since the date when the combining businesses first came under the common control, where this is a shorter period.

The comparative amounts in the unaudited condensed consolidated financial statements are presented as if the businesses had been combined at the beginning of the previous reporting period or when they first came under common control, whichever is shorter.

<u>Revenue from contracts with customers</u>

The Group recognizes revenue from various streams based on the principles of IFRS 15, applying the 5-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying the contract with a customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying the performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determining the transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating the transaction price to the performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as performance obligation(s) are satisfied

The Group recognizes revenue when (or as) a performance obligation is satisfied, i.e. when "control" of the goods or services underlying the particular performance obligation is transferred to the customer.

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

Control is transferred over time and revenue is recognized over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

● the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs;

● the Company's performance creates or enhances an asset that the customer controls as the Company performs; or

● the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Revenue from contracts with customers</u> - continued

Otherwise, revenue is recognized at a point in time when the customer obtains control of the distinct good or service.

The Group recognizes revenue with the principles in IFRS 15 for the following major business lines:

**Broker commission income**

The Group has engaged in brokerage agreements with insurance companies, determining the commission rates through mutual agreement. There is only one performance obligation which promotes insurance products to prospective insured clients. Upon completion of the selling procedures to potential insured clients and prepares full set documents for insured client, these documents are forwarded to the insurance companies for underwriting processes and assessment. After the underwriting procedures, the commission income are paid by insurance companies based on predetermined commission rates of insurance premium for each insurance product, the Group recognized the revenue at the point of completion of underwriting procedures and satisfied twenty-one days cooling off period.

The Group is acting as an agent and the revenue is recognized as net basis, specifically the commission income received from insurance companies rather than insurance premiums. The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The
 Group does not assume the primary responsibility for fulfilling the insurance contract, instead its role is limited to promoting
 the insurance products to potential policyholders;

v. There
 is no inventory risk for the Group as the insurance companies assume all risks associated with the insurance products, including
 unsold insurance policies or the costs of claims linked to the policies; and

vi. Revenue
 is derived from a predefined commission structure that has been mutually agreed upon with insurance companies.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Revenue from contracts with customers</u> - continued

**Immigration service income**

The Group has entered into an immigration service agreement with customers and pre-determined the transaction price through mutual agreement. There are two performance obligations that (i) the Group provided the immigration service to customers which recognized the revenue at the point of customers successfully obtained the right of abode; and (ii) the Group provided the annual immigration advisory service to customers which recognized the revenue over time due to the customer simultaneously receives and consumes the service as the Group performs the service.

The Group is acting as a principal and the revenue is recognized as gross basis, The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the
 Group has primary responsibility to perform the immigration services to the customers from preparation the documents for customers,
 submission the documents to authority and follow-up the status with authority;

v. the
 Group bears the performance risk for the entire immigration services whatever successful case or unsuccessful case; and

vi. the
 Group has a full control in determining the transaction price for immigration services with customers.

**Software upgrade and maintenance service income**

The Group provided software upgrade and maintenance service income to customers.

Software Upgrade Revenue

Revenue from software upgrade services is recognized over time because the Group's performance does not create an asset with an alternative use, and the Group has an enforceable right to payment for performance completed to date. Progress towards satisfaction of these performance obligations is measured using the input method, based on man hours incurred relative to the total estimated man hours.

IT Maintenance Service Revenue

Revenue from IT maintenance services is recognized at a point in time when the maintenance service is completed and delivered to the customer. The Group recognizes revenue upon completion of the service, as this is the point at which the customer has received and accepted the maintenance service performed.

The Group is acting as a principal and the revenue is recognized as gross basis, The management's rationale is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the
 Group has primary responsibility to perform the software upgrade and maintenance service to the customers from building up the software;

v. the
 Group bears the performance risk for the entire IT software upgrade and maintenance service; and

vi. the
 Group has a full control in determining the transaction price for IT software upgrade and maintenance service with customers.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Revenue from contracts with customers</u> - continued

**Principal versus agent**

When another party is involved in providing goods or services to a customer, the Group determines whether the nature of its promise is a performance obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent).

The Group is a principal if it controls the specified good or service before that good or service is transferred to a customer.

The Group is an agent if its performance obligation is to arrange for the provision of the specified good or service by another party. In this case, the Group does not control the specified good or service provided by another party before that good or service is transferred to the customer. When the Group acts as an agent, it recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Leases</u>

**Definition of a lease**

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified or arising from business combinations on or after the date of initial application, the Group assesses whether a contract is or contains a lease based on the definition under IFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

Non-lease components are separated from lease component on the basis of their relative stand-alone prices.

**The Group as a lessee**

*Short-term leases and leases of low-value assets*

The Group applies the short-term lease recognition exemption to warehouse leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term.

*Right-of-use assets*

 

The cost of right-of-use asset includes:

● the amount of the initial measurement of the lease liability;

● any lease payments made at or before the commencement date, less any lease incentives received;

● any initial direct costs incurred by the Group; and

● an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liability.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Leases</u> - continued

**The Group as a lessee** - continued

*Right-of-use assets* – continued

 

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. The remaining right-of-use assets are depreciated on a straight-line basis over the term of the leases.

The Group presents right-of-use assets in "property, plant and equipment", the same line item within which the corresponding underlying assets would be presented if they were owned.

Variable lease payments that do not depend on an index or a rate are not included in the measurement of lease liabilities and right-of-use assets, and are recognized as expense in the period on which the event or condition that triggers the payment occurs.

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets) whenever the lease term has changed, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.

The Group presents lease liabilities as a separate line item in the unaudited condensed consolidated statement of financial position.

*Lease modifications*

The Group accounts for a lease modification as a separate lease if:

● the modification increases the scope of the lease by adding the right to use one or more underlying assets; and

● the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability, less any lease incentives receivable, based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use assets.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Foreign currencies</u>

In preparing the unaudited condensed consolidated financial statements of each individual group entity, transactions in currencies other than the functional currency of the entity ("foreign currencies") are recognized at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognized in profit or loss in the period in which they arise.

<u>Deferred listing expenses</u>

An entity typically incurs various costs in issuing or acquiring its own equity instruments. Those costs might include registration and other regulatory fees, amounts paid to legal, accounting and other professional advisers, printing costs and stamp duties. The transaction costs of an equity transaction are accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. The costs of an equity transaction that is abandoned are recognized as an expense.

Transaction costs that relate to the issue of a compound financial instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds. Transaction costs that relate jointly to more than one transaction (for example, costs of a concurrent offering of some shares and a stock exchange listing of other shares) are allocated to those transactions using a basis of allocation that is rational and consistent with similar transactions.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Borrowing costs</u>

All borrowing costs are recognized in profit or loss in the period in which they are incurred.

<u>Retirement benefit costs</u>

Payments to the Mandatory Provident Fund Schemes, which are defined contribution schemes, are charged as an expense when employees have rendered service entitling them to the contributions.

<u>Short-term employee benefits</u>

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognized as an expense unless another IFRS requires or permits the inclusion of the benefit in the cost of an asset.

A liability is recognized for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

<u>Income Taxes</u>

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from "profit before tax" as reported in the statement of profit or loss and other comprehensive income because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Income Taxes</u> - continued

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

For the purposes of measuring deferred tax for leasing transactions in which the Group recognizes the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies IAS 12 *Income Taxes* requirements to the leasing transaction as a whole. Temporary differences relating to right-of use assets and lease liabilities are assessed on a net basis. Excess of depreciation on right-of-use assets over the lease payments for the principal portion of lease liabilities resulting in net deductible temporary differences.

Current and deferred tax are recognized in profit or loss.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Property, plant and equipment</u>

Property, plant and equipment are stated in the statement of financial position at cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

Depreciation is recognized so as to write off the cost of items of property, plant and equipment, less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

---

| | |
|:---|:---|
| Leasehold improvements | Over the term of the lease |
| Furniture and fixtures | 5 years |
| Office equipment | 5 years |
| Leased property | Over the term of the lease |

---

<u>Impairment losses recognized on property, plant and equipment and right-of-use assets</u>

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment and right-of-use assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized as income immediately.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u>

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15 *Revenue from Contracts with Customers*. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

**Financial assets**

*Classification and subsequent measurement of financial assets*

Financial assets that meet the following conditions are subsequently measured at amortized cost:

● the financial asset is held within a business model whose objective is to collect contractual cash flows; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income ("FVTOCI"):

● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and

● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Classification and subsequent measurement of financial assets* - continued

All other financial assets are subsequently measured at fair value through profit or loss ("FVTPL") except that at the date of initial application of IFRS 9/initial recognition of a financial asset the Company may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 Business Combinations applies.

A financial asset is classified as held for trading if:

● It has been acquired principally for the purpose of selling in the near term; or

● On initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

● It is a derivative that is not designated and effective as hedging instrument.

In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortized cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

Amortized cost and interest income

Interest income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

 

*Impairment of financial assets*

The Group performs impairment assessment under Expected Credit Loss ("ECL") model on financial assets including trade and other receivables, amount due from related parties and cash which are subject to impairment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

The Group always recognizes lifetime ECL for trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix based on appropriate groupings.

For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant
 increase in credit risk

In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant
 increase in credit risk - continued

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

● an actual or expected significant deterioration in the financial instrument's external (if available) or internal credit rating;

● significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

● existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor's ability to meet its debt obligations;

● an actual or expected significant deterioration in the operating results of the debtor; or

● an actual or expected significant adverse change in the regulatory, economic, or<br> technological environment of the debtor that results in a significant decrease in the<br> debtor's ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are past due, unless the Company has reasonable and supportable information that demonstrates otherwise.

The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Definition
 of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Company).

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Credit-impaired
 financial assets

A financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) significant
 financial difficulty of the issuer or the borrower;

(b) a
 breach of contract, such as a default or past due event;

(c) the
 lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted
 to the borrower a concession(s) that the lender(s) would not otherwise consider;

(d) it
 is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or

(e) the
 disappearance of an active market for that financial asset because of financial difficulties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Impairment
 policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. An impairment constitutes a derecognition event. Any subsequent recovery is recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement
 and recognition of ECL

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial assets** - continued

*Impairment of financial assets* **-** continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Measurement
 and recognition of ECL **-** continued

Where ECL is measured on a collective basis or cater for cases where evidence at individual instrument level may not yet be available, the financial instruments are grouped on the following basis:

● Nature of financial instruments (i.e. the Group's trade receivables and other receivables are each assessed as a separate group. Cash and amount due from directors/ related party are assessed for ECL on an individual basis);

● Past-due status;

● Nature, size and industry of debtors; and

● External credit ratings where available.

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortized cost of the financial asset.

The Group recognizes an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables measured at amortized cost where the corresponding adjustment is recognized through a loss allowance account.

*Derecognition of financial assets*

The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On derecognition of a financial asset measured at amortized cost, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Financial instruments</u> - continued

**Financial liabilities and equity instruments**

*Classified as debt or equity*

Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

 

*Equity instruments*

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.

*Financial liabilities at amortized cost*

Financial liabilities including commission payables, accrued charges and other payables, amount due to a director, bank borrowing and lease liabilities are subsequently measured at amortized cost, using the effective interest method.

*Effective interest method*

 

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Interest expense is recognized on an effective interest basis.

 

*Derecognition of financial liabilities*

The Group derecognizes financial liabilities when, and only when, the Group's obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION - continued

<u>Provision</u>

Provisions are recognized when the Group has a present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material)

<u>Contract liabilities</u>

Contract liabilities are recognized when consideration is received from a customer, or when consideration is due, before the Group transfers the related goods or services to the customer. Contract liabilities are recognized as revenue when the Group satisfies the related performance obligations by transferring control of the goods or services to the customer.

4. REVENUE

The Group derives a principal revenue from insurance brokerage service, immigration services and software upgrade and maintenance service income in the following major product lines and geographical regions. Revenue is attributed to countries location of customers.

<u>Breakdown of revenue</u>

---

| | | |
|:---|:---|:---|
|  | For the six months ended | For the six months ended |
|  | September 30, 2025<br>HK$<br>(Unaudited) | September 30, 2024<br>HK$<br>(Unaudited) |
| <u>Type of services</u> |  |  |
| Commission income |  |  |
| &nbsp;&nbsp;&nbsp;- Hong Kong | 190989113 | 66814147 |
| Immigration service income |  |  |
| &nbsp;&nbsp;&nbsp;- Hong Kong | 653119 | 4772150 |
| Software upgrade and maintenance service income | - | 280642 |
| Total | 191642232 | 71866939 |
| <u>Timing of revenue recognition</u> |  |  |
| At a point in time | 191495903 | 71586297 |
| At overtime | 146329 | 280642 |
| Total | 191642232 | 71866939 |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

5. OTHER
 INCOME

---

| | | | |
|:---|:---|:---|:---|
|  |<br><br>Notes | For the six <br> months ended<br>September 30, 2025<br>HK$<br>(Unaudited) | For the six <br> months ended<br>September 30, 2024<br>HK$<br>(Unaudited) |
| Bank interest income |  | 558 | 12524 |
| Imputed interest income |  | 9957 | 8881 |
| Handling fee income | a | 118667 |  |
| Sponsorship income |  |  | 124000 |
| Consultancy fee income |  |  | 788700 |
| Management fee income | b | 558000 | 1358146 |
| Sundry income |  | 1288 | 104752 |
|  |  | 688470 | 2397003 |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For
 the six months ended September 30, 2025, the Group recognized the handling fee income of HK$118,667 (for the six months ended September
 30, 2024: Nil) for providing administrative support to internal technical representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For
 the six months ended September 30, 2025, the Group received the management fee income of HK$558,000 (for the six months ended September
 30, 2024: HK$1,358,146) from third parties for providing the administrative services and office expense.

6. OTHER
 GAINS (LOSS)

---

| | | |
|:---|:---|:---|
|  | For the six<br> months ended<br>September 30, 2025<br>HK$<br>(Unaudited) | For the six<br> months ended<br>September 30, 2024<br>HK$<br>(Unaudited) |
| Exchange gain/(loss) | 20650 | (618) |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

7. FINANCE
 COSTS

---

| | | |
|:---|:---|:---|
|  | For the six<br> months ended<br>September 30, 2025<br>HK$<br>(Unaudited) | For the six<br> months ended<br>September 30, 2024<br>HK$<br>(Unaudited) |
| Interest on bank borrowing | 4474 | 15156 |
| Interest on other borrowings (Note 15) | 24080 | 4166 |
| Interest on reinstatement cost (Note 19) | 16646 | 17690 |
| Interest on lease liabilities (Note 18 (ii)) | 62957 | 104227 |
|  | 108157 | 141239 |

---

8. PROFIT
 BEFORE TAX

Profit before tax has been arrived at after charging:

---

| | | |
|:---|:---|:---|
|  | For the six<br> months ended<br>September 30, 2025<br>HK$<br>(Unaudited) | For the six<br> months ended<br>September 30, 2024<br>HK$<br>(Unaudited) |
| Salaries and allowance for staff excluding directors | 6447375 | 3945161 |
| Retirement benefit scheme contributions for staff excluding directors | 282594 | 157873 |
| Total staff cost | 6729969 | 4103034 |
| Depreciation of property, plant and equipment | 18209 | 154330 |
| Depreciation of right-of-use assets | 939212 | 942251 |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

9. INCOME
 TAX EXPENSE

---

| | | |
|:---|:---|:---|
|  | For the six<br> months ended<br>September 30, <br>2025<br>HK$<br>(Unaudited) | For the six<br> months ended<br>September 30,<br> 2024<br>HK$<br>(Unaudited) |
| Current tax |  |  |
| – Hong Kong Profits Tax | 2512564 | 911933 |
| Deferred tax | 14463 | (16517) |
|  | 2527027 | 895416 |

---

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both periods.

Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

10. DIVIDEND

The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2025 (for the six months ended September 30, 2024: HK$365,300).

11. MOVEMENT
 IN PROPERTY, PLANT AND EQUIPMENT AND RIGHT-OF-USE ASSETS

The Group has acquisition of property, plant and equipment of HK$53,112 for the six months ended September 30, 2025 (for the six months ended September 30, 2024: Nil). The depreciation expenses on property, plant and equipment was approximately HK$18,209 (for the six months ended September 30, 2024: HK$154,330).

The Group had no new lease for the six months ended September 30, 2025 and 2024. The depreciation expenses on right-of-use assets were approximately HK$939,212 for the six months ended 30 September 2025 (for the six months ended September 30, 2024: HK$942,251).

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

12. TRADE
 RECEIVABLES, PREPAYMENTS AND DEPOSITS

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31,<br> 2025<br>HK$<br>(Audited) |
| Trade receivables | 15325062 | 9470773 |
| Less: Provision for expected credit losses | - | - |
|  | 15325062 | 9470773 |
| Prepayments | 1660938 | 566123 |
| Other receivables | 2166919 |  |
| Deposits | 578807 | 1717161 |
| Total | 4406664 | 2283284 |
| Less: Receivables within twelve months shown under current assets | (3840455) | (1727032) |
| Rental deposits shown under non-current assets | 566209 | 556252 |
| Receivables within twelve months shown under current assets | 19165517 | 11197805 |

---

The credit terms of trade receivables is 30 days (March 31, 2025: 30 days).

The following is an ageing analysis of accounts receivables presented based on the revenue recognition date at the end of the reporting period.

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Within 30 days | 15314534 | 9470031 |
| 31 to 60 days |  | 742 |
| 60 to 90 days |  |  |
| Over 90 days | 10528 | - |
|  | 15325062 | 9740773 |

---

Prepayments mainly comprised prepaid immigration service expense, prepaid commission expense, prepaid licence fees and other operating prepayments as of September 30, 2025. Included in prepayments was prepaid directors' remuneration of HK$198,500 arising from an inadvertent duplicate payment during the period, which was fully recovered subsequent to the period end.

The other receivables as at September 30, 2025 mainly represents an amount of HK$1,798,406 paid to a third party, HK YC Group Keji Company Limited, pursuant to a Technical Service Agreement dated May 1, 2025 for an internal insurance process IT platform. On February 1, 2026, the service agreement with the third party was terminated early as the software development did not meet the Group's requirements. The full refund of HK$1,798,406 was received on March 25, 2026.

The deposits are comprised of electricity deposit and rental deposit for office. As of September 30, 2025, the leased office would be expired over 12 months, and classified as non-current assets.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

13. DEFERRED
 OFFERING EXPENSES

Deferred offering expenses included the costs that relate to the stock market listing and directly attributable to issuing new shares, the deferred offering expenses would be deducted from equity upon the Company being listing.

14. CASH
 AND BANK BALANCES

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Cash at bank | 64116850 | 28238349 |
| Cash on hand | 16677 | 8400 |
|  | 64133527 | 28246749 |

---

Bank balances carried interest rates at prevailing market rates based on daily bank deposit rate for the six months period ended September 30, 2025 and the year ended March 31, 2025.

15. COMMISSION
 AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Commission payables | 64907100 | 27976444 |
| Other payables |  | 1264826 |
| Accrued charges | 262538 | 479496 |
|  | 65169638 | 29720766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As at March 31, 2025, other payables mainly represented unsecured advances from third parties of HK$1,250,000, which bore interest at rates ranging from 3.375% to 3.5% per annum and were repayable within one year. As at September 30, 2025, the Company had fully settled this payable balance, comprising principal of HK$1,250,000 together with related interest payables of HK$38,906, which interest payables of HK$24,080 incurred for the six months ended September 30, 2025.

Accrued charges included accrued employee's salaries and other administrative expenses, such as auditor's remuneration, utilities expenses.

16. RELATED
 PARTY DISCLOSURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Compensation
 of key management personnel of the Group.

---

| | | |
|:---|:---|:---|
|  | For the six<br> months ended<br>September 30, 2025<br>HK$<br>(Unaudited) | For the six<br> months ended<br>September 30, 2024<br>HK$<br>(Unaudited) |
| Salaries, fees and other allowance | 1867693 | 1574350 |
| Retirement benefit scheme contribution | 27000 | 19450 |
|  | 1894693 | 1593800 |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

16. RELATED
 PARTY DISCLOSURES - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Related
 party transactions

During the six months ended September 30, 2025 and 2024, the Group had entered into the following transactions with related parties:

*Commission expense to related parties*

---

| | | | |
|:---|:---|:---|:---|
|  |  | For the six<br> months ended | For the six<br> months ended |
|  |  | September 30, 2025 | September 30, 2024 |
| Relationship | Nature of transaction | HK$ | HK$ |
| Related company controlled by the key management's spouse | Commission expense |  | 442480 |
| Key management personnel | Commission expense | 169693 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Related
 party

The related companies, including Kepler Group Limited (BVI), Kepler Galaxy Culture and Entertainment Media Co. Limited, and GBL Consultancy Company Limited are owned by Mr. KWOK Yu Hin, and Yean Limited is controlled by the spouse of key management, Mr. TAM King Yeung Alvin. During the period, there was no transaction with these related parties for the six months ended September 30, 2025.

17. BANK
 BORROWING

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Unsecured and repayable on demand clause | 137336 | 408977 |
| Amounts due within one year, shown under current liabilities with repayable on demand | 137336 | 408977 |
| Repayment of bank borrowing | 271641 | 529374 |

---

The bank borrowing was unsecured and personal guaranteed by Mr. KWOK Yu Hin, the director and Chief Executive Officer of the Company, and Ms. Chow Shui Yan, the former director of the Company's subsidiary. The bank borrowing carried variable market interest rate at 2.875% (March 31, 2025: 3.000%) as at September 30, 2025, with repayable on demand clause. The bank borrowing will be matured on December 2, 2025 and was fully repaid on that date. There is no renewal of bank borrowing thereafter.

The variable market interest rate for September 30, 2025 and March 31, 2025:

---

| | |
|:---|:---|
|  | Interest rate |
| For the year ended March 31, 2025 | 3.000% |
| For the six months ended September 30, 2025 | 2.875% |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

18. LEASE
 LIABILITIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Amounts
 recognized in the unaudited condensed consolidated statement of financial position

The unaudited condensed consolidated statement of financial position shows the following amounts relating to lease liabilities:

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31,<br> 2025<br>HK$<br>(Audited) |
| **Lease liabilities** |  |  |
| Current | 1913450 | 1878157 |
| Non-current | 985383 | 1953378 |
|  | 2898833 | 3831535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amounts
 recognized in the unaudited condensed consolidated statement of profit or loss

The unaudited condensed consolidated statement of profit or loss shows the following amounts relating to lease liabilities:

---

| | | |
|:---|:---|:---|
|  | September 30, 2025<br>HK$<br>(Unaudited) | September 30, 2024<br>HK$<br>(Unaudited) |
| Interest expenses (included in finance costs) | 62957 | 104227 |

---

The total cash outflow for leases is HK$995,659 (for the six months ended September 2024: HK$995,658).

As this is a period amount, the comparative should be the six months ended September 30, 2024 rather than March 31, 2025.

The weighted average incremental borrowing rates applied to lease liabilities at 3.63% (March 31, 2025: 3.63%).

The lease agreements do not impose any extension or termination options which are exercisable only by the Company and not by the respective lessors.

As at September 30, 2025 and March 31, 2025, the Company did not provide residual value guarantees in relation to leases arrangement. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

19. PROVISION
 FOR REINSTATEMENT COST

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31,<br> 2025<br>HK$<br>(Audited) |
| Non-current | 946360 | 929714 |

---

Provision for reinstatement cost is recognized for the costs to be incurred for the reinstatement of the office premises used by the Group for its operations upon expiration of the relevant leases. As at September 30, 2025, the Group expected that the total undiscounted costs required in the future would amount to approximately HK$1,000,000 (March 31, 2025: HK$1,000,000). The Group contained one lease and remaining one and half years as at September 30, 2025 (March 31, 2025: one lease and remaining two years).

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Beginning of financial year | 929714 | 897137 |
| Interest expense (included in finance cost) | 16646 | 32577 |
| End of financial year | 946360 | 929714 |

---

20. CONTRACT
 LIABILITIES

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31,<br> 2025<br>HK$<br>(Audited) |
| Contract liabilities | 1298376 |  |

---

The contract liabilities arising from immigration services. The Group received deposits of HK$1,298,376 from customers. This will give rise to contract liabilities until the Group satisfies the performance obligations. The management expects that the unsatisfied performance obligations of HK$1,298,376 will be recognized as revenue within one year according to the contract period.

20. CONTRACT
 LIABILITIES

---

| | | |
|:---|:---|:---|
|  | September 30,<br> 2025<br>HK$<br>(Unaudited) | March 31, <br>2025<br>HK$<br>(Audited) |
| Contract liabilities | 1298376 |  |

---

Contract liabilities of HK$1,298,376 (March 31, 2025: nil) represent advance payments received from customers for immigration services for which the related performance obligations remained unsatisfied as at September 30, 2025. The full amount is expected to be recognised as revenue within one year.

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

21. DEFERRED
 TAX ASSETS

The following is the major deferred tax assets recognized and movements thereon during the current and prior years:

---

| | | | |
|:---|:---|:---|:---|
|  | **Accelerated tax depreciation**<br>**HK$** | **Tax loss**<br>**HK$** | **Total**<br>**HK$** |
| At April 1, 2024 (Audited) | 323614 | 405 | 324019 |
| Credit/(charge) to profit or loss | 1397 | (405) | 992 |
| At March 31, 2025 (Audited) and April 1, 2025 (Audited) | 325011 |  | 325011 |
| Charge to profit or loss | (14463) | - | (14463) |
| At September 30, 2025 (Unaudited) | 310548 | - | 310548 |

---

<u>KEPLER GROUP LIMITED</u>

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

<u>FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 AND 2024</u>

(Expressed in Hong Kong Dollars)

22. SHARE
 CAPITAL AND MERGER RESERVE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Authorised Share Capital** 

The Company's authorized common shares were 100,000,000 with par value of HK$0.0078 (US$0.001).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Issued Share Capital** 

The following table presents the movement in issued share capital. As described in Note 1, the September 2025 recapitalisation has been reflected retrospectively as if it had occurred at the beginning of the earliest period presented. The table below sets out the previously reported amounts, the retrospective restatement arising from the recapitalisation, and the restated amounts for all periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | Number of shares | Amount HK$ | Note |
| At April 1, 2024 (Audited) | At April 1, 2024 (Audited) | At April 1, 2024 (Audited) | At April 1, 2024 (Audited) |
| As originally reported | 1 | \* |  |
| *Retrospective restatement — Recapitalisation* | 2512499 | 19598 | (i) |
| As restated | 2512500 | 19598 |  |
| At September 30, 2024 (Unaudited) | At September 30, 2024 (Unaudited) | At September 30, 2024 (Unaudited) | At September 30, 2024 (Unaudited) |
| As originally reported | 1 | \* |  |
| *Retrospective restatement — Recapitalisation* | 2512499 | 19598 | (i) |
| As restated | 2512500 | 19598 |  |
| At March 31, 2025 (Audited) | At March 31, 2025 (Audited) | At March 31, 2025 (Audited) | At March 31, 2025 (Audited) |
| As originally reported | 1 | \* |  |
| *Retrospective restatement — Recapitalisation* | 2512499 | 19598 | (i) |
| As restated | 2512500 | 19598 |  |
| At September 30, 2025 (Unaudited) | At September 30, 2025 (Unaudited) | At September 30, 2025 (Unaudited) | At September 30, 2025 (Unaudited) |
| Opening balance (restated) | 2512500 | 19598 |  |
| *Movement during the period* | 17487500 | 136402 | (ii) |
| Closing balance | 20000000 | 156000 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The
 retrospective restatement reflects the recapitalisation described in Note 1, the share swap
 allotment and subscription of 2,512,499 ordinary shares at HK$0.0078 per share, amounting
 to HK$19,598. Accordingly, the total retrospective adjustment to issued share capital was
 HK$19,598, resulting in 2,512,500 ordinary shares and issued share capital of HK$19,598 on
 a restated basis.

**(ii)** On
 September 19, 2025, the Company further issued ordinary shares at par to existing shareholders
 ("Capitalization Issue"), in aggregate of 17,487,500 ordinary shares. The value
 of Capitalization Issue is HK$136,402. The balance of HK$136,402 has not yet paid up as of
 September 30, 2025 and recognised under "other receivables" in the unaudited condensed
 consolidated statement of financial position. Subsequent to the reporting date, the outstanding
 balance has been fully settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Merger reserve** 

Merger reserve represents the difference between the consideration transferred and the carrying values of the assets and liabilities of the entities acquired in a business combination under common control. On May 16, 2024, the Company completed the acquisition of Kepler Global Advisor Limited and Kepler Innovative Technology Limited, which were under the common control of the same controlling shareholder, resulting in merger reserve of HK$1,683,089.

Following the retrospective restatement of the September 2025 recapitalisation as described in Notes 1 and 22(b), the merger reserve has been restated to reflect the reclassification of HK$19,598 arising from the share swap allotment on September 2, 2025. The table below presents the reconciliation between the previously reported and restated merger reserve balances..

---

| | | | |
|:---|:---|:---|:---|
|  | September 30, 2025 HK$(Unaudited) | March 31, 2025 HK$(Audited, restated) | September 30, 2024 HK$(Unaudited, restated) |
| Reconciliation to restated balance |  |  |  |
| As originally reported | 1683089 | 1683089 | 1683089 |
| *Retrospective restatement — reclassification to share capital* | (19598) | (19598) | (19598) |
| Restated opening balance | 1663491 | 1663491 | 1663491 |
| Movement during the period |  |  |  |
| Closing balance (restated) | 1663491 | 1663491 | 1663491 |

---

23. SUBSEQUENT
 EVENT

Management has evaluated subsequent events through the date these unaudited condensed consolidated financial statements were available to be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On
 October 2, 2025, the Company approved an IPO of up to 1,400,000 shares plus
 over-allotment of 210,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On
 October 1, 2025, the Company entered into independent director agreements with Mr.
 AU YEUNG Po Fung, Mr. CHUNG Kwok Mo John and Mr. TSE Kwok On Ernest
 to act as independent directors of the Company and serving as chairman of the Audit Committee,
 chairman of the Nominating Committee and chairman of the Compensation Committee respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On
 October 1, 2025, Mr. KWOK Yu Hin was appointed as chief executive officer and the
 chairman of the Board and CHENG Chak Ho Tony was appointed as the chief financial officer of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On
 October 2, 2025, the Directors appointed Cogency Global Inc. as the agent for service
 of process and the duly authorized representative in the United States and appointed VStock
 Transfer, LLC as the transfer agent of the Company.

Except as disclosed in the notes to the unaudited condensed consolidated financial statements above, there were no subsequent events that would require disclosure in these unaudited condensed consolidated financial statements.

**Kepler Group Limited**

**Ordinary Shares**

**PROSPECTUS**

![](vi_001.jpg)

**, 2026**

**Until and including , 2026 (twenty-five (25) days after the date of this prospectus), all dealers that buy, sell or trade our Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

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

Our post-offering Memorandum and Articles, which will become effective immediately upon completion of this offering, will empower us to indemnify our Directors and officers against certain liabilities they incur by reason of their being a director or officer of our Company.

We have entered into agreements with each of our Directors and executive officers in connection with this offering. Under these agreements, we have agreed to indemnify our Directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

We intend to obtain directors' and officer's liability insurance coverage that will cover certain liabilities of directors and officers of our Company arising out of claims based on acts or omissions in their capacities as directors or officers.

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

Set forth below is information regarding Ordinary Shares issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts and commissions or commissions, or any public offering.

On October 3, 2023, our Company issued and allotted one Ordinary Share to Ogier Global Subscriber (Cayman) Limited for a consideration of US$0.001. The issuances of such Ordinary Shares described above were made in reliance on the exemption contained in Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder, on the basis that the transaction did not involve a public offering. On October 17, 2023, Ogier Global Subscriber (Cayman) Limited transferred the 1 Ordinary Share to Mr. KWOK Yu Hin.

On September 2, 2025, the sole director of our Company resolved, approved and ratified share swap between the Company and three Hong Kong companies, namely Equator Asset Protection Limited, Kepler Global Advisors Limited and Kepler Innovative Technology Limited (the "**Share Swap**") as part of our Company's recapitalization prior to the listing. Pursuant to the Share Swap, the Company acquired the entire share capital of (i) Equator Asset Protection Limited (the "**Equator**") jointly held by Mr. KWOK Yu Hin, Ms. ZHU Meizhen and Mr. TAM King Yeung Alvin, being all of the then shareholders of Equator; (ii) Kepler Global Advisors Limited (the "**Kepler Global**") held by Mr. KWOK Yu Hin being the then sole shareholder of Kepler Global and (iii) Kepler Innovative Technology Limited (the "**Kepler Innovation**") held by Mr. KWOK Yu Hin being the then sole shareholder of Kepler Innovation; and in consideration therefor, the Company issued the Company issued an aggregate of 2,499,999 Ordinary Shares to the shareholders of Equator, Kepler Global and Kepler Innovation, among which (i) 2,237,859 Ordinary Shares were issued to Mr. KWOK Yu Hin, (ii) 155,000 Ordinary Shares were issued to Ms. ZHU Meizhen and (iii) 107,140 Ordinary Shares were issued to Mr. TAM King Yeung Alvin.

On the same day, the Company further issued an aggregate of 12,500 Ordinary Shares to Mr. KWOK Yu Hin at par value per share. Upon completion of the Share Allotments, our Company had 2,512,500 Ordinary Shares in issue and outstanding.

Immediately following the Share Allotments, Mr. KWOK Yu Hin transferred a portion of the shareholding held by him in our Company to various parties as recognition of their contributions to the development of our Group over the years and to several investors of our Company. On September 2, 2025, Mr. KWOK Yu Hin transferred an aggregate of 537,730 Ordinary Shares, among which (i) 2,730 Ordinary Shares were transferred to Mr. Yang Liu; (ii) 120,000 Ordinary Shares were transferred to Ms. Sun Xiaodi; (iii) 124,000 Ordinary Shares were transferred to Mr. Kwok Yu Fung; (iv) 123,500 Ordinary Shares were transferred to Mr. Luo Sen; (v) 25,000 Ordinary Shares were transferred to Mr. Wong Lap Ip Alan; (vi) 25,000 Ordinary Shares were transferred to Mr. Shin Yick Fabian; (vii) 3,000 Ordinary Shares were transferred to Choi Man Hin; (viii) 100,000 Ordinary Shars were transferred to Yang Boyi, (ix) 2,000 Ordinary Shares were transferred to Wu Wenda; (x) 5,500 Ordinary Shares were transferred to Ng Lee Fan; (xi) 2,000 Ordinary Shares were transferred to Chen Yanjun; and (xii) 5,000 Ordinary Shares were transferred to Xu Ying (the "**Share Transfers**"). Following the completion of the Share Transfers, the Company had 2,512,500 Ordinary Shares in issue and outstanding, 1,712,630 of which were held Mr. KWOK Yu Hin and the remaining 799,870 Ordinary Shares were held by the remaining 11 shareholders.

On September 19, 2025, our Company further issued an aggregate of 17,487,500 Ordinary Shares to our shareholders at par value per share (the "**Capitalization Issue**"). Upon completion of the Capitalization Issue, our Company has in total 20,000,000 Ordinary Shares in issue and outstanding, 13,632,876 of which are held by Mr. KWOK Yu Hin and the remaining 6,367,124 are held by the remaining 11 shareholders.

**Item 8. Exhibits and Financial Statement Schedules**

**(a) Exhibits**

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the consolidated financial statements or notes thereto.

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(i) To
 include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&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 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 Commission 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;(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 of 1933, 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.

(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.

(4) To
 file a post-effective amendment to the registration statement to include any financial statements
 required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous
 offering. Financial statements and information otherwise required by Section 10(a)(3) of
 the Act need not be furnished, provided that the registrant includes in the prospectus, by
 means of a post-effective amendment, financial statements required pursuant to this paragraph
 (a)(4) and other information necessary to ensure that all other information in the prospectus
 is at least as current as the date of those financial statements. Notwithstanding the foregoing,
 with respect to registration statements on Form F-3, a post-effective amendment need not
 be filed to include financial statements and information required by Section 10(a)(3) of
 the Act if such financial statements and information are contained in periodic reports filed
 with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d)
 of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

(5) That,
 for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each
 prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
 of the registration statement as of the date the filed prospectus was deemed part of and
 included in the registration statement; and

(B) Each
 prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
 a registration statement in reliance on Rule 430B relating to an offering made pursuant to
 Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
 section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in
 the registration statement as of the earlier of the date such form of prospectus is first
 used after effectiveness or the date of the first contract of sale of securities in the offering
 described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer
 and any person that is at that date an underwriter, such date shall be deemed to be a new
 effective date of the registration statement relating to the securities in the registration
 statement to which that prospectus relates, and the offering of such securities at that time
 shall be deemed to be the initial bona fide offering thereof. Provided, however, that no
 statement made in a registration statement or prospectus that is part of the registration
 statement or made in a document incorporated or deemed incorporated by reference into the
 registration statement or prospectus that is part of the registration statement will, as
 to a purchaser with a time of contract of sale prior to such effective date, supersede or
 modify any statement that was made in the registration statement or prospectus that was part
 of the registration statement or made in any such document immediately prior to such effective
 date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as
 part of a registration statement relating to an offering, other than registration statements
 relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be
 deemed to be part of and included in the registration statement as of the date it is first
 used after effectiveness. Provided, however, that no statement made in a registration statement
 or prospectus that is part of the registration statement or made in a document incorporated
 or deemed incorporated by reference into the registration statement or prospectus that is
 part of the registration statement will, as to a purchaser with a time of contract of sale
 prior to such first use, supersede or modify any statement that was made in the registration
 statement or prospectus that was part of the registration statement or made in any such document
 immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That,
 for the purpose of determining liability of the registrant under the Securities Act of 1933
 to any purchaser in the initial distribution of the securities the undersigned registrant
 undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities
 to the purchaser, if the securities are offered or sold to such purchaser by means of any
 of the following communications, the undersigned registrant will be a seller to the purchaser
 and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned registrant hereby undertakes to provide to the underwriters at the closing specified
 in the underwriting agreements, certificates in such denominations and registered in such
 names as required by the underwriters to permit prompt delivery to each purchaser.

(c) Insofar
 as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers and controlling persons of the registrant pursuant to the provisions described in
 Item 6 hereof, or otherwise, the registrant has been advised that in the opinion of the U.S.
 Securities and Exchange Commission such indemnification is against public policy as expressed
 in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
 against such liabilities (other than the payment by the registrant of expenses incurred or
 paid by a director, officer or controlling person of the registrant in the successful defense
 of any action, suit or proceeding) is asserted by such director, officer or controlling person
 in connection with the securities being registered, the registrant will, unless in the opinion
 of its counsel the matter has been settled by controlling precedent, submit to a court of
 appropriate jurisdiction the question whether such indemnification by it is against public
 policy as expressed in the Securities Act and will be governed by the final adjudication
 of such issue.

(d) The
 undersigned registrant hereby undertakes that:

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

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

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description of Exhibit** |
| 1.1\* | [Form of Underwriting Agreement](ex1-1.htm) |
| 3.1\* | [Memorandum and Articles of Association, as currently in effect](ex3-1.htm) |
| 3.2\* | [Form of Amended and Restated Memorandum and Articles of Association (to be effective in connection with the completion of this offering)](ex3-2.htm) |
| 4.1\* | [Specimen certificate evidencing Ordinary Shares](ex4-1.htm) |
| 5.1\* | [Opinion of Ogier regarding the validity of the ordinary shares being registered](ex5-1.htm) |
| 8.1\* | [Opinion of Ogier regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ex5-1.htm) |
| 8.2\* | [Opinion of Kemp M.B. LLP regarding certain Hong Kong tax matters](ex8-2.htm) |
| 10.1\* | [Director Agreement, by and between Mr. KWOK Yu Hin and the registrant, dated as of October 1, 2025](ex10-1.htm) |
| 10.2\* | [Director Agreement, by and between Mr. TAM King Yeung Alvin and the registrant, dated as of September 3, 2025](ex10-2.htm) |
| 10.3\* | [Executive Officer Agreement, by and between Dr. CHENG Chak Ho Tony and the registrant, dated as of October 1, 2025](ex10-3.htm) |
| 10.4\* | [Form of Independent Director Agreement by and between the registrant and its independent Directors](ex10-4.htm) |
| 10.5\* | [Form of Indemnification Agreement](ex10-5.htm) |
| 10.6\* | [Broker agreement with Manulife](ex10-6.htm) |
| 21.1\* | [List of Subsidiaries](ex21-1.htm) |
| 23.1\* | [Consent of Onestop Assurance PAC, an independent registered public accounting firm](ex23-1.htm) |
| 23.2\* | [Consent of Ogier (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\* | [Consent of Kemp M.B. LLP (included in Exhibit 8.2)](ex8-2.htm) |
| 24.1\* | [Power of Attorney (included on signature page to the initial filing of the Registration Statement on Form F-1)](#pa_002) |
| 99.1\* | [Code of Business Conduct and Ethics](ex99-1.htm) |
| 99.2\* | [Form of Audit Committee Charter](ex99-2.htm) |
| 99.3\* | [Form of Compensation Committee Charter](ex99-3.htm) |
| 99.4\* | [Form of Nominating and Corporate Governance Committee Charter](ex99-4.htm) |
| 99.5\* | [Consent of China Insights Consultancy](ex99-5.htm) |
| 99.6\* | [Consent of Mr. James Zhu, an Independent Director Nominee](ex99-6.htm) |
| 99.7\* | [Representation Letter Pursuant to Item 8.A.4 of Form 20-F](ex99-7.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herein.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on May 22, 2026.

---

| | |
|:---|:---|
| **Kepler Group Limited** | **Kepler Group Limited** |
| <br> By: | */s/ Kwok Yu Hin* |
| Name: | Kwok Yu Hin |
| Title: | Chief Executive Officer |

---

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mr. Kwok Yu Hin as 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, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Kwok Yu Hin* | Director, Chief Executive Officer | May 22, 2026 |
| Kwok Yu Hin | (Principal Executive Officer) |  |
| */s/ Cheng Chak Ho Tony* | Chief Financial Officer | May 22, 2026 |
| Cheng Chak Ho Tony | (Principal Financial and Accounting Officer) |  |
| */s/ Tam King Yeung Alvin* | Director | May 22, 2026 |
| Tam King Yeung Alvin |  |  |
| */s/ Au Yeung Po Fung* | Independent Director | May 22, 2026 |
| Au Yeung Po Fung |  |  |
| */s/ Chung Kwok Mo John* | Independent Director | May 22, 2026 |
| Chung Kwok Mo John |  |  |
| */s/ Tse Kwok On Ernest* | Independent Director | May 22, 2026 |
| Tse Kwok On Ernest |  |  |

---

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

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Kepler Group Limited has signed this registration statement or amendment thereto in New York on May 22, 2026.

---

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

---

## Exhibit 1.1

**Exhibit 1.1**

**Kepler Group Limited**

**UNDERWRITING AGREEMENT**

[●], 2026

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

*As Representative of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **Kepler Group Limited**, a Cayman Islands exempted company (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters named in <u>Schedule A</u> hereto (collectively, the "**Underwriters**," and each, an "**Underwriter**"), for which **Cathay Securities, Inc.**, acts as the representative (in such capacity, the "**Representative**"), with respect to the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of an aggregate of 5,000,000 ordinary shares (the "**Firm Shares**") of the Company, par value $0.001 per share (the "**Ordinary Shares**"). The Company has also granted to the Representative an option to purchase up to 750,000 additional Ordinary Shares, on the terms and for the purposes set forth in Section 2(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

The Company confirms its agreement with the Underwriters as follows:

SECTION 1. *Representations and Warranties of the Company.*

 

The Company represents and warrants to the Underwriters as follows with the understanding that the same may be relied upon by the Underwriters in the Offering, as of the date hereof and as of the Closing Date (as defined below) and each Option Closing Date (as defined below), if any:

&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) *Filing of the Registration Statement*. The Company has prepared and filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1, as amended (File No. 333-290005), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement, is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the preliminary prospectus included in the Registration Statement (each, a "**preliminary prospectus**"), the Prospectus, or any amendments or supplements to any of the foregoing, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System ("**EDGAR**"). The preliminary prospectus that was included in the Registration Statement immediately prior to the Applicable Time (as defined below) is hereinafter called the "**Pricing Prospectus**." Any reference to the "most recent preliminary prospectus" shall be deemed to refer to the latest preliminary prospectus included in the registration statement. Any reference herein to any preliminary prospectus or the Prospectus or any supplement or amendment to either thereof shall be deemed to refer to and include any documents incorporated by reference therein as of the date of such reference. "**Applicable Time**" means 5:00 pm, Eastern Time, on the date of this Agreement or such other time as agreed to in writing by the Company and the Underwriters.

&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) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on December 31, 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the Commission.

Each preliminary prospectus and the Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed by electronic transmission pursuant to EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical in content to the copy thereof delivered to the Underwriters for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. The Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 4(3) of the Securities Act, complied and will comply in all material respects with the Securities Act and the Securities Act Regulations and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its date and at all subsequent times until the Underwriters have completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriters furnished to the Company in writing expressly for use therein, it being understood and agreed that the only such information furnished on behalf of any of the Underwriters consists of (i) the name of the Underwriters contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Electronic Distribution," "Price Stabilization, Short Positions," and "No Prior Public Market," in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Disclosure Package*. The term "**Disclosure Package**" shall mean (i) the Pricing Prospectus, as amended or supplemented, (ii) each issuer free writing prospectus, as defined in Rule 433 under the Securities Act (each, an "**Issuer Free Writing Prospectus**"), if any, identified in <u>Schedule B</u> hereto, (iii) the pricing terms set forth in <u>Schedule C</u> to this Agreement, and (iv) any other free writing prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package. As of the Applicable Time, the Disclosure Package did not contain any untrue statement of a material fact or omit to state any material fact necessary 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 Package based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Company Not Ineligible Issuer*. (i) At the time of filing the Registration Statement and (ii) as of the date of the execution and delivery of this Agreement, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&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) *Issuer Free Writing Prospectuses*. No Issuer Free Writing Prospectus includes any information that conflicts with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Offering Materials Furnished to the Underwriters*. The Company has delivered to the Underwriters copies of the Registration Statement and of each consent and certificate of experts filed as a part thereof, and each preliminary prospectus and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriters have reasonably requested in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Distribution of Offering Material by the Company*. The Company has not distributed or authorized the distribution of, and will not distribute, prior to the completion of the Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriters, and the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Underwriting Agreement*. This Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, except as rights to indemnification hereunder may be limited by applicable law and except as the enforcement hereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Authorization of the Offered Securities*. The Offered Securities to be sold by the Company through the Underwriters have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free and clear of all liens imposed by the Company. The Company has sufficient authorized and unissued Ordinary Shares for the issuance of the maximum number of Offered Securities issuable pursuant to the Offering as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *No Applicable Registration or Other Similar Rights*. Except as otherwise disclosed in the Registration Statement, there are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *No Material Adverse Change.* Except as otherwise disclosed in the Disclosure Package, subsequent to the respective dates as of which information is given in the Disclosure Package: (i) there has been no material adverse change, or any development that could reasonably be expected to result in a material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations, whether or not arising from transactions in the ordinary course of business, of the Company (any such change, a "**Material Adverse Change**," and any resulting effect, a "**Material Adverse Effect**"); and (ii) the Company has not incurred any material liability or obligation, indirect, direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company in respect of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Independent Accountant*. Onestop Assurance PAC (the "**Accountant**"), which has expressed its opinion with respect to the audited financial statements (which term as used in this Agreement includes the related notes thereto) of the Company filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Preparation of the Financial Statements*. The financial statements of the Company, included in the Registration Statement, the Disclosure Package, and the Prospectus, present fairly the information provided as of and at the dates and for the periods indicated (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by International Financial Reporting Standards ("**IFRS**"). Such financial statements comply as to form with the applicable accounting requirements of the Securities Act and the Securities Act Regulations and have been prepared in conformity with IFRS applied on a consistent basis throughout the periods involved, except as may be expressly stated in the related notes thereto. No other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus. Each item of historical financial data relating to the operations, assets or liabilities of the Company set forth in summary form in each of the preliminary prospectuses and the Prospectus fairly presents such information on a basis consistent with that of the complete financial statements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Incorporation and Good Standing*. The Company has been duly incorporated and is validly existing and in good standing as a company limited by shares under the laws of the jurisdiction of its incorporation and has corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the Disclosure Package, and the Prospectus and to enter into and perform its obligations under this Agreement. As of the Closing Date, the Company does not own or control, directly or indirectly, any corporation, association or other entity that is not otherwise disclosed in the Registration Statement, the Disclosure Package, or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Capitalization and Other Share Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Ordinary Shares conform, and, when issued and delivered as provided in this Agreement, the Offered Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The Depository Trust Company (the "**DTC**") has authorized the Ordinary Shares for delivery through its full fast transfer facilities. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any shares of the Company other than those described in the Disclosure Package and the Prospectus. The description of the Company's stock option and other stock plans or arrangements, and the options or other rights granted thereunder, set forth in the Disclosure Package and the Prospectus accurately and fairly presents the information required to be shown with respect to such plans, arrangements, options and rights. No further approval from The Nasdaq Stock Market ("**Nasdaq**") or authorization of any shareholder, the Company's board of directors or others is required for the issuance and sale of the Offered Securities. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, there are no shareholders agreements, voting agreements or other similar agreements with respect to the Company's Ordinary Shares to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Non-Contravention of Existing Instruments, No Further Authorizations or Approvals Required*. The Company is not in violation of its memorandum and articles of association, as amended, or in default (or, with the giving of notice or lapse of time, would be in default) ("**Default**") under any indenture, mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which it is a party or by which it may be bound (including, without limitation, any agreement or contract filed as an exhibit to the Registration Statement or to which any of the property or assets of the Company are subject (each, an "**Existing Instrument**")), except for such Defaults as would not, individually or in the aggregate, result in a Material Adverse Change. The Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum and articles of association of the Company, as amended, (ii) will not conflict with or constitute a breach of, or Default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to, or require the consent of any other party to, any Existing Instrument and (iii) will not result in any violation of any law, administrative regulation or administrative or court decree applicable to the Company, except in the case of each of clauses (ii) and (iii), to the extent such conflict, breach Default or violation could not reasonably be expected to result in a Material Adverse Effect. No consent, approval, authorization or other order of, or registration or filing with, any court or other governmental or regulatory authority or agency, is required for the Company's execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby and by the Disclosure Package and the Prospectus, except the registration or qualification of the Offered Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Subsidiaries*. Each of the Company's direct and indirect subsidiaries (each, a "**Subsidiary**" and collectively, the "**Subsidiaries**") has been identified on <u>Schedule E</u> hereto. Each of the Subsidiaries has been duly formed, is validly existing under the laws of Hong Kong and in good standing under the laws of the jurisdiction of its incorporation, has full power and authority (corporate or otherwise) to own its property and to conduct its business as described in the Registration Statement, the Disclosure Package, the Prospectus, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change on the Company and its Subsidiaries, taken as a whole. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned or controlled directly or indirectly by the Company, are fully paid in accordance with its memorandum and articles of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims. None of the outstanding share capital or equity interest in any Subsidiary was issued in violation of preemptive or similar rights of any security holder of such Subsidiary. All of the constitutive or organizational documents of each of the Subsidiaries comply with the requirements of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries, the Company has no direct or indirect subsidiaries or any other company over which it has direct or indirect effective control. Other than the Subsidiaries, the Company does not directly or indirectly control any entity through contractual arrangements or otherwise such that the entity would be deemed a consolidated affiliated entity whose financial results would be consolidated under IFRS with the financial results of the Company on the consolidated financial statements of the Company, regardless of whether the Company directly or indirectly owns less than a majority of the equity interests of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *No Material Actions or Proceedings*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings (collectively, "**Actions**") pending or, to the Company's knowledge, (i) threatened against the Company or any Subsidiaries or (ii) have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any Subsidiaries, where in any such case (A) there is a reasonable possibility that such Action might be determined adversely to the Company and (B) any such Action, if so determined adversely, would reasonably be expected to result in a Material Adverse Change or adversely affect the consummation of the transactions contemplated by this Agreement. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company or any Subsidiary exists or, to the Company's knowledge, is threatened or imminent. None of the Company's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good. No executive officer of the Company, to the knowledge of the Company, is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. Except as otherwise disclosed in the Registration Statement, any preliminary prospectus, the Disclosure Package and the Prospectus, the Company and its Subsidiaries are in compliance with all applicable laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, any preliminary prospectus, the Disclosure Package and the Prospectus, neither the Company nor any Subsidiary, or to the knowledge of the Company, any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there has not been, and to the knowledge of the Company, there is no pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of 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;(s) *Intellectual Property Rights*. Each of the Company and its Subsidiaries owns, possesses or licenses, and otherwise has legally enforceable rights to use all patents, patent applications, trademarks, trade names, copyrights, domain names, licenses, approvals and trade secrets (collectively, "**Intellectual Property Rights**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus: (i) neither the Company nor any Subsidiary has received any written notice of infringement or conflict with asserted Intellectual Property Rights of others; (ii) the Company and its Subsidiaries are not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, Disclosure Package and the Prospectus and are not described in all material respects; (iii) none of the technology employed by the Company or its Subsidiaries has been obtained or is being used by the Company or its Subsidiaries in violation of any contractual obligation binding on the Company or its Subsidiaries, to the Company's knowledge, in violation of the rights of any persons; and (iv) neither the Company nor its Subsidiaries is subject to any judgment, order, writ, injunction or decree of any court or any governmental department, commission, board, bureau, agency or instrumentality, or any arbitrator, nor has it entered into nor is it a party to any agreement made in settlement of any pending or threatened litigation, which materially restricts or impairs its use of any Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) *All Necessary Permits, etc*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company and its Subsidiaries, possess such valid and current certificates, authorizations or permits issued by the applicable regulatory agencies or bodies necessary to conduct their respective business, and has made all declarations and filings with, the appropriate national, regional, local or other governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or assets or the conduct of their respective businesses as described in the Registration Statement, the Disclosure Package and the Prospectus, except where any lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of businesses that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) *Title to Properties*. Except as otherwise disclosed in the Registration Statement, Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title to all the properties and assets reflected as owned by it in the financial statements referred to in <u>Section 1(m)</u> above (or elsewhere in the Disclosure Package and the Prospectus), in each case free and clear of any security interest, mortgage, lien, encumbrance, equity, adverse claim or other defect, except such as do not materially and adversely affect the value of such property and do not materially interfere with the use made or proposed to be made of such property by the Company. The real property, improvements, equipment, and personal property held under lease by the Company and its Subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal property by the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Tax Law Compliance*. (i) Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company and its Subsidiaries have each filed all federal, state, local and foreign income tax returns required to be filed as of the date of this Agreement or have timely and properly filed requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them in all material respects. (ii) No tax deficiency has been determined adversely to the Company or any of its Subsidiaries that has had (nor does the Company nor any of its Subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the Company or its Subsidiaries and which could reasonably be expected to have) a Material Adverse Effect. (iii) The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 1(m)</u> above in respect of all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national Hong Kong governmental tax credit, exemptions, waivers, financial subsidies, and other local and national Hong Kong tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) *Company Not an "Investment Company."* The Company is not, and after giving effect to payment for the Offered Securities and the application of the proceeds as contemplated under the caption "Use of Proceeds" in each of the Disclosure Package and the Prospectus will not be, required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Insurance.* Each of the Company and the Subsidiaries is insured against such losses and risks and in such amounts as the Company believes are prudent and customary in the businesses in which they are engaged as the Company reasonably believes are adequate and customary for companies engaged in similar businesses. The Company has no reason to believe that it will not be able (i) to renew its or their existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its or their business as now conducted at a cost that would not have a Material Adverse Effect, except in each case as described in each of the Registration Statement, the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered 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;(z) *Related Party Transactions*. There are no material business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been as set forth in the Registration Statement, the Prospectus, and the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Disclosure Controls and Procedures*. To the extent required, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Company's Accounting System*. The Company maintains a system of accounting controls designed to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) *Money Laundering Law Compliance*. The operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-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 with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *No Accounting Issues*. The Company has not received any notice, oral or written, from its board of directors or audit committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Company's board of directors or audit committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years; or (iii) any Internal Control (as defined below) event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) *OFAC*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Neither the Company and its Subsidiaries nor, to the knowledge of the Company, any director, officer or employee of the Company and its Subsidiary, or any other person authorized to act on behalf of the Company or its Subsidiaries, is an individual or entity ("**Person**") that is, or is owned or controlled by a Person that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), His Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation, Burma/Myanmar, Russia, Cuba, Iran, Libya, North Korea, Sudan and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will not, directly or indirectly, use the proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the Offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) *Foreign Corrupt Practices Act.* Neither the Company and its Subsidiaries, nor, to the knowledge of the Company, any director, officer or employee or affiliate of the Company and its Subsidiaries, any Subsidiary or any other person acting on behalf of the Company, has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder or otherwise subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if done in the past, might reasonably be expected to have a Material Adverse Effect; or (iii) if continued in the future, might reasonably be expected to materially and adversely affect the assets, business, or operations of the Company. The foregoing includes, without limitation, giving or agreeing 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company, its Subsidiaries, and the Company's board of directors have taken all necessary actions to ensure that, upon the effectiveness of the Registration Statement, the Company is in full compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, and all applicable rules of Nasdaq, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications required under the Sarbanes-Oxley Act. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls (collectively, "**Internal Controls**") to comply with applicable laws and regulations, including, without limitation, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) *Exchange Act Filing*. A registration statement in respect of the Ordinary Shares has been filed on Form 8-A (the "**Form 8-A Registration Statement**") pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act. The Form 8-A Registration Statement is effective, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.

&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) *Earning Statements*. The Company will make generally available (which includes filings pursuant to the Exchange Act made publicly through the EDGAR system) to its security holders as soon as practicable, but in any event not later than 16 months after the end of the Company's current fiscal year, an earnings statement (which need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) *Periodic Reporting Obligations*. During the Prospectus Delivery Period (defined below), the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contained in any amendments and supplements thereof, has been made, or will be made, without a reasonable basis, as reasonably determined by the Company in good faith at the time such statement is made or will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in the Hong Kong or the Cayman Islands or to any Hong Kong or Cayman Islands taxing authority in connection with the issuance, sale and allotment of the Offered Securities, and the allotment of the Offered Securities to or for the account of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) *Foreign Private Issuer Status*. The Company is a "foreign private issuer" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) *D&O Questionnaires*. To the Company's knowledge, all information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors, officers, and 5% or greater shareholders of the Company prior to the Offering (the "**Insiders**") as well as in the Lock-Up Agreement in the form attached hereto as <u>Exhibit A</u> provided to the Representative is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *Solvency*. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Offered Securities hereunder, the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, are sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt). Except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Registration Statement and the Prospectus set forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, "Indebtedness" means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company's consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with IFRS. Except as set forth in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *Regulation M Compliance*. The Company has not, and to its knowledge no one authorized to act on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Offered Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Offered Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Underwriters in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) *EGC Status and Testing the Waters Communications*. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing the Waters Communication (as defined below)) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act ("**Emerging Growth Company**"). "**Testing the Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company (i) has not alone engaged in any Testing the Waters Communications other than Testing the Waters Communications with the consent of the Representative with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Representative to engage in Testing the Waters Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in undertaking Testing the Waters Communications. The Company has not distributed any Written Testing the Waters Communications (as defined below) other than those listed on <u>Schedule F</u> hereto. "**Written Testing the Waters Communication**" means any Testing the Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. As of the time of each sale of the Offered Securities in connection with the Offering when the Prospectus is not yet available to prospective purchasers, no individual Written Testing the Waters Communications, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of the Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *No Finder's Fee.* There are no contracts, agreements, or understandings between the Company or its Subsidiaries and any other person that would give rise to a valid claim against the Company or its Subsidiaries or any Underwriter for a brokerage commission, finder's fee or other like payment in connection with this Offering, or any other arrangements, agreements, understandings, payments, or issuance with respect to the Company, or its Subsidiaries, or any of their respective officers, directors, shareholders, partners, employees or related parties that may affect the Underwriters' compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Representative in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of ten percent (10%) or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Representative and its counsel if it becomes aware that any such person described in (i) to (iii) under this <u>Section 1(tt)</u> is or becomes an affiliate or associated person of a FINRA member participating in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) *Operating and Other Data.* All operating and other data pertaining to the Disclosure Package and the Prospectus are true and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *Third-party Data.* Any statistical, industry-related and market-related data included in the Disclosure Package and the Prospectus is based on or derived from sources that the Company reasonably and in good faith believes to be reliable and accurate, and such data agrees with the sources from which it is derived, and the Company has obtained the written consent for the use of such data from such sources to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *Compliance with Environmental Laws*. The Company and its Subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("**Environmental Laws**"), (B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *Compliance with Law, Constitutive Documents and Contracts*. Neither the Company nor any of the Subsidiaries is (a) in breach or violation of any provision of applicable law (including, but not limited to, any applicable law concerning information collection and user privacy protection) or (b) in breach or violation of its respective constitutive documents, or (c) in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder's behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) any agreement or other instrument that is binding upon the Company or any of the Subsidiaries, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Company or any of the Subsidiaries, except in the cases of (a) and (c) above, where any such breach, violation or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) *No Unlawful Influence.* The Company has not offered, or caused the Underwriters to offer, Shares to any person or entity with the intention of unlawfully influencing: (a) a customer or supplier of the Company or any affiliate of the Company to alter the customer's or supplier's level or type of business with the Company or such affiliate or (b) a journalist or publication to write or publish favorable information about the Company or any such 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;(zz) *Integration*. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Representative or to counsel for the Representative shall be deemed to be a representation and warranty by the Company to the Underwriters as to the matters set forth therein. The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to <u>Section 8</u> hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

SECTION 2. *Firm Shares; Additional Shares.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purchase of Firm Shares*. Based on 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 the Firm Shares at a purchase price (net of discounts) of $[●] per share. The Underwriters agree to subscribe for and purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delivery of and Payment for Firm Shares*. Issue and delivery of, and payment for, the Firm Shares shall be made at 10:00 a.m., Eastern Time, on the second (2<sup>nd</sup>) Business Day following the Applicable Time, or at such time as shall be agreed upon by the Representative and the Company, at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of issue and delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for, and issue of 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 issue to the Underwriters of the Firm Shares (and either delivery of share certificate in respect of the Firm Shares or if uncertificated through the full fast transfer facilities of 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. The Company shall not be obligated to issue and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Additional Shares*. The Company hereby grants to the Underwriters an option (the "**Over-allotment Option**"), exercisable for 45 days from the Closing Date, to purchase up to an additional 750,000 Ordinary Shares, in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Representative's sole discretion, for Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to <u>Section 2(c)</u> hereof may be exercised by the Representative on or within 45 days from the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in <u>Section 2(a)</u>. The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of written notice to the Company from the Representative via mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the "**Option Closing Date**"), which shall be at least one (1) Business Day and not be later than ten (10) full Business Days after the date of the written notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of the Representative's counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Delivery and Payment of Additional Shares.* Payment for the Additional Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriters for applicable Additional Shares. The Option Closing Date may be simultaneous with, but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term "**Closing Date**" shall refer to the time and date of delivery of the Firm Shares and Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Underwriter's Discount.* In consideration of the services to be provided for hereunder, the Underwriters shall receive a discount equal to seven percent (7%) of the initial public offering price of the Offered Securities.

 ****

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SECTION 3. *Covenants of the Company.*

 

The Company also covenants and agrees with each of the Underwriters 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) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Representative, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriters or selected dealers, including under circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act (the "**Prospectus Delivery Period**"), prior to amending or supplementing the Registration Statement or the Prospectus, including any amendment or supplement through incorporation by reference of any report filed under the Exchange Act, the Company shall furnish to the Underwriters 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.

&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) *Securities Act Compliance*. After the date of this Agreement, during the Prospectus Delivery Period, the Company shall promptly advise the Underwriters in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission, (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to the Pricing Prospectus or the Prospectus, (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective and (iv) of 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 or notice preventing or suspending the use of the Registration Statement, the Pricing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order or order or notice of prevention or suspension at any time, the Company will use its best efforts to obtain the lifting of such order at the earliest possible moment or will file a new registration statement and use its best efforts to have such new registration statement declared effective as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b) and 430A, as applicable, under the Securities Act, including with respect to the timely filing of documents thereunder and will confirm that any filings made by the Company under such Rule 424(b) were received in a timely manner by the 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;(c) *Exchange Act Compliance*. During the Prospectus Delivery Period, to the extent the Company becomes subject to reporting obligation under the Exchange Act, the Company will file all documents required to be filed with the Commission pursuant to Sections 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include 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, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriters it is otherwise necessary to amend or supplement the Registration Statement, the Disclosure Package or the Prospectus, or to file a new registration statement containing the Prospectus, in order to comply with law, including in connection with the delivery of the Prospectus, the Company agrees to (i) notify the Underwriters of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriters during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 3(a)</u> and <u>Section 3(f)</u> hereof), file with the Commission (and use its best efforts to have any amendment to the Registration Statement or any new registration statement to be declared effective) and furnish at its own expense to the Underwriters and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Permitted Free Writing Prospectuses*. The Company represents that it has not made, and agrees that, unless it obtains the prior written consent of the Underwriters, it will not make, any offer relating to the Offered Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "**free writing prospectus**" (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 under the Securities Act; provided that the prior written consent of the Underwriters hereto shall be deemed to have been given in respect of each free writing prospectus listed on <u>Schedule B</u> hereto. Any such free writing prospectus consented to by the Underwriters is hereinafter referred to as a "**Permitted Free Writing Prospectus**." The Company agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, and (ii) has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 under the Securities Act applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriters, without charge, during the Prospectus Delivery Period, as many copies of each of the preliminary prospectuses, the Prospectus and the Disclosure Package and any amendments and supplements thereto (including any documents incorporated or deemed incorporated by reference therein) as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Use of Proceeds*. The Company shall apply the net proceeds from the issue and sale of the Offered Securities sold by it substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Transfer Agent*. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Offered 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;(i) *Internal Controls*. The Company will maintain a system of internal accounting controls designed to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with IFRS and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls, upon consummation of the Offering, will be overseen by the audit committee of the Company's board of directors in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Ordinary Shares have been duly authorized for listing on the Nasdaq, subject to official notice of issuance. The Company is in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date or the Option Closing Date, if any; and subject to all exemptions and exceptions from the requirements thereof as are set forth therein, to the extent applicable to the Company). Without limiting the generality of the foregoing and subject to the qualifications above: (i) all members of the Company's board of directors who are required to be "independent" (as that term is defined under applicable laws, rules and regulations), including, without limitation, all members of each of the audit committee, compensation committee and nominating and corporate governance committee of the Company's board of directors, meet the qualifications of independence as set forth under such laws, rules and regulations, (ii) the audit committee of the Company's board of directors has at least one member who is an "audit committee financial expert" (as that term is defined under such laws, rules and regulations), and (iii) that, based on discussions with Nasdaq, the Company meets all requirements for listing on the Nasdaq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement or in connection with the Offering, and the issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect, including (i) under applicable blue sky laws in any jurisdiction in which the Offered Securities are offered and sold and (ii) under the rules and regulations of the FINRA*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the Offering, issuance and sale of the Offered Securities under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriters.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Representative pursuant to the addresses and contacts provided in <u>Section 15</u> of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the annual report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, annual report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of 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;(n) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its shareholders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's Ordinary Shares. The Company will direct the transfer agent to place stop transfer restrictions upon the Ordinary Shares of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of the Company and any successors of the Company will not, without the prior written consent of the Representative, from the date of execution of this Agreement and continuing for a period of six (6) months after the Closing (the "**Lock-Up Period**"), (i) 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, or file with the Commission a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriters pursuant to this Agreement. The Company agrees not to accelerate the vesting of any option or warrant or the lapse of any repurchase right prior to the expiration of the Lock-Up 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The restrictions contained in <u>Section 3(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

SECTION 4. *Payment of Fees and Expenses.*

 

The Company covenants and agrees with Representative that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company's counsel and accountants in connection with the registration of the Offered Securities under the Securities Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any preliminary prospectus, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing this Agreement, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Offered Securities; (iii) all expenses in connection with the qualification of the Offered Securities for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey if any; (iv) all fees and expenses in connection with listing the Offered Securities on Nasdaq; (v) the filing fees incident to, and the reasonable fees and disbursements of counsel for the Underwriters in connection with (subject to the $270,000 maximum of reimbursable out-of-pocket expenses set forth below), any required review by FINRA of the terms of the sale of the Offered Securities; (vi) the cost of preparing share certificates, if applicable; (vii) the cost and charges of any transfer agent or registrar; (viii) the costs and expenses of the Company relating to investor presentations on any "road show" undertaken in connection with the marketing of the Offered Securities, including without limitation, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants if any incurred; and (ix) all other costs and expenses incident to the performance of the Company's obligations hereunder which are not otherwise specifically provided for in this Section.

The Company will pay the Representative a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering.

The Company will also reimburse the Representative up to a maximum of $270,000 for out-of-pocket accountable expenses, including, but not limited to: (i) all reasonable travel and lodging expenses incurred by the Representative and its counsel in connection with visits to, and examinations of, the Company; (ii) background check on the Company's principal shareholders, directors and officers; (iii) the reasonable cost for road show meetings; (iv) all due diligence expenses; (v) reasonable legal counsel fees; (vi) all reasonable expenses incidental to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any); (vii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities; (viii) all necessary issue, transfer and other stamp taxes in connection with the Offering; and (ix) all reasonable costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), each Issuer Free Writing Prospectus, each preliminary prospectus and the Prospectus, and all amendments and supplements thereto, and this Agreement. The Company has paid an advance of $[145,000] to the Representative for its anticipated out-of-pocket expenses; any advance will be returned to the Company to the extent the Representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

SECTION 5. *Taxes; Deductions and Withholding from Payments.*

 

All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Right of First Refusal.*

 

The Company agrees that it shall provide the Representative a right of first refusal for twelve (12) months from the the consummation of the Offering (subject to FINRA Rule 5110(g)(6)) to provide investment banking services to the Company (subject to FINRA Rule 5110(g)(5)) on an exclusive basis (such right, the "**Right of First Refusal**"), at the Representative's sole discretion. The Representative shall have the sole right to determine whether or not any other financial advisor or broker dealer shall have the right to participate in any such transaction and the economic terms of any such participation. Further, the Company shall immediately notify the Representative of a proposed transaction and shall direct all third-party inquiries regarding such transaction to the Representative within three (3) Business Days of receipt of such inquiry. The Representative shall notify the Company of its intention to exercise its Right of First Refusal within fifteen (15) Business Days following notice in writing by the Company. If the Representative declines to exercise the Right of First Refusal or is unable to provide same or more favorable terms to the Company under reasonable standard, the Company shall have the right to retain any other person or persons to provide such services on terms and conditions which are not more favorable to such other person or persons than the terms presented to and declined by the Representative.

SECTION 7. *Tail Financings.*

 

The Representative shall be entitled to receive from the Company the compensation commensurate with those set forth under <u>Sections 2 and 4</u> herein, with respect to any public or private offering or other financing or capital-raising transaction of any kind consummated at any time within twelve (12) months following the termination or expiration of that certain engagement letter between the Company and Representative dated as of June 30, 2025 and amended on October 9, 2025 (the "**Tail Financing**") to the extent that such financing or capital is provided to the Company by investors whom the Representative introduced to and not-known to the Company before such introduction regarding an offering, provided that the Representative shall provide a list of such identified investors to the Company and proof of such communication in connection with the Offering.

SECTION 8. *Conditions of the Obligations of the Underwriters.*

 

The obligations of the Underwriters to subscribe for and purchase the Offered Securities as provided herein on the Closing Date and each Option Closing Date shall be subject to (1) the accuracy of the representations and warranties on the part of the Company set forth in <u>Section 1</u> hereof as of the date hereof and as of the Closing Date and each Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the Registration Statement; and (4) each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accountant's Comfort Letter*. On the date hereof, the Representative shall have received from the Accountant, a letter dated the date hereof addressed to the Representative, in form and substance satisfactory to the Representative, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Representative, delivered according to Statement of Auditing Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information contained in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Effectiveness of Registration Statement; Compliance with Registration Requirements; No Stop Order*. During the period from and after the execution of this Agreement to and including the Closing Date and each Option Closing Date, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the 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;(c) *No Material Adverse Change*. For the period from and after the date of this Agreement to and including the Closing Date and each Option Closing Date, if any, in the reasonable judgment of the Representative there shall not have occurred any Material Adverse Change.

&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) *CFO Certificate*. On the Closing and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representative.

&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) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Executive Officer and the Chief Financial Officer of the Company, dated as of such date, to the effect that the signers of such certificate have reviewed the Registration Statement, the Disclosure Package and the Prospectus and any amendment or supplement thereto, each Issuer Free Writing Prospectus, if any, and this Agreement, to the effect that, to the knowledge of such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The representations and warranties of the Company in this Agreement are true and correct, as if made on and as of such Closing Date or Option Closing Date, if applicable, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to such Closing Date and/or the Option Closing Date, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No stop order suspending the effectiveness of the Registration Statement or the use of the Prospectus has been issued and no proceedings for that purpose have been instituted or are pending or, to the Company's knowledge, threatened under the Securities Act; no order having the effect of ceasing or suspending the distribution of the Offered Securities or any other securities of the Company has been issued by any securities commission, securities regulatory authority or stock exchange in the United States and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, contemplated by any securities commission, securities regulatory authority or stock exchange in the United States; 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;(iii) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Ordinary Shares); (e) any dividend or distribution of any kind declared, paid or made on Ordinary Shares; or (f) any loss or damage (whether or not insured) to the property of the Company or any Subsidiary which has been sustained or will have been sustained which has a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Chief Executive Officer's Certificate*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received a certificate of the Company signed by the Chief Executive Officer of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that each of the Subsidiaries' articles of association, memorandum of association or charter documents attached to such certificate is true and complete, has not been modified and is in full force and effect; (iii) that the resolutions of the Company's board of directors relating to the Offering attached to such certificate are in full force and effect and have not been modified; and (iv) the good standing of the Company and each of the Subsidiaries (except in such jurisdictions where the concept of good standing is not applicable). The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Bring-down Comfort Letter*. On the Closing Date or Option Closing Date, if applicable, the Representative shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Representative, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 8</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than two Business Days prior to the Closing Date and/or the Option Closing Date, 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;(h) *Lock-Up Agreements from Certain Security Holders of the Company*. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, and security holders of five percent (5%) or more of the Company's Ordinary Shares or securities convertible into or exercisable for Ordinary Shares prior to the Offering listed on <u>Schedule D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Exchange Listing*. The Offered Securities to be delivered on the Closing Date and/or the Option Closing Date shall have been approved for listing on the Nasdaq, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, as applicable, the Representative shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the favorable opinion of Loeb & Loeb LLP, counsel to the Company, addressed to the Representative, including a negative assurance letter, dated as of such date, in form and substance reasonably satisfactory to the Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the favorable opinion of Ogier, Cayman Islands legal counsel to the Company in form and substance reasonably satisfactory to the Representative; 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;(iii) the favorable opinion of Kemp M.B. LLP, Hong Kong legal counsel to the Company in form and substance reasonably satisfactory to the Representative.

The Underwriters shall rely on the opinions of Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Offered Securities and due authorization, execution, and delivery of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) FINRA shall have confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, as applicable, the Representative and counsel for the Representative shall have received such information, documents and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained.

If any condition specified in this <u>Section 8</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative by written notice to the Company at any time on or prior to the Closing Date and/or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Representative) and <u>Section 10</u> shall at all times be effective and shall survive such termination.

SECTION 9. *Effectiveness of this Agreement.*

 

This Agreement shall not become effective until the later of (i) the execution of this Agreement by the parties hereto and (ii) notification (including by way of oral notification from the reviewer at the Commission) by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act.

SECTION 10. *Indemnification.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriter, its respective affiliates and each of its respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the "**Underwriter Indemnified Parties**," and each, an "**Underwriter Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Company) arising out of (i) an untrue statement or alleged untrue statement of a material fact contained in 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 Securities Act Regulations, or arise out of or are based upon the omission from the Registration Statement, or alleged omission to state therein, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (ii) an untrue statement or alleged untrue statement of a material fact contained in the Prospectus, or any amendment or supplement thereto, or in any other materials used in connection with the Offering, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and shall reimburse such Underwriter Indemnified Party for any legal or other expenses reasonably incurred by it in connection with evaluating, investigating or defending against such loss, claim, damage, liability or action; *provided*, *however*, that the Company shall not be liable in any such case to the extent that (i) any such loss, claim, damage, liability or action are caused by gross negligence, willful misconduct or bad faith of the Underwriter Indemnified Parties; or (ii) any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 10(a)</u> are not exclusive and will be in addition to any liability, which the Underwriters might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Underwriter Indemnified Party.

&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) *Indemnification by the Underwriters*. The Underwriters shall indemnify and hold harmless the Company and the Company's affiliates and each of their respective directors, officers, employees, agents and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**," and each, a "**Company Indemnified Party**") from and against any losses, claims, damages or liabilities (including in settlement of any litigation if such settlement is effected with the prior written consent of the Underwriters) arising out of (i) any untrue statement of a material fact contained in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, or (ii) the omission to state in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or omission was made in reliance upon and in conformity with the Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred; *provided*, *however*, that the Underwriters shall not be liable in any such case to the extent that (i) any such loss, claim, damage, liability or action are caused by gross negligence, willful misconduct or bad faith of the Company Indemnified Parties; or (ii) any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement in, or omission from any preliminary prospectus, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with any information in any preliminary prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) of the Securities Act Regulations, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, other than the Underwriter Information. Notwithstanding the provisions of this <u>Section 10(b)</u>, in no event shall any indemnity by the Underwriters under this <u>Section 10(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 10(b)</u> are not exclusive and will be in addition to any liability, which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Company Indemnified Party.

&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) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 10</u> of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 10</u>, notify such indemnifying party in writing of the commencement of that action; *provided*, *however*, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this <u>Section 10</u> except to the extent it has been materially adversely prejudiced by such failure; and, *provided*, *further*, that the failure to notify an indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this <u>Section 10</u>. If any such action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under <u>Section 10(a)</u> or <u>Section 10(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided*, *however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 10(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided*, *however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriters if the indemnified party under this <u>Section 10</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 10</u> is a Company Indemnified Party. Subject to this <u>Section 10(c)</u>, the amount payable by an indemnifying party under <u>Section 10</u> shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution could be sought under this <u>Section 10</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&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) *Contribution*. If the indemnification provided for in this <u>Section 10</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 10(a)</u> or <u>Section 10(b)</u> (except by reason of the gross negligence, wilful misconduct or bad faith of such indemnified party), then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 10(d)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this <u>Section 10(d)</u> but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to the Offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company on the one hand and the Underwriters on the other 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 on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company by the Underwriters for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 10(d)</u> be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this <u>Section 10(d)</u> shall be deemed to include, for purposes of this <u>Section 10(d)</u>, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this <u>Section 10(d)</u>, the Underwriters shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriters in connection with the Offering less the amount of any damages that the Underwriters have otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 11. *Termination of this Agreement.*

 

Prior to the Closing Date and/or the Option Closing Date, as applicable, whether before or after notification by the Commission to the Company of the effectiveness of the Registration Statement under the Securities Act, this Agreement may be terminated by the Underwriters by written notice given to the Company if at any time (i) trading or quotation in the Company's Ordinary Shares shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriters, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Offered Securities; or (iv) regulatory approval (including but not limited to Nasdaq approval) for the Offering is denied, conditioned or modified and as a result it makes it impracticable for the Underwriters to proceed with the Offering, sale and/or delivery of the Offered Securities or to enforce contracts for the sale of the Offered Securities. Except as otherwise stated in this section, the Agreement may not be terminated by the Company prior to the Closing Date, other than for Cause. Any termination pursuant to this <u>Section 11</u> shall be without liability on the part of (a) the Company to any of the Underwriters, except that the Company shall be, subject to demand by the Underwriters, obligated to reimburse the Underwriters for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriters in connection herewith as allowed under FINRA Rule 5110(g)(4)(A), less any amounts previously paid by the Company; *provided*, *however*, that all such expenses shall not exceed $270,000 in the aggregate, (b) the Underwriters to the Company, or (c) of any party hereto to any other party, except that the provisions of <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriters) and <u>Section 10</u> shall at all times be effective and shall survive such termination. "**Cause**," for the purpose of this Agreement, shall mean an uncured material breach of the Agreement by the Representative or a material failure by the Representative to provide the underwriting services contemplated hereunder. In the event that the Company believes that the Representative has engaged in conduct constituting Cause, it must first notify Representative in writing of the facts and circumstances supporting such an assertion(s) and allow Representative twenty (20) days to cure such alleged conduct.

SECTION 12. *No Advisory or Fiduciary Responsibility.*

 

The Company hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the Offering. 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, 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 no Underwriter has 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 Offered 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.

SECTION 13. *Underwriter Default.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any Underwriter or Underwriters shall default in its or their obligation to purchase the Firm Shares, and if the Firm Shares with respect to which such default relates (the "**Default Securities**") do not (after giving effect to arrangements, if any, made by the Representative pursuant to subsection (b) below) exceed in the aggregate ten percent (10%) of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to subscribe for and purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriters; subject, however, to such adjustments to eliminate fractional shares as the Representative in its sole discretion shall make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the aggregate number of Default Securities exceeds ten percent (10%) of the number of Firm Shares, the Representative may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter or Underwriters who so agree) to subscribe for and purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Representative does not arrange for the purchase of the Default Securities as provided in this <u>Section 13</u>, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in <u>Sections 4</u>, 6, 7, <u>10</u>, <u>11</u>, <u>13</u> and <u>14</u>) or the Underwriters, but nothing in this Agreement shall relieve a defaulting Underwriter or Underwriters of their liability, if any, to the other Underwriters and the Company for damages related to its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be subscribed for and purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriters' counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this <u>Section 13</u> with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.

SECTION 14. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries.*

 

The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriters set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and will survive delivery of and payment for the Offered Securities sold hereunder and any termination of this Agreement.

SECTION 15. *Notices.*

 

All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriter(s):**

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

Attn: Xiaoyu Li, Chief Executive Officer

Email: shell.li@cathaysecurities.com

**With a copy (*which shall not constitute notice*) to:**

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Richard I. Anslow, Esq.; Jonathan Deblinger, Esq.

Email: <u>ranslow@egsllp.com</u>; <u>jdeblinger@egsllp.com</u>

**If to the Company:**

Kepler Group Limited

Suite 3902-03, 39/F

Tower 6, The Gateway

Harbour City, Tsim Sha Tsui

Hong KongAttn: Ken Kwok

Email: ken.kwok@kplga.com

Phone No.: 852-2155 2889

**With a copy (*which shall not constitute notice*) to:**

Loeb & Loeb LLP

2206-19 Jardine House

8 Finance St, Central, Hong Kong

1 Connaught Place, Central, Hong Kong SAR

Attn: Lawrence S. Venick, Esq.

Email: lvenick@loeb.com

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 16. *Successors.*

 

This Agreement will inure to the benefit of and be binding upon the parties hereto and to the benefit of the employees, officers and directors and controlling persons referred to in <u>Section 10</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder. The term "successors" shall not include any purchaser of the Offered Securities as such merely by reason of such purchase.

SECTION 17. *Partial Unenforceability.*

 

The invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph, or provision hereof. If any Section, paragraph, or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

SECTION 18. *Governing Law; Submission to Jurisdiction; Trial by Jury.*

 

This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and each party hereto irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each party hereto hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon any party hereto may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in <u>Section 15</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon any party hereto in any action, proceeding or claim. The Company and the Underwriters agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriters hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 19. *Enforceability of Judgment.*

 

The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement or any transaction contemplated herein and therein would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the Cayman Islands or Hong Kong, or the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the courts of the Cayman Islands or the courts of Hong Kong, *provided* that (i) with respect to courts of the Cayman Islands (a) such New York Court had proper jurisdiction over the parties subject to such judgment and the Company submitted to such jurisdiction; (b) the judgment given by the foreign court was not in respect of penalties, taxes, fines or similar fiscal or revenue obligations of the Company; (c) in obtaining judgment there was no fraud on the part of the person in whose favor judgment was given, or on the part of the foreign court; (d) recognition or enforcement of the judgment in the Cayman Islands would not be contrary to public policy; (e) the proceedings pursuant to which judgment was obtained were not contrary to natural justice; and (f) the judgment given by the foreign court is not the subject of an appeal; (ii) with respect to the courts of Hong Kong, subject to the judicial discretion under common law, (a) an separate legal action was brought at common law in a Hong Kong court to enforce such judgment; (b) such judgment was a final judgment conclusive upon the merits of the claim; (c) such judgement was for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges; (d) such judgement was not obtained by fraud; (e) the proceedings in which such judgment was obtained were not opposed to natural justice; (f) the enforcement or recognition of such judgment would not be contrary to the public policy of Hong Kong; (g) the court of the United States was jurisdictionally competent; and (h) such judgment was not in conflict with a prior Hong Kong judgment. The Company is not aware of any reason why the enforcement in the Cayman Islands or Hong Kong of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the Cayman Islands or Hong Kong.

 

 

SECTION 20. *General Provisions.*

 

This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation 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.

Each of the parties hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof, including, without limitation, the indemnification and contribution provisions of <u>Section 10</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 10</u> hereto fairly allocate the risks in the light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus and the Prospectus (and any amendments and supplements thereto), as required by the Securities Act and the Exchange Act.

The respective indemnities, contribution agreements, representations, warranties and other statements of the Company and the Underwriters set forth in or made pursuant to this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation, or statement as to the results thereof, made by or on behalf of the Underwriters, the officers or employees of the Underwriters, any person controlling any of the Underwriters, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: |  |
| Name: | Kwok Yu Hin |
| Title: | Chief Executive Officer and Chairman |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriters as of the date first above written.

For itself and on behalf of the several Underwriters listed on <u>Schedule A</u> hereto,

---

| | |
|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |
| Name: | Xiaoyu Li |
| Title: | Chief Executive Officer |

---

*[Signature Page to Underwriting Agreement]*

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Firm Shares** |
| Cathay Securities, Inc. | [**●**] |
| [**●**] | [**●**] |
| **Total** | **5000000** |

---

**SCHEDULE B**

**Issuer Free Writing Prospectus(es)**

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: 5,000,000

Number of Additional Shares: 750,000

Public Offering Price per one Share: $[●]

Underwriting Discount per one Share: 7% per one Share (or $[●] per share)

Non-accountable expense allowance per one Share: 1% per share (or $[●] per share)

Proceeds to Company per one Share (before expenses): $[●]

**SCHEDULE D**

**Lock-Up Parties**

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| | | | |
|:---|:---|:---|:---|
| **Locked-up Parties** | **Ordinary Shares**<br> **Beneficially Owned** | **Ordinary Shares**<br> **Locked-up**  | **Lock Up**<br> **Period** |
| Kwok Yu Hin | 13632876 | 13632876 | 6 months |
| Tam King Yeung Alvin | 852856 | 852856 | 6 months |
| Zhu Meizhen | 1233831 | 1233831 | 6 months |

---

**SCHEDULE E**

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of**<br> **Incorporation** |
| Kepler Global Advisors Limited | Hong Kong |
| Equator Asset Protection Limited | Hong Kong |
| Kepler Innovative Technology Limited | Hong Kong |

---

**SCHEDULE F**

**Written Testing the Waters Communications**

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2026

**Cathay Securities, Inc.**

40 Wall Street, Suite 3600

New York, NY 10005

Ladies and Gentlemen:

The undersigned understands that Cathay Securities, Inc., the representative (the "<u>Representative</u>") of the underwriters (the "<u>Underwriters</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with Kepler Group Limited, a Cayman Islands exempted company (the "<u>Company</u>"), in connection to the initial public offering (the "<u>Offering</u>") of the Company's ordinary shares, par value $0.001 per share (the "<u>Shares</u>").

To induce the Underwriters to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the closing of the Offering (the "<u>Lock-Up Period</u>"), (1) 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 or any securities convertible into or exercisable or exchangeable for the Shares (collectively, the "<u>Lock-Up Securities</u>"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of the Lock-Up Securities, in cash or otherwise. The foregoing sentence shall not apply to (a) transactions relating to the Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this lock-up agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (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 shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *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 Representative a lock-up agreement substantially in the form of this lock-up agreement, (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of ordinary shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's ordinary shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of ordinary shares or any securities convertible into ordinary shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, *provided* that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90th day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of ordinary shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, *provided*, *further*, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, *provided* that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "<u>Permitted Transfers</u>"). In addition, the undersigned agrees that, without the prior written consent of the Representative, it will not, during the Lock-Up Period, make any 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. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, *however*, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of ordinary shares in connection with the exercise of outstanding warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 6-month period described above.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Representative agrees that, 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 Representative will notify the Company of the impending release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) Business Days after the 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 the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representative, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by December 31, 2026, or (ii) the Company notifies the Representative in writing that it does not intend to proceed with the Offering, or (iii) 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, the undersigned shall be released from all obligations under this lock-up agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriters. The undersigned acknowledges that no assurances are given by the Company or the Underwriters that any Offering will be consummated. This lock-up agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

Very truly yours,

---

| |
|:---|
| (Signature) |
| Address: |
| Email: |
| Date: |

---

[*Signature Page to Lock-Up Agreement*]

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_002.jpg)

 

Dated 3 October 2023

**Companies Act (Revised)**

**Company Limited by Shares**

**Kepler Group Limited**

**MEMORANDUM OF ASSOCIATION**

![](ex3-1_003.jpg)

1 <br> *Auth Code: A05462962233* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

**Companies Act (Revised)**

**Company Limited by Shares**

**Memorandum of Association**

**of**

**Kepler Group Limited**

---

| | |
|:---|:---|
| 1 | The name of the Company is Kepler Group Limited. |
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |
| 5 | Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
 or broker without being licensed in that behalf under the Insurance Act (Revised);or

(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| 6.0 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |
| 7.0 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

2 <br> *Auth Code: A05462962233* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

---

| | |
|:---|:---|
| 8 | The share capital of the Company is USD100,000 divided into 100,000,000 Ordinary shares of par value USD0.001 each. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 redeem or repurchase any of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 increase or reduce its capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

(ii) subject
 to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 alter any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

3 <br> *Auth Code: A05462962233* <br> *www.verify.gov.ky*

![](ex3-1_002.jpg)

 

We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares in the capital of the Company shown opposite our name in the table below.

Dated 3 October 2023

---

| | | | |
|:---|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited<br>| 1 | per: | */s/ Jayde Johnson* |
| 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>|  | <br> Name: Jayde Johnson<br> Authorised Signatory | <br> Name: Jayde Johnson<br> Authorised Signatory |
| **Witness to above signature** |  |  |  |
|  | */s/ Chelsea Ebanks*<br>Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | */s/ Chelsea Ebanks*<br>Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | */s/ Chelsea Ebanks*<br>Name: Chelsea Ebanks<br>Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

4 <br> *Auth Code: A05462962233* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex3-1_001.jpg) | ![](ex3-1_002.jpg) |

---

Dated 3 October 2023

**Companies Act (Revised)**

**Company Limited by Shares**

**Kepler Group Limited**

**ARTICLES OF ASSOCIATION**

![](ex3-1_003.jpg)

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

![](ex3-1_002.jpg)

 

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 3 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 4 |
| **2** | **Shares** | **4** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 4 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 4 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 4 |
| Trusts not recognised | Trusts not recognised | 5 |
| Power to vary class rights | Power to vary class rights | 5 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 5 |
| Capital contributions without issue of further Shares | Capital contributions without issue of further Shares | 5 |
| No bearer Shares or warrants | No bearer Shares or warrants | 6 |
| Treasury Shares | Treasury Shares | 6 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 6 |
| **3** | **Share certificates** | **7** |
| Issue of share certificates | Issue of share certificates | 7 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 7 |
| **4** | **Lien on Shares** | **8** |
| Nature and scope of lien | Nature and scope of lien | 8 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 8 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 8 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 9 |
| Application of proceeds of sale | Application of proceeds of sale | 9 |
| **5** | **Calls on Shares and forfeiture** | **9** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 9 |
| Time when call made | Time when call made | 10 |
| Liability of joint holders | Liability of joint holders | 10 |
| Interest on unpaid calls | Interest on unpaid calls | 10 |
| Deemed calls | Deemed calls | 10 |
| Power to accept early payment | Power to accept early payment | 10 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 11 |
| Notice of default | Notice of default | 11 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 11 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 11 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 12 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 12 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 12 |

---

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

![](ex3-1_002.jpg)

---

| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **13** |
| Form of transfer | Form of transfer | 13 |
| Power to refuse registration | Power to refuse registration | 13 |
| Notice of refusal to register | Notice of refusal to register | 13 |
| Power to suspend registration | Power to suspend registration | 13 |
| Fee, if any, payable for registration | Fee, if any, payable for registration | 13 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 13 |
| **7** | **Transmission of Shares** | **13** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 13 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 14 |
| Indemnity | Indemnity | 14 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 14 |
| **8** | **Alteration of capital** | **15** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 15 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 15 |
| Reducing share capital | Reducing share capital | 16 |
| **9** | **Redemption and purchase of own Shares** | **16** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 16 |
| Repurchase of subscriber Share | Repurchase of subscriber Share | 16 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 17 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 17 |
| **10** | **Meetings of Members** | **17** |
| Power to call meetings | Power to call meetings | 17 |
| Content of notice | Content of notice | 18 |
| Period of notice | Period of notice | 18 |
| Persons entitled to receive notice | Persons entitled to receive notice | 19 |
| Publication of notice on a website | Publication of notice on a website | 19 |
| Time a website notice is deemed to be given | Time a website notice is deemed to be given | 19 |
| Required duration of publication on a website | Required duration of publication on a website | 19 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 20 |
| **11** | **Proceedings at meetings of Members** | **20** |
| Quorum | Quorum | 20 |
| Lack of quorum | Lack of quorum | 20 |
| Use of technology | Use of technology | 20 |
| Chairman | Chairman | 21 |
| Right of a director to attend and speak | Right of a director to attend and speak | 21 |
| Adjournment | Adjournment | 21 |
| Method of voting | Method of voting | 21 |
| Outcome of vote by show of hands | Outcome of vote by show of hands | 21 |
| Withdrawal of demand for a poll | Withdrawal of demand for a poll | 22 |
| Taking of a poll | Taking of a poll | 22 |
| Chairman's casting vote | Chairman's casting vote | 22 |
| Amendments to resolutions | Amendments to resolutions | 22 |
| Written resolutions | Written resolutions | 23 |
| Sole-member company | Sole-member company | 24 |

---

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

![](ex3-1_002.jpg)

---

| | | |
|:---|:---|:---|
| **12** | **Voting rights of Members** | **24** |
| Right to vote | Right to vote | 24 |
| Rights of joint holders | Rights of joint holders | 24 |
| Representation of corporate Members | Representation of corporate Members | 24 |
| Member with mental disorder | Member with mental disorder | 25 |
| Objections to admissibility of votes | Objections to admissibility of votes | 25 |
| Form of proxy | Form of proxy | 25 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 26 |
| Voting by proxy | Voting by proxy | 27 |
| **13** | **Number of directors** | **27** |
| **14** | **Appointment, disqualification and removal of directors** | **27** |
| First directors | First directors | 27 |
| No age limit | No age limit | 27 |
| Corporate directors | Corporate directors | 27 |
| No shareholding qualification | No shareholding qualification | 28 |
| Appointment of directors | Appointment of directors | 28 |
| Removal of directors | Removal of directors | 28 |
| Resignation of directors | Resignation of directors | 29 |
| Termination of the office of director | Termination of the office of director | 29 |
| **15** | **Alternate directors** | **29** |
| Appointment and removal | Appointment and removal | 29 |
| Notices | Notices | 30 |
| Rights of alternate director | Rights of alternate director | 30 |
| Appointment ceases when the appointor ceases to be a director | Appointment ceases when the appointor ceases to be a director | 31 |
| Status of alternate director | Status of alternate director | 31 |
| Status of the director making the appointment | Status of the director making the appointment | 31 |
| **16** | **Powers of directors** | **31** |
| Powers of directors | Powers of directors | 31 |
| Appointments to office | Appointments to office | 32 |
| Remuneration | Remuneration | 32 |
| Disclosure of information | Disclosure of information | 33 |
| **17** | **Delegation of powers** | **33** |
| Power to delegate any of the directors' powers to a committee | Power to delegate any of the directors' powers to a committee | 33 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 34 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 34 |
| Power to appoint a proxy | Power to appoint a proxy | 34 |

---

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

![](ex3-1_002.jpg)

---

| | | |
|:---|:---|:---|
| **18** | **Meetings of directors** | **35** |
| Regulation of directors' meetings | Regulation of directors' meetings | 35 |
| Calling meetings | Calling meetings | 35 |
| Notice of meetings | Notice of meetings | 35 |
| Period of notice | Period of notice | 35 |
| Use of technology | Use of technology | 35 |
| Place of meetings | Place of meetings | 35 |
| Quorum | Quorum | 35 |
| Voting | Voting | 35 |
| Validity | Validity | 36 |
| Recording of dissent | Recording of dissent | 36 |
| Written resolutions | Written resolutions | 36 |
| Sole director's minute | Sole director's minute | 36 |
| **19** | **Permissible directors' interests and disclosure** | **37** |
| Permissible interests subject to disclosure | Permissible interests subject to disclosure | 37 |
| Notification of interests | Notification of interests | 37 |
| Voting where a director is interested in a matter | Voting where a director is interested in a matter | 38 |
| **20** | **Minutes** | **38** |
| **21** | **Accounts and audit** | **38** |
| Accounting and other records | Accounting and other records | 38 |
| No automatic right of inspection | No automatic right of inspection | 38 |
| Sending of accounts and reports | Sending of accounts and reports | 38 |
| Time of receipt if documents are published on a website | Time of receipt if documents are published on a website | 39 |
| Validity despite accidental error in publication on website | Validity despite accidental error in publication on website | 39 |
| When accounts are to be audited | When accounts are to be audited | 39 |
| **22** | **Financial year** | **40** |
| **23** | **Record dates** | **40** |
| **24** | **Dividends** | **40** |
| Declaration of dividends by Members | Declaration of dividends by Members | 40 |
| Payment of interim dividends and declaration of final dividends by directors | Payment of interim dividends and declaration of final dividends by directors | 40 |
| Apportionment of dividends | Apportionment of dividends | 41 |
| Right of set off | Right of set off | 41 |
| Power to pay other than in cash | Power to pay other than in cash | 41 |
| How payments may be made | How payments may be made | 42 |
| Dividends or other moneys not to bear interest in absence of special rights | Dividends or other moneys not to bear interest in absence of special rights | 42 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 42 |
| **25** | **Capitalisation of profits** | **43** |
| Capitalisation of profits or of any share premium account or capital redemption reserve | Capitalisation of profits or of any share premium account or capital redemption reserve | 43 |
| Applying an amount for the benefit of members | Applying an amount for the benefit of members | 43 |

---

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

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---

| | | |
|:---|:---|:---|
| **26** | **Share premium account** | **44** |
| Directors to maintain share premium account | Directors to maintain share premium account | 44 |
| Debits to share premium account | Debits to share premium account | 44 |
| **27** | **Seal** | **44** |
| Company seal | Company seal | 44 |
| Duplicate seal | Duplicate seal | 44 |
| When and how seal is to be used | When and how seal is to be used | 44 |
| If no seal is adopted or used | If no seal is adopted or used | 45 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 45 |
| Validity of execution | Validity of execution | 45 |
| **28** | **Indemnity** | **45** |
| Indemnity | Indemnity | 45 |
| Release | Release | 46 |
| Insurance | Insurance | 46 |
| **29** | **Notices** | **47** |
| Form of notices | Form of notices | 47 |
| Electronic communications | Electronic communications | 47 |
| Persons authorised to give notices | Persons authorised to give notices | 47 |
| Delivery of written notices | Delivery of written notices | 48 |
| Joint holders | Joint holders | 48 |
| Signatures | Signatures | 48 |
| Evidence of transmission | Evidence of transmission | 48 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 48 |
| Date of giving notices | Date of giving notices | 48 |
| Saving provision | Saving provision | 49 |
| **30** | **Authentication of Electronic Records** | **49** |
| Application of Articles | Application of Articles | 49 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 50 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 50 |
| Manner of signing | Manner of signing | 51 |
| Saving provision | Saving provision | 51 |
| **31** | **Transfer by way of continuation** | **51** |
| **32** | **Winding up** | **52** |
| Distribution of assets in specie | Distribution of assets in specie | 52 |
| No obligation to accept liability | No obligation to accept liability | 52 |
| The directors are authorised to present a winding up petition | The directors are authorised to present a winding up petition | 52 |
| **33** | **Amendment of Memorandum and Articles** | **52** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 52 |
| Power to amend these Articles | Power to amend these Articles | 52 |

---

*Auth Code: B60964155750*<br>*www.verify.gov.ky*<br>

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**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**Kepler Group Limited**

---

| | |
|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** |

---

**Definitions**

1.1 In
 these Articles, the following definitions apply: **Act** means the Companies Act (Revised). **Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
 Articles of Association as amended from time to time: or

(b) two
or more particular Articles of these Articles;

and **Article** refers to a particular Article of these Articles.

**Business Day** means a day other than a public holiday in the place where the Company's registered office is located, a Saturday or a Sunday.

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 day for which it is given or on which it is to take effect.

**Company** means the above-named company.

**Default Rate** means 10% (ten per cent) per annum.

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised).

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**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, means that the par value for that Share and any premium
 payable in respect of the issue of that Share, has been fully paid or credited as paid in
 money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 been fully paid or credited as paid in money or money's worth.

**Islands** means the British Overseas Territory of the Cayman Islands.

**Member** means any person or persons entered on the register of members from time to time as the holder of a Share.

**Memorandum** means the Memorandum of Association of the Company as amended from time to time.

**Officer** means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a unanimous written resolution.

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.

**Share** means a share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes
 stock (except where a distinction between shares and stock is expressed or implied); and

(b) where
 the context permits, also includes a fraction of a share.

**Special Resolution** has the meaning given to that term in the Act; and the expression includes a unanimous written resolution.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.12.

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**Interpretation**

 

1.2 In
 the interpretation of these Articles, the following provisions apply unless the context otherwise
 requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Islands as known
 by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles,
 unless there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

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**Exclusion of Table A Articles**

 

1.3 The
 regulations contained in Table A in the First Schedule of the Act and any other regulations
 contained in any statute or subordinate legislation are expressly excluded and do not apply
 to the Company.

---

| | |
|:---|:---|
| **2** | **Shares** |

---

**Power to issue Shares and options, with or without special rights**

2.1 Subject
 to the provisions of the Act and the Articles about the redemption and purchase of the Company's
 own Shares, the directors have general and unconditional authority to allot (with or without
 confirming rights of renunciation), grant options over or otherwise deal with any unissued
 Shares of the Company to such persons, at such times and on such terms and conditions as
 they may decide. No Share may be issued at a discount except in accordance with the provisions
 of the Act.

2.2 Without
 limitation to the preceding Article, the directors may so deal with the unissued Shares of
 the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 or without preferred, deferred or other special rights or restrictions whether in regard
 to dividend, voting, return of capital or otherwise.

**Power to issue fractions of a Share**

2.3 Subject
 to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share
 shall be subject to and carry the corresponding fraction of liabilities (whether with respect
 to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
 rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.4 The
 Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
 or agreeing to subscribe, whether absolutely or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional

for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.

2.5 The
 Company may employ a broker in the issue of its capital and pay him any proper commission
 or brokerage.

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**Trusts not recognised**

2.6 Except
 as required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Power to vary class rights**

2.7 If
 the share capital is divided into different classes of Shares then, unless the terms on which
 a class of Shares was issued state otherwise, the rights attaching to a class of Shares may
 only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding two thirds of the issued Shares of that class consent in writing to the variation;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

2.8 For
 the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles
 relating to general meetings apply, mutatis mutandis, to every such separate meeting except
 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 necessary quorum shall be one or more persons holding, or representing by proxy, not less
 than one third of the issued Shares of the class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Member holding issued Shares of the class, present in person or by proxy or, in the case
 of a corporate Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

2.9 Unless
 the terms on which a class of Shares was issued state otherwise, the rights conferred on
 the Member holding Shares of any class shall not be deemed to be varied by the creation or
 issue of further Shares ranking pari passu with the existing Shares of that class.

**Capital contributions without issue of further Shares**

2.10 With
 the consent of a Member, the directors may accept a voluntary contribution to the capital
 of the Company from that Member without issuing Shares in consideration for that contribution.
 In that event, the contribution shall be dealt with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 shall be treated as if it were a share premium.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Member holds Shares in a single class of Shares - it shall be credited to the share premium
 account for that class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Member holds Shares of more than one class - it shall be credited rateably to the share
 premium accounts for those classes of Shares (in the proportion that the sum of the issue
 prices for each class of Shares that the Member holds bears to the total issue prices for
 all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 shall be subject to the provisions of the Act and these Articles applicable to share premiums.

**No bearer Shares or warrants**

2.11 The
 Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.12 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.13 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to members on a winding
 up) may be made to the Company in respect of a Treasury Share.

2.14 The
 Company shall be entered in the Register as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Act.

2.15 Nothing
 in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect
 of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.16 Treasury
 Shares may be disposed of by the Company in accordance with the Act and otherwise on such
 terms and conditions as the directors determine.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Upon
 being entered in the register of members as the holder of a Share, a Member shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, to one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the directors may determine for every certificate after
 the first, to several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid or partly paid up. A certificate may
 be executed under seal or executed in such other manner as the directors determine.

3.3 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.4 If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment
 of a reasonable fee, if any, for issuing a replacement share certificate

as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

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4 Lien on Shares Nature and scope of lien

4.1 The
 Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all moneys
 payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 or not those moneys are presently payable.

4.2 At
 any time the directors may declare any Share to be wholly or partly exempt from the provisions
 of this Article.

**Company may sell Shares to satisfy lien**

4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 sum is not paid within 14 Clear Days after that notice is deemed to be given under these
 Articles.

4.4 The
 Shares may be sold in such manner as the directors determine.

4.5 To
 the maximum extent permitted by law, the directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To
 give effect to a sale, the directors may authorise any person to execute an instrument of
 transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The title
of the transferee of the Shares shall not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

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**Consequences of sale of Shares to satisfy lien**

4.7 On
 sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of members as the holder
 of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall deliver to the Company for cancellation the certificate for those Shares.

Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

4.8 The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the sum for which the lien exists as is presently payable. Any residue shall be paid to
 the person whose Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 a certificate for the Shares was issued, upon surrender to the Company of that certificate
 for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the sale.

5 Calls on Shares and forfeiture <br>Power to make calls and effect of calls

5.1 Subject
 to the terms of allotment, the directors may make calls on the Members in respect of any
 moneys unpaid on their Shares including any premium. The call may provide for payment to
 be by instalments. Subject to receiving at least 14 Clear Days' notice specifying when
 and where payment is to be made, each Member shall pay to the Company the amount called on
 his Shares as required by the notice.

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5.2 Before
 receipt by the Company of any sum due under a call, that call may be revoked in whole or
 in part and payment of a call may be postponed in whole or in part. Where a call is to be
 paid in instalments, the Company may revoke the call in respect of all or any remaining instalments
 in whole or in part and may postpone payment of all or any of the remaining instalments in
 whole or in part.

5.3 A
 Member on whom a call is made shall remain liable for that call notwithstanding the subsequent
 transfer of the Shares in respect of which the call was made. He shall not be liable for
 calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A
 call shall be deemed to have been made at the time when the resolution of the directors authorising
 the call was passed.

**Liability of joint holders**

5.5 Members
 registered as the joint holders of a Share shall be jointly and severally liable to pay all
 calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 no rate is fixed, at the Default Rate.

The directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
 amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise,
 shall be deemed to be payable as a call. If the amount is not paid when due the provisions
 of these Articles shall apply as if the amount had become due and payable by virtue of a
 call.

**Power to accept early payment**

5.8 The
 Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares
 held by him although no part of that amount has been called up.

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**Power to make different arrangements at time of issue of Shares**

5.9 Subject
 to the terms of allotment, the directors may make arrangements on the issue of Shares to
 distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If
 a call remains unpaid after it has become due and payable the directors may give to the person
 from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses which have been incurred by the Company due to that person's default.

5.11 The
 notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If
 the notice under the preceding Article is not complied with, the directors may, before the
 payment required by the notice has been received, resolve that any Share the subject of that
 notice be forfeited. The forfeiture shall include all dividends or other moneys payable in
 respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the directors may determine that any Share the subject of that notice be accepted by the
 Company as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A
 forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such
 terms and in such manner as the directors determine either to the former Member who held
 that Share or to any other person. The forfeiture or surrender may be cancelled on such terms
 as the directors think fit at any time before a sale, re-allotment or other disposition.
 Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred
 to any person, the directors may authorise some person to execute an instrument of transfer
 of the Share to the transferee.

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**Effect of forfeiture or surrender on former Member**

5.14 On
 forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

5.15 Despite
 the forfeiture or surrender of his Shares, that person shall remain liable to the Company
 for all moneys which at the date of forfeiture or surrender were presently payable by him
 to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the rate of which interest was payable on those moneys before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 no interest was so payable, at the Default Rate.

The directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A
 declaration, whether statutory or under oath, made by a director or the Secretary shall be
 conclusive evidence of the following matters stated in it as against all persons claiming
 to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the person making the declaration is a director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any
 person to whom the forfeited or surrendered Shares are disposed of shall not be bound to
 see to the application of the consideration, if any, of those Shares nor shall his title
 to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
 of, the forfeiture, surrender or disposal of those Shares.

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6 Transfer of Shares Form of transfer

6.1 Subject
 to the following Articles about the transfer of Shares, a Member may transfer Shares to another
 person by completing an instrument of transfer, in a common form or in a form approved by
 the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the Shares are partly paid, by or on behalf of that Member and the transferee.

**Power to refuse registration**

6.2 The
 directors may refuse to register the transfer of a Share to any person. They may do so in
 their absolute discretion, without giving any reason for their refusal, and irrespective
 of whether the Share is Fully Paid or the Company has no lien over it.

**Notice of refusal to register**

6.3 If
 the directors refuse to register a transfer of a Share, they must send notice of their refusal
 to the existing Member within two months after the date on which the transfer was lodged
 with the Company.

**Power to suspend registration**

6.4 The
 directors may suspend registration of the transfer of Shares at such times and for such periods,
 not exceeding 30 days in any calendar year, as they determine.

**Fee, if any, payable for registration**

6.5 If
 the directors so decide, the Company may charge a reasonable fee for the registration of
 any instrument of transfer or other document relating to the title to a Share.

**Company may retain instrument of transfer**

6.6 The
 Company shall be entitled to retain any instrument of transfer which is registered; but an
 instrument of transfer which the directors refuse to register shall be returned to the person
 lodging it when notice of the refusal is given.

7 Transmission of Shares <br>Persons entitled on death of a Member

7.1 If
 a Member dies, the only persons recognised by the Company as having any title to the deceased
 Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

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7.2 Nothing
 in these Articles shall release the deceased Member's estate from any liability in
 respect of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

7.3 A
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 transfer the Share to another person.

7.4 That
 person must produce such evidence of his entitlement as the directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Share is partly paid, the transferor and the transferee must execute an instrument of
 transfer.

7.7 All
 the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate,
 the instrument of transfer.

**Indemnity**

7.8 A
 person registered as a Member by reason of the death or bankruptcy of another Member shall
 indemnify the Company and the directors against any loss or damage suffered by the Company
 or the directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares in the Company.

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---

| | |
|:---|:---|
| **8** | **Alteration of capital** |

---

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To
 the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution;

(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing
 Shares;

(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub-division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
 as a result of a consolidation of Shares, any Members would become entitled to fractions
 of a Share the directors may on behalf of those Members:

---

| | |
|:---|:---|
| (a) | sell the Shares representing the fractions for the best price reasonably obtainable to any person (including, subject to the provisions of the Act, the Company); and |
| (b) | distribute the net proceeds in due proportion among those Members. |
| For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale. | For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale. |

---

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**Reducing share capital**

---

| | |
|:---|:---|
| 8.3 | Subject to the Act and to any rights for the time being conferred on the Members holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way. |
| **9** | **Redemption and purchase of own Shares** |

---

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
 to the Act, and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may by its directors:

---

| | |
|:---|:---|
| (a) | issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member holding those redeemable Shares, on the terms and in the manner its directors determine before the issue of those Shares; |
| (b) | with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms and in the manner which the directors determine at the time of such variation; and |
| (c) | purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in the manner which the directors determine at the time of such purchase. |
| The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. | The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. |

---

**Repurchase of subscriber Share**

9.2 Unless
 the directors determine otherwise, as soon as the directors determine that it is lawful for
 the Company to do so, the Company shall purchase from the subscriber to the Memorandum the
 One Share agreed to be taken by such subscriber. Such Share shall be repurchased for cash
 at its par value and the Company may make a payment out of capital in respect of such purchase
 price.

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**Power to pay for redemption or purchase in cash or in specie**

 

9.3 When
 making a payment in respect of the redemption or purchase of Shares, the directors may make
 the payment in cash or in specie (or partly in one and partly in the other) if so authorised
 by the terms of the allotment of those Shares, or by the terms applying to those Shares in
 accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.4 Upon
 the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

---

| | |
|:---|:---|
| (b) | the Member's name shall be removed from the register of members with respect to the Share; and |
| (c) | the Share shall be cancelled or held as a Treasury Shares, as the directors may determine. |
|  | For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due. |

---

---

| | |
|:---|:---|
| **10** | **Meetings of Members** |

---

**Power to call meetings**

10.1 The
 directors may call a general meeting at any time.

10.2 If
 there are insufficient directors to constitute a quorum and the remaining directors are unable
 to agree on the appointment of additional directors, the directors must call a general meeting
 for the purpose of appointing additional directors.

10.3 The
 directors must also call a general meeting if requisitioned in the manner set out in the
 next two Articles.

10.4 The
 requisition must be in writing and given by one or more Members who together hold at least
 10% of the rights to vote at such general meeting.

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10.5 The
 requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners.

(c) be
 delivered in accordance with the notice provisions.

10.6 Should
 the directors fail to call a general meeting within 21 Clear Days from the date of receipt
 of a requisition, the requisitioners or any of them may call a general meeting within three
 months after the end of that period.

10.7 Without
 limitation to the foregoing, if there are insufficient directors to constitute a quorum and
 the remaining directors are unable to agree on the appointment of additional directors, any
 one or more Members who together hold at least 10% of the rights to vote at a general meeting
 may call a general meeting for the purpose of considering the business specified in the notice
 of meeting which shall include as an item of business the appointment of additional directors.

10.8 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

10.9 Notice
 of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

(b) if
 the meeting is to be held in two or more places, the technology that will be used to facilitate
 the meeting;

(c) subject
 to paragraph (d), the general nature of the business to be transacted; and

(d) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

10.10 In
 each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

(b) that
 a proxyholder need not be a Member.

**Period of notice**

10.11 At
 least five Clear Days' notice of a general meeting must be given to Members. But a
 meeting may be convened on shorter notice with the consent of the Member or Members who,
individually or collectively, hold at least 90% of the voting rights of all those who have a right to vote at that meeting.

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**Persons entitled to receive notice**

10.12 Subject
 to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
 shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members;

(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member; and

(c) the
 directors.

**Publication of notice on a website**

10.13 Subject
 to the Act, a notice of a general meeting may be published on a website providing the recipient
 is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 publication of the notice on the website;

(b) the
 place on the website where the notice may be accessed;

(c) how
 it may be accessed; and

(d) the
 place, date and time of the general meeting.

10.14 If
 a Member notifies the Company that he is unable for any reason to access the website, the
 Company must as soon as practicable give notice of the meeting to that Member by any other
 means permitted by these Articles. But this will not affect when that Member is deemed to
 have received notice of the meeting.

**Time a website notice is deemed to be given**

10.15 A
 website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

10.16 Where
 the notice of meeting is published on a website, it shall continue to be published in the
 same place on that website from the date of the notification until the conclusion of the
 meeting to which the notice relates.

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**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings
 at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

(b) non-receipt
 of notice of the meeting by any person entitled to notice.

10.18 In
 addition, where a notice of meeting is published on a website, proceedings at the meeting
 shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

---

| | |
|:---|:---|
| **11** | **Proceedings at meetings of Members** |

---

**Quorum**

11.1 Save
 as provided in the following Article, no business shall be transacted at any meeting unless
 a quorum is present in person or by proxy. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company has only one Member: that Member;

(b) if
 the Company has more than one Member: two Members.

**Lack of quorum**

11.2 If
 a quorum is not present within 15 minutes of the time appointed for the meeting, or if at
 any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

(b) In
 any other case, the meeting shall stand adjourned to the same time and place seven days hence,
 or to such other time or place as is determined by the directors. If a quorum is not present
 within 15 minutes of the time appointed for the adjourned meeting, then the Members present
 in person or by proxy shall constitute a quorum.

**Use of technology**

11.3 A
 person may participate in a general meeting through the medium of conference telephone, video
 or any other form of communications equipment providing all persons participating in the
 meeting are able to hear and speak to each other throughout the meeting. A person participating
 in this way is deemed to be present in person at the meeting.

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**Chairman**

 

11.4 The
 chairman of a general meeting shall be the chairman of the board or such other director as
 the directors have nominated to chair board meetings in the absence of the chairman of the
 board. Absent any such person being present within 15 minutes of the time appointed for the
 meeting, the directors present shall elect one of their number to chair the meeting.

11.5 If
 no director is present within 15 minutes of the time appointed for the meeting, or if no
 director is willing to act as chairman, the Members present in person or by proxy and entitled
 to vote shall choose one of their number to chair the meeting.

**Right of a director to attend and speak**

11.6 Even
 if a director is not a Member, he shall be entitled to attend and speak at any general meeting
 and at any separate meeting of Members holding a particular class of Shares in the Company.

**Adjournment**

11.7 The
 chairman may at any time adjourn a meeting with the consent of the Members constituting a
 quorum. The chairman must adjourn the meeting if so directed by the meeting. No business,
 however, can be transacted at an adjourned meeting other than business which might properly
 have been transacted at the original meeting.

11.8 Should
 a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum
 or otherwise, Members shall be given at least seven Clear Days' notice of the date,
 time and place of the adjourned meeting and the general nature of the business to be transacted.
 Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.9 A
 resolution put to the vote of the meeting shall be decided on a show of hands unless before,
 or on the declaration of the result of the show of hands, a poll is duly demanded. A poll
 may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the chairman; or

(b) by
 any Member or Members present who, individually or collectively, hold at least 10% of the
 voting rights of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

11.10 Unless
 a poll is duly demanded, a declaration by the chairman as to the result of a resolution and
 an entry to that effect in the minutes of the meeting shall be conclusive evidence of the outcome
of a show of hands without proof of the number or proportion of the votes recorded in favour of or against the resolution.

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**Withdrawal of demand for a poll**

11.11 The
 demand for a poll may be withdrawn before the poll is taken, but only with the consent of
 the chairman. The chairman shall announce any such withdrawal to the meeting and, unless
 another person forthwith demands a poll, any earlier show of hands on that resolution shall
 be treated as the vote on that resolution; if there has been no earlier show of hands, then
 the resolution shall be put to the vote of the meeting.

**Taking of a poll**

11.12 A
 poll demanded on the question of adjournment shall be taken immediately.

11.13 A
 poll demanded on any other question shall be taken either immediately or at an adjourned
 meeting at such time and place as the chairman directs, not being more than 30 Clear Days
 after the poll was demanded.

11.14 The
 demand for a poll shall not prevent the meeting continuing to transact any business other
 than the question on which the poll was demanded.

11.15 A
 poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who
 need not be Members) and fix a place and time for declaring the result of the poll. If, through
 the aid of technology, the meeting is held in more than place, the chairman may appoint scrutineers
 in more than place; but if he considers that the poll cannot be effectively monitored at
 that meeting, the chairman shall adjourn the holding of the poll to a date, place and time
 when that can occur.

**Chairman's casting vote**

11.16 If
 the votes on a resolution, whether on a show of hands or on a poll, are equal the chairman
 may if he wishes exercise a casting vote.

**Amendments to resolutions**

11.17 An
 Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not
 less than 48 hours before the meeting is to take place (or such later time as the chairman
 of the meeting may determine), notice of the proposed amendment is given to the Company in
 writing by a Member entitled to vote at that meeting; and

(b) the
 proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially
 alter the scope of the resolution.

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11.18 A
 Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution,
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 chairman of the meeting proposes the amendment at the general meeting at which the resolution
 is to be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amendment does not go beyond what the chairman considers is necessary to correct a grammatical
 or other non-substantive error in the resolution.

11.19 If
 the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a
 resolution is out of order, the chairman's error does not invalidate the vote on that
 resolution.

**Written resolutions**

11.20 Members
 may pass a resolution in writing without holding a meeting if the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote are given notice of the resolution as if the same were being proposed
 at a meeting of Members;

(b) all
 Members entitled so to vote :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

(ii) sign
 several documents in the like form each signed by one or more of those Members; and

---

| | |
|:---|:---|
| (c) | the signed document or documents is or are delivered to the Company, including, if the Company so nominates, by delivery of an Electronic Record by Electronic means to the address specified for that purpose. |
| Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held. | Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held. |

---

11.21 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

11.22 The
 directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

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**Sole-member company**

 

11.23 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

---

| | |
|:---|:---|
| **12** | **Voting rights of Members Right to vote** |
| 12.1 | Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, all Members are entitled to vote at a general meeting, whether on a show of hands or on a poll, and all Members holding Shares of a particular class of Shares are entitled to vote at a meeting of the holders of that class of Shares. |
| 12.2 | Members may vote in person or by proxy. |
| 12.3 | On a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual who represents two or more Members, including a Member in that individual's own right, that individual shall be entitled to a separate vote for each Member. |
| 12.4 | On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting rights. |
| 12.5 | A fraction of a Share shall entitle its holder to an equivalent fraction of one vote. |
| 12.6 | No Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his Shares in the same way. |

---

**Rights of joint holders**

12.7 If
 Shares are held jointly, only one of the joint holders may vote. If more than one of the
 joint holders tenders a vote, the vote of the holder whose name in respect of those Shares
 appears first in the register of members shall be accepted to the exclusion of the votes
 of the other joint holder.

**Representation of corporate Members**

12.8 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.9 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing **.** 

12.10 The
 authorisation may be for any period of time, and must be delivered to the Company not less
 than two hours before the commencement of the meeting at which it is first used.

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12.11 The
 directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

12.12 Where
 a duly authorised representative is present at a meeting that Member is deemed to be present
 in person; and the acts of the duly authorised representative are personal acts of that Member.

12.13 A
 corporate Member may revoke the appointment of a duly authorised representative at any time
 by notice to the Company; but such revocation will not affect the validity of any acts carried
 out by the duly authorised representative before the directors of the Company had actual
 notice of the revocation.

**Member with mental disorder**

12.14 A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Islands or elsewhere) in matters concerning mental disorder may vote, whether on a
 show of hands or on a poll, by that Member's receiver, curator bonis or other person
 authorised in that behalf appointed by that court.

12.15 For
 the purpose of the preceding Article, evidence to the satisfaction of the directors of the
 authority of the person claiming to exercise the right to vote must be received not less
 than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
 specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic
 means. In default, the right to vote shall not be exercisable.

**Objections to admissibility of votes**

12.16 An
 objection to the validity of a person's vote may only be raised at the meeting or at
 the adjourned meeting at which the vote is sought to be tendered. Any objection duly made
 shall be referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.17 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the directors.

12.18 The
 instrument must be in writing and signed in one of the following ways:

---

| | |
|:---|:---|
| (a) | by the Member; or |
| (b) | by the Member's authorised attorney; or |
| (c) | if the Member is a corporation or other body corporate, under seal or signed by an authorised officer, secretary or attorney. |
| If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records. | If the directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records. |

---

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12.19 The
 directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.20 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with the Article above about signing proxies; but such revocation will not
 affect the validity of any acts carried out by the proxy before the directors of the Company
 had actual notice of the revocation.

**How and when proxy is to be delivered**

12.21 Subject
 to the following Articles, the form of appointment of a proxy and any authority under which
 it is signed (or a copy of the authority certified notarially or in any other way approved
 by the directors) must be delivered so that it is received by the Company at any time before
 the time for holding the meeting or adjourned meeting at which the person named in the form
 of appointment of proxy proposes to vote. They must be delivered in either of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

(ii) to
 such other place within the Islands specified in the notice convening the meeting or in any
 form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

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12.22 Where
 a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 it is taken more than seven Clear Days after it is demanded, the form of appointment of a
 proxy and any accompanying authority (or an Electronic Record of the same) must be delivered
 as required under the preceding Article not less than 24 hours before the time appointed
 for the taking of the poll;

(b) but
 if it to be taken within seven Clear Days after it was demanded, the form of appointment
 of a proxy and any accompanying authority (or an Electronic Record of the same) must be e
 delivered as required under the preceding Article not less than two hours before the time
 appointed for the taking of the poll.

12.23 If
 the form of appointment of proxy is not delivered on time, it is invalid.

**Voting by proxy**

---

| | |
|:---|:---|
| 12.24 | A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless in respect of different Shares, shall be invalid. |
| **13** | **Number of directors** |
|  | Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum. |
| **14** | **Appointment, disqualification and removal of directors** |

---

**First directors**

14.1 The
 first directors shall be appointed in writing by the subscriber or subscribers to the Memorandum.

**No age limit**

14.2 There
 is no age limit for directors save that they must be aged at least 18 years.

**Corporate directors**

14.3 Unless
 prohibited by law, a body corporate may be a director. If a body corporate is a director,
 the Articles about representation of corporate Members at general meetings apply, mutatis
 mutandis, to the Articles about directors' meetings.

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**No shareholding qualification**

 

14.4 Unless
 a shareholding qualification for directors is fixed by Ordinary Resolution, no director shall
 be required to own Shares as a condition of his appointment.

**Appointment of directors**

14.5 A
 director may be appointed by Ordinary Resolution or by the directors. Any appointment may
 be to fill a vacancy or as an additional director.

14.6 Notwithstanding
 the other provisions of these Articles, in any case where, as a result of death, the Company
 has no directors and no shareholders, the personal representatives of the last shareholder
 to have died have the power, by notice in writing to the Company, to appoint a person to
 be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 two or more shareholders die in circumstances rendering it uncertain who was the last to
 die, a younger shareholder is deemed to have survived an older shareholder;

(b) if
 the last shareholder died leaving a will which disposes of that shareholder's shares
 in the Company (whether by way of specific gift, as part of the residuary estate, or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until
 a grant of probate in respect of that will has been obtained from the Grand Court of the
 Cayman Islands, all of the executors named in that will who are living at the time the power
 of appointment under this Article is exercised; and

(B) after
 such grant of probate has been obtained, only such of those executors who have proved that
 will;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without
 derogating from section 3(1) of the Succession Act (Revised), the executors named in that
 will may exercise the power of appointment under this Article without first obtaining a grant
 of probate.

14.7 A
 remaining director may appoint a director even though there is not a quorum of directors.

14.8 No
 appointment can cause the number of directors to exceed the maximum; and any such appointment
 shall be invalid.

**Removal of directors**

14.9 A
 director may be removed by Ordinary Resolution.

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**Resignation of directors**

 

14.10 A
 director may at any time resign office by giving to the Company notice in writing or, if
 permitted pursuant to the notice provisions, in an Electronic Record delivered in either
 case in accordance with those provisions.

14.11 Unless
 the notice specifies a different date, the director shall be deemed to have resigned on the
 date that the notice is delivered to the Company.

**Termination of the office of director**

14.12 A
 director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Islands from acting as a director; or

(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally; or

(c) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a director; or

(d) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

(e) without
 the consent of the other directors, he is absent from meetings of directors for a continuous
 period of six months.

---

| | |
|:---|:---|
| **15** | **Alternate directors** |

---

**Appointment and removal**

15.1 Any
 director may appoint any other person, including another director, to act in his place as
 an alternate director. No appointment shall take effect until the director has given notice
 of the appointment to the other directors. Such notice must be given to each other director
 by either of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions;

(b) if
 the other director has an email address, by emailing to that address a scanned copy of the
 notice as a PDF attachment (the PDF version being deemed to be the notice unless Article
 30.7 applies), in which event notice shall be taken to be given on the date of receipt by
 the recipient in readable form. For the avoidance of doubt, the same email may be sent to
 the email address of more than one director (and to the email address of the Company pursuant
 to Article 15.4(c)).

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15.2 Without
 limitation to the preceding Article, a director may appoint an alternate for a particular
 meeting by sending an email to his fellow directors informing them that they are to take
 such email as notice of such appointment for such meeting. Such appointment shall be effective
 without the need for a signed notice of appointment or the giving of notice to the Company
 in accordance with Article 15.4.

15.3 A
 director may revoke his appointment of an alternate at any time. No revocation shall take
 effect until the director has given notice of the revocation to the other directors. Such
 notice must be given by either of the methods specified in Article 15.1.

15.4 A
 notice of appointment or removal of an alternate director must also be given to the Company
 by any of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either
 case, the facsimile copy being deemed to be the notice unless Article 30.7 applies), in which
 event notice shall be taken to be given on the date of an error-free transmission report
 from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 30.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.5 All
 notices of meetings of directors shall continue to be given to the appointing director and
 not to the alternate.

**Rights of alternate director**

15.6 An
 alternate director shall be entitled to attend and vote at any board meeting or meeting of
 a committee of the directors at which the appointing director is not personally present,
 and generally to perform all the functions of the appointing director in his absence.

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15.7 For
 the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 another director has been appointed an alternate director for one or more directors, he shall
 be entitled to a separate vote in his own right as a director and in right of each other
 director for whom he has been appointed an alternate; and

(b) if
 a person other than a director has been appointed an alternate director for more than one
 director, he shall be entitled to a separate vote in right of each director for whom he has
 been appointed an alternate.

15.8 An
 alternate director, however, is not entitled to receive any remuneration from the Company
 for services rendered as an alternate director.

**Appointment ceases when the appointor ceases to be a director**

15.9 An
 alternate director shall cease to be an alternate director if the director who appointed
 him ceases to be a director.

**Status of alternate director**

15.10 An
 alternate director shall carry out all functions of the director who made the appointment.

15.11 Save
 where otherwise expressed, an alternate director shall be treated as a director under these
 Articles.

15.12 An
 alternate director is not the agent of the director appointing him.

15.13 An
 alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

15.14 A
 director who has appointed an alternate is not thereby relieved from the duties which he
 owes the Company.

---

| | |
|:---|:---|
| **16** | **Powers of directors** |

---

**Powers of directors**

16.1 Subject
 to the provisions of the Act, the Memorandum and these Articles, the business of the Company
 shall be managed by the directors who may for that purpose exercise all the powers of the
 Company.

16.2 No
 prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum
 or these Articles. However, to the extent allowed by the Act, Members may by Special Resolution
 validate any prior or future act of the directors which would otherwise be in breach of their
 duties.

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**Appointments to office**

16.3 The
 directors may appoint a director:

---

| | |
|:---|:---|
| (a) | as chairman of the board of directors; |
| (b) | as managing director; |
| (c) | to any other executive office |
| for such period and on such terms, including as to remuneration, as they think fit. | for such period and on such terms, including as to remuneration, as they think fit. |

---

16.4 The
 appointee must consent in writing to holding that office.

16.5 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of directors.

16.6 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.7 Subject
 to the provisions of the Act, the directors may also appoint any person, who need not be
 a director:

---

| | |
|:---|:---|
| (a) | as Secretary; and |
| (b) | to any office that may be required |
| for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the directors decide. | for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the directors decide. |

---

16.8 The
 Secretary or Officer must consent in writing to holding that office.

16.9 A
 director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Remuneration**

16.10 Every
 director may be remunerated by the Company for the services he provides for the benefit of
 the Company, whether as director, employee or otherwise, and shall be entitled to be paid
 for the expenses incurred in the Company's business including attendance at directors'
 meetings.

16.11 A
 director's remuneration shall be fixed by the Company by Ordinary Resolution. Unless
 that resolution provides otherwise, the remuneration shall be deemed to accrue from day to
 day.

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16.12 Remuneration
 may take any form and may include arrangements to pay pensions, health insurance, death or
 sickness benefits, whether to the director or to any other person connected to or related
 to him.

16.13 Unless
 his fellow directors determine otherwise, a director is not accountable to the Company for
 remuneration or other benefits received from any other company which is in the same group
 as the Company or which has common shareholdings.

**Disclosure of information**

16.14 The
 directors may release or disclose to a third party any information regarding the affairs
 of the Company, including any information contained in the register of members relating to
 a Member, (and they may authorise any director, Officer or other authorised agent of the
 Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company or that person, as the case may be, is lawfully required to do so under the laws
 of any jurisdiction to which the Company is subject; or

(b) such
 disclosure is in compliance with the rules of any stock exchange upon which the Company's
 shares are listed; or

(c) such
 disclosure is in accordance with any contract entered into by the Company; or

(d) the
 directors are of the opinion such disclosure would assist or facilitate the Company's
 operations.

---

| | |
|:---|:---|
| **17** | **Delegation of powers** |

---

**Power to delegate any of the directors' powers to a committee**

17.1 The
 directors may delegate any of their powers to any committee consisting of one or more persons
 who need not be Members. Persons on the committee may include non-directors so long as the
 majority of those persons are directors.

17.2 The
 delegation may be collateral with, or to the exclusion of, the directors' own powers.

17.3 The
 delegation may be on such terms as the directors think fit, including provision for the committee
 itself to delegate to a sub-committee; save that any delegation must be capable of being
 revoked or altered by the directors at will.

17.4 Unless
 otherwise permitted by the directors, a committee must follow the procedures prescribed for
 the taking of decisions by directors.

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**Power to appoint an agent of the Company**

 

17.5 The
 directors may appoint any person, either generally or in respect of any specific matter,
 to be the agent of the Company with or without authority for that person to delegate all
 or any of that person's powers. The directors may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 causing the Company to enter into a power of attorney or agreement; or

(b) in
 any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.6 The
 directors may appoint any person, whether nominated directly or indirectly by the directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

---

| | |
|:---|:---|
| (a) | for any purpose; |
| (b) | with the powers, authorities and discretions; |
| (c) | for the period; and |
| (d) | subject to such conditions |
| as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under these Articles. The directors may do so by power of attorney or any other manner they think fit. | as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under these Articles. The directors may do so by power of attorney or any other manner they think fit. |

---

17.7 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

**Power to appoint a proxy**

17.8 Any
 director may appoint any other person, including another director, to represent him at any
 meeting of the directors. If a director appoints a proxy, then for all purposes the presence
 or vote of the proxy shall be deemed to be that of the appointing director.

17.9 Articles
 15.1 to 15.4 inclusive (relating to the appointment by directors of alternate directors)
 apply, mutatis mutandis, to the appointment of proxies by directors.

17.10 A
 proxy is an agent of the director appointing him and is not an officer of the Company.

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---

| | |
|:---|:---|
| **18** | **Meetings of directors** |

---

**Regulation of directors' meetings**

18.1 Subject
 to the provisions of these Articles, the directors may regulate their proceedings as they
 think fit.

**Calling meetings**

18.2 Any
 director may call a meeting of directors at any time. The Secretary, if any, must call a
 meeting of the directors if requested to do so by a director.

**Notice of meetings**

18.3 Every
 director shall be given notice of a meeting, although a director may waive retrospectively
 the requirement to be given notice. Notice may be oral.

**Period of notice**

18.4 At
 least five Clear Days' notice of a meeting of directors must be given to directors.
 But a meeting may be convened on shorter notice with the consent of all directors.

**Use of technology**

18.5 A
 director may participate in a meeting of directors through the medium of conference telephone,
 video or any other form of communications equipment providing all persons participating in
 the meeting are able to hear and speak to each other throughout the meeting.

18.6 A
 director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

18.7 If
 all the directors participating in a meeting are not in the same place, they may decide that
 the meeting is to be treated as taking place wherever any of them is.

**Quorum**

18.8 The
 quorum for the transaction of business at a meeting of directors shall be two unless the
 directors fix some other number or unless the Company has only one director.

**Voting**

18.9 A
 question which arises at a board meeting shall be decided by a majority of votes. If votes
 are equal the chairman may, if he wishes, exercise a casting vote.

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**Validity**

 

18.10 Anything
 done at a meeting of directors is unaffected by the fact that it is later discovered that
 any person was not properly appointed, or had ceased to be a director, or was otherwise not
 entitled to vote.

**Recording of dissent**

18.11 A
 director present at a meeting of directors shall be presumed to have assented to any action
 taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his
 dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 has forwarded to the Company as soon as practical following the conclusion of that meeting
 signed dissent.

A director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.12 The
 directors may pass a resolution in writing without holding a meeting if all directors sign
 a document or sign several documents in the like form each signed by one or more of those
 directors.

18.13 Despite
 the foregoing, a resolution in writing signed by a validly appointed alternate director or
 by a validly appointed proxy need not also be signed by the appointing director. But if a
 written resolution is signed personally by the appointing director, it need not also be signed
 by his alternate or proxy.

18.14 Such
 written resolution shall be as effective as if it had been passed at a meeting of the directors
 duly convened and held; and it shall be treated as having been passed on the day and at the
 time that the last director signs.

**Sole director's minute**

18.15 Where
 a sole director signs a minute recording his decision on a question, that record shall constitute
 the passing of a resolution in those terms.

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---

| | |
|:---|:---|
| **19** | **Permissible directors' interests and disclosure Permissible interests subject to disclosure** |

---

 

19.1 Save
 as expressly permitted by these Articles or as set out below, a director may not have a direct
 or indirect interest or duty which conflicts or may possibly conflict with the interests
 of the Company.

19.2 If,
 notwithstanding the prohibition in the preceding Article, a director discloses to his fellow
 directors the nature and extent of any material interest or duty in accordance with the next
 Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 a party to, or otherwise interested in, any transaction or arrangement with the Company or
 in which the Company is or may otherwise be interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 interested in another body corporate promoted by the Company or in which the Company is otherwise
 interested. In particular, the director may be a director, secretary or officer of, or employed
 by, or be a party to any transaction or arrangement with, or otherwise interested in, that
 other body corporate.

19.3 Such
 disclosure may be made at a meeting at a meeting of the board or otherwise (and, if otherwise,
 it must be made in writing). The director must disclose the nature and extent of his direct
 or indirect interest in or duty in relation to a transaction or arrangement or series of
 transactions or arrangements with the Company or in which the Company has any material interest.

19.4 If
 a director has made disclosure in accordance with the preceding Article, then he shall not,
 by reason only of his office, be accountable to the Company for any benefit that he derives
 from any such transaction or arrangement or from any such office or employment or from any
 interest in any such body corporate, and no such transaction or arrangement shall be liable
 to be avoided on the ground of any such interest or benefit.

**Notification of interests**

19.5 For
 the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 general notice that a director gives to the other directors that he is to be regarded as
 having an interest of the nature and extent specified in the notice in any transaction or
 arrangement in which a specified person or class of persons is interested shall be deemed
 to be a disclosure that he has an interest in or duty in relation to any such transaction
 of the nature and extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 interest of which a director has no knowledge and of which it is unreasonable to expect him
 to have knowledge shall not be treated as an interest of his.

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19.6 A
 director shall not be treated as having an interest in a transaction or arrangement if he
 has no knowledge of that interest and it is unreasonable to expect the director to have that
 knowledge.

**Voting where a director is interested in a matter**

19.7 A
 director may vote at a meeting of directors on any resolution concerning a matter in which
 that director has an interest or duty, whether directly or indirectly, so long as that director
 discloses any material interest pursuant to these Articles. The director shall be counted
 towards a quorum of those present at the meeting. If the director votes on the resolution,
 his vote shall be counted.

19.8 Where
 proposals are under consideration concerning the appointment of two or more directors to
 offices or employment with the Company or any body corporate in which the Company is interested,
 the proposals may be divided and considered in relation to each director separately and each
 of the directors concerned shall be entitled to vote and be counted in the quorum in respect
 of each resolution except that concerning his or her own appointment.

---

| | |
|:---|:---|
| **20** | **Minutes** |

---

The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

---

| | |
|:---|:---|
| **21** | **Accounts and audit** |

---

**Accounting and other records**

21.1 The
 directors must ensure that proper accounting and other records are kept, and that accounts
 and associated reports are distributed in accordance with the requirements of the Act.

**No automatic right of inspection**

21.2 Members
 are only entitled to inspect the Company's records if they are expressly entitled to
 do so by law, or by resolution made by the directors or passed by Ordinary Resolution.

**Sending of accounts and reports**

21.3 The
 Company's accounts and associated directors' report or auditor's report
 that are required or permitted to be sent to any person pursuant to any law shall be treated
 as properly sent to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they
 are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published on a website providing that person is given separate notice of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 fact that publication of the documents has been published on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how
 they may be accessed.

21.4 If,
 for any reason, a person notifies the Company that he is unable to access the website, the
 Company must, as soon as practicable, send the documents to that person by any other means
 permitted by these Articles. This, however, will not affect when that person is taken to
 have received the documents under the next Article.

**Time of receipt if documents are published on a website**

21.5 Documents
 sent by being published on a website in accordance with the preceding two Articles are only
 treated as sent at least five Clear Days before the date of the meeting at which they are
 to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 documents are published on the website throughout a period beginning at least five Clear
 Days before the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

21.6 If,
 for the purpose of a meeting, documents are sent by being published on a website in accordance
 with the preceding Articles, the proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those
 documents are, by accident, published in a different place on the website to the place notified;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they
 are published for part only of the period from the date of notification until the conclusion
 of that meeting.

**When accounts are to be audited**

21.7 Unless
 the directors or the Members, by Ordinary Resolution, so resolve or unless the Act so requires,
 the Company's accounts will not be audited. If the Members so resolve, the Company's
 accounts shall be audited in the manner determined by Ordinary Resolution. Alternatively,
 if the directors so resolve, they shall be audited in the manner they determine.

39 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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---

| | |
|:---|:---|
| **22** | **Financial year** |

---

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 end on 31st December in the year of its incorporation and each following year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 begin when it was incorporated and on 1st January each following year.

---

| | |
|:---|:---|
| **23** | **Record dates** |

---

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

---

| | |
|:---|:---|
| **24** | **Dividends** |

---

**Declaration of dividends by Members**

24.1 Subject
 to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in
 accordance with the respective rights of the Members but no dividend shall exceed the amount
 recommended by the directors.

**Payment of interim dividends and declaration of final dividends by directors**

24.2 The
 directors may pay interim dividends or declare final dividends in accordance with the respective
 rights of the Members if it appears to them that they are justified by the financial position
 of the Company and that such dividends may lawfully be paid.

24.3 Subject
 to the provisions of the Act, in relation to the distinction between interim dividends and
 final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 determination to pay a dividend or dividends described as interim by the directors in the

 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 declaration of a dividend or dividends described as final by the directors in the dividend
 resolution, a debt shall be created immediately following the declaration, the due date to
 be the date the dividend is stated to be payable in the resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

40 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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24.4 In
 relation to Shares carrying differing rights to dividends or rights to dividends at a fixed
 rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
 dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non- preferred rights.

**Apportionment of dividends**

24.5 Except
 as otherwise provided by the rights attached to Shares, all dividends shall be declared and
 paid according to the amounts paid up on the Shares on which the dividend is paid. All dividends
 shall be apportioned and paid proportionately to the amount paid up on the Shares during
 the time or part of the time in respect of which the dividend is paid. But if a Share is
 issued on terms providing that it shall rank for dividend as from a particular date, that
 Share shall rank for dividend accordingly.

**Right of set off**

24.6 The
 directors may deduct from a dividend or any other amount payable to a person in respect of
 a Share any amount due by that person to the Company on a call or otherwise in relation to
 a Share.

**Power to pay other than in cash**

24.7 If
 the directors so determine, any resolution declaring a dividend may direct that it shall
 be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation
 to the distribution, the directors may settle that difficulty in any way they consider appropriate.
 For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix
 the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

41 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest
 some assets in trustees.

**How payments may be made**

24.8 A
 dividend or other monies payable on or in respect of a Share may be paid in any of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

24.9 For
 the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or
 in an Electronic Record and the bank account nominated may be the bank account of another
 person. For the purpose of paragraph (b) of the preceding Article, subject to any applicable
 law or regulation, the cheque or warrant shall be made to the order of the Member holding
 that Share or other person entitled to the Share or to his nominee, whether nominated in
 writing or in an Electronic Record, and payment of the cheque or warrant shall be a good
 discharge to the Company.

24.10 If
 two or more persons are registered as the holders of the Share or are jointly entitled to
 it by reason of the death or bankruptcy of the registered holder (**Joint Holders**),
 a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the register
 of members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

24.11 Any
 Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable
 in respect of that Share.

**Dividends or other moneys not to bear interest in absence of special rights**

24.12 Unless
 provided for by the rights attached to a Share, no dividend or other monies payable by the
 Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

24.13 If
 a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was
 declared or both, the directors may pay it into a separate account in the Company's
 name.

42 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

 

If a dividend is paid into a separate account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

24.14 A
 dividend that remains unclaimed for a period of six years after it became due for payment
 shall be forfeited to, and shall cease to remain owing by, the Company.

---

| | |
|:---|:---|
| **25** | **Capitalisation of profits** |

---

**Capitalisation of profits or of any share premium account or capital redemption reserve**

25.1 The
 directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 sum standing to the credit of the Company's share premium account or capital redemption
 reserve, if any.

The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 issuing Fully Paid Shares, debentures or other securities of the Company to that Member or
 as that Member directs. The directors may resolve that any Shares issued to the Member in
 respect of partly paid Shares (**Original Shares**) rank for dividend only to the extent
 that the Original Shares rank for dividend while those Original Shares remain partly paid.

**Applying an amount for the benefit of members**

25.2 The
 amount capitalised must be applied to the benefit of Members in the proportions to which
 the Members would have been entitled to dividends if the amount capitalised had been distributed
 as a dividend.

25.3 Subject
 to the Act, if a fraction of a Share, a debenture, or other security is allocated to a Member,
 the directors may issue a fractional certificate to that Member or pay him the cash equivalent
 of the fraction.

43 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

 

---

| | |
|:---|:---|
| **26** | **Share premium account** |

---

**Directors to maintain share premium account**

26.1 The
 directors shall establish a share premium account in accordance with the Act. They shall
 carry to the credit of that account from time to time an amount equal to the amount or value
 of the premium paid on the issue of any Share or capital contributed or such other amounts
 required by the Act.

**Debits to share premium account**

26.2 The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid out of a share premium account as permitted by the Act.

26.3 Notwithstanding
 the preceding Article, on the redemption or purchase of a Share, the directors may pay the
 difference between the nominal value of that Share and the redemption purchase price out
 of the profits of the Company or, as permitted by the Act, out of capital.

---

| | |
|:---|:---|
| **27** | **Seal Company seal** |

---

27.1 The
 Company may have a seal if the directors so determine.

**Duplicate seal**

27.2 Subject
 to the provisions of the Act, the Company may also have a duplicate seal or seals for use
 in any place or places outside the Islands. Each duplicate seal shall be a facsimile of the
 original seal of the Company. However, if the directors so determine, a duplicate seal shall
 have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

27.3 A
 seal may only be used by the authority of the directors. Unless the directors otherwise determine,
 a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single director (or his alternate).

44 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

**If no seal is adopted or used**

 

27.4 If
 the directors do not adopt a seal, or a seal is not used, a document may be executed in the
 following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a single director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

27.5 The
 directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

**Validity of execution**

27.6 If
 a document is duly executed and delivered by or on behalf of the Company, it shall not be
 regarded as invalid merely because, at the date of the delivery, the Secretary, or the director,
 or other Officer or person who signed the document or affixed the seal for and on behalf
 of the Company ceased to be the Secretary or hold that office and authority on behalf of
 the Company.

---

| | |
|:---|:---|
| **28** | **Indemnity** |
| **Indemnity** | **Indemnity** |

---

28.1 To
 the extent permitted by law, the Company shall indemnify each existing or former Secretary,
 director (including alternate director), and other Officer of the Company (including an investment
 adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or
 sustained by the existing or former Secretary or Officer in or about the conduct of the Company's
 business or affairs or in the execution or discharge of the existing or former Secretary's
 or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without
 limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
 or former Secretary or Officer in defending (whether successfully or otherwise) any civil,
 criminal, administrative or investigative proceedings (whether threatened, pending or completed)
 concerning the Company or its affairs in any court or tribunal, whether in the Islands or
 elsewhere.

45 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

28.2 To
 the extent permitted by law, the Company may make a payment, or agree to make a payment,
 whether by way of advance, loan or otherwise, for any legal costs incurred by an existing
 or former Secretary or Officer of the Company in respect of any matter identified in paragraph
 (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer
 must repay the amount paid by the Company to the extent that it is ultimately found not liable
 to indemnify the Secretary or that Officer for those legal costs.

**Release**

28.3 To
 the extent permitted by law, the Company may by Special Resolution release any existing or
 former director (including alternate director), Secretary or other Officer of the Company
 from liability for any loss or damage or right to compensation which may arise out of or
 in connection with the execution or discharge of the duties, powers, authorities or discretions
 of his office; but there may be no release from liability arising out of or in connection
 with that person's own dishonesty.

**Insurance**

28.4 To
 the extent permitted by law, the Company may pay, or agree to pay, a premium in respect of
 a contract insuring each of the following persons against risks determined by the directors,
 other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 existing or former director (including alternate director), Secretary or Officer or auditor
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

46 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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---

| | |
|:---|:---|
| **29** | **Notices Form of notices** |

---

29.1 Save
 where these Articles provide otherwise, any notice to be given to or by any person pursuant
 to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

29.2 Without
 limitation to Articles 15.1 to 15.4 inclusive (relating to the appointment and removal by
 directors of alternate directors) and to Articles 17.8 to 17.10 inclusive (relating to the
 appointment by directors of proxies), a notice may only be given to the Company in an Electronic
 Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 resolution states how an Electronic Record may be given and, if applicable, specifies an
 email address for the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 terms of that resolution are notified to the Members for the time being and, if applicable,
 to those directors who were absent from the meeting at which the resolution was passed.

If the resolution is revoked or varied, the revocation or variation shall only become effective when its terms have been similarly notified.

29.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has notified the giver of an Electronic address to which notice may be sent.

**Persons authorised to give notices**

29.4 A
 notice by either the Company or a Member pursuant to these Articles may be given on behalf
 of the Company or a Member by a director or company secretary of the Company or a Member.

47 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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**Delivery of written notices**

 

29.5 Save
 where these Articles provide otherwise, a notice in writing may be given personally to the
 recipient, or left at (as appropriate) the Member's or director's registered
 address or the Company's registered office, or posted to that registered address or
 registered office.

**Joint holders**

29.6 Where
 Members are joint holders of a Share, all notices shall be given to the Member whose name
 first appears in the register of members.

**Signatures**

29.7 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

29.8 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

29.9 A
 notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
 the time, date and content of the transmission, and if no notification of failure to transmit
 is received by the giver.

29.10 A
 notice given in writing shall be deemed sent if the giver can provide proof that the envelope
 containing the notice was properly addressed, pre-paid and posted, or that the written notice
 was otherwise properly transmitted to the recipient.

**Giving notice to a deceased or bankrupt Member**

29.11 A
 notice may be given by the Company to the persons entitled to a Share in consequence of the
 death or bankruptcy of a Member by sending or delivering it, in any manner authorised by
 these Articles for the giving of notice to a Member, addressed to them by name, or by the
 title of representatives of the deceased, or trustee of the bankrupt or by any like description,
 at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

29.12 Until
 such an address has been supplied, a notice may be given in any manner in which it might
 have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 A
 notice is given on the date identified in the following table.

48 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| Personally | At the time and date of delivery |
| By leaving it at the member's registered address | At the time and date it was left |
| If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that recipient | 48 hours after it was posted |
| If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that recipient | 7 Clear Days after posting |
| By Electronic Record (other than publication on a website), to recipient's Electronic address | Within 24 hours after it was sent |
| By publication on a website | See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website |

---

 

**Saving provision**

29.14 None
 of the preceding notice provisions shall derogate from the Articles about the delivery of
 written resolutions of directors and written resolutions of Members.

---

| | |
|:---|:---|
| **30** | **Authentication of Electronic Records** |
| **Application of Articles** | **Application of Articles** |

---

30.1 Without
 limitation to any other provision of these Articles, any notice, written resolution or other
 document under these Articles that is sent by Electronic means by a Member, or by the Secretary,
 or by a director or other Officer of the Company, shall be deemed to be authentic if either
 Article 30.2 or Article 30.4 applies.

49 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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**Authentication of documents sent by Members by Electronic means**

 

30.2 An
 Electronic Record of a notice, written resolution or other document sent by Electronic means
 by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
 are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 30.7 does not apply.

30.3 For
 example, where a sole Member signs a resolution and sends the Electronic Record of the original
 resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
 specified for that purpose, the facsimile copy shall be deemed to be the written resolution
 of that Member unless Article 30.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

30.4 An
 Electronic Record of a notice, written resolution or other document sent by or on behalf
 of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic
 if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Secretary or the Officer or each Officer, as the case may be, signed the original document,
 and for this purpose **Original Document** includes several documents in like form signed
 by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, the Secretary or that Officer to an address specified in accordance with these Articles
 for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article
 30.7 does not apply.

This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

30.5 For
 example, where a sole director signs a resolution and scans the resolution, or causes it
 to be scanned, as a PDF version which is attached to an email sent to the address in these
 Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
 of that director unless Article 30.7 applies.

50 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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**Manner of signing**

 

30.6 For
 the purposes of these Articles about the authentication of Electronic Records, a document
 will be taken to be signed if it is signed manually or in any other manner permitted by these
 Articles.

**Saving provision**

30.7 A
 notice, written resolution or other document under these Articles will not be deemed to be
 authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise
 doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

---

| | |
|:---|:---|
| **31** | **Transfer by way of continuation** |

---

31.1 The
 Company may, by Special Resolution, resolve to be registered by way of continuation in a
 jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

31.2 To
 give effect to any resolution made pursuant to the preceding Article, the directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies to deregister the Company in the Islands
 or in the other jurisdiction in which it is for the time being incorporated, registered or
 existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

51 <br> *Auth Code: B60964155750 www.verify.gov.ky*

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---

| | |
|:---|:---|
| **32** | **Winding up** |

---

**Distribution of assets in specie**

32.1 If
 the Company is wound up, the Members may, subject to these Articles and any other sanction
 required by the Act, pass a Special Resolution allowing the liquidator to do either or both
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the Members the whole or any part of the assets of the Company and,
 for that purpose, to value any assets and to determine how the division shall be carried
 out as between the Members or different classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those
 liable to contribute to the winding up.

**No obligation to accept liability**

32.2 No
 Member shall be compelled to accept any assets if an obligation attaches to them.

**The directors are authorised to present a winding up petition**

32.3 The
 directors have the authority to present a petition for the winding up of the Company to the
 Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution
 passed at a general meeting.

---

| | |
|:---|:---|
| **33** | **Amendment of Memorandum and Articles Power to change name or amend Memorandum** |

---

33.1 Subject
 to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

33.2 Subject
 to the Act and as provided in these Articles, the Company may, by Special Resolution, amend
 these Articles in whole or in part.

52 <br> *Auth Code: B60964155750 www.verify.gov.ky*

![](ex3-1_002.jpg)

Dated 3 October 2023

---

| | | | |
|:---|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** | **Signature** |
| Ogier Global Subscriber (Cayman)<br> Limited | 1 |  |  |
|  |  | per: | */s/ Jayde Johnson* |
| 89 Nexus Way |  |  |  |
|  |  | Name: Jayde Johnson | Name: Jayde Johnson |
| Camana Bay |  |  |  |
|  |  | Authorised Signatory | Authorised Signatory |
| Grand Cayman, KY1-9009 |  |  |  |
| Cayman Islands |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Witness to above signature** | | |
|  | */s/ Chelsea Ebanks* | */s/ Chelsea Ebanks* |
|  | Name: | Chelsea Ebanks |
|  | Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator | Ogier Global (Cayman) Limited<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>Occupation: Administrator |

---

53 <br> *Auth Code: B60964155750 www.verify.gov.ky*

## Exhibit 3.2

**Exhibit 3.2**

**Companies Act (Revised)**

**Company Limited by Shares**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION<br> OF<br> Kepler Group Limited**

(Conditionally adopted by special resolution passed on 2 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

![](ex3-2_001.jpg)

---

| | |
|:---|:---|
| *www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

of

**Kepler Group Limited**

(Conditionally adopted by special resolution passed on 2 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

---

| | |
|:---|:---|
| 1 | The name of the Company is **Kepler Group Limited**. |
| 2 | The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide. |
| 3 | The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands. |
| 4 | The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit. |
| 5 | Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business of a bank or trust company without being licensed in that behalf under the Banks
 and Trust Companies Act (Revised); or

(b) insurance
 business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
 or broker without being licensed in that behalf under the Insurance Act (Revised);or

---

| | |
|:---|:---|
| <br>1<br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 business of company management without being licensed in that behalf under the Companies
 Management Act (Revised).

---

| | |
|:---|:---|
| 6.0 | The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |
| 7.0 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |
| 8.0 | The share capital of the Company is US$100,000 divided into 100,000,000 shares of US$0.001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem
 or repurchase any of its shares;

(b) increase
 or reduce its capital;

(c) issue
 any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with
 or without any preferential, deferred, qualified or special rights, privileges or conditions;
 or

(ii) subject
 to any limitations or restrictions

and unless the condition of issue expressly declares otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter
 any of those rights, privileges, conditions, limitations or restrictions.

---

| | |
|:---|:---|
| 9 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

---

| | |
|:---|:---|
| <br>2<br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

**Companies Act (Revised)**

**Company Limited By Shares**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Kepler Group Limited**

(Conditionally adopted by special resolution passed on 2 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

![](ex3-2_001.jpg)

---

| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 4 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 5 |
| **2** | **Shares** | **6** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 6 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | Trusts not recognised | 7 |
| Security interests | Security interests | 7 |
| Power to vary class rights | Power to vary class rights | 7 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 8 |
| No bearer Shares or warrants | No bearer Shares or warrants | 8 |
| Treasury Shares | Treasury Shares | 8 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 8 |
| Register of Members | Register of Members | 9 |
| Annual Return | Annual Return | 9 |
| **3** | **Share certificates** | **9** |
| Issue of share certificates | Issue of share certificates | 9 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 10 |
| **4** | **Lien on Shares** | **10** |
| Nature and scope of lien | Nature and scope of lien | 10 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 11 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 11 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 11 |
| Application of proceeds of sale | Application of proceeds of sale | 12 |
| **5** | **Calls on Shares and forfeiture** | **12** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 12 |
| Time when call made | Time when call made | 13 |
| Liability of joint holders | Liability of joint holders | 13 |
| Interest on unpaid calls | Interest on unpaid calls | 13 |
| Deemed calls | Deemed calls | 13 |
| Power to accept early payment | Power to accept early payment | 13 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 13 |
| Notice of default | Notice of default | 14 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 14 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 14 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 15 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 15 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 15 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

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| | | |
|:---|:---|:---|
| **6** | **Transfer of Shares** | **16** |
| Form of Transfer | Form of Transfer | 16 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 16 |
| Suspension of transfers | Suspension of transfers | 17 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 17 |
| Notice of refusal to register | Notice of refusal to register | 17 |
| **7** | **Transmission of Shares** | **17** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 17 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 17 |
| Indemnity | Indemnity | 18 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 18 |
| **8** | **Alteration of capital** | **18** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 18 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 19 |
| Reducing share capital | Reducing share capital | 19 |
| **9** | **Redemption and purchase of own Shares** | **20** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 20 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 20 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 20 |
| **10** | **Meetings of Members** | **21** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 21 |
| Power to call meetings | Power to call meetings | 21 |
| Content of notice | Content of notice | 22 |
| Period of notice | Period of notice | 23 |
| Persons entitled to receive notice | Persons entitled to receive notice | 23 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 23 |
| **11** | **Proceedings at meetings of Members** | **24** |
| Quorum | Quorum | 24 |
| Lack of quorum | Lack of quorum | 24 |
| Chairman | Chairman | 24 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 25 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 25 |
| Security | Security | 25 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 25 |
| Method of voting | Method of voting | 26 |
| Taking of a poll | Taking of a poll | 26 |
| Chairman's casting vote | Chairman's casting vote | 26 |
| Written resolutions | Written resolutions | 26 |
| Sole-Member Company | Sole-Member Company | 28 |
| **12** | **Voting rights of Members** | **28** |
| Right to vote | Right to vote | 28 |
| Rights of joint holders | Rights of joint holders | 29 |
| Representation of corporate Members | Representation of corporate Members | 29 |
| Member with mental disorder | Member with mental disorder | 29 |
| Objections to admissibility of votes | Objections to admissibility of votes | 30 |
| Form of proxy | Form of proxy | 30 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 30 |
| Voting by proxy | Voting by proxy | 32 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

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| | | |
|:---|:---|:---|
| **13** | **Number of Directors** | **32** |
| **14** | **Appointment, disqualification and removal of Directors** | **32** |
| First Directors | First Directors | 32 |
| No age limit | No age limit | 32 |
| Corporate Directors | Corporate Directors | 33 |
| No shareholding qualification | No shareholding qualification | 33 |
| Appointment of Directors | Appointment of Directors | 33 |
| Board's power to appoint Directors | Board's power to appoint Directors | 33 |
| Removal of Directors | Removal of Directors | 34 |
| Resignation of Directors | Resignation of Directors | 34 |
| Termination of the office of Director | Termination of the office of Director | 34 |
| **15** | **Alternate Directors** | **35** |
| Appointment and removal | Appointment and removal | 35 |
| Notices | Notices | 35 |
| Rights of alternate Director | Rights of alternate Director | 36 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 36 |
| Status of alternate Director | Status of alternate Director | 36 |
| Status of the Director making the appointment | Status of the Director making the appointment | 36 |
| **16** | **Powers of Directors** | **37** |
| Powers of Directors | Powers of Directors | 37 |
| Directors below the minimum number | Directors below the minimum number | 37 |
| Appointments to office | Appointments to office | 37 |
| Provisions for employees | Provisions for employees | 38 |
| Exercise of voting rights | Exercise of voting rights | 38 |
| Remuneration | Remuneration | 38 |
| Disclosure of information | Disclosure of information | 39 |
| Issuance of Stock Options | Issuance of Stock Options | 39 |
| **17** | **Delegation of powers** | **40** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 40 |
| Local boards | Local boards | 40 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 41 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 41 |
| Borrowing Powers | Borrowing Powers | 42 |
| Corporate Governance | Corporate Governance | 42 |
| **18** | **Meetings of Directors** | **42** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 42 |
| Calling meetings | Calling meetings | 42 |
| Notice of meetings | Notice of meetings | 42 |
| Use of technology | Use of technology | 43 |
| Quorum | Quorum | 43 |
| Chairman or deputy to preside | Chairman or deputy to preside | 43 |
| Voting | Voting | 43 |
| Recording of dissent | Recording of dissent | 43 |
| Written resolutions | Written resolutions | 44 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 44 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

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| | | |
|:---|:---|:---|
| **19** | **Permissible Directors' interests and disclosure** | **44** |
| **20** | **Minutes** | **45** |
| **21** | **Accounts and audit** | **45** |
| Auditors | Auditors | 45 |
| **22** | **Record dates** | **46** |
| **23** | **Dividends** | **46** |
| Source of dividends | Source of dividends | 46 |
| Declaration of dividends by Members | Declaration of dividends by Members | 46 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 47 |
| Apportionment of dividends | Apportionment of dividends | 47 |
| Right of set off | Right of set off | 48 |
| Power to pay other than in cash | Power to pay other than in cash | 48 |
| How payments may be made | How payments may be made | 48 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 49 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 49 |
| **24** | **Capitalisation of profits** | **49** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 49 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 50 |
| **25** | **Share Premium Account** | **50** |
| Directors to maintain share premium account | Directors to maintain share premium account | 50 |
| Debits to share premium account | Debits to share premium account | 50 |
| **26** | **Seal** | **51** |
| Company seal | Company seal | 51 |
| Duplicate seal | Duplicate seal | 51 |
| When and how seal is to be used | When and how seal is to be used | 51 |
| If no seal is adopted or used | If no seal is adopted or used | 51 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 51 |
| Validity of execution | Validity of execution | 52 |
| **27** | **Indemnity** | **52** |
| Release | Release | 53 |
| Insurance | Insurance | 53 |
| **28** | **Notices** | **53** |
| Form of notices | Form of notices | 53 |
| Electronic communications | Electronic communications | 54 |
| Persons entitled to notices | Persons entitled to notices | 55 |
| Persons authorised to give notices | Persons authorised to give notices | 55 |
| Delivery of written notices | Delivery of written notices | 55 |
| Joint holders | Joint holders | 55 |
| Signatures | Signatures | 55 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 56 |
| Date of giving notices | Date of giving notices | 56 |
| Saving provision | Saving provision | 57 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

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| | | |
|:---|:---|:---|
| **29** | **Authentication of Electronic Records** | **57** |
| Application of Articles | Application of Articles | 57 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 57 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 58 |
| Manner of signing | Manner of signing | 58 |
| Saving provision | Saving provision | 58 |
| **30** | **Transfer by way of continuation** | **59** |
| **31** | **Winding up** | **59** |
| Distribution of assets in specie | Distribution of assets in specie | 59 |
| No obligation to accept liability | No obligation to accept liability | 60 |
| **32** | **Amendment of Memorandum and Articles** | **60** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 60 |
| Power to amend these Articles | Power to amend these Articles | 60 |

---

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| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**Kepler Group Limited**

(Conditionally adopted by special resolution passed on 2 September 2025 and with effect from the effective date of the registration statement on Form F-1 in connection with the listing of the Ordinary Shares on the Nasdaq Capital Market)

---

| | |
|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** |

---

**Definitions**

1.1 In
 these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these
 articles of association as amended from time to time: or

(b) two
 or more particular articles of these Articles; and **Article** refers to a particular
 article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 calendar day when the notice is given or deemed to be given; and

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| | |
|:---|:---|
| 1 <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means The Nasdaq Capital Market LLC in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video- communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, means that the par value for that Share and any premium
 payable in respect of the issue of that Share, has been fully paid or credited as paid in
 money or money's worth; and

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|:---|:---|
| 2 <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 been fully paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Ordinary Share** means an ordinary share in the capital of the Company, having the rights set out in these Articles;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a Share with par value, that the par value for that Share and any premium payable
 in respect of the issue of that Share, has not been fully paid or credited as paid in money
 or money's worth; and

(b) in
 relation to a Share without par value, means that the agreed issue price for that Share has
 not been fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes
 stock (except where a distinction between shares and stock is expressed or implied); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.14;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In
 the interpretation of these Articles, the following provisions apply unless the context otherwise
 requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 reference in these Articles to a statute is a reference to a statute of the Cayman Islands
 as known by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 statutory modification, amendment or re-enactment; and

(ii) any
 subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings
 are inserted for convenience only and do not affect the interpretation of these Articles,
 unless there is ambiguity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 a day on which any act, matter or thing is to be done under these Articles is not a Business
 Day, the act, matter or thing must be done on the next Business Day.

(d) A
 word which denotes the singular also denotes the plural, a word which denotes the plural
 also denotes the singular, and a reference to any gender also denotes the other genders.

(e) A
 reference to a **person** includes, as appropriate, a company, trust, partnership, joint
 venture, association, body corporate or government agency.

(f) Where
 a word or phrase is given a defined meaning another part of speech or grammatical form in
 respect to that word or phrase has a corresponding meaning.

(g) All
 references to time are to be calculated by reference to time in the place where the Company's
 registered office is located.

(h) The
 words **written** and **in writing** include all modes of representing or reproducing
 words in a visible form, but do not include an Electronic Record where the distinction between
 a document in writing and an Electronic Record is expressed or implied.

(i) The
 words **including**, **include** and **in particular** or any similar expression
 are to be construed without limitation.

(j) The
 term "**present**" means, in respect of any person attending a meeting, such
 person's presence at a general meeting of Members (or any meeting of the holders of
 any class of Shares), which may be satisfied by means of such person or, if a corporation
 or other non-natural person, its duly authorized representative (or, in the case of any Member,
 a proxy which has been validly appointed by such Member in accordance with these Articles),
 being: (a) physically present at the meeting; or (b) in the case of any meeting at which
 Electronic Communication Facilities are permitted in accordance with these Articles, including
 any Virtual Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The
 headings in these Articles are intended for convenience only and shall not affect the interpretation
 of these Articles.

**Exclusion of Table A Articles**

1.4 The
 regulations contained in Table A in the First Schedule of the Act and any other regulations
 contained in any statute or subordinate legislation are expressly excluded and do not apply
 to the Company.

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| **2** | **Shares** |

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**Power to issue Shares and options, with or without special rights**

2.1 Subject
 to the provisions of the Act and these Articles about the redemption and purchase of the
 Shares, the Directors have general and unconditional authority to allot (with or without
 confirming rights of renunciation), grant options over or otherwise deal with any unissued
 Shares to such persons, at such times and on such terms and conditions as they may decide.
 No Share may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without
 limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 at a premium or at par; or

(b) with
 or without preferred, deferred or other special rights or restrictions, whether in regard
 to dividend, voting, return of capital or otherwise.

2.3 Without
 limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company may issue rights, options, warrants or convertible securities or securities of similar
 nature conferring the right upon the holders thereof to subscribe for, purchase or receive
 any class of Shares or other securities in the Company at such times and on such terms and
 conditions as the Directors may decide;

(b) the
 Directors may refuse to accept any application for Shares, and may accept any application
 in whole or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

2.4 Subject
 to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share
 shall be subject to and carry the corresponding fraction of liabilities (whether with respect
 to calls or otherwise), limitations, preferences, privileges, qualifications, restrictions,
 rights and other attributes of a Share of that class of Shares.

**<br> Power to pay commissions and brokerage fees**

2.5 The
 Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing
 or agreeing to subscribe, whether absolutely or conditionally; or

(b) procuring
 or agreeing to procure subscriptions, whether absolute or conditional,

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for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The
 Company may employ a broker in the issue of its capital and pay him any proper commission
 or brokerage.

**Trusts not recognised**

2.7 Except
 as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no
 person shall be recognised by the Company as holding any Share on any trust; and

(b) no
 person other than the Member shall be recognised by the Company as having any right in a
 Share.

**Security interests**

2.8 Notwithstanding
 the preceding Article, the Company may (but shall not be obliged to) recognise a security
 interest of which it has actual notice over shares. The Company shall not be treated as having
 recognised any such security interest unless it has so agreed in writing with the secured
 party.

**Power to vary class rights**

2.9 If
 the share capital is divided into different classes of Shares then, unless the terms on which
 a class of Shares was issued state otherwise, the rights attaching to a class of Shares may
 only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members holding not less than two-thirds of the issued Shares of that class consent in writing
 to the variation; or

(b) the
 variation is made with the sanction of a Special Resolution passed at a separate general
 meeting of the Members holding the issued Shares of that class.

2.10 For
 the purpose of Article 2.9(b), all the provisions of these Articles relating to general meetings
 apply, mutatis mutandis, to every such separate meeting except that the necessary quorum
 shall be one or more persons holding, or representing by proxy, not less than one third of
 the issued Shares of the class.

2.11 For
 the purposes of a separate class meeting, the Directors may treat two or more or all the
 classes of Shares as forming one class of Shares if the Directors consider that such classes
 of

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Shares would be affected in the same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.12 Unless
 the terms on which a class of Shares was issued state otherwise, the rights conferred on
 the Member holding Shares of any class shall not be deemed to be varied by the creation or
 issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The
 Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares
 that the Company purchases, redeems or acquires by way of surrender in accordance with the
 Act shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so determine prior to the purchase, redemption or surrender of those shares; and

(b) the
 relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No
 dividend may be declared or paid, and no other distribution (whether in cash or otherwise)
 of the Company's assets (including any distribution of assets to Members on a winding
 up) may be made to the Company in respect of a Treasury Share.

2.16 The
 Company shall be entered in the register of Members as the holder of the Treasury Shares.
 However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall not be treated as a Member for any purpose and shall not exercise any right
 in respect of the Treasury Shares, and any purported exercise of such a right shall be void;
 and

(b) a
 Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company
 and shall not be counted in determining the total number of issued shares at any given time,
 whether for the purposes of these Articles or the Act.

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2.17 Nothing
 in Article 2.16 prevents an allotment of Shares as Fully Paid Up bonus shares in respect
 of a Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury
 Share shall be treated as Treasury Shares.

2.18 Treasury
 Shares may be disposed of by the Company in accordance with the Act and otherwise on such
 terms and conditions as the Directors determine.

**Register of Members**

2.19 The
 Directors shall keep or cause to be kept a register of Members as required by the Act and
 may cause the Company to maintain one or more branch registers as contemplated by the Act,
 provided that where the Company is maintaining one or more branch registers, the Directors
 shall ensure that a duplicate of each branch register is kept with the Company's principal
 register of Members and updated within such number of days of any amendment having been made
 to such branch register as may be required by the Act.

2.20 The
 title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in
 accordance with the laws applicable to the rules and regulations of the Designated Stock
 Exchange and, for these purposes, the register of Members may be maintained in accordance
 with section 40B of the Act.

**Annual Return**

2.21 The
 Directors in each calendar year shall prepare or cause to be prepared an annual return and
 declaration setting forth the particulars required by the Act and shall deliver a copy thereof
 to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A
 Member shall only be entitled to a share certificate if the Directors resolve that share
 certificates shall be issued. Share certificates representing Shares, if any, shall be in
 such form as the Directors may determine. If the Directors resolve that share certificates
 shall be issued, upon being entered in the register of Members as the holder of a Share,
 the Directors may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 payment, one certificate for all the Shares of each class held by that Member (and, upon
 transferring a part of the Member's holding of Shares of any class, to a certificate
 for the balance of that holding); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon
 payment of such reasonable sum as the Directors may determine for every certificate after
 the first, several certificates each for one or more of that Member's Shares.

3.2 Every
 certificate shall specify the number, class and distinguishing numbers (if any) of the Shares
 to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may
 be executed under seal or executed in such other manner as the Directors determine.

3.3 Every
 certificate shall bear legends required under the applicable laws, including the U.S. Securities
 Act.

3.4 The
 Company shall not be bound to issue more than one certificate for Shares held jointly by
 several persons and delivery of a certificate for a Share to one joint holder shall be a
 sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

3.5 If
 a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms
 (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

(b) indemnity;

(c) payment
 of the expenses reasonably incurred by the Company in investigating the evidence; and

(d) payment
 of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

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**Nature and scope of lien**

4.1 The
 Company has a first and paramount lien on all Shares (whether Fully Paid Up or not) registered
 in the name of a Member (whether solely or jointly with others). The lien is for all monies
 payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 alone or jointly with any other person, whether or not that other person is a Member; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 or not those monies are presently payable.

4.2 At
 any time the Board may declare any Share to be wholly or partly exempt from the provisions
 of this Article.

**Company may sell Shares to satisfy lien**

4.3 The
 Company may sell any Shares over which it has a lien if all of the following conditions are
 met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 sum in respect of which the lien exists is presently payable;

(b) the
 Company gives notice to the Member holding the Share (or to the person entitled to it in
 consequence of the death or bankruptcy of that Member) demanding payment and stating that
 if the notice is not complied with the Shares may be sold; and

(c) that
 sum is not paid within fourteen Clear Days after that notice is deemed to be given under
 these Articles,

and Shares to which this Article 4.3 applies shall be referred to as Lien Default Shares.

4.4 The
 Lien Default Shares may be sold in such manner as the Board determines.

4.5 To
 the maximum extent permitted by law, the Directors shall incur no personal liability to the
 Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To
 give effect to a sale, the Directors may authorise any person to execute an instrument of
 transfer of the Lien Default Shares sold to, or in accordance with the directions of, the
 purchaser.

4.7 The
 title of the transferee of the Lien Default Shares shall not be affected by any irregularity
 or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On
 a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Lien Default Shares; and

(b) that
 person shall deliver to the Company for cancellation the certificate (if any) for those Lien
 Default Shares.

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4.9 Notwithstanding
 the provisions of Article 4.8, such person shall remain liable to the Company for all monies
 which, at the date of sale, were presently payable by him to the Company in respect of those
 Lien Default Shares. That person shall also be liable to pay interest on those monies from
 the date of sale until payment at the rate at which interest was payable before that sale
 or, failing that, at the Default Rate. The Board may waive payment wholly or in part or enforce
 payment without any allowance for the value of the Lien Default Shares at the time of sale
 or for any consideration received on their disposal.

**Application of proceeds of sale**

4.10 The
 net proceeds of the sale, after payment of the costs, shall be applied in payment of so much
 of the sum for which the lien exists as is presently payable. Any residue shall be paid to
 the person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 no certificate for the Lien Default Shares was issued, at the date of the sale; or

(b) if
 a certificate for the Lien Default Shares was issued, upon surrender to the Company of that
 certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject
 to the terms of allotment, the Board may make calls on the Members in respect of any monies
 unpaid on their Shares including any premium. The call may provide for payment to be by instalments.
 Subject to receiving at least 14 Clear Days' notice specifying when and where payment
 is to be made, each Member shall pay to the Company the amount called on his Shares as required
 by the notice.

5.2 Before
 receipt by the Company of any sum due under a call, that call may be revoked in whole or
 in part and payment of a call may be postponed in whole or in part. Where a call is to be
 paid in instalments, the Company may revoke the call in respect of all or any remaining instalments
 in whole or in part and may postpone payment of all or any of the remaining instalments in
 whole or in part.

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5.3 A
 Member on whom a call is made shall remain liable for that call notwithstanding the subsequent
 transfer of the Shares in respect of which the call was made. He shall not be liable for
 calls made after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A
 call shall be deemed to have been made at the time when the resolution of the Directors authorising
 the call was passed.

**Liability of joint holders**

5.5 Members
 registered as the joint holders of a Share shall be jointly and severally liable to pay all
 calls in respect of the Share.

**Interest on unpaid calls**

5.6 If
 a call remains unpaid after it has become due and payable the person from whom it is due
 and payable shall pay interest on the amount unpaid from the day it became due and payable
 until it is paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the rate fixed by the terms of allotment of the Share or in the notice of the call; or

(b) if
 no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any
 amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise,
 shall be deemed to be payable as a call. If the amount is not paid when due the provisions
 of these Articles shall apply as if the amount had become due and payable by virtue of a
 call.

**Power to accept early payment**

5.8 The
 Company may accept from a Member the whole or a part of the amount remaining unpaid on Shares
 held by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject
 to the terms of allotment, the Directors may make arrangements on the issue of Shares to
 distinguish between Members in the amounts and times of payment of calls on their Shares.

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**Notice of default**

5.10 If
 a call remains unpaid after it has become due and payable the Directors may give to the person
 from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 amount unpaid;

(b) any
 interest which may have accrued; and

(c) any
 expenses which have been incurred by the Company due to that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The
 notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place where payment is to be made; and

(b) a
 warning that if the notice is not complied with the Shares in respect of which the call is
 made will be liable to be forfeited.

**Forfeiture or surrender of Shares**

5.12 If
 the notice given pursuant to Article 5.10 is not complied with, the Directors may, before
 the payment required by the notice has been received, resolve that any Share the subject
 of that notice be forfeited. The forfeiture shall include all dividends or other monies payable
 in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing,
 the Board may determine that any Share the subject of that notice be accepted by the Company
 as surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A
 forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such
 terms and in such manner as the Board determine either to the former Member who held that
 Share or to any other person. The forfeiture or surrender may be cancelled on such terms
 as the Directors think fit at any time before a sale, re-allotment or other disposition.
 Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred
 to any person, the Directors may authorise some person to execute an instrument of transfer
 of the Share to the transferee.

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**Effect of forfeiture or surrender on former Member**

5.14 On
 forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 name of the Member concerned shall be removed from the register of Members as the holder
 of those Shares and that person shall cease to be a Member in respect of those Shares; and

(b) that
 person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
 or surrendered Shares.

5.15 Despite
 the forfeiture or surrender of his Shares, that person shall remain liable to the Company
 for all monies which at the date of forfeiture or surrender were presently payable by him
 to the Company in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 expenses; and

(b) interest
 from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 the rate of which interest was payable on those monies before forfeiture; or

(ii) if
 no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

**Evidence of forfeiture or surrender**

5.16 A
 declaration, whether statutory or under oath, made by a Director or the Secretary shall be
 conclusive evidence of the following matters stated in it as against all persons claiming
 to be entitled to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the person making the declaration is a Director or Secretary of the Company, and

(b) that
 the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any
 person to whom the forfeited or surrendered Shares are disposed of shall not be bound to
 see to the application of the consideration, if any, of those Shares nor shall his title
 to the Shares be affected by any irregularity in, or invalidity of the proceedings in respect
 of, the forfeiture, surrender or disposal of those Shares.

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6 Transfer of Shares

**Form of Transfer**

6.1 Subject
 to the following Articles about the transfer of Shares, and provided that such transfer complies
 with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares
 to another person by completing an instrument of transfer in a common form or in a form prescribed
 by the Designated Stock Exchange (if such Shares are listed on the Designated Stock Exchange)
 or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the Shares are Fully Paid, by or on behalf of that Member; and

(b) where
 the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The
 transferor shall be deemed to remain the holder of a Share until the name of the transferee
 is entered into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where
 the Shares in question are not listed on or subject to the rules of any Designated Stock
 Exchange, the Directors may in their absolute discretion decline to register any transfer
 of such Shares which are not Fully Paid Up or on which the Company has a lien. The Directors
 may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 instrument of transfer is lodged with the Company, accompanied by the certificate (if any)
 for the Shares to which it relates and such other evidence as the Board may reasonably require
 to show the right of the transferor to make the transfer;

(b) the
 instrument of transfer is in respect of only one class of Shares;

(c) the
 instrument of transfer is properly stamped, if required;

(d) in
 the case of a transfer to joint holders, the number of joint holders to whom the Share is
 to be transferred does not exceed four;

(e) the
 Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

(f) any
 applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be
 payable, or such lesser sum as the Board may from time to time require, related to the transfer
 is paid to the Company.

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**Suspension of transfers**

6.4 The
 registration of transfers may, on 14 Clear Days' notice being given by advertisement
 in such one or more newspapers or by electronic means, be suspended and the register of Members
 closed at such times and for such periods as the Directors may, in their absolute discretion,
 from time to time determine, provided always that such registration of transfer shall not
 be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All
 instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

6.6 If
 the Directors refuse to register a transfer of any Shares not listed on a Designated Stock
 Exchange, they shall within one month after the date on which the instrument of transfer
 was lodged with the Company send to each of the transferor and the transferee notice of the
 refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If
 a Member dies, the only persons recognised by the Company as having any title to the deceased
 Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where
 the deceased Member was a joint holder, the survivor or survivors; and

(b) where
 the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing
 in these Articles shall release the deceased Member's estate from any liability in
 respect of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A
 person becoming entitled to a Share in consequence of the death or bankruptcy of a Member
 may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 become the holder of the Share; or

(b) to
 transfer the Share to another person.

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7.4 That
 person must produce such evidence of his entitlement as the Directors may properly require.

7.5 If
 the person elects to become the holder of the Share, he must give notice to the Company to
 that effect. For the purposes of these Articles, that notice shall be treated as though it
 were an executed instrument of transfer.

7.6 If
 the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

(b) if
 the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument
 of transfer.

7.7 All
 the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate,
 the instrument of transfer.

**Indemnity**

7.8 A
 person registered as a Member by reason of the death or bankruptcy of another Member shall
 indemnify the Company and the Directors against any loss or damage suffered by the Company
 or the Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A
 person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall
 have the rights to which he would be entitled if he were registered as the holder of the
 Share. But, until he is registered as Member in respect of the Share, he shall not be entitled
 to attend or vote at any meeting of the Company or at any separate meeting of the holders
 of that class of Shares.

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| **8** | **Alteration of capital** |

---

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To
 the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of
 the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its share capital by new Shares of the amount fixed by that Ordinary Resolution and with
 the attached rights, priorities and privileges set out in that Ordinary Resolution;

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&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;

(c) convert
 all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares
 of any denomination;

(d) sub-divide
 its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
 so, however, that in the sub-division, the proportion between the amount paid and the amount,
 if any, unpaid on each reduced Share shall be the same as it was in case of the Share from
 which the reduced Share is derived; and

(e) cancel
 Shares which, at the date of the passing of that Ordinary Resolution, have not been taken
 or agreed to be taken by any person, and diminish the amount of its share capital by the
 amount of the Shares so cancelled or, in the case of Shares without nominal par value, diminish
 the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever,
 as a result of a consolidation of Shares, any Members would become entitled to fractions
 of a Share the Directors may on behalf of those Members deal with the fractions as it thinks
 fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either
 round up or down the fraction to the nearest whole number, such rounding to be determined
 by the Directors acting in their sole discretion;

(b) sell
 the Shares representing the fractions for the best price reasonably obtainable to any person
 (including, subject to the provisions of the Act, the Company); or

(c) distribute
 the net proceeds in due proportion among those Members.

8.3 For
 the purposes of Article 8.2, the Directors may authorise some person to execute an instrument
 of transfer of the Shares to, in accordance with the directions of, the purchaser. The transferee
 shall not be bound to see to the application of the purchase money nor shall the transferee's
 title to the Shares be affected by any irregularity in, or invalidity of, the proceedings
 in respect of the sale.

**Reducing share capital**

8.4 Subject
 to the Act and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may, by Special Resolution, reduce its share capital in any
 way.

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| **9** | **Redemption and purchase of own Shares** |

---

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject
 to the Act and to any rights for the time being conferred on the Members holding a particular
 class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 Shares that are to be redeemed or liable to be redeemed, at the option of the Company or
 the Member holding those redeemable Shares, on the terms and in the manner its Directors
 determine before the issue of those Shares;

(b) with
 the consent by Special Resolution of the Members holding Shares of a particular class, vary
 the rights attaching to that class of Shares so as to provide that those Shares are to be
 redeemed or are liable to be redeemed at the option of the Company on the terms and in the
 manner which the Directors determine at the time of such variation; and

(c) purchase
 all or any of its own Shares of any class including any redeemable Shares on the terms and
 in the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. No share may be redeemed or purchased unless it is Fully Paid Up.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When
 making a payment in respect of the redemption or purchase of Shares, the Directors may make
 the payment in cash or *in specie* (or partly in one and partly in the other) if so
 authorised by the terms of the allotment of those Shares or by the terms applying to those
 Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding
 those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon
 the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member holding that Share shall cease to be entitled to any rights in respect of the Share
 other than the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 price for the Share; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 dividend declared in respect of the Share prior to the date of redemption or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Member's name shall be removed from the register of Members with respect to the Share;
 and

(c) the
 Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For
 the purpose of Article 9.3, the date of redemption or purchase is the date when the Member's
 name is removed from the register of Members with respect to the Shares the subject of the
 redemption or purchase.

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| **10** | **Meetings of Members** |

---

**Annual and extraordinary general meetings**

10.1 The
 Company may, but shall not (unless required by the Designated Stock Exchange Rules) be obligated
 to, in each year hold a general meeting as an annual general meeting, which, if held, shall
 be convened by the Board, in accordance with these Articles.

10.2 All
 general meetings other than annual general meetings shall be called extraordinary general
 meetings.

**Power to call meetings**

10.3 The
 Directors may call a general meeting at any time.

10.4 If
 there are insufficient Directors to constitute a quorum and the remaining Directors are unable
 to agree on the appointment of additional Directors, the Directors must call a general meeting
 for the purpose of appointing additional Directors.

10.5 The
 Directors must also call a general meeting if requisitioned in the manner set out in the
 next two Articles.

10.6 The
 requisition must be in writing and given by one or more Members who together hold at least
 ten per cent of the rights to vote at such general meeting.

10.7 The
 requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify
 the purpose of the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 signed by or on behalf of each requisitioner (and for this purpose each joint holder shall
 be obliged to sign). The requisition may consist of several documents in like form signed
 by one or more of the requisitioners; and

(c) be
 delivered in accordance with the notice provisions.

10.8 Should
 the Directors fail to call a general meeting within 21 Clear Days' from the date of
 receipt of a requisition, the requisitioners or any of them may call a general meeting within
 three months after the end of that period.

10.9 Without
 limitation to the foregoing, if there are insufficient Directors to constitute a quorum and
 the remaining Directors are unable to agree on the appointment of additional Directors, any
 one or more Members who together hold at least five per cent of the rights to vote at a general
 meeting may call a general meeting for the purpose of considering the business specified
 in the notice of meeting which shall include as an item of business the appointment of additional
 Directors.

10.10 If
 the Members call a meeting under the above provisions, the Company shall reimburse their
 reasonable expenses.

**Content of notice**

10.11 Notice
 of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 place, the date and the hour of the meeting;

(b) whether
 the meeting will be held virtually, at a physical place or both;

(c) if
 the meeting is to be held in any part at a physical place, the address of such place;

(d) if
 the meeting is to be held in two or more places, or in any part virtually, the Electronic
 Communication Facilities that will be used to facilitate the meeting, including the procedures
 to be followed by any Member or other participant of the meeting who wishes to utilise such
 Electronic Communication Facilities for the purposes of attending and participating in such
 meeting;

(e) subject
 to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock
 Exchange Rules, the general nature of the business to be transacted; and

(f) if
 a resolution is proposed as a Special Resolution, the text of that resolution.

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10.12 In
 each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 a Member who is entitled to attend and vote is entitled to appoint one or more proxies to
 attend and vote instead of that Member; and

(b) that
 a proxyholder need not be a Member.

**Period of notice**

10.13 At
 least five Clear Days' notice must be given to Members for any general meeting.

10.14 Subject
 to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent
 of the Member or Members who, individually or collectively, hold at least ninety per cent
 of the voting rights of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject
 to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
 shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Members

(b) persons
 entitled to a Share in consequence of the death or bankruptcy of a Member;

(c) the
 Directors; and

(d) the
 Auditors.

10.16 The
 Board may determine that the Members entitled to receive notice of, attend and vote at a
 meeting are those persons entered on the register of Members at the close of business on
 a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings
 at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 accidental failure to give notice of the meeting to any person entitled to notice; or

(b) non-receipt
 of notice of the meeting by any person entitled to notice.

10.18 In
 addition, where a notice of meeting is published on a website proceedings at the meeting
 shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a different place on the website; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 part only of the period from the date of the notification until the conclusion of the meeting
 to which the notice relates.

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| **11** | **Proceedings at meetings of Members** |

---

**Quorum**

11.1 Save
 as provided in the following Article, no business shall be transacted at any meeting unless
 a quorum is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Company has only one Member: that Member;

(b) if
 the Company has more than one Member: one or more Members holding Shares that represent not
 less than one-third of the outstanding Shares carrying the right to vote at such general
 meeting.

**Lack of quorum**

11.2 If
 a quorum is not present at the meeting within fifteen minutes of the time appointed for the
 meeting, or if at any time during the meeting it becomes inquorate, then the following provisions
 apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the meeting was requisitioned by Members, it shall be cancelled.

(b) In
 any other case, the meeting shall stand adjourned to the same time and place seven days hence,
 or to such other time or place as is determined by the Directors. If a quorum is not present
 at the meeting within fifteen minutes of the time appointed for the adjourned meeting, then
 the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The
 chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the
 Board or such other Director as the Directors may determine. Absent any such person being
 present at the meeting within fifteen minutes of the time appointed for the meeting, the
 Directors present shall elect one of their number to chair the meeting. The chairman of the
 meeting shall be entitled to attend and participate at any such general meeting by means
 of Electronic Communication Facilities, and to act as the chairman of such general meeting,
 in which event the chairman of the meeting shall be deemed to be present at the meeting.

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11.4 If
 no Director is present within fifteen minutes of the time appointed for the meeting, or if
 no Director is willing to act as chairman, the Members present in person or by proxy and
 entitled to vote shall choose one of their number to chair the meeting.

**Right of a Director to attend and speak**

11.5 Even
 if a Director is not a Member, he shall be entitled to attend and speak at any general meeting
 and at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A
 Member entitled to receive notice and attend a meeting will be deemed to be in attendance
 at such meeting despite their attendance being virtual if adequate facilities are available
 to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 participate in the business for which the meeting has been convened; and

(b) to
 hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In
 addition to any measures which the Board may be required to take due to the location or venue
 of the meeting, the Board may make any arrangement and impose any restriction it considers
 appropriate and reasonable in the circumstances to ensure the security of a meeting including,
 without limitation, the searching of any person attending the meeting and the imposing of
 restrictions on the items of personal property that may be taken into the meeting place.
 The Board may refuse entry to, or eject from, a meeting a person who refuses to comply with
 any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A
 meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed
 or cancelled prior to the meeting at the discretion of the Directors by written notice provided
 to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members
 or otherwise called by Members pursuant to Article 10; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned,
 with or without an appointed date for resumption, at any time during the meeting at the discretion
 of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should
 a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum
 or otherwise, Members shall be given at least seven Clear Days' notice of the date,
 time and place of the adjourned meeting and the general nature of the business to be transacted.
 Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

11.10 A
 resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A
 poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who
 need not be Members) and fix a place and time for declaring the result of the poll. If, through
 the aid of technology, the meeting is held as a Virtual Meeting or in more than one place,
 the chairman may appoint scrutineers virtually and in more than one place; but if he considers
 that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn
 the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

11.12 In
 the case of an equality of votes, the Chairman of the meeting shall not be entitled to a
 second or casting vote.

**Written resolutions**

11.13 Without
 limitation to section 60(1) of the Act, Members may pass a Special Resolution in writing
 without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote on the resolution are given notice of the resolution as if the same
 were being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members
 may pass an Ordinary Resolution in writing without holding a meeting if the following conditions
 are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given
 notice of the resolution as if the same were being proposed at a meeting of Members; and

(ii) notified
 in the same or an accompanying notice of the date by which the resolution must be passed
 if it is not to lapse, being a period of 7 days beginning with the date that the notice is
 first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign
 a document; or

(ii) sign
 several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 signed document or documents is or are delivered to the Company, including, if the Company
 so nominates, by delivery of an Electronic Record by Electronic means to the address specified
 for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

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11.15 If
 all Members entitled to be given notice of the Ordinary Resolution consent, a written resolution
 may be passed as soon as the required majority have signified their agreement to the resolution,
 without any minimum period of time having first elapsed. Save that the consent of the majority
 may be incorporated in the written resolution, each consent shall be in writing or given
 by Electronic Record and shall otherwise be given to the Company in accordance with Article
 28 (*Notices*) prior to the written resolution taking effect.

11.16 The
 Directors may determine the manner in which written resolutions shall be put to Members.
 In particular, they may provide, in the form of any written resolution, for each Member to
 indicate, out of the number of votes the Member would have been entitled to cast at a meeting
 to consider the resolution, how many votes he wishes to cast in favour of the resolution
 and how many against the resolution or to be treated as abstentions. The result of any such
 written resolution shall be determined on the same basis as on a poll.

11.17 If
 a written resolution is described as a Special Resolution or as an Ordinary Resolution, it
 has effect accordingly.

**Sole-Member Company**

11.18 If
 the Company has only one Member, and the Member records in writing his decision on a question,
 that record shall constitute both the passing of a resolution and the minute of it.

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| **12** | **Voting rights of Members** |

---

**Right to vote**

12.1 Unless
 their Shares carry no right to vote, or unless a call or other amount presently payable has
 not been paid, all Members are entitled to vote at a general meeting, and all Members holding
 Shares of a particular class of Shares are entitled to vote at a meeting of the holders of
 that class of Shares.

12.2 Members
 may vote in person or by proxy.

12.3 On
 a poll a Member shall have one vote for each Share he holds, unless any Share carries special
 voting rights. A fraction of a Share shall entitle its holder to an equivalent fraction of
 one vote.

12.4 No
 Member is bound to vote on his Shares or any of them; nor is he bound to vote each of his
 Shares in the same way.

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**Rights of joint holders**

12.5 If
 Shares are held jointly, only one of the joint holders may vote. If more than one of the
 joint holders tenders a vote, the vote of the holder whose name in respect of those Shares
 appears first in the register of Members shall be accepted to the exclusion of the votes
 of the other joint holder.

**Representation of corporate Members**

12.6 Save
 where otherwise provided, a corporate Member must act by a duly authorised representative.

12.7 A
 corporate Member wishing to act by a duly authorised representative must identify that person
 to the Company by notice in writing.

12.8 The
 authorisation may be for any period of time, and must be delivered to the Company before
 the commencement of the meeting at which it is first used.

12.9 The
 Directors of the Company may require the production of any evidence which they consider necessary
 to determine the validity of the notice.

12.10 Where
 a duly authorised representative is present at a meeting that Member is deemed to be present
 in person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A
 corporate Member may revoke the appointment of a duly authorised representative at any time
 by notice to the Company; but such revocation will not affect the validity of any acts carried
 out by the duly authorised representative before the Directors of the Company had actual
 notice of the revocation.

**Member with mental disorder**

12.12 A
 Member in respect of whom an order has been made by any court having jurisdiction (whether
 in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote, by that
 Member's receiver, *curator bonis* or other person authorised in that behalf appointed
 by that court.

12.13 For
 the purpose of the preceding Article, evidence to the satisfaction of the Directors of the
 authority of the person claiming to exercise the right to vote must be received not less
 than 24 hours before holding the relevant meeting or the adjourned meeting in any manner
 specified for the delivery of forms of appointment of a proxy, whether in writing or by Electronic
 means. In default, the right to vote shall not be exercisable.

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**Objections to admissibility of votes**

12.14 An
 objection to the validity of a person's vote may only be raised at the meeting or at
 the adjourned meeting at which the vote is sought to be tendered. Any objection duly made
 shall be referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.15 An
 instrument appointing a proxy shall be in any common form or in any other form approved by
 the Directors.

12.16 The
 instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 the Member; or

(b) by
 the Member's authorised attorney; or

(c) if
 the Member is a corporation or other body corporate, under seal or signed by an authorised
 officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The
 Directors may require the production of any evidence which they consider necessary to determine
 the validity of any appointment of a proxy.

12.18 A
 Member may revoke the appointment of a proxy at any time by notice to the Company duly signed
 in accordance with Article 12.16.

12.19 No
 revocation by a Member of the appointment of a proxy made in accordance with Article

12.18 will affect the
validity of any acts carried out by the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject
 to the following Articles, the Directors may, in the notice convening any meeting or adjourned
 meeting, or in an instrument of proxy sent out by the Company, specify the manner by which
 the instrument appointing a proxy shall be deposited and the place and the time (being not
 later than the time appointed for the commencement of the meeting or adjourned meeting to
 which the proxy relates) at which the instrument appointing a proxy shall be deposited. In
 the absence of any such direction from the Directors in the notice convening any meeting
 or adjourned meeting or in an instrument of proxy sent out by the Company, the form of appointment
 of a proxy and any authority under which it is signed (or a copy of the authority certified
 notarially or in any other way approved by the Directors) must be delivered so that it is
 received by the Company before the time for holding the meeting or adjourned meeting at which
 the person named in the form of appointment of proxy proposes to vote. They must be delivered
 in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the registered office of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 such other place within the Cayman Islands specified in the notice convening the meeting
 or in any form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 pursuant to the notice provisions, a notice may be given to the Company in an Electronic
 Record, an Electronic Record of an appointment of a proxy must be sent to the address specified
 pursuant to those provisions unless another address for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the notice convening the meeting; or

(ii) in
 any form of appointment of a proxy sent out by the Company in relation to the meeting; or

(iii) in
 any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at his
 discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If
 the form of appointment of proxy is not delivered on time, it is invalid.

12.22 When
 two or more valid but differing appointments of proxy are delivered or received in respect
 of the same Share for use at the same meeting and in respect of the same matter, the one
 which is last validly delivered or received (regardless of its date or of the date of its
 execution) shall be treated as replacing and revoking the other or others as regards that
 Share. If the Company is unable to determine which appointment was last validly delivered
 or received, none of them shall be treated as valid in respect of that Share.

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12.23 The
 Board may at the expense of the Company send forms of appointment of proxy to the Members
 by post (that is to say, pre-paying and posting a letter), or by Electronic communication
 or otherwise (with or without provision for their return by pre-paid post) for use at any
 general meeting or at any separate meeting of the holders of any class of Shares, either
 blank or nominating as proxy in the alternative any one or more of the Directors or any other
 person. If for the purpose of any meeting invitations to appoint as proxy a person or one
 of a number of persons specified in the invitations are issued at the Company's expense,
 they shall be issued to all (and not to some only) of the Members entitled to be sent notice
 of the meeting and to vote at it. The accidental omission to send such a form of appointment
 or to give such an invitation to, or the non-receipt of such form of appointment by, any
 Member entitled to attend and vote at a meeting shall not invalidate the proceedings at that
 meeting

**Voting by proxy**

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|:---|:---|
| 12.24 | A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless in respect of different Shares, shall be invalid. |
| 12.25 | The instrument appointing a proxy to vote at a meeting shall not confer any further right to speak at the meeting, except with the permission of the chairman of the meeting. |
| **13** | **Number of Directors** |
| 13.1 | There shall be a Board consisting of not less than one person provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by Ordinary Resolution, the maximum number of Directors shall be unlimited. |
| **14** | **Appointment, disqualification and removal of Directors** |

---

**First Directors**

14.1 The
 first Directors shall be appointed in writing by the subscriber or subscribers to the Memorandum,
 or a majority of them.

**No age limit**

14.2 There
 is no age limit for Directors save that they must be at least eighteen years of age.

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**Corporate Directors**

14.3 Unless
 prohibited by law, a body corporate may be a Director. If a body corporate is a Director,
 the Articles about representation of corporate Members at general meetings apply, mutatis
 mutandis, to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless
 a shareholding qualification for Directors is fixed by Ordinary Resolution, no Director shall
 be required to own Shares as a condition of his appointment.

**Appointment of Directors**

14.5 A
 Director may be appointed by Ordinary Resolution or by the Directors. Any appointment may
 be to fill a vacancy or as an additional Director.

14.6 A
 remaining Director may appoint a Director even though there is not a quorum of Directors.

14.7 No
 appointment can cause the number of Directors to exceed the maximum (if one is set); and
 any such appointment shall be invalid.

14.8 For
 so long as Shares are listed on a Designated Stock Exchange, the Directors shall include
 at least such number of Independent Directors as applicable law, rules or regulations or
 the Designated Stock Exchange Rules require as determined by the Board.

**Board's power to appoint Directors**

14.9 Without
 prejudice to the Company's power to appoint a person to be a Director pursuant to these
 Articles, the Board shall have power at any time to appoint any person who is willing to
 act as a Director, either to fill a vacancy or as an addition to the existing Board, subject
 to the total number of Directors not exceeding any maximum number fixed by or in accordance
 with these Articles.

14.10 An
 appointment of a Director may be on terms that the Director shall automatically retire from
 office (unless he has sooner vacated office) at the next or a subsequent annual general meeting
 or upon any specified event or after any specified period in a written agreement between
 the Company and the Director, if any; but no such term shall be implied in the absence of
 express provision. Each Director whose term of office expires shall be eligible for re-election
 at a meeting of the Members or re-appointment by the Board.

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**Removal of Directors**

14.11 A
 Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A
 Director may at any time resign office by giving to the Company notice in writing or, if
 permitted pursuant to the notice provisions, in an Electronic Record delivered in either
 case in accordance with those provisions.

14.13 Unless
 the notice specifies a different date, the Director shall be deemed to have resigned on the
 date that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A
 Director may retire from office as a Director by giving notice in writing to that effect
 to the Company at the registered office, which notice shall be effective upon such date as
 may be specified in the notice, failing which upon delivery to the registered office.

14.15 Without
 prejudice to the provisions in these Articles for retirement (by rotation or otherwise),
 a Director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 is prohibited by the law of the Cayman Islands from acting as a Director; or

(b) he
 is made bankrupt or makes an arrangement or composition with his creditors generally; or

(c) he
 resigns his office by notice to the Company; or

(d) he
 only held office as a Director for a fixed term and such term expires; or

(e) in
 the opinion of a registered medical practitioner by whom he is being treated he becomes physically
 or mentally incapable of acting as a Director; or

(f) he
 is given notice by the majority of the other Directors (not being less than two in number)
 to vacate office (without prejudice to any claim for damages for breach of any agreement
 relating to the provision of the services of such Director); or

(g) he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without
 the consent of the other Directors, he is absent from meetings of Directors for a continuous
 period of six months.

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| | |
|:---|:---|
| **15** | **Alternate Directors** |

---

**Appointment and removal**

15.1 Any
 Director may appoint any other person, including another Director, to act in his place as
 an alternate Director. No appointment shall take effect until the Director has given notice
 of the appointment to the Board.

15.2 A
 Director may revoke his appointment of an alternate at any time. No revocation shall take
 effect until the Director has given notice of the revocation to the Board.

15.3 A
 notice of appointment or removal of an alternate Director shall be effective only if given
 to the Company by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 notice in writing in accordance with the notice provisions contained in these Articles;

(b) if
 the Company has a facsimile address for the time being, by sending by facsimile transmission
 to that facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission
 to the facsimile address of the Company's registered office a facsimile copy (in either
 case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which
 event notice shall be taken to be given on the date of an error-free transmission report
 from the sender's fax machine;

(c) if
 the Company has an email address for the time being, by emailing to that email address a
 scanned copy of the notice as a PDF attachment or, otherwise, by emailing to the email address
 provided by the Company's registered office a scanned copy of the notice as a PDF attachment
 (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies),
 in which event notice shall be taken to be given on the date of receipt by the Company or
 the Company's registered office (as appropriate) in readable form; or

(d) if
 permitted pursuant to the notice provisions, in some other form of approved Electronic Record
 delivered in accordance with those provisions in writing.

**Notices**

15.4 All
 notices of meetings of Directors shall continue to be given to the appointing Director and
 not to the alternate.

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**Rights of alternate Director**

15.5 An
 alternate Director shall be entitled to attend and vote at any Board meeting or meeting of
 a committee of the Directors at which the appointing Director is not personally present,
 and generally to perform all the functions of the appointing Director in his absence. An
 alternate Director, however, is not entitled to receive any remuneration from the Company
 for services rendered as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An
 alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director who appointed him ceases to be a Director; or

(b) the
 Director who appointed him revokes his appointment by notice delivered to the Board or to
 the registered office of the Company or in any other manner approved by the Board; or

(c) in
 any event happens in relation to him which, if he were a Director of the Company, would cause
 his office as Director to be vacated.

**Status of alternate Director**

15.7 An
 alternate Director shall carry out all functions of the Director who made the appointment.

15.8 Save
 where otherwise expressed, an alternate Director shall be treated as a Director under these
 Articles.

15.9 An
 alternate Director is not the agent of the Director appointing him.

15.10 An
 alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

15.11 A
 Director who has appointed an alternate is not thereby relieved from the duties which he
 owes the Company.

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16 Powers of Directors

**Powers of Directors**

16.1 Subject
 to the provisions of the Act, the Memorandum and these Articles the business of the Company
 shall be managed by the Directors who may for that purpose exercise all the powers of the
 Company.

16.2 No
 prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum
 or these Articles. However, to the extent allowed by the Act, Members may, by Special Resolution,
 validate any prior or future act of the Directors which would otherwise be in breach of their
 duties.

**Directors below the minimum number**

16.3 If
 the number of Directors is less than the minimum prescribed in accordance with these Articles,
 the remaining Director or Directors shall act only for the purposes of appointing an additional
 Director or Directors to make up such minimum or of convening a general meeting of the Company
 for the purpose of making such appointment. If there are no Director or Directors able or
 willing to act, any two Members may summon a general meeting for the purpose of appointing
 Directors. Any additional Director so appointed shall hold office (subject to these Articles)
 only until the dissolution of the annual general meeting next following such appointment
 unless he is re-elected during such meeting.

**Appointments to office**

16.4 The
 Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 chairman of the Board;

(b) as
 managing Director;

(c) to
 any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The
 appointee must consent in writing to holding that office.

16.6 Where
 a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

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16.7 If
 there is no chairman, or if the chairman is unable to preside at a meeting, that meeting
 may select its own chairman; or the Directors may nominate one of their number to act in
 place of the chairman should he ever not be available.

16.8 Subject
 to the provisions of the Act, the Directors may also appoint and remove any person, who need
 not be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 Secretary; and

(b) to
 any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The
 Secretary or Officer must consent in writing to holding that office.

16.10 A
 Director, Secretary or other Officer of the Company may not the hold the office, or perform
 the services, of auditor.

**Provisions for employees**

16.11 The
 Board may make provision for the benefit of any persons employed or formerly employed by
 the Company or any of its subsidiary undertakings (or any member of his family or any person
 who is dependent on him) in connection with the cessation or the transfer to any person of
 the whole or part of the undertaking of the Company or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The
 Board may exercise the voting power conferred by the Shares in any body corporate held or
 owned by the Company in such manner in all respects as it thinks fit (including, without
 limitation, the exercise of that power in favour of any resolution appointing any Director
 as a Director of such body corporate, or voting or providing for the payment of remuneration
 to the Directors of such body corporate).

**Remuneration**

16.13 Every
 Director may be remunerated by the Company for the services he provides for the benefit of
 the Company, whether as Director, employee or otherwise, and shall be entitled to be paid
 for the expenses incurred in the Company's business including attendance at Directors'
 meetings.

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16.14 Until
 otherwise determined by the Company by Ordinary Resolution, the Directors (other than alternate
 Directors) shall be entitled to such remuneration by way of fees for their services in the
 office of Director as the Directors may determine.

16.15 Remuneration
 may take any form and may include arrangements to pay pensions, health insurance, death or
 sickness benefits, whether to the Director or to any other person connected to or related
 to him.

16.16 Unless
 his fellow Directors determine otherwise, a Director is not accountable to the Company for
 remuneration or other benefits received from any other company which is in the same group
 as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject
 to compliance with applicable laws, including the applicable federal securities laws of the
 United States, the Directors may release or disclose to a third party any information regarding
 the affairs of the Company, including any information contained in the register of Members
 relating to a Member, (and they may authorise any Director, Officer or other authorised agent
 of the Company to release or disclose to a third party any such information in his possession)
 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company or that person, as the case may be, is lawfully required to do so under the laws
 of any jurisdiction to which the Company is subject; or

(b) such
 disclosure is in compliance with the Designated Stock Exchange Rules; or

(c) such
 disclosure is in accordance with any contract entered into by the Company; or

(d) the
 Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

**Issuance of Stock Options**

16.18 The
 Company may, upon approval of the Board, grant options to subscribe for, acquire or receive
 Shares in the Company to any employee, director, consultant or other person providing services
 to the Company or any affiliate thereof, on such terms and conditions as the Board may determine.
 The Board is empowered to establish one or more stock option plans or similar arrangements,
 to determine the criteria for eligibility and the individual terms of grant (including the
 number of Shares which may be issued, the vesting schedule, the exercise price and other
 relevant terms). The Board shall have the authority to implement and amend such plans at
 its discretion, provided that all relevant laws, rules and regulations applicable in any
 jurisdiction are complied with. The Shares allotted pursuant to any exercise of options shall
 rank *pari passu* with all existing Shares of the same class.

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| **17** | **Delegation of powers** |

---

**Power to delegate any of the Directors' powers to a committee**

17.1 The
 Directors may delegate any of their powers to any committee consisting of one or more persons
 who need not be Members. Persons on the committee may include non-Directors so long as the
 majority of those persons are Directors. For so long as Shares are listed on a Designated
 Stock Exchange, any such committee shall be made up of such number of Independent Directors
 as required from time to time by the Designated Stock Exchange Rules or otherwise required
 by applicable law.

17.2 The
 delegation may be collateral with, or to the exclusion of, the Directors' own powers.

17.3 The
 delegation may be on such terms as the Directors think fit, including provision for the committee
 itself to delegate to a sub-committee; save that any delegation must be capable of being
 revoked or altered by the Directors at will.

17.4 Unless
 otherwise permitted by the Directors, a committee must follow the procedures prescribed for
 the taking of decisions by Directors.

17.5 For
 so long as Shares are listed on a Designated Stock Exchange, the Board shall, if required
 by the Designated Stock Exchange Rules, establish an audit committee, a compensation committee
 and a nominating and corporate governance committee. Each of these committees shall be empowered
 to do all things necessary to exercise the rights of such committee set forth in these Articles.
 Each of the audit committee, compensation committee and nominating and corporate governance
 committee shall consist of at least three Directors (or such larger minimum number as may
 be required from time to time by the Designated Stock Exchange Rules). The committees shall
 be made up of such number of Independent Directors as required from time to time by the Designated
 Stock Exchange Rules or otherwise required by applicable law, subject to any exemptions permitted
 under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The
 Board may establish any local or divisional board or agency for managing any of the affairs
 of the Company whether in the Cayman Islands or elsewhere and may appoint any persons to
 be members of a local or divisional Board, or to be managers or agents, and may fix their
 remuneration.

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17.7 The
 Board may delegate to any local or divisional board, manager or agent any of its powers and
 authorities (with power to sub-delegate) and may authorise the members of any local or divisional
 board or any of them to fill any vacancies and to act notwithstanding vacancies.

17.8 Any
 appointment or delegation under this Article 17.8 may be made on such terms and subject to
 such conditions as the Board thinks fit and the Board may remove any person so appointed,
 and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The
 Directors may appoint any person, either generally or in respect of any specific matter,
 to be the agent of the Company with or without authority for that person to delegate all
 or any of that person's powers. The Directors may make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 causing the Company to enter into a power of attorney or agreement; or

(b) in
 any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The
 Directors may appoint any person, whether nominated directly or indirectly by the Directors,
 to be the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject
 to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any
 power of attorney or other appointment may contain such provision for the protection and
 convenience for persons dealing with the attorney or authorised signatory as the Directors
 think fit. Any power of attorney or other appointment may also authorise the attorney or
 authorised signatory to delegate all or any of the powers, authorities and discretions vested
 in that person.

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17.12 The
 Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The
 Directors may exercise all the powers of the Company to borrow money and to mortgage or charge
 its undertaking, property and assets both present and future and uncalled capital, or any
 part thereof, and to issue debentures and other securities, whether outright or as collateral
 security for any debt, liability or obligation of the Company or its parent undertaking (if
 any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

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|:---|:---|
| 17.14 | The Board may, from time to time, and except as required by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company, which shall be intended to set forth the guiding principles and policies of the Company and the Board on various corporate governance related matters as the Board shall determine by resolution from time to time. |
| **18** | **Meetings of Directors** |

---

**Regulation of Directors' meetings**

18.1 Subject
 to the provisions of these Articles, the Directors may regulate their proceedings as they
 think fit.

**Calling meetings**

18.2 Any
 Director may call a meeting of Directors at any time. The Secretary must call a meeting of
 the Directors if requested to do so by a Director.

**Notice of meetings**

18.3 Notice
 of a Board meeting may be given to a Director personally or by word of mouth or given in
 writing or by Electronic communications at such address as he may from time to time specify
 for this purpose (or, if he does not specify an address, at his last known address). A Director
 may waive his right to receive notice of any meeting either prospectively or retrospectively.

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**Use of technology**

18.4 A
 Director may participate in a meeting of Directors through the medium of conference telephone,
 video or any other form of communications equipment providing all persons participating in
 the meeting are able to hear and speak to each other throughout the meeting.

18.5 A
 Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

18.6 The
 quorum for the transaction of business at a meeting of Directors shall be two unless the
 Directors fix some other number.

**Chairman or deputy to preside**

18.7 The
 Board may appoint a chairman and one or more deputy chairman or chairmen and may at any time
 revoke any such appointment.

18.8 The
 chairman, or failing him any deputy chairman (the longest in office taking precedence if
 more than one is present), shall preside at all Board meetings. If no chairman or deputy
 chairman has been appointed, or if he is not present within five minutes after the time fixed
 for holding the meeting, or is unwilling to act as chairman of the meeting, the Directors
 present shall choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A
 question which arises at a Board meeting shall be decided by a majority of votes. If votes
 are equal the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A
 Director present at a meeting of Directors shall be presumed to have assented to any action
 taken at that meeting unless:

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|:---|:---|
| (a) | his dissent is entered in the minutes of the meeting; or |
| (b) | he has filed with the meeting before it is concluded signed dissent from that action; or |
| (c) | he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent. |
| A Director who votes in favour of an action is not entitled to record his dissent to it. | A Director who votes in favour of an action is not entitled to record his dissent to it. |

---

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**Written resolutions**

18.11 The
 Directors may pass a resolution in writing without holding a meeting if all Directors sign
 a document or sign several documents in the like form each signed by one or more of those
 Directors.

18.12 A
 written resolution signed by a validly appointed alternate Director need not also be signed
 by the appointing Director.

18.13 A
 written resolution signed personally by the appointing Director need not also be signed by
 his alternate.

18.14 A
 resolution in writing passed pursuant to Article 18.11, Article 18.12 and/or Article 18.13
 shall be as effective as if it had been passed at a meeting of the Directors duly convened
 and held; and it shall be treated as having been passed on the day and at the time that the
 last Director signs (and for the avoidance of doubt, such day may or may not be a Business
 Day).

**Validity of acts of Directors in spite of formal defect**

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|:---|:---|
| 18.15 | All acts done by a meeting of the Board, or of a committee of the Board, or by any person acting as a Director or an alternate Director, shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director or alternate Director or member of the committee, or that any of them were disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified and had continued to be a Director or alternate Director and had been entitled to vote. |
| **19** | **Permissible Directors' interests and disclosure** |
| 19.1 | A Director who is in any way, whether directly or indirectly, interested in a contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the Director discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration. |

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| **20** | **Minutes** |
| 20.1 | The Company shall cause minutes to be made in books of: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 appointments of Officers and committees made by the Board and of any such Officer's
 remuneration; and

(b) the
 names of Directors present at every meeting of the Directors, a committee of the Board, the
 Company or the holders of any class of shares or debentures, and all orders, resolutions
 and proceedings of such meetings.

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| | |
|:---|:---|
| 20.2 | Any such minutes, if purporting to be signed by the chairman of the meeting at which the proceedings were held or by the chairman of the next succeeding meeting or the Secretary, shall be prima facie evidence of the matters stated in them. |
| **21** | **Accounts and audit** |
| 21.1 | The Directors must ensure that proper accounting and other records are kept, and that accounts and associated reports are distributed in accordance with the requirements of the Act. |
| 21.2 | The books of account shall be kept at the registered office of the Company and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution. |
| 21.3 | Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 March in each year and begin on 1 April in each year. |

---

**Auditors**

21.4 The
 Directors may appoint an Auditor of the Company who shall hold office on such terms as the
 Directors determine.

21.5 At
 any general meeting convened and held at any time in accordance with these Articles, the
 Members may, by Ordinary Resolution, remove the Auditor before the expiration of his term
 of office. If they do so, the Members shall, by Ordinary Resolution, at that meeting appoint
 another Auditor in his stead for the remainder of his term.

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|:---|:---|
| 21.6 | The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance of their duties. |
| 21.7 | The Auditors shall, if so requested by the Directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon request of the Directors or any general meeting of the Company. |
| **22** | **Record dates** |
| 22.1 | Except to the extent of any conflicting rights attached to Shares, the resolution declaring a dividend on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's resolution, may specify that the dividend is payable or distributable to the persons registered as the holders of those Shares at the close of business on a particular date, notwithstanding that the date may be a date prior to that on which the resolution is passed. |
| 22.2 | If the resolution does so specify, the dividend shall be payable or distributable to the persons registered as the holders of those Shares at the close of business on the specified date in accordance with their respective holdings so registered, but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares. |
| 22.3 | The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company to the Members. |
| **23** | **Dividends** |

---

**Source of dividends**

23.1 Dividends
 may be declared and paid out of any funds of the Company lawfully available for distribution.

23.2 Subject
 to the requirements of the Act regarding the application of a company's Share premium
 account and with the sanction of an Ordinary Resolution, dividends may also be declared and
 paid out of any share premium account.

**Declaration of dividends by Members**

23.3 Subject
 to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in
 accordance with the respective rights of the Members but no dividend shall exceed the amount
 recommended by the Directors.

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**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The
 Directors may declare and pay interim dividends or recommend final dividends in accordance
 with the respective rights of the Members if it appears to them that they are justified by
 the financial position of the Company and that such dividends may lawfully be paid.

23.5 Subject
 to the provisions of the Act, in relation to the distinction between interim dividends and
 final dividends, the following applies:

---

| | |
|:---|:---|

| (b) | Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution, a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the resolution. |
| If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim. | If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim. |

---

23.6 In
 relation to Shares carrying differing rights to dividends or rights to dividends at a fixed
 rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the share capital is divided into different classes, the Directors may pay dividends on Shares
 which confer deferred or non-preferred rights with regard to dividends as well as on Shares
 which confer preferential rights with regard to dividends but no dividend shall be paid on
 Shares carrying deferred or non-preferred rights if, at the time of payment, any preferential
 dividend is in arrears.

(b) The
 Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate
 if it appears to them that there are sufficient funds of the Company lawfully available for
 distribution to justify the payment.

(c) If
 the Directors act in good faith, they shall not incur any liability to the Members holding
 Shares conferring preferred rights for any loss those Members may suffer by the lawful payment
 of the dividend on any Shares having deferred or non-preferred rights.

**Apportionment of dividends**

23.7 Except
 as otherwise provided by the rights attached to Shares all dividends shall be declared and
 paid according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends
 shall be apportioned and paid proportionately to the amount Paid Up on the Shares during
 the time or part of the time in respect of which the dividend is paid. But if a Share is
 issued on terms providing that it shall rank for dividend as from a particular date, that
 Share shall rank for dividend accordingly.

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**Right of set off**

23.8 The
 Directors may deduct from a dividend or any other amount payable to a person in respect of
 a Share any amount due by that person to the Company on a call or otherwise in relation to
 a Share.

**Power to pay other than in cash**

23.9 If
 the Directors so determine, any resolution declaring a dividend may direct that it shall
 be satisfied wholly or partly by the distribution of assets. If a difficulty arises in relation
 to the distribution, the Directors may settle that difficulty in any way they consider appropriate.
 For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue
 fractional Shares;

(b) fix
 the value of assets for distribution and make cash payments to some Members on the footing
 of the value so fixed in order to adjust the rights of Members; and

(c) vest
 some assets in trustees.

**How payments may be made**

23.10 A
 dividend or other monies payable on or in respect of a Share may be paid in any of the following
 ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Member holding that Share or other person entitled to that Share nominates a bank account
 for that purpose - by wire transfer to that bank account; or

(b) by
 cheque or warrant sent by post to the registered address of the Member holding that Share
 or other person entitled to that Share.

23.11 For
 the purposes of Article 23.10(a), the nomination may be in writing or in an Electronic Record
 and the bank account nominated may be the bank account of another person. For the purposes
 of Article 23.10(b), subject to any applicable law or regulation, the cheque or warrant shall
 be made to the order of the Member holding that Share or other person entitled to the Share
 or to his nominee, whether nominated in writing or in an Electronic Record, and payment of
 the cheque or warrant shall be a good discharge to the Company.

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23.12 If
 two or more persons are registered as the holders of the Share or are jointly entitled to
 it by reason of the death or bankruptcy of the registered holder (**Joint Holders**),
 a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the registered address of the Joint Holder of the Share who is named first on the register
 of Members or to the registered address of the deceased or bankrupt holder, as the case may
 be; or

(b) to
 the address or bank account of another person nominated by the Joint Holders, whether that
 nomination is in writing or in an Electronic Record.

23.13 Any
 Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable
 in respect of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless
 provided for by the rights attached to a Share, no dividend or other monies payable by the
 Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

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| | |
|:---|:---|
| 23.15 | If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the Company shall not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member. |
| 23.16 | A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the Company. |
| **24** | **Capitalisation of profits** |

---

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The
 Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 part of the Company's profits not required for paying any preferential dividend (whether
 or not those profits are available for distribution); or

(b) any
 sum standing to the credit of the Company's share premium account or capital redemption
 reserve, if any.

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24.2 The
 amount resolved to be capitalised must be appropriated to the Members who would have been
 entitled to it had it been distributed by way of dividend and in the same proportions. The
 benefit to each Member so entitled must be given in either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 paying up the amounts unpaid on that Member's Shares;

(b) by
 issuing Fully Paid Up Shares, debentures or other securities of the Company to that Member
 or as that Member directs. The Directors may resolve that any Shares issued to the Member
 in respect of Partly Paid Up Shares (**Original Shares**) rank for dividend only to the
 extent that the Original Shares rank for dividend while those Original Shares remain Partly
 Paid Up.

**Applying an amount for the benefit of Members**

---

| | |
|:---|:---|
| 24.3 | The amount capitalised must be applied to the benefit of Members in the proportions to which the Members would have been entitled to dividends if the amount capitalised had been distributed as a dividend. |
| 24.4 | Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member, the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction. |
| **25** | **Share Premium Account** |

---

**Directors to maintain share premium account**

25.1 The
 Directors shall establish a share premium account in accordance with the Act. They shall
 carry to the credit of that account from time to time an amount equal to the amount or value
 of the premium paid on the issue of any Share or capital contributed or such other amounts
 required by the Act.

**Debits to share premium account**

25.2 The
 following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on
 the redemption or purchase of a Share, the difference between the nominal value of that Share
 and the redemption or purchase price; and

(b) any
 other amount paid out of a share premium account as permitted by the Act.

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| | |
|:---|:---|
| <br> 25.3 | Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted by the Act, out of capital. |
| **26** | **Seal** |

---

**Company seal**

26.1 The
 Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject
 to the provisions of the Act, the Company may also have a duplicate seal or seals for use
 in any place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile
 of the original seal of the Company. However, if the Directors so determine, a duplicate
 seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

26.3 A
 seal may only be used by the authority of the Directors. Unless the Directors otherwise determine,
 a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

(b) by
 a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If
 the Directors do not adopt a seal, or a seal is not used, a document may be executed in the
 following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 a Director (or his alternate) and the Secretary; or

(b) by
 a single Director (or his alternate); or

(c) in
 any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The
 Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the seal or a duplicate seal need not be affixed manually but may be affixed by some other
 method or system of reproduction;

(b) that
 a signature required by these Articles need not be manual but may be a mechanical or Electronic
 Signature.

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**Validity of execution**

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| | |
|:---|:---|
| 26.6 | If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other Officer or person who signed the document or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company. |
| **27** | **Indemnity** |
| 27.1 | To the extent permitted by law, the Company shall indemnify each existing or former Director (including alternate Director), Secretary and other Officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against: |

---

---

| | |
|:---|:---|
| (a) | all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or Officer's duties, powers, authorities or discretions; and |
| (b) | without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere. |
| No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty. | No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty. |

---

27.2 To
 the extent permitted by Act, the Company may make a payment, or agree to make a payment,
 whether by way of advance, loan or otherwise, for any legal costs incurred by an existing
 or former Director (including alternate Director), Secretary or Officer of the Company in
 respect of any matter identified in Article 27.1 on condition that the Director (including
 alternate Director), Secretary or Officer must repay the amount paid by the Company to the
 extent that it is ultimately found not liable to indemnify the Director (including alternate
 Director), Secretary or that Officer for those legal costs.

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**Release**

27.3 To
 the extent permitted by Act, the Company may by Special Resolution release any existing or
 former Director (including alternate Director), Secretary or other Officer of the Company
 from liability for any loss or damage or right to compensation which may arise out of or
 in connection with the execution or discharge of the duties, powers, authorities or discretions
 of his office; but there may be no release from liability arising out of or in connection
 with that person's own dishonesty.

**Insurance**

27.4 To
 the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of
 a contract insuring each of the following persons against risks determined by the Directors,
 other than liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 existing or former Director (including alternate Director), Secretary or Officer or auditor
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company;

(ii) a
 company which is or was a subsidiary of the Company;

(iii) a
 company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 trustee of an employee or retirement benefits scheme or other trust in which any of the persons
 referred to in paragraph (a) is or was interested.

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| | |
|:---|:---|
| **28** | **Notices** |

---

**Form of notices**

28.1 Save
 where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules,
 any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing signed by or on behalf of the giver in the manner set out below for written notices;
 or

(b) subject
 to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
 Signature and authenticated in accordance with Articles about authentication of Electronic
 Records; or

(c) where
 these Articles expressly permit, by the Company by means of a website.

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**Electronic communications**

28.2 A
 notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Directors so resolve or otherwise accept the notice; or

(b) any
 Director or Officer provides the giver of the notice an electronic address to which the notice
 may be sent and a notice is sent to that address within a reasonable period of time.

28.3 A
 notice may not be given by Electronic Record to a person other than the Company unless the
 recipient has provided the giver of the notice with an Electronic address to which notice
 may be sent.

28.4 Subject
 to the Act, the Designated Stock Exchange Rules and to any other rules which the Company
 is bound to follow, the Company may also send any notice or other document pursuant to these
 Articles to a Member by publishing that notice or other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company and the Member have agreed to his having access to the notice or document on a website
 (instead of it being sent to him);

(b) the
 notice or document is one to which that agreement applies;

(c) the
 Member is notified (in accordance with any requirements laid down by the Act and, in a manner
 for the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 publication of the notice or document on a website;

(ii) the
 address of that website; and

(iii) the
 place on that website where the notice or document may be accessed, and how it may be accessed;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 notice or document is published on that website throughout the publication period, provided
 that, if the notice or document is published on that website for a part, but not all of,
 the publication period, the notice or document shall be treated as being published throughout
 that period if the failure to publish that notice of document throughout that period is wholly
 attributable to circumstances which it would not be reasonable to have expected the Company
 to prevent or avoid. For the purposes of this Article 28.4 "publication period"
 means a period of not less than twenty-one days, beginning on the day on which the notification
 referred to in Article 28.4(c) is deemed sent.

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**Persons entitled to notices**

28.5 Any
 notice or other document to be given to a Member may be given by reference to the register
 of Members as it stands at any time within the period of twenty-one days before the day that
 the notice is given or (where and as applicable) within any other period permitted by, or
 in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange
 Rules and/or the Designated Stock Exchanges. No change in the register of Members after that
 time shall invalidate the giving of such notice or document or require the Company to give
 such item to any other person.

**Persons authorised to give notices**

28.6 A
 notice by either the Company or a Member pursuant to these Articles may be given on behalf
 of the Company or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save
 where these Articles provide otherwise, a notice in writing may be given personally to the
 recipient, or left at (as appropriate) the Member's or Director's registered
 address or the Company's registered office, or posted to that registered address or
 registered office.

**Joint holders**

28.8 Where
 Members are joint holders of a Share, all notices shall be given to the Member whose name
 first appears in the register of Members.

**Signatures**

28.9 A
 written notice shall be signed when it is autographed by or on behalf of the giver, or is
 marked in such a way as to indicate its execution or adoption by the giver.

28.10 An
 Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A
 notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
 the time, date and content of the transmission, and if no notification of failure to transmit
 is received by the giver.

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28.12 A
 notice given in writing shall be deemed sent if the giver can provide proof that the envelope
 containing the notice was properly addressed, pre-paid and posted, or that the written notice
 was otherwise properly transmitted to the recipient.

28.13 A
 Member present, either in person or by proxy, at any meeting of the Company or of the holders
 of any class of Shares shall be deemed to have received due notice of the meeting and, where
 requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A
 notice may be given by the Company to the persons entitled to a Share in consequence of the
 death or bankruptcy of a Member by sending or delivering it, in any manner authorised by
 these Articles for the giving of notice to a Member, addressed to them by name, or by the
 title of representatives of the deceased, or trustee of the bankrupt or by any like description,
 at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

28.15 Until
 such an address has been supplied, a notice may be given in any manner in which it might
 have been given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A
 notice is given on the date identified in the following table

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| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered<br> address | At the time and date it was left |
| (C) By posting it by prepaid post to the street<br> or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than<br> publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | &nbsp;&nbsp;24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the<br> website |

---

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**Saving provision**

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|:---|:---|
| 28.17 | None of the preceding notice provisions shall derogate from the Articles about the delivery of written resolutions of Directors and written resolutions of Members. |
| **29** | **Authentication of Electronic Records Application of Articles** |
| **Application of Articles** | **Application of Articles** |
| 29.1 | Without limitation to any other provision of these Articles, any notice, written resolution or other document under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a Director or other Officer of the Company, shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies. |

---

**Authentication of documents sent by Members by Electronic means**

29.2 An
 Electronic Record of a notice, written resolution or other document sent by Electronic means
 by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
 are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of
 those Members; and

(b) the
 Electronic Record of the Original Document was sent by Electronic means by, or at the direction
 of, that Member to an address specified in accordance with these Articles for the purpose
 for which it was sent; and

(c) Article
 29.7 does not apply.

29.3 For
 example, where a sole Member signs a resolution and sends the Electronic Record of the original
 resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
 specified for that purpose, the facsimile copy shall be deemed to be the written resolution
 of that Member unless Article 29.7 applies.

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**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An
 Electronic Record of a notice, written resolution or other document sent by or on behalf
 of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic
 if the following conditions are satisfied:

---

| | |
|:---|:---|
| (a) | the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by the Secretary or one or more of those Officers; and |
| (b) | the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of, the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and |
| (c) | Article 29.7 does not apply. |
| This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company. | This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company. |

---

29.5 For
 example, where a sole Director signs a resolution and scans the resolution, or causes it
 to be scanned, as a PDF version which is attached to an email sent to the address in these
 Articles specified for that purpose, the PDF version shall be deemed to be the written resolution
 of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For
 the purposes of these Articles about the authentication of Electronic Records, a document
 will be taken to be signed if it is signed manually or in any other manner permitted by these
 Articles.

**Saving provision**

29.7 A
 notice, written resolution or other document under these Articles will not be deemed to be
 authentic if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes
 that the signature of the signatory has been altered after the signatory had signed the original
 document; or

(b) believes
 that the original document, or the Electronic Record of it, was altered, without the approval
 of the signatory, after the signatory signed the original document; or

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|:---|:---|
| (c) | otherwise doubts the authenticity of the Electronic Record of the document |
| and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit. | and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit. |

---

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| | |
|:---|:---|
| **30** | **Transfer by way of continuation** |
| 30.1 | The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction outside: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Cayman Islands; or

(b) such
 other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To
 give effect to any resolution made pursuant to the preceding Article, the Directors may cause
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 application be made to the Registrar of Companies of the Cayman Islands to deregister the
 Company in the Cayman Islands or in the other jurisdiction in which it is for the time being
 incorporated, registered or existing; and

(b) all
 such further steps as they consider appropriate to be taken to effect the transfer by way
 of continuation of the Company.

---

| | |
|:---|:---|
| **31** | **Winding up** |

---

**Distribution of assets in specie**

31.1 If
 the Company is wound up the Members may, subject to these Articles and any other sanction
 required by the Act, pass a Special Resolution allowing the liquidator to do either or both
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 divide in specie among the Members the whole or any part of the assets of the Company and,
 for that purpose, to value any assets and to determine how the division shall be carried
 out as between the Members or different classes of Members; and/or

(b) to
 vest the whole or any part of the assets in trustees for the benefit of Members and those
 liable to contribute to the winding up.

---

| | |
|:---|:---|
| 59 <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

**No obligation to accept liability**

---

| | |
|:---|:---|
| 31.2 | No Member shall be compelled to accept any assets if an obligation attaches to them. |
| 31.3 | The Directors are authorised to present a winding up petition |
| 31.4 | The Directors have the authority to present a petition for the winding up of the Company to the Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting. |
| **32** | **Amendment of Memorandum and Articles** |

---

**Power to change name or amend Memorandum**

32.1 Subject
 to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name; or

(b) change
 the provisions of its Memorandum with respect to its objects, powers or any other matter
 specified in the Memorandum.

**Power to amend these Articles**

32.2 Subject
 to the Act and as provided in these Articles, the Company may, by Special Resolution, amend
 these Articles in whole or in part.

---

| | |
|:---|:---|
| 60 <br>*www.verify.gov.ky File#: 403810* | ![](ex3-2_002.jpg) |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | | |
|:---|:---|:---|
| **Kepler Group Limited** | **D** | **+852 3656 6054** |
|  | **E** | **nathan.powell@ogier.com** |
|  | **D** | **+852 3656 6023** |
|  | **E** | **janice.chu@ogier.com** |
|  | Reference: NMP/JTC/506938.00001 | Reference: NMP/JTC/506938.00001 |

---

21 May 2026

Dear Sirs

**Kepler Group Limited** (the **Company**)

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the **Registration Statement**), as filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended (the **Securities Act**). The Registration Statement relates to the offering (the **Offering**) of 5,000,000 Ordinary Shares (as defined below) (the **Public Offering Shares**), together with an option for a period of 45 days from the date of the closing of the Offering for the underwriters of the Company to purchase up to 750,000 Ordinary Shares representing fifteen percent (15%) of the Public Offering Shares sold in the Offering (collectively, the **IPO Shares**).

We are furnishing this opinion as Exhibit 5.1, Exhibit 8.2 and Exhibit 23.2 to the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents (as defined in below). The headings herein are for convenience only and do not affect the construction of this opinion.

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 3 October 2023 issued by the Registrar
 of Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 memorandum and articles of association of the Company as adopted at incorporation;

---

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

---

Page **2** of **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 amended and restated memorandum and articles of association of the Company conditionally
 adopted by special resolutions passed on 2 September 2025 and with effect from the effective
 date of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 certificate of good standing dated 30 September 2025 issued by the Registrar in respect of
 the Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 register of directors of the Company as provided to us on 3 October 2025 (the **Register of Directors**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 register of members of the Company as provided to us on 3 October 2025 (the **Register of Members**, together with the Register of Directors, the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) copies
 of the written resolutions of the directors of the Company dated 3 September 2025, 2 October
 2025 and 25 April 2026 approving among others, the Company's filing of the Registration
 Statement and issuance of the IPO Shares (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 certificate dated 21 May 2026 as to certain matters of fact signed by a director of the Company
 (the **Director's Certificate**); and

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

---

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

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 copies of memorandum and articles of association of the Company provided to us are in full
 force and effect at relevant time and have not been amended, varied, supplemented or revoked
 in any respect;

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

Page **3** of **4**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no
 invitation has been or will be made by or on behalf of the Company to the public in the Cayman
 Islands to subscribe for any shares of the Company and none of the shares have been offered
 or issued to residents of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Company is, and after the allotment and issuance of the IPO Shares will be, able to pay its
 liabilities as they fall due; and

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

---

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

---

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

**Corporate status**

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

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 authorised share capital of the Company is US$100,000 divided into 100,000,000 ordinary shares
 of par value US$0.001 each (the **Ordinary Shares**).

**Corporate Authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company has taken all requisite corporate action to authorise the issuance and sale of the
 IPO Shares under the Registration Statement.

**Valid Issuance of IPO Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 IPO Shares to be offered and issued by the Company as contemplated by the Registration Statement
 have been duly authorised for issue and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issued
 by the Company against payment in full of the consideration therefor in accordance with the
 terms set out in the Registration Statement and the then effective memorandum and articles
 of association 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;(ii) such
 issuance of IPO Shares have been duly registered in the Company's register of members
 as fully paid shares,

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

**Registration Statement - Taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", in so far as they purport to summarise the laws or regulations
 of the Cayman Islands, are accurate in all material respects and that such statements constitute
 our opinion.

Page **4** of **4**

---

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

---

4.1 We
 offer no opinion:

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

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

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

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

---

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

---

5.1 This
 opinion is:

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

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

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

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

---

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

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the headings "*Enforcement of Liabilities*" and "*Legal Matters*" of the Registration Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term used in the Securities Act or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

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

Yours faithfully

![](ex5-1_002.jpg)

**Ogier**

## Exhibit 8.2

**Exhibit 8.2**

![](ex8-2_001.jpg)

![](ex8-2_002.jpg)

![](ex8-2_003.jpg)

![](ex8-2_004.jpg)

![](ex8-2_005.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**<u>DIRECTOR AGREEMENT</u>**

**THIS DIRECTOR AGREEMENT** (this "<u>Agreement</u>"), dated as of October 1, 2025, is by and between **Kepler Group Limited**, a company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and Kwok Yu Hin , an individual (the "<u>Director</u>").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment</u>.** The Director was appointed as director on October 10, 2023 and is hereby appointed as the chairman of the Board and the chief executive officer of the Company. This Agreement will become effective from the date of effectiveness of the registration statement of the Company for the initial public offering of the ordinary shares of the Company (the "Effective Date") and serves to regulate the employment relationship between the Company and the Director from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Director on October 10, 2023. The Company shall employ the Director and the Director shall diligently and faithfully serve the Company as a director and chairman of the board and the chief executive officer pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Term</u>.** The term of such appointment shall commence from the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "<u>Expiration Date</u>"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Compensation</u>.** From the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of US$26,000 which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a director and chairman of the board of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group; 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;(f) act in accordance with his powers and obligations as an director and chairman of the board of the Company and use his best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Director shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conflicts of Interest/Applicable Law</u>.** In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Corporate Opportunities</u>.** Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidentiality</u>.** The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("<u>Confidential Information</u>"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes gen erally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Code of Business Conduct and Ethics</u>.** The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Expenses</u>.** Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Indemnity</u>.** The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("<u>Indemnification Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Withholding</u>.** The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Binding Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Recitals</u>.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Validity</u>.** The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Headings and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Neutral Construction</u>.** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Agreement as of the date first above written.

---

| | |
|:---|:---|
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: | ![](ex10-1_001.jpg) |
| Name: | Kwok Yu Hin |
| Title: | Director |

---

---

| |
|:---|
| **DIRECTOR** |
| ![](ex10-1_001.jpg) |
| Kwok Yu Hin |

---

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT

(Attached)

## Exhibit 10.2

**Exhibit 10.2**

**<u>DIRECTOR AGREEMENT</u>**

**THIS DIRECTOR AGREEMENT** (this "<u>Agreement</u>"), dated as of September 3, 2025, is by and between **Kepler Group Limited**, a company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and Tam King Yeung Alvin, an individual (the "<u>Director</u>").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment</u>.** The Director is hereby appointed as a director of the Company. The Company shall employ the Director and the Director shall diligently and faithfully serve the Company as a director pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Term</u>.** The term of such appointment shall commence from September, 3, 2025 (the "Effective Date") and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "<u>Expiration Date</u>"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Compensation</u>.** From the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of US$5,000 which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his office as a director and chairman of the board of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his office in relation to the Company and/or the Group; 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;(f) act in accordance with his powers and obligations as an director and chairman of the board of the Company and use his best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Director shall carry out his duties and exercise his powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Director to cease performing any of his duties or exercising any of his power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conflicts of Interest/Applicable Law</u>.** In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Corporate Opportunities</u>.** Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidentiality</u>.** The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("<u>Confidential Information</u>"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Direct or, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Code of Business Conduct and Ethics</u>.** The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Expenses</u>.** Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Indemnity</u>.** The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("<u>Indemnification Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Withholding</u>.** The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **12.** **<u>Binding Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **13.** **<u>Recitals</u>.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Validity</u>.** The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Headings and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Neutral Construction</u>.** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Director Agreement as of the date first above written.

---

| | |
|:---|:---|
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: | ![](ex10-2_001.jpg) |
| Name: | Kwok Yu Hin |
| Title: | Director |

---

---

| |
|:---|
| **DIRECTOR** |
| ![](ex10-2_002.jpg) |
| Tam King Yeung Alvin |

---

EXHIBIT A

INDEMNIFICATION

AGREEMENT

(Attached)

## Exhibit 10.3

**Exhibit 10.3**

**<u>EXECUTIVE OFFICER AGREEMENT</u>**

**THIS EXECUTIVE OFFICER AGREEMENT** (this "<u>Agreement</u>"), dated as of October 1, 2025, is by and between **Kepler Group Limited**, a company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and Mr. Tony Cheng, an individual (the "<u>Executive Officer</u>").

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Appointment</u>.** The Executive Officer was appointed as chief financial officer on July 4, 2024. This Agreement will become effective from the date of effectiveness of the registration statement of the Company for the initial public offering of the ordinary shares of the Company (the "Effective Date") and serves to regulate the employment relationship between the Company and the Director from the Effective Date. For the avoidance of doubt, this Agreement shall not affect the effectiveness of the appointment of the Executive Officer on July 4, 2024. The Company shall employ the Executive Officer and the Executive Officer shall diligently and faithfully serve as the Company's chief financial officer pursuant to the terms and conditions of this Agreement and subject to the amended and restated memorandum and articles of association of the Company, the Nasdaq Stock Market Rules (to the extent applicable) and other applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Term</u>.** The term of such appointment shall commence from the Effective Date and shall continue until the Executive Officer's successor is duly elected or appointed and qualified or until the Executive Officer's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current memorandum and articles of association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "<u>Expiration Date</u>"). In the event that the Executive Officer's successor has not been duly elected or appointed as of the Expiration Date, the Executive Officer agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Compensation</u>.** Upon the closing date of the Company's initial public offering and during the term of this Agreement, the Executive Officer shall receive a monthly remuneration of HK$3,000 which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Executive Officer shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "<u>Compensation</u>"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the closing date of the Company's initial public offering. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duties</u>.** The Executive Officer shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) devote a sufficient amount of time and attention to the interests and affairs of the Company in the discharge of duties of his/her office as a chief financial officer of the Company and, where relevant, as an officer of such other members of the Group as are necessary for the proper and efficient administration, supervision, and management of the strategic planning, corporate management and business development of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faithfully and diligently perform such duties and exercise such powers as are consistent with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, instructions, regulations and directions from time to time passed, made or given by the Board according to the best of his/her skills and ability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his/her office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of such powers and duties and provide such explanations as the Board may require in connection with his/her office in relation to the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) act in accordance with his/her powers and obligations as a chief financial officer of the Company and use his/her best endeavours to comply with and to cause the Company to comply with (a) this Agreement; (b) every rule or law applicable to any member of the Group, whether in the United States, Hong Kong, or elsewhere; (c) the Nasdaq Stock Market Rules; (d) amended and restated memorandum and articles of association of the Company; (e) shareholders' and board resolutions of the Company; (f) the Securities Act of 1933; and (g) all other relevant securities regulations, rules, instructions and guidelines as issued by the relevant regulatory authorities from time to time, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to insider information or unpublished inside information affecting the shares, debentures or other securities of any member of the Group.

The Executive Officer shall carry out his/her duties and exercise his/her powers jointly with any other executive officers, senior management or directors of the Group as may from time to time be appointed by the Board. The Board may at any time require the Executive Officer to cease performing any of his/her duties or exercising any of his/her power under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Conflicts of Interest/Applicable Law</u>.** In the event that the Executive Officer has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Executive Officer is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Executive Officer shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Executive Officer acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Corporate Opportunities</u>.** Whenever the Executive Officer becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Executive Officer to make available to the Company, the Executive Officer shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidentiality</u>.** The Executive Officer agrees and acknowledges that, by reason of the nature of the Executive Officer's duties on the Board, the Executive Officer will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("<u>Confidential Information</u>"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Executive Officer has had access by reason of the Executive Officer's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Executive Officer or the Executive Officer's representatives; or (ii) is required to be disclosed by the Executive Officer due to governmental regulatory or judicial process. The Executive Officer agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Executive Officer acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Executive Officer by the Company or otherwise acquired or developed by the Executive Officer, shall at all times be the property of the Company. Upon termination of the Executive Officer's services hereunder, the Executive Officer shall return to the Company any such property or documents which are in the Executive Officer's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Executive Officer, generally known to the public. The obligations of the Executive Officer under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Executive Officer may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Code of Business Conduct and Ethics</u>.** The Executive Officer agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of executive officers of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Expenses</u>.** Upon submission of adequate documentation by the Executive Officer to the Company, the Executive Officer shall be reimbursed for all reasonable expenses incurred in connection with the Executive Officer's positions as a member of the Board and for services as a member of each committee of the Board to which the Executive Officer may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Indemnity</u>.** The Company and the Executive Officer agree that indemnification with respect to the Executive Officer's service shall be governed by that certain Indemnification Agreement attached as <u>Exhibit A</u> hereto ("<u>Indemnification Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Withholding</u>.** The Executive Officer agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Binding Effect</u>.** This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Recitals</u>.** The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Validity</u>.** The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Headings and Captions</u>.** The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Neutral Construction</u>.** Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Miscellaneous</u>.** This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Executive Officer's service and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set for th or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Executive Officer's service. The Executive Officer acknowledges that he/she has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Executive Officer Agreement as of the date first above written.

---

| | |
|:---|:---|
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: | ![](ex10-3_001.jpg) |
| Name: | Kwok Yu Hin |
| Title: | Director |

---

**EXECUTIVE OFFICER**

---

| |
|:---|
| ![](ex10-3_002.jpg) |
| Tony Cheng |

---

<u>EXHIBIT A</u>

INDEMNIFICATION AGREEMENT

(Attached)

## Exhibit 10.4

**Exhibit 10.4**

**<u>INDEPENDENT DIRECTOR AGREEMENT</u>**

**THIS INDEPENDENT DIRECTOR AGREEMENT** (this "<u>Agreement</u>"), dated as of [\*], 2025, is by and between **Kepler Group Limited**, a company incorporated under the laws of the Cayman Islands (the "<u>Company</u>"), and [\*], an individual (the "Director") and shall become effective from the date of effectiveness of the registration statement of the Company for the initial public offering of the ordinary shares of the Company (the "<u>Effective Date</u>").

**<u>RECITALS</u>**

**WHEREAS**, the Company desires to appoint the Director to serve on the Company's board of directors (the "<u>Board</u>") and the Director desires to accept such appointment to serve on the Board; and

**WHEREAS**, the Director may be appointed to serve as a member or chair of one or more committees of the Board.

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the foregoing and the Director's services to the Company as a member of the Board, as a member of such committees of the Board to which the Director may be appointed from time to time and as chair of one or more committees to which the Director may be appointed in such capacity from time to time, and intending to be legally bound hereby, the Company and the Director hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** The Company hereby appoints the Director, and the Director hereby accepts such appointment by the Company, for the purposes and upon the terms and conditions contained in this Agreement. The term of such appointment shall commence on the Effective Date and shall continue until the Director's successor is duly elected or appointed and qualified or until the Director's earlier death, disqualification, resignation or removal from office, pursuant to the terms of this Agreement, the Company's then current Memorandum and Articles of Association, as may be amended from time to time, or any applicable laws, rules, or regulations (the "Expiration Date"). In the event that the Director's successor has not been duly elected or appointed as of the Expiration Date, the Director agrees to continue to serve hereunder until such successor has been duly elected or appointed and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Compensation</u>**. Upon the Effective Date and during the term of this Agreement, the Director shall receive a monthly remuneration of $[\*] which shall accrue on a day to day basis payable in arrears on the last day of each calendar month provided that if the Appointment is terminated prior to the end of a calendar month, the Director shall only be entitled to a proportionate part of such salary in respect of the period of service during the relevant month up to the date of termination (the "Compensation"). The Compensation may be reviewed during the term of this Agreement by the Compensation Committee pursuant to its terms of reference after the Effective Date. Any adjustment of the Compensation shall be recommended by the Compensation Committee (when applicable) and approved by the Board duly convened pursuant to the then current Memorandum and Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Independence</u>.** The Director acknowledges that appointment to the Board is contingent upon the Board's determination that the Director is "independent" with respect to the Company, as such term is defined by Rule 5605 of the Nasdaq Stock Market's Listing Rules, and any other applicable rules, and that the Director may be removed from the Board in the event that the Director does not maintain such independence. The Director acknowledges and agrees that the acceptance, directly or indirectly, of any consulting, advisory, or other compensatory fee, other than for Board service, from the Company or any subsidiary thereof will impair the Director's independence, and the Director agrees not to accept any such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Duties</u>.** The Director shall exercise all powers in good faith and in the best interests of the Company, including but not limited to, attending all required meetings of the Board or applicable committees thereof, executive sessions of the independent directors, reviewing filing reports and other corporate documents as requested by the Company, providing comments and opinions as to business matters as requested by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conflicts of Interest/A</u>p<u>plicable Law</u>. In the event that the Director has a direct or indirect financial or personal interest in a contract or transaction to which the Company is a party, or the Director is contemplating entering into a transaction that involves use of corporate assets or competition against the Company, the Director shall promptly disclose such potential conflict to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable. The Director acknowledges the duty of loyalty and the duty of care owed to the Company pursuant to applicable law and agrees to act in all cases in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporate Opportunities</u>. Whenever the Director becomes aware of a business opportunity related to the Company's business, which one could reasonably expect the Director to make available to the Company, the Director shall promptly disclose such opportunity to the applicable Board committee or the Board and proceed as directed by such committee or the Board, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentialit</u>y. The Director agrees and acknowledges that, by reason of the nature of the Director's duties on the Board, the Director will have or may have access to and become informed of proprietary, confidential and secret information which is a competitive asset of the Company ("<u>Confidential Information</u>"), including, without limitation, any lists of customers or suppliers, distributors, financial statistics, research data or any other statistics and plans or operation plans or other trade secrets of the Company and any of the foregoing which belong to any person or company but to which the Director has had access by reason of the Director's relationship with the Company. The term "Confidential Information" shall not include information which: (i) is or becomes generally available to the public other than as a result of a disclosure by the Director or the Director's representatives; or (ii) is required to be disclosed by the Director due to governmental regulatory or judicial process. The Director agrees faithfully to keep in strict confidence, and not, either directly or indirectly, to make known, divulge, reveal, furnish, make available or use (except for use in the regular course of employment duties) any such Confidential Information. The Director acknowledges that all manuals, instruction books, price lists, information and records and other information and aids relating to the Company's business, and any and all other documents containing Confidential Information furnished to the Director by the Company or otherwise acquired or developed by the Director, shall at all times be the property of the Company. Upon termination of the Director's services hereunder, the Director shall return to the Company any such property or documents which are in the Director's possession, custody or control, but this obligation of confidentiality shall survive such termination until and unless any such Confidential Information shall have become, through no fault of the Director, generally known to the public. The obligations of the Director under this subsection are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Director may have to the Company under general legal or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Code of Business Conduct and Ethics</u>. The Director agrees to abide by and follow all such procedures set forth in the Company's code of business conduct and ethics, as may be in existence now or at any time during the term of this Agreement, and any other policy, code or document governing the conduct of directors of the Company as may be in existence now or at any time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Expenses</u>**. Upon submission of adequate documentation by the Director to the Company, the Director shall be reimbursed for all reasonable expenses incurred in connection with the Director's positions as a member of the Board and for services as a member of each committee of the Board to which the Director may be appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Indemnit</u>y**. The Company and the Director agree that indemnification with respect to the Director's service on the Board shall be governed by that certain Indemnification Agreement attached as Exhibit A hereto ("Indemnification Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Withholdin</u>g**. The Director agrees to cooperate with the Company to take all steps necessary or appropriate for the withholding of taxes by the Company required under law or regulation in connection herewith, and the Company may act unilaterally in order to comply with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Bindin</u>g <u>Effect</u>**. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Recitals</u>**. The recitals to this Agreement are true and correct and are incorporated herein, in their entirety, by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Validit</u>y**. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Headin</u>g<u>s and Captions</u>**. The titles and captions of paragraphs and subparagraphs contained in this Agreement are provided for convenience of reference only, and shall not be considered terms or conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Neutral Construction</u>**. Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Miscellaneous</u>**. This Agreement shall be construed under the laws of the State of New York, without application to the principles of conflicts of laws. This Agreement and the Indemnification Agreement constitute the entire understanding between the parties with respect to the Director's service on the Board and there are no prior or contemporaneous written or oral agreements, understandings, or representations, express or implied, directly or indirectly related to this Agreement that are not set forth or referenced herein. This Agreement supersedes all negotiations, preliminary agreements, and all prior and contemporaneous discussions and understandings of the parties hereto and/or their affiliates with respect to the Director's service on the Board. The Director acknowledges that he has not relied on any prior or contemporaneous discussions or understanding in entering into this Agreement. The terms and provisions of this Agreement may be altered, amended or discharged only by the signed written agreement of the parties hereto.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Independent Director Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: |  |
| Name: | Kwok Yu Hin |
| Title: | Director |
| **DIRECTOR** | **DIRECTOR** |
| [\*] | [\*] |

---

<u>EXHIBIT A</u> 

INDEMNIFICATION AGREEMENT

(Attached)

## Exhibit 10.5

**Exhibit 10.5**

**<u>INDEMNIFICATION AGREEMENT</u>**

**THIS INDEMNIFICATION AGREEMENT** (this "<u>Agreement</u>"), dated as of [\*], 2025, is by and between **Kepler Group Limited**, a company incorporated under the laws of the Cayman Islands (the "<u>Company</u>") and [\*] (the "<u>Indemnitee</u>") and shall become effective from the date of effectiveness of the registration statement of the Company for the initial public offering of the ordinary shares of the Company (the "<u>Effective Date</u>").

**<u>RECITALS</u>**

**WHEREAS**, Indemnitee is a director or officer of the Company and in such capacity renders valuable services to the Company;

**WHEREAS**, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies;

**WHEREAS**, the board of directors of the Company (the "<u>Board</u>") has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's continued service as a director or officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective of, among other things, any amendment to the Company's Certificate of Incorporation or Memorandum and Articles of Association (collectively, the "Constituent Documents"), any change in the composition of the Board or any change in control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1 below) to, Indemnitee as set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the Indemnitee's agreement to continue to provide services to the Company, the parties agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Beneficial Owner</u>" has the meaning given to the term "beneficial owner" in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Chan</u>g<u>e in Control</u>" means the occurrence after the Effective Date of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 51% or more of the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, more than 51% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Claim</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inquiry, hearing or investigation that the Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Disinterested Director</u>" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Expenses</u>" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent, and (ii) for purposes of <u>Section 4</u> only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Expense Advance</u>" means any payment of Expenses advanced to Indemnitee by the Company pursuant to <u>Section 3</u> or <u>Section 4</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Indemnifiable Event</u>" means any event or occurrence, whether occurring before, on or after the Effective Date, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, "<u>Enterprise</u>") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Independent Counsel</u>" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five years has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Losses</u>" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Standard of Conduct Determination</u>" shall have the meaning ascribed to it in <u>Section 8</u>(b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Votin</u>g <u>Securities</u>" means any securities of the Company that vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Indemnification**. Subject to <u>Section 8</u> and <u>Section 9</u> of this Agreement, the Company shall indemnify the Indemnitee, to the fullest extent permitted by the laws of the State of New York in effect on the Effective Date, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which the Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Advancement of Expenses**. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event at the written request of Indemnitee. Indemnitee shall set forth in such request reasonable evidence that such Expenses have been paid or incurred by Indemnitee. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within thirty days after any request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company's obligation to pay Expense Advances to Indemnitee is contingent upon Indemnitee's execution and delivery to the Company of an undertaking to repay any amounts paid, advanced, or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Indemnification for Expenses in Enforcing Rights**. To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with <u>Section 3</u>, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors' and officers' liability insurance policies maintained by the Company. However, in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this <u>Section 4</u> shall be repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Partial Indemnity**. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Notification and Defense of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company's ability to participate in the defense of such claim was materially and adversely affected by such failure. If at the time of the receipt of such notice, the Company has directors' and officers' liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; provided, however, that if (i) Indemnitee's employment of its own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, Indemnitee's employment of its own counsel has been approved by the Independent Counsel or (iv) the Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but not more than one law firm) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Procedure upon Application for Indemnification**. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with <u>Section 8</u> below.

8. **Determination of Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandator</u>y <u>Indemnification</u>; <u>Indemnification as a Witness.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with <u>Section 2</u> to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law and no Standard of Conduct Determination (as defined in <u>Section 8</u>(b)) shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Conduct</u>. To the extent that the provisions of <u>Section 8</u>(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under New York law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "<u>Standard of Conduct Determination</u>") shall be made as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Change in Control shall have occurred, (A) if the Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Makin</u>g <u>the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under <u>Section 8</u>(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under <u>Section 8</u>(b) shall not have made a determination within thirty days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to <u>Section 7</u> (the date of such receipt being the "<u>Notification Date</u>") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pay<u>ment of Indemnification</u>. If, in regard to any Losses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to <u>Section 8</u>(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to <u>Section 8</u>(b) or <u>Section 8</u>(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within thirty days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(i), the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising of the identity of the Independent Counsel so selected. If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to <u>Section 8</u>(b)(ii), the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, Indemnitee or the Company, as applicable, may, within five days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in <u>Section 1</u>, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence shall apply to such subsequent selection and notice. If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this <u>Section 8</u>(e) to make the Standard of Conduct Determination shall have been selected within twenty days after the Company gives its initial notice pursuant to the first sentence of this <u>Section 8</u>(e) or Indemnitee gives its initial notice pursuant to the second sentence of this <u>Section 8</u>(e), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction to resolve any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by such court or such other person as the court shall designate, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel's determination pursuant to <u>Section 8</u>(b).

(f) <u>Presumptions and Defenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the person or persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by the Indemnitee in a court of competent jurisdiction. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of <u>Section 8</u>(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Exclusions from Indemnification**. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in <u>Section 4</u> above (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was not made in good faith or was frivolous); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnify or advance funds to Indemnitee for Indemnitee's reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Settlement of Claims**. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Duration**. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (i) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (ii) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Non-Exclusivity**. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the New York Business Corporation Law, any other contract or otherwise (collectively, "<u>Other Indemnit</u>y <u>Provisions</u>"); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the Effective Date, Indemnitee will be deemed to have such greater right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Liability Insurance**. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers, as applicable. Upon reasonable request, the Company will provide to Indemnitee copies of all directors' and officers' liability insurance applications, binders, policies, declarations and endorsements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Duplication of Payments**. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Subrogation**. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendments**. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Binding Effect**. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Severability**. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Notices**. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand; (ii) otherwise delivered against receipt therefor; (iii) mailed by postage prepaid, certified or registered mail; (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (v) sent by e-mail with confirmation of receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to Indemnitee, to the email address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Company:

Kepler Group Limited

Suite 3902-03, 39/F

Tower 6, The Gateway

Harbour City, Tsim Sha Tsui

Hong Kong

Telephone: (852) 2155 2889

<u>E-mail: ken.kwok@kplga.com</u>

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Governing Law**. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Headings**. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Counterparts**. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, and all of which together shall constitute one and the same Agreement.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **KEPLER GROUP LIMITED** | **KEPLER GROUP LIMITED** |
| By: |  |
| Name: | Kwok Yu Hin |
| Title: | Director |
| **INDEMNITEE** | **INDEMNITEE** |
| Name: | [\*] |
| E-mail: | [\*] |

---

Signature Page to Indemnification Agreement

## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

**BROKER'S AGREEMENT**

This Agreement is made in duplicate the 17th day of June 2020 between Manulife (International) Limited (hereinafter called the **"Company"),** and **EQUATOR ASSET PROTECTION LIMITED** (hereinafter called the **"Broker").**

1. <u>STATUS</u> 

(a) With
 effect from 17th day of June 2020, subject to the Broker's duties owed to its clients
 and all applicable laws, regulations, rules, codes, guidelines or other regulatory requirements,
 the Broker agrees to introduce or place the Company's insurance products or other related
 businesses to its clients where it is in its clients' interests.

(b) Notwithstanding
 any of the terms and conditions in this Agreement, the Company reserves the right in its
 sole and absolute discretion not to accept any application for the Company's insurance
 products or other related businesses **("Application")** submitted by the
 Broker on any one or more occasions or generally and shall be under no obligation whatsoever
 to give any reasons for such refusal.

(c) During
 the continuance of this Agreement, the Broker shall, in respect of any Application submitted
 by it and approved by the Company , be entitled to the commissions, bonus and other compensation
 set out in this Agreement on condition that the Broker is in full compliance with the terms
 and conditions herein.

(d) Nothing
 in this Agreement shall create or constitute any agency, partnership or joint venture relationship
 between the Company and the Broker, or any employer-employee relationship between the employees
 of one party and the other party. The Broker shall remain at all times the agent of its clients.
 Neither party shall have the authority to act for or to incur any obligation on behalf of
 the other party.

(e) The
 Company shall have the right to communicate directly or indirectly with or service the Broker's
 clients who have taken out insurance policies issued by the Company pursuant to this Agreement
 when the relevant insurance policies remain in full force and effect and thereafter for the
 purpose of administering the relevant insurance policies or for any other purpose which the
 Company may consider appropriate. Nothing in this Clause shall limit the right of the Company
 to communicate with any person by using personal data obtained from any source other than
 the Broker, whether or not such person is also a client of the Broker.

(f) This
 Agreement shall not be deemed to be exclusive and the parties are free to enter into similar
 agreements with other third parties.

2. <u>COMMISSIONS BONUS & OTHER COMPENSATION</u> 

(a) Subject
 to the terms and conditions of this Agreement, the Company shall pay to the Broker commissions
 on premiums paid in full and actually received by the Company in cleared funds on insurance
 policies issued (which have not been cancelled or returned before the end of their respective
 cooling-off period) pursuant to Applications received from the Broker under this Agreement,
 at the commission rates set forth in the Company's then current Schedules of Commissions
 & Bonuses. The Schedules of Commissions & Bonuses is subject to change or revocation
 by the Company at any time in the Company's absolute discretion and without prior notice
 to the Broker, and the Broker agrees that such change or revocation (as the case may be)
 shall be effective and binding upon the Broker, but no change shall affect commissions on
 any policy the Application for which is submitted to the Company prior to the effective date
 of the change. The Company's decision on commissions is final and conclusive.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

 

 

(b) Subject
 to the terms and conditions of this Agreement, the Broker may qualify for a bonus set forth
 in the Company's then current Schedules of Commissions & Bonuses. The Schedules
 of Commissions & Bonuses is subject to change or revocation by the Company at any time
 in the Company's absolute discretion and without prior notice to the Broker, both in
 percentage of bonus payable and qualification requirements, and the Broker agrees that such
 change or revocation (as the case may be) shall be effective and binding upon the Broker.
 Bonus payments shall be based on the Company's then current Schedules of Commissions
 & Bonuses. The Company's decision on bonuses is final and conclusive.

(c) Benefit,
 remuneration, privilege or perquisite not expressly set out herein or referred to in the
 Schedules of Commissions & Bonuses may be granted to the Broker at the sole discretion
 of the Company without any binding legal effect on the Company to continue or improve any
 such benefit, remuneration, privilege or perquisite; and the Company shall have the sole
 and absolute discretion to modify, change or discontinue forthwith any such benefit, remuneration,
 privilege or perquisite at any time without prior notice to the Broker.

3. <u>REGULATIONS ON COMPENSATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) When
 any part(s) or provision(s) of a policy issued upon the Application submitted by the Broker
 pursuant to this Agreement is changed or converted to another policy plan, the commission,
 bonus and other compensation payable, if any, upon the changed or converted policy shall
 be determined by the rules of the Company current at the time of such change, and the Company's
 determination shall be final and binding. In any event, the Broker shall not be entitled
 to any commission, bonus or other compensation on the changed or converted policy unless
 the change or conversion is effected by the Broker itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 a policy has been surrendered or lapsed or reduced within six months prior to the date of
 an Application for insurance on the same life, or if the Company reasonably believes that
 an Application for new insurance is made by the applicant with the intention to replace within
 one year (before or after the time of Application) an existing policy or part thereof, the
 commission, bonus and other compensation (if any) on the new policy shall be determined by
 the rules of the Company current at the time of such Application, and the Company's
 determination shall be final and binding. The Broker shall be bound to pay the Company on
 demand any excessive commissions, bonus and other compensation which the Broker may have
 received on the new policy. In any event, the Broker shall not be entitled to any commission,
 bonus or other compensation on the new policy unless the replacement is effected by the Broker
 itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 the Company returns all or a portion of a premium paid in respect of a policy whether as
 a result of policy surrender, partial surrender, termination, reduction of sum insured or
 otherwise, the Broker shall refund to the Company on demand the amount of commissions, bonus
 and other compensation (if any) received by the Broker on the premiums so returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Before
 the Broker should receive or take any comm1ss1on, bonus or any other compensation from the
 Company generated by any policies or products sold by the Company through the Broker under
 this Agreement, the Broker should obtain proper consent or permission from the customers
 or clients, who purchase such policies or products, to receive commission, bonus or compensation
 in respect of the purchase(s). The Company shall have the right to request the Broker to
 provide evidence, to the satisfaction of the Company, that such prior consent or permission
 has been duly obtained.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No
 commission, bonus or other compensation shall be payable in respect of any policy that is
 or becomes void or unenforceable for any reason whatsoever (including by reason of the avoidance
 of any policy by the Company), and the Broker shall be bound promptly to pay or refund to
 the Company on demand any such commission, bonus or compensation paid in respect of any such
 policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Company shall be entitled to cease paying the Broker any commission, bonus or other compensation
 if the Broker's client has notified the Company in writing that he/she does not require
 the Broker to provide the services to him/her, and the Broker shall be bound promptly to
 pay or refund to the Company on demand any such commission, bonus or compensation paid in
 respect of any such policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In
 the event that there is any fraud, money-laundering or mis-selling in respect of any policy,
 the Company shall be entitled to claw back from the Broker all commission, bonus or compensation
 paid to the Broker on such policy. The Broker shall immediately repay to the Company on demand
 any commission, bonus or compensation paid in respect of any such policy. The Broker agrees
 that it shall indemnify the Company and hold it harmless against all loss, claims, demands,
 expenses and other liabilities that may be incurred by the Company as a result of fraud,
 money-laundering or mis-selling in respect of any policy. This clause shall survive the termination
 of this Agreement.

4. <u>OFFSETS TO COMMISSIONS AND BONUSES</u> 

To the extent not prohibited by the applicable laws, the Company shall have the right at all times to withhold and/or offset any claims or monies (including any commission, bonus or other compensation (if any)) accrued or to accrue to the Broker under this Agreement against any debt, obligation or liability (actual or contingent) due at any time to the Company from the Broker, as Broker or otherwise. Such withholding and/or offsetting shall not create any cause of action against the Company by the Broker. The ledger account of the Company shall be admissible and conclusive evidence of the state of the accounts between the parties hereto. This Clause shall survive termination of this Agreement.

5. <u>BROKER'S DUTIES</u> 

(a) The
 Broker agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) immediately
 remit to the Company all monies received or collected from the policy applicant which are
 intended to be paid to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deliver
 any policy issued by the Company to its clients without delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be
 solely responsible for obtaining all professional indemnity insurance, licences, permits
 and approvals for itself or for its directors, managers and/or any other legal representatives
 (including its technical representatives), which are necessary or required for the performance
 of its duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) whenever
 the Company so requires, furnish to the Company a detailed report on all the policies, receipts
 or notes in the Broker's possession for delivery to or collection by the policyholders;
 on policies or receipts returned to the Broker for cancellation by the Company; and on every
 item of business transacted with the Company by it;

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) upon
 demand from the Company, return to the Company all policies and premium receipts in its possession
 for the purpose of transmission to, but uncollected by, the policyholders. Upon termination
 of this Agreement for any reason whatsoever, the Broker shall return to the Company all documents
 in the Broker's custody or possession belonging to the Company.

(b) The
 Broker shall explain to its clients the importance of disclosing all material facts in respect
 of their Applications submitted to the Company which may affect either (i) the Company's
 decision to accept the Application submitted or underwrite the risk or (ii) the terms on
 which the Company will accept the Application submitted or underwrite the risk. Any and all
 such material facts disclosed by the clients to the Broker must in turn be disclosed promptly,
 fully and completely by the Broker to the Company. The Company reserves an absolute right
 to decline any Application submitted. The Broker shall also disclose to and advise the clients
 on all material facts relating to the insurance policy introduced to the clients.

(c) If
 any information supplied by the Broker to the Company shall materially alter or become materially
 untrue after it has been supplied, the Broker shall immediately notify the Company of such
 alteration and supply such further correct information as may be necessary before any further
 business is introduced or placed by the Broker with the Company. In particular, the Broker
 shall promptly notify the Company in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of
 any change of name or address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of
 any change in its ownership, partners, directors, managers, controllers or any other legal
 representatives (including its technical representatives);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 the Broker or any of its owners, partners, directors, managers, controllers or any other
 legal representatives (including its technical representatives) is investigated on or charged
 with any criminal offence or becomes subject to investigation or disciplinary action by any
 governmental, regulatory or professional body; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 any authorizations, approvals, licences and permits which are necessary for the performance
 of its obligations under this Agreement are altered, suspended or revoked.

(d) The
 Broker hereby expressly agrees not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver
 a policy if there is any change in the insurability of the risk insured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) misrepresent,
 either orally or in writing, the terms and conditions of any policy offered for sale under
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) give
 any rebate of premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur
 any expenses or create any liability or debt for which the Company would be responsible or
 bind the Company in any way without the written consent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) engage
 in any conduct which violates applicable laws, regulations, rules, codes and guidelines to
 which the Broker is subject, and any codes of conduct, statements of practice, directions,
 guidelines or regulations issued by the relevant regulatory authorities or approved bodies
 of insurance brokers to which the Broker is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) commence
 or defend any action or legal proceeding in connection with the Company's business
 without prior written consent of the Company.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

6. <u>REPRESENTATIONS AND WARRANTIES</u> 

(a) The
Broker represents and warrants that it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
it has the necessary power and capacity to enable it to enter into this Agreement, and this Agreement constitutes legal, valid, binding
and enforceable obligations upon it.

(b) The
Broker further represents, warrants and undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is and will continue to be an authorized insurance broker in the Hong Kong Special Administrative
 Region **("Hong Kong");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it
 shall comply with all applicable laws, regulations, rules, codes and guidelines (as amended
 from time to time) to which the Broker is subject, including without limitation, the Insurance
 Ordinance, the Personal Data (Privacy) Ordinance and the Prevention of Bribery Ordinance,
 and any codes of conduct, statements of practice, directions, guidelines or regulations issued
 by the relevant regulatory authorities or approved bodies of insurance brokers to which the
 Broker is subject in connection with the performance of its duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 has full power, authority and legal rights to enter into and engage in the transactions contemplated
 by this Agreement and has taken and obtained all necessary corporate or other actions and
 consents, approvals, licences or permits to execute and perform the duties and obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this
 Agreement shall constitute legal, valid and binding obligations of the Broker and shall be
 enforceable in accordance with its terms and conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all
 information supplied by it at any time to the Company relating to itself, its business and
 the insurance business introduced or placed by it to the Company is true and correct in all
 respects.

7. <u>BROKER'S AUTHORITY</u> 

(a) The
 Broker shall not negotiate, enter into contracts and agreements on behalf of the Company
 and the Company shall not be bound by any contracts and agreements made by the Broker. The
 Broker shall have no authority to waive any requirement or in any way modify or alter the
 insurance policy issued by the Company, nor shall the Broker have any power to bind the Company
 by making any promise or representation. This Clause shall not affect or prejudice the Broker's
 right to introduce the Company's insurance products to its clients where it is in its
 clients' interests and submit Applications for life insurance and annuities on behalf
 of its clients to the Company.

(b) The
 Broker is not authorized to hold the monies of its clients on behalf of the Company but the
 Broker shall not be restricted from holding the monies of its clients and/or paying the premiums
 transmitted to the Broker by its clients to the Company if it is so authorized by its clients
 in writing. The Broker shall not, on behalf of the Company, extend the time allowed for the
 payment of any premium.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

(c) The
 Broker hereby expressly agrees not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make
 any endorsements on policies or waive, forfeit or quote premium rates other than those published
 by the Company or guarantee or change any dividend scales or interest rates published or
 to be published by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change
 or vary any of the policies sold or offered for sale under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) conduct
 any business in the name of the Company or purport to be the agent/representative of the
 Company.

(d) Unless
 with the Company's express written authority, the Broker shall not use the Company's
 name or logo or make reference to any relationship with the Company or its products on any
 of the Broker's website, advertisements, publicity, marketing or corporate materials,
 letters or other documents (whether or not in electronic form) in any context.

8. <u>NO ADVERTISING OR PUBLICATION BY BROKER</u> 

The Broker shall not modify, produce, print, publish, broadcast, issue or distribute or cause to be modified, produced, printed, published, broadcast, issued or distributed any circular, interview or advertisement or any other materials or printed matter concerning the Company or its insurance products or other related businesses and services in any newspaper, magazine, publication or any other media whatsoever without the prior written approval of the Company. If any lawsuits shall be brought against the Company in consequence of any unauthorised action or statement of the Broker, the Broker shall indemnify and keep the Company indemnified and harmless from all costs and damages arising therefrom or incidental thereto.

9. <u>BROKER'S DUTY TO DISCLOSE AND INDEMNIFY</u> 

(a) The
 Broker shall disclose to the Company every fact and circumstance within its knowledge relevant
 to the acceptance of the risk by the Company, and shall accurately relate to the Company
 every fact disclosed to the Broker by the proposed insured and or any other person relevant
 to the Company's acceptance of the risk. The Broker shall obtain the consents from
 the clients for such disclosures to the Company.

(b) The
 Broker shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) indemnify
 the Company against all losses incurred by the Company arising out of and/or in connection
 with the Broker's failure to disclose to the Company facts within the Broker's
 knowledge relevant to the Company's acceptance of the risk in accordance with the terms
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) indemnify
 the Company and hold it harmless against all losses, claims, demands, expenses, and other
 liabilities incurred by the Company as a result of any breach of the terms and/or conditions
 of this Agreement by the Broker including without prejudice to the generality of foregoing
 any representation made by the Broker which is not authorised hereunder or otherwise in writing
 by the Company, and any offence committed by the Broker against any laws, regulations, and
 statutory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) indemnify
 the Company against all losses, costs, expenses, actions, proceedings suffered by the Company
 as a result of the Broker's failure to verify and check the proposed insured's
 and/or owner's particulars shown on the application for insurance.

This Clause shall survive the termination of this Agreement.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

10. <u>APPLICATIONS & NO ALTERATIONS OF DOCUMENTS</u> 

(a) The
 Broker shall, in placing business with the Company, use such forms and documents as may from
 time to time supplied to it by the Company for the purposes hereof. The Broker shall not
 make any alterations, additions or erasures on any of the forms and documents supplied by
 or belonging to the Company or any applicant for insurance or policyholder which may from
 time to time be in the possession of the Broker.

(b) All
 Applications shall be made by using application forms supplied by the Company. All Applications
 secured by the Broker for insurance products or other businesses as may be issued by the
 Company, together with any medical examination and other reports, shall be delivered to the
 Company.

(c) The
 Company shall remain as the sole proprietary owner of all brochures, policy forms, application
 forms, stationary and any other materials and documents which bear the name and/or logo of
 the Company, whether they are provided to the Broker or any of its legal representatives
 (including its technical representatives) by the Company.

11. <u>POLICIES</u> 

No policy will be issued until the initial premium is received by the Company in cleared funds. The Company will not issue the policy if there has been any change in the insurability of the risk and/or the facts and information contained in the application forms subsequent to the submission of the Application.

12. <u>REGULATIONS</u> 

(a) The
 Broker agrees to comply with all applicable written rules and regulations which the Company
 have or may establish from time to time and all other reasonable requirements of the Company
 (including those for ensuring that the Broker promptly, and without amendment, provides to
 its client any information that the Company provides or makes available to the Broker in
 relation to its client) as notified to the Broker from time to time to govern the conduct
 of its business hereunder.

(b) The
 Broker agrees that the Company may apply its internal market conduct review and disciplinary
 process to review any complaints or matters arising out of or relating to the activities
 or omissions of the Broker or any of the Broker's technical representatives, consultants
 or other employees (collectively, **"Representative").** Should any of the
 Broker or the Broker's Representative's activities or omissions constitute, in
 the Company's opinion, negligence, misconduct, fraud or breach of any of the Company's
 rules and regulations (as communicated to the Broker by the Company from time to time), the
 Company shall have the absolute discretion to refuse any policy application submitted or
 insurance business referred to the Company by the Broker or by such Representative or to
 withhold or forfeit any commission, bonus or compensation which is otherwise payable to the
 Broker.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

13. <u>USE OF BROKER'S INFORMATION</u> 

The Broker acknowledges and agrees that the Company may need to collect information or data about the Broker and any person associated with or employed by the Broker (the **"data subject")** throughout the course of the Company's business relationship with the Broker. The Company shall have the right to use or disclose this information and data to the extent permitted or required by law, and/or to comply with applicable legal or regulatory requirements, and/or for any regulatory purposes (including compliance reviews and other regulatory audits), and/or to administer and develop the business relationship with the Broker. The Company reserves its rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 share any of the information or data provided by the Broker, or relating to its account with
 other members of the Company's group, regulatory authorities or bodies, and other credit
 reference agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 carry out credit checks on the Broker, its directors, partners, members, or employees from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 use any information or data supplied by the Broker for the purposes of exchanging information
 or data with other third parties, conducting market research, preparing strategic or other
 marketing plans, or gauging product sales or product performance. The Company may carry out
 all these activities alone or in conjunction with another party. The Company will not identify
 any of the Broker's clients if the Company takes part in these activities.

The Broker agrees to inform all data subjects of the provisions of this Clause.

14. <u>WAIVER</u> 

Any failure or omission on the part of the Company to take any immediate action on the breach of any of the terms and/or conditions of the Agreement on the part of the Broker shall not be construed as a waiver of the Company's rights under this Agreement or pursue any other remedies available to it under the laws in force from time to time, or to be construed as consent or permission granted to the Broker not to act in accordance with this Agreement. The Broker further agrees that no provision of this Agreement will be deemed to be waived by the Company unless such waiver is in writing and signed by an authorized officer of the Company stating explicitly that it is intended to modify or waive the effect of such provision.

15. <u>SEVERABILITY</u> 

The provisions of this Agreement are severable. In the event that any provisions herein is to be held invalid, unenforceable or illegal by any court or authority of competent jurisdiction, the remaining provisions of this Agreement shall not be affected and shall remain in full force and effect between the parties hereto, and this Agreement shall be construed in all respects as if such invalid, unenforceable or illegal provision were omitted.

16. <u>ASSIGNMENT</u> 

(a) This
 Agreement shall be assignable, transferable or disposable by the Company in whole or in part
 to any successor or affiliated company, and the Broker hereby gives its express consent for
 such purpose.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

(b) No
 rights or interests of the Broker in or under this Agreement shall be or purport to be sold,
 transferred, assigned or disposed of without the prior written consent of the Company. Such
 consent by the Company to any sale, transfer, assignment or disposition shall not create
 or imply any acknowledgement or responsibility or guarantee on the part of the Company as
 to the validity, effect or sufficiency of such sale, transfer, assignment or disposition,
 and such sale, transfer, assignment or disposition shall be filed in writing to the Company.

17. <u>NOTICE</u> 

Notices under or in connection with this Agreement shall be in writing. Any notice given by either party hereto shall be deemed to have been sufficiently given if sent by facsimile to the party's last known facsimile number or sent by registered post or delivered personally to the registered office address of the Broker or to the registered office address of the Company's office or such other address as may be notified by the relevant party to the other for this purpose from time to time (as the case may be). A notice shall be deemed to have been received by the party to whom it is addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 sent by facsimile, on the date it is successfully sent as evidenced by a transmission control
 report from the dispatching machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 sent by registered post, 2 calendar days after the notice is posted (excluding the date of
 posting) (if posted to an address in the same country) or 7 calendar days after the notice
 is posted (excluding the date of posting) (if posted to an address in another country) and
 in proving such service, it shall be sufficient to prove that the envelope containing the
 notice was properly addressed and posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 delivered personally, when left at such party's registered office address.

18. <u>CONFIDENTIALITY</u> 

(a) The
 Broker shall not, at any time whether during or after the termination of this Agreement,
 divulge or use any information of a confidential nature disclosed by the Company or in relation
 to the Company's affairs, operations or business or its clients or policyholders or
 the existence of this Agreement and its terms (collectively, the **"Confidential lnfonnation")** unless with the prior written consent of the Company. Notwithstanding the foregoing, the
 obligations of this Clause do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Confidential Information which the Broker can demonstrate is in, or has come into, the public
 domain without any breach by it of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 Confidential Information the disclosure of which is required by law or pursuant to a court
 order or is required by any governmental or regulatory body provided that the Broker shall,
 if practicable and to the extent not prohibited by laws, notify (where applicable, in advance)
 the Company of such disclosure or use and supply a copy of the required disclosure to the
 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Confidential Information which the Broker can demonstrate is received from a third party
 other than the Company without any confidentiality obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 Confidential Information which the Broker discloses to its officers, directors and employees
 provided that such officers, directors and employees shall have been duly informed of the
 confidential nature of such information and the Broker shall ensure that such officers, directors
 and employees shall also comply with the confidentiality obligations of this Clause and shall
 be given access to such information only on a "need to know'' basis.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

(b) The
 Broker acknowledges that in the event of a breach or threatened breach of any of the provisions
 of Clause 18(a) above by the Broker, damages may not be an adequate remedy for the Company
 and accordingly, the Company shall be entitled to an injunction on the Broker against such
 breach or threatened breach in addition to any other remedy the Company may be entitled to
 at law or in equity, and no particular legal or equitable remedy shall be construed as a
 waiver or limitation of any other legal or equitable remedies in the event of a breach of
 Clause 18(a) above.

(c) This
 Clause 18 shall survive the termination of this Agreement.

19. <u>EXISTING AGREEMENTS</u> 

(a) This
 Agreement together with its Schedules constitute the entire agreement between the parties
 hereto with respect to the subject matter hereof and supersede all previous agreements, arrangements,
 negotiations and undertakings, if any, between the Company and the Broker, except as to commissions
 payable and any obligation or liability owing to each other in accordance with such agreements.

(b) This
 Agreement shall, unless the Company otherwise consents in writing, supersede, abrogate, and
 annul any relation held before by the Broker with the Company, as agent, broker or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;20. <u>MODIFICATIONS</u> 

All modifications to this Agreement shall have no force and effect except that they are expressed in writing, and duly executed by the Company and the Broker. For the avoidance of doubi this Clause 20 does not affect or impair the Company's right to change or revoke the percentage of commission and broker's bonus as set out in the Company's Schedules of Commissions & Bonuses as provided for in Clause 2 of this Agreement.

21. <u>TERMINATION</u> 

(a) Either
 party to this Agreement may terminate this Agreement at any time by giving the other party
 notice of at least 15 calendar days in writing.

(b) This
 Agreement shall terminate forthwith on the institution of voluntary or involuntary proceedings
 by or against the Broker in bankruptcy or under insolvency laws or for receivership, or the
 composition with creditors by the Broker, or any judgment entered against the Broker which
 has an adverse effect on any part of its assets, property or business and which for a period
 of 30 days shall neither be paid nor stayed pending appeal. The Company will continue to
 pay the Broker, or the liquidator or receiver of the Broker any commissions (if any) due
 under this Agreement.

(c) Without
 prejudice to any other remedies the Company may have against the Broker, upon the occurrence
 of any one of the following events, the Company shall at its sole discretion have the right
 to terminate this Agreement forthwith by serving a written notice on the Broker:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 breach by the Broker of any of the terms and/or conditions of this Agreement, or the failure
 of the Broker, in any way whether expressly or impliedly, to comply with any such terms and/or
 conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 breach by the �roker of any applicable laws, regulations, rules, codes of conduct,
 statements of practice, directions or guidelines to which the Broker is subject;

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 withdrawal of business of the Company from Hong Kong;

(iv) the
 revocation of any authorizations, licences, permits or approvals required for the conduct
 of the insurance broker business of the Broker in Hong Kong;

(v) any
 judgment is entered against the Broker which for a period of 30 days shall neither be settled
 nor stayed pending appeal;

(vi) the
 Broker supplies false or misleading information to the Company and/or fails to promptly correct
 any such information;

(vii) the
 Broker commits any dishonest or fraudulent act which results in the Broker being charged
 with and found guilty of an offence;

(viii) there
 is a change of control of the Broker; or

(ix) the
 Broker becomes unable to provide proper advice to or service its clients,

save and except where this Agreement is terminated under sub-paragraph (viii) above, the Company shall have the right to cease or withhold any or all payments of commission, bonus or any other compensation (if any) payable to the Broker under this Agreement.

(d) Without
 prejudice to the proviso in the last paragraph of Clause 21(c), termination of this Agreement
 shall not affect the respective rights or liabilities of either party hereto accrued or incurred
 prior to such termination, and the coming into force or the continuance in force of any provision
 of this Agreement which is expressly stated to come into force or continue in force upon
 or after such termination.

22. <u>RIGHT OF THIRD PARTY</u> 

Unless expressly provided to the contrary in this Agreement, a person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Ordinance (Cap. 623 of the Laws of Hong Kong) and notwithstanding any term of this Agreement, the consent of any third party is not required for any variation (including any release or compromise of any liability), rescission or termination of this Agreement.

23. <u>GOVERNING LAW</u> 

This Agreement shall be construed and governed by the laws in force in the Hong Kong Special Administrative Region, and the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of Hong Kong.

24. <u>HEADINGS</u> 

Headings used in this Agreement are for convenience only and shall not affect the construction of this Agreement or have any binding legal effect. Any words embodying the masculine gender include other genders and any words indicating the singular case shall include the plural and vice versa. Any reference to a Clause or a Schedule is a reference to a clause or a schedule of this Agreement.

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

![](ex10-6_001.jpg)

IN WITNESS WHEREOF the parties hereto have set their hands the day and year first *above* written.

---

| | |
|:---|:---|
| **For and on behalf of**<br>| **For and on behalf of**<br>|
| **EQUATOR ASSET PROTECTION LIMITED** | **MANULIFE (INTERNATIONAL) LIMITED** |
| **Commercial Registration Number: 64274873** |  |
| **BY: TAM KING YEUNG ALVIN** |  |
| ![](ex10-6_002.jpg) |  |
| Name of Witness : |  |
| ![](ex10-6_003.jpg) |  |
| ![](ex10-6_004.jpg) |  |
| (Signature of Witness) |  |
| Version of Sep 2019 |  |

---

**Manulife (International) Limited**

*Incorporated in Bermuda with limited liability*

## Exhibit 21.1

**Exhibit 21.1**

**<u>List of Subsidiaries</u>**

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| <br> Kepler Global Advisors Limited | <br> Hong Kong |
| Equator Asset Protection Limited | Hong Kong |
| Kepler Innovative Technology Limited | Hong Kong |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Onestop Assurance PAC** |
| ![](ex23-1_001.jpg) | **Co. Registration No.: 201823302D** |
| ![](ex23-1_001.jpg) | **10 Anson Road #21-14** |
| ![](ex23-1_001.jpg) | **International Plaza** |
| ![](ex23-1_001.jpg) | **Singapore, 079903** |
| ![](ex23-1_001.jpg) | **Email: audit@onestop-audit.com** |
| ![](ex23-1_001.jpg) | **Website: www.onestop-audit.com** |

---

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We consent to the inclusion in this Registration Statement on Form F-1, of our report dated September 3, 2025, relating to the consolidated financial statements of Kepler Group Limited and its subsidiaries. We also consent to the reference to us under the heading "Experts" in this Registration Statement.

/s/ OneStop Assurance PAC

![](ex23-1_002.jpg)

Singapore

May 22, 2026

## Exhibit 99.1

**Exhibit 99.1**

**Kepler Group Limited**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**1. Introduction**

The Board of Directors (the "<u>Board</u>") Kepler Group Limited (the "<u>Compan</u>y") has adopted this code of ethics (this "<u>Code</u>"), 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 " <u>SEC</u> "), 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 Kepler Group 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 "<u>Audit Committee</u>") (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 10-K or in a Current Report on Form 8-K filed with the SEC.

A "<u>waiver</u>" means the approval by the Board of a material departure from a provision of this Code. An "<u>implicit waiver</u>" 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 "<u>amendment</u>" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is <u>not</u> 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**

**CHARTER OF THE AUDIT COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**KEPLER GROUP LIMITED**

**PURPOSE**

The purpose of the Audit Committee of the Board of Directors (the "**Board**") of Kepler Group Limited (the "**Company**") shall be to:

● provide oversight of the Company's accounting and financial reporting processes and the audit of the Company's financial statements;

● assist the Board in monitoring (i) the integrity of the Company's financial statements, (ii) the Company's internal accounting and financial controls, (iii) the Company's compliance with legal and regulatory requirements, and (iv) the independent auditor's qualifications, independence and performance; and

● provide to the Board such information and materials as it may deem necessary to make the Board aware of significant financial matters that require the attention of the Board.

**MEMBERSHIP REQUIREMENTS**

The Audit Committee members will be appointed by, and will serve at the discretion of, the Board. The Audit Committee will consist of at least three (3) members of the Board. Members of the Audit Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC;

● each member must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three (3) years;

● each member must be financially literate as determined by the Board in accordance with applicable law; and

● at least one (1) member must have accounting or related financial management expertise, as the Board interprets such qualifications in its business judgment, by virtue of such member's past employment experience in finance or accounting, requisite professional certification in finance or accounting, or any other comparable experience or background that results in such individual's financial sophistication.

The Board may designate one (1) member of the Audit Committee as its chairperson. In the absence of that designation, the Audit Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES**

● The
 Audit Committee shall appoint and oversee the work of the independent auditors, approve the compensation of the independent auditors,
 and review and, if appropriate, discharge the independent auditors. In this regard, the independent auditors shall report directly
 to the Audit Committee, and the Audit Committee shall have the sole authority to approve the hiring and discharging of the independent
 auditors, all audit engagement fees and terms and all permissible non-audit engagements with the independent auditors.

● The
 Audit Committee shall pre-approve (or, where permitted under the rules of the SEC, subsequently approve) engagements of the independent
 auditors to render audit services and/or establish pre-approval policies and procedures for such engagements, provided that (i) such
 policies and procedures are detailed as to the particular services rendered, (ii) the Audit Committee is informed of each such service,
 and (iii) such policies and procedures do not include delegation to management of the Audit Committee's responsibilities under
 the Securities Exchange Act of 1934, as amended. The Audit Committee shall also pre-approve any non-audit services proposed to be
 provided to the Company by such independent auditors.

● The
 Audit Committee shall review the independence of the independent auditors, including (i) obtaining on a periodic basis a formal written
 statement from the independent auditors delineating all relationships between the independent auditors and the Company, consistent
 with Independence Standards Board Standard No. 1, (ii) maintaining an active dialogue with the independent auditors regarding any
 disclosed relationship or services that may impair the objectivity and independence of the independent auditors, and (iii) to the
 extent there are any such relationships, monitoring and investigating them and, if necessary, taking, or recommending to the Board
 that the Board take, appropriate action to oversee the independence of the independent auditors.

● The
 Audit Committee shall evaluate, at least annually, the independent auditors' qualifications, performance and independence,
 which evaluation shall include a review and evaluation of the lead partner of the independent auditors and consideration of whether
 there should be rotation of the lead audit partner or the auditing firm, and take appropriate action to oversee the independence
 of the independent auditors.

● The
 Audit Committee shall review, in consultation with the independent auditors, the annual audit plan and scope of audit activities
 and monitor such plan's progress.

● The
 Audit Committee shall (i) discuss and, as appropriate, review with management and the independent auditors the Company's annual
 financial statements and annual reports on Form 20-F, including the Company's disclosures under "Management's Discussion
 and Analysis of Financial Condition and Results of Operations," (ii) discuss with the independent auditors any other matters
 required to be discussed by Statement on Auditing Standards No. 114, and (iii) recommend to the Board whether the audited financial
 statements and Management's Discussion and Analysis of Financial Condition and Results of Operations should be included in
 the Company's Form 20-F.

● The
 Audit Committee shall discuss with management and the independent auditors significant financial reporting issues raised and judgments
 made in connection with the preparation of the Company's financial statements, including the review of (i) major issues regarding
 accounting principles and financial statement presentation, including any significant changes in the Company's selection or
 application of accounting principles, (ii) major issues as to the adequacy of the Company's internal controls and any special
 audit steps adopted in light of material control deficiencies, (iii) analyses prepared by management and/or the independent auditors
 setting forth significant financial reporting issues raised and judgments made in connection with the preparation of the financial
 statements, including analyses of the effects of alternative GAAP methods on the financial statements, (iv) the effect of regulatory
 and accounting initiatives, as well as off-balance sheet arrangements, on the Company's financial statements, and (v) the type
 and presentation of information to be included in earnings press releases, as well as any financial information and earnings guidance
 to be provided to analysts and rating agencies, including any proposed use of "pro forma" or "adjusted" non-GAAP
 information.

● The
 Audit Committee shall receive, review and discuss reports from the independent auditors on (i) the major critical accounting policies
 and practices to be used, (ii) significant alternative treatments of financial information within GAAP that have been discussed with
 management, (iii) ramifications of the use of such alternative disclosures and treatments, (iv) any treatments preferred by the independent
 auditors, and (v) other material written communications between the independent auditors and management, such as any management letter
 or schedule of unadjusted differences.

● The
 Audit Committee shall review on a regular basis with the Company's independent auditors any problems or difficulties encountered
 by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions
 on the scope of the independent auditors' activities or on access to requested information, and any significant disagreements
 with management. The Audit Committee shall resolve any disagreements between management and the independent auditors regarding financial
 reporting.

● The
 Audit Committee shall discuss with management and the independent auditors any correspondence with regulators or governmental agencies
 and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

● The
 Audit Committee shall discuss guidelines and policies with respect to risk assessment and risk management.

● The
 Audit Committee shall appoint the director of internal audit for the Company, approve the compensation of the director of internal
 audit and review and, if appropriate, discharge the director of internal audit. In this regard, the Audit Committee shall have the
 sole authority to approve the hiring and discharging of the director of internal audit.

● The
 Audit Committee shall discuss with the Company's general counsel legal matters that may have a material impact on the financial
 statements or the Company's compliance procedures.

● The
 Audit Committee shall review the adequacy and effectiveness of the Company's internal control policies and procedures on a
 regular basis, including the responsibilities, budget and staffing of the Company's audit function, as well as the need for
 any special audit procedures in response to material control deficiencies, through inquiry and discussions with the Company's
 independent auditors and management. In addition, the Audit Committee shall review the reports prepared by management, and attested
 to by the Company's independent auditors, assessing the adequacy and effectiveness of the Company's internal controls
 and procedures, prior to the inclusion of such reports in the Company's periodic filings as required under SEC rules. The Audit
 Committee shall review disclosure regarding the Company's internal controls that are required to be included in SEC reports.

● The
 Audit Committee shall establish procedures for receiving, retaining and treating complaints received by the Company regarding accounting,
 internal accounting controls or auditing matters and procedures for the confidential, anonymous submission by employees of concerns
 regarding questionable accounting or auditing matters.

● The
 Audit Committee shall review, approve and monitor the portions of the Company's code of ethics applicable to its senior financial
 officers.

● The
 Audit Committee shall review and approve in advance any proposed related party transaction.

● The
 Audit Committee shall oversee compliance with the SEC requirements for disclosure of auditor's services and Audit Committee
 member qualifications and activities.

● The
 Audit Committee shall make regular reports to the Board, which reports shall include any issues that arise with respect to the quality
 or integrity of the Company's financial statements, the Company's compliance with legal or regulatory requirements, the
 performance and independence of the Company's independent auditors.

● The
 Audit Committee shall set hiring policies with regard to employees and former employees of the Company's independent auditor.

● The
 Audit Committee shall review and reassess the adequacy and scope of this Charter annually and recommend any proposed changes to the
 Board for approval.

● At
 least annually, the Audit Committee shall evaluate its performance.

● The
 Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out
 its duties. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of (i) compensation
 to the independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest
 services for the Company, (ii) compensation to any advisers employed by the Audit Committee, and (iii) ordinary administrative expenses
 of the Audit Committee that are necessary or appropriate for carrying out its duties.

● Periodically,
 the Audit Committee shall meet separately with the Company's management, with internal auditors (or other personnel responsible
 for the internal audit function) and with the independent auditors.

● The
 Audit Committee may form subcommittees for any purpose that the Audit Committee deems appropriate and may delegate to such subcommittees
 such power and authority as the Audit Committee deems appropriate. The Audit Committee shall not delegate to a subcommittee any power
 or authority required by law, regulation or listing standard to be exercised by the Audit Committee as a whole.

● The
 Audit Committee will set its own schedule of meetings and will meet at least quarterly, with the option of holding additional meetings
 at such times as it deems necessary. The Audit Committee will maintain written minutes of its meetings, which minutes will be filed
 with the minutes of the meetings of the Board.

● The
 Audit Committee shall perform such other functions as assigned by law, the Company's articles of association or the Board.

**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, accurate and in accordance with GAAP and applicable rules and regulations. These are the responsibilities of management and the independent auditors.

It is recognized that the members of the Audit Committee are not full-time employees of the Company, that it is not the duty or responsibility of the Audit Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards, and that each member of the Audit Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from which the Audit Committee receives information, and (ii) the accuracy of the financial and other information provided to the Audit Committee, in either instance absent actual knowledge to the contrary.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE COMPENSATION COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**KEPLER GROUP LIMITED**

**PURPOSE**

The purpose of the Compensation Committee of the Board of Directors (the "**Board**") of Kepler Group Limited (the "**Company**") shall be to discharge the Board's responsibilities relating to compensation of the Company's directors and executive officers. The Compensation Committee has overall responsibility for evaluating and approving the Company's compensation plans, policies and programs. The Compensation Committee shall undertake the specific responsibilities and duties set forth in this Charter and such other duties as the Board may from time to time prescribe.

**MEMBERSHIP REQUIREMENTS** 

The Compensation Committee members will be appointed by the Board. The Compensation Committee shall consist of at least three (3) members of the Board. Members of the Compensation Committee must meet the following criteria (as well as any additional criteria required by the rules of the NASDAQ Capital Market ("**NASDAQ**") and Securities and Exchange Commission (the "**SEC**")):

● each member must be an independent director in accordance with (i) the Corporate Governance Standards of the NASDAQ, and (ii) the rules of the SEC; and

● each member must (i) be a "Non-employee Director" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended, and (ii) satisfies the requirements of an "outside director" for purposes of Section 162(m) of the Internal Revenue Code.

The members of the Compensation Committee shall serve until such member's successor is duly elected and qualified or until such member's earlier resignation or removal. The members of the Compensation Committee may be removed, with or without cause, by a majority vote of the Board. The Board may designate one (1) member of the Compensation Committee as its chairperson.

**MEETINGS**

The Compensation Committee shall meet at least annually, and more often as it deems appropriate to fulfill the responsibilities set forth in this Charter. The Compensation Committee may establish its own schedule, which it shall provide to the Board in advance.

**AUTHORITY AND RESPONSIBILITIES**

● The Compensation Committee shall review and approve the corporate goals and objectives relevant to the Chief Executive Officer's and other executive officers' compensation.

● The Compensation Committee shall evaluate the performance of the Chief Executive Officer and other executive officers of the Company and, based on such evaluation, review and recommend to the full Board, the annual salary, bonus, stock options and other benefits, direct and indirect, of the Chief Executive Officer and other executive officers. The Chief Executive Officer may not be present during voting or deliberations on her compensation.

● The Compensation Committee shall review and recommend to the full Board compensation of directors, as well as director's and officer's indemnification and insurance matters.

● The Compensation Committee shall review and make recommendations to the Board with respect to the Company's incentive-compensation plans and equity-based plans, and oversee the activities of the individuals responsible for administering those plans.

● The Compensation Committee shall cause to be prepared, and then review and approve, the annual report on executive compensation for inclusion in the Company's proxy statement, pursuant to and in accordance with applicable rules and regulations of the SEC.

● The Compensation Committee shall retain or obtain the advice of a compensation consultant, if needed.

● The Compensation Committee shall report regularly to the Board including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such other matters as are relevant to the Compensation Committee's discharge of its responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such recommendations as the Compensation Committee may deem appropriate.

● The Compensation Committee shall maintain minutes or other records of meetings and activities of the Compensation Committee.

● The Compensation Committee shall review and reassess this Charter annually.

This above list of responsibilities is presented for illustrative purposes and is not intended to be exhaustive. The Compensation Committee may conduct additional activities as appropriate in light of changing business, legislative, regulatory, legal or other conditions. The Compensation Committee shall also fulfill other responsibilities delegated to it from time to time by the Board.

## Exhibit 99.4

**Exhibit 99.4**

**CHARTER OF THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE**

**OF THE BOARD OF DIRECTORS OF**

**KEPLER GROUP LIMITED** 

**PURPOSE**

The purpose of the Nominating and Corporate Governance Committee (the "**Committee**") of the Board of Directors (the "**Board**") of Kepler Group Limited (the "**Company**") shall be to:

● identify individuals qualified to become Board members consistent with criteria approved by the Board;

● recommend that the Board select the director nominees for the next annual meeting of shareholders;

● develop and recommend to the Board a set of Corporate Governance Guidelines; and

● oversee the evaluation of the Board and management.

**MEMBERSHIP REQUIREMENTS** 

The Committee members must be appointed and may be removed, with or without cause, by the Board. The Committee shall consist of at least three (3) members of the Board, each of whom must an independent director in accordance with (i) the Corporate Governance Standards of NASDAQ Capital Market, and (ii) the rules of the SEC. The Board may designate one (1) member of the Committee as its chairperson. In the absence of that designation, the Committee may designate a chairperson by majority vote of the committee members.

**AUTHORITY AND RESPONSIBILITIES** 

● The Committee shall identify individuals qualified to become members of the Board and ensure that the Board has the requisite expertise and that its membership consists of persons with sufficiently diverse and independent backgrounds. The Committee shall also recommend to the Board the nominees for election to the Board at the next annual meeting of shareholders.

● The criteria to be used by the Committee in recommending directors and by the Board in nominating directors are as set forth in the Corporate Governance Guidelines.

● The Committee shall annually review the Board committee structure and recommend to the Board for its approval directors to serve as members of each committee.

● The Committee shall develop and recommend to the Board the Corporate Governance Guidelines. The Committee shall, from time to time as it deems appropriate, review and reassess the adequacy of such guidelines and recommend any proposed changes to the Board for approval.

● The Committee shall review the Company's Code of Conduct and Business Ethics, and shall, from time to time as deems appropriate, make any changes it deems necessary. Any changes will be recommended to the Board for its approval.

● The Committee shall oversee the annual self-evaluations of the Board and may assist the Board (and/or its other committees) in periodically reviewing the performance of the Company's officers.

● The Committee may make recommendations to the Board regarding governance matters, including, but not limited to, the Company's certificate of incorporation, bylaws, and the charters of the Company's other committees.

● The Committee shall report regularly to the Board regarding the activities of the Committee.

● The Committee shall at least annually perform an evaluation of the performance of the Committee.

● The Committee shall periodically review and reassess this Charter and submit any recommended changes to the Board for its consideration.

The Committee has the authority to establish its own rules and procedures for notice and conduct of its meetings so long as they are not inconsistent with any provisions of the Company's bylaws that are applicable to the Committee.

The Committee has sole authority to retain and terminate any search firm to be used to identify director candidates, including sole authority to approve such search firm's fees and other retention terms. The Committee has the authority to retain any other advisors that the Committee believes to be desirable and appropriate and has the authority to approve related fees and retention terms.

In addition to the duties and responsibilities expressly delegated to the Committee in this Charter, the Committee may exercise any other powers and carry out any other responsibilities consistent with this Charter, the purposes of the Committee, and the Company's bylaws.

In fulfilling its responsibilities, the Committee has the authority to delegate any or all of its responsibilities to a subcommittee of the Committee.

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

![](ex99-5_002.jpg)

## Exhibit 99.6

**Exhibit 99.6**

May 22, 2026

**Kepler Group Limited**

Suite 3902-03, 39/F

Tower 6, The Gateway

Harbour City, Tsim Sha Tsui

Hong Kong

Dear Sirs:

Pursuant to Rule 438 under the Securities Act of 1933, as amended, I hereby consent to the references to my name in the Registration Statement on Form F-1 (the "**Registration Statement**") of Kepler Group Limited (the "**Company**") and any amendments thereto, which indicate that I have accepted the nomination to become a director of the Company. I further agree that immediately upon the United States Securities and Exchange Commission's declaration of effectiveness of the Registration Statement, I will serve as a member of the board of directors of the Company, subject to Company's execution of any applicable independent director agreement.

---

| |
|:---|
| Sincerely yours, |
| */s/ ZHU James* |
| Name: ZHU James |

---

## Exhibit 99.7

**Exhibit 99.7**

**Kepler Group Limited**

Suite 3902-03, 39/F

Tower 6, The Gateway

Harbour City, Tsim Sha Tsui

Hong Kong

May 22, 2026

**<u>VIA EDGAR</u>**

Division of Corporation Finance

Office of Finance

U.S. Securities & Exchange Commission

100 F Street, NE

Washington, D.C. 20549

---

| | |
|:---|:---|
| **Re:** | **Kepler Group Limited** |
|  | **Registration Statement on Form F-1** |
|  | **Representation under Item 8.A.4 of Form 20-F** |

---

Ladies and Gentlemen:

The undersigned, Kepler Group Limited, a company incorporated under the laws of the Cayman Islands (the "Company"), is submitting this letter via EDGAR to the Securities and Exchange Commission (the "Commission") in connection with the Company's filing of the above-referenced registration statement on Form F-1 (the "Registration Statement") relating to the Company's proposed initial public offering of its ordinary shares.

The Company has included in the Registration Statement its audited consolidated financial statements, prepared in accordance with International Financial Reporting Standards, as of March 31, 2025 and 2024 and for each of the two years ended March 31, 2025 and 2024 and unaudited interim condensed consolidated financial statements as of September 30, 2025 and for each of the six-month periods ended September 30, 2025 and 2024.

Item 8. A.4 of Form 20-F requires that in the case of a company's initial public offering, the audited financial statements shall be as of a date not older than 12 months at the time the document is filed. The Company is submitting this letter pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that "*[a] company may comply with only the 15-month requirement in this item if the company is able to represent that it is not required to comply with the 12-month requirement in any other jurisdiction outside the United States and that complying with the 12-month requirement is impracticable or involves undue hardship.*"

The Company hereby represents to the Commission that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Company is not currently
 a public reporting company in any jurisdiction or marketplace;

2. the Company is not required
 by any jurisdiction outside the United States to comply with a requirement to issue financial statements for any reason 12 months
 after its year end;

3. full compliance with Item
 8. A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company;

4. the Company does not anticipate
 that its audited financial statements for the year ended March 31, 2026 will be available until end of June 2026; and

5. in
 no event will the Company seek effectiveness of its registration statement on Form F-1 if its audited financial statements are older
 than 15 months at the time of the Company's initial public offering.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Kepler Group Limited** | **Kepler Group Limited** |
| By: | */s/ Kwok Yu Hin* |
| Name: | Kwok Yu Hin |
| Title: | Director |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Kepler Group Ltd**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Ordinary Shares, par value $0.001 per share | 457(o) | $46000000.00 | 0.0001381 | $6352.60 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $46000000.00  |  | $6352.60  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $6352.60  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Estimated solely for the purpose of calculating the amount of the registration fee in accordance with Rules 457(o) under the Securities Act of 1933, as amended. The registration fee for securities is based on an estimate of the Proposed Maximum Aggregate Offering Price of the securities, assuming the sale of the maximum number of Ordinary Shares at the highest expected offering price, and such estimate is solely for the purpose of calculating the registration fee pursuant to Rule 457(o). Includes the offering price attributable to 750,000 additional Ordinary Shares that the underwriters have the option to purchase to cover over-allotments, if any.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Filing Date | Fee Offset Claimed | Security Type Associated with Fee Offset Claimed | Security Title Associated with Fee Offset Claimed | Unsold Securities Associated with Fee Offset Claimed | Unsold Aggregate Offering Amount Associated with Fee Offset Claimed | Fee Paid with Fee Offset Source |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |  |  |  |  |  |  |  |  |  |  |  |
| Fee Offset Sources |  |  |  |  |  |  |  |  |  |  |  |
| **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | 1 | Kepler Group Ltd | F-1 | 333-290005 |  | $6352.60 | Equity | Ordinary Shares | 5750000 | $46000000.00 |  |
| Fee Offset Sources |  | Kepler Group Ltd | F-1 | 333-290005 | 09/03/2025 |  |  |  |  |  | $1479.00 |
| Fee Offset Sources |  | Kepler Group Ltd | F-1 | 333-290005 | 04/29/2026 |  |  |  |  |  | $5018.55 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Rule 457(p) Statement of Withdrawal, Termination, or Completion:** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> The Registrant's Registration Statement on Form F-1 (Registration No. 333-290005) was initially filed on September 3, 2025 and was declared effective on December 31, 2025. Post-effective amendment No.1 to Form F-1 was filed on April 29, 2026. There were no sales of the Registrant's securities under such Registration Statement and the Registrant requested the Commission's consent to the withdrawal of such Registration Statement on May 19, 2026.