# EDGAR Filing Document

**Accession Number:** 0001997950
**File Stem:** 0001213900-26-006713
**Filing Date:** 2026-1
**Character Count:** 1496817
**Document Hash:** c1ae8f9fa9555fca85bac2b0a6f883c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-006713.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001213900-26-006713

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 70

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Unitrend Entertainment Group Ltd
- **CENTRAL INDEX KEY:** 0001997950
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE DISTRIBUTION [7822]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292883
- **FILM NUMBER:** 26552231

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM A-4474, NO. 3 BUILDING, YONGAN RD.
- **STREET 2:** SHILONG ECONOMIC DEVELOPMENT DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 9176317777

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM A-4474, NO. 3 BUILDING, YONGAN RD.
- **STREET 2:** SHILONG ECONOMIC DEVELOPMENT DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4

#### As filed with the Securities and Exchange Commission on January 22, 2026.

#### Registration No. 333-[•]

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

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

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

**_____________________________________**

#### Not Applicable<br> (Translation of Registrant's name into English)
**_____________________________________**

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|:---|:---|:---|
|  **Cayman Islands** | **7822** | **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) |

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**Suite 1508, Tower B, Wentelai Center, <br>1 Xidawang Road, <br>Chaoyang District, Beijing 100026 <br>People's Republic of China<br>Telephone: 010-6441-0086 <br>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**_____________________________________**

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br> +1 800-221-0102<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
**_____________________________________**

#### Copies to:

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|  **Fang Liu, Esq.**<br> **VCL Law LLP**<br> **1945 Old Gallows Road, Suite 260**<br> **Vienna, VA 22182**<br> **Telephone: +1 (703) 919-7285** | **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 |

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**_____________________________________**

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

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

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

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

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

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

Emerging growth company ☒

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

____________

† The 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 Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

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**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 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 state where the offer or sale is not permitted.**

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

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#### Unitrend Entertainment Group Limited
***3,750,000 Class A Ordinary Shares***

This is an initial public offering of 3,750,000 Class A ordinary shares with a par value of $0.0000002 per share, in the capital of Unitrend Entertainment Group Limited ("Unitrend"), an exempted company with limited liability incorporated under the laws of Cayman Islands. Prior to this offering, there has been no public market for our Class A ordinary shares. This offering is being made on a firm commitment basis. We expect the initial public offering price will be in the range of $4.00 to $5.00 per share.

We have applied to have our Class A ordinary shares listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "INHI." The initial public offering is contingent upon receiving authorization to list our Class A ordinary shares on Nasdaq. There is no guarantee or assurance that the Class A ordinary shares will be approved for listing on Nasdaq. This prospectus is an offer to sell only the Class A ordinary shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. For the avoidance of doubt, no offer or invitation to subscribe for Ordinary Shares is made to the public in the Cayman Islands.

Upon the completion of this offering, our issued and outstanding share capital will consist of 19,264,150 Class A ordinary shares with a par value of $0.0000002 per share and 4,485,850 Class B ordinary shares with a par value of $0.0000002 per share, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for certain voting and conversion rights. Each Class A ordinary share will be entitled to one (1) vote on all matters subject to a vote on a poll at general meetings of Unitrend, and each Class B ordinary share shall be entitled to thirty (30) votes on all matters subject to a vote on a poll at general meetings of Unitrend. Each Class B ordinary share shall be convertible into one (1) Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares shall not be convertible into Class B ordinary shares under any circumstances. For more detailed description of risks related to the dual-class structure, please see "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — The dual*-class *structure of our share capital has the effect of concentrating voting power with the holder of Class B ordinary shares, which will limit your ability to influence the outcome of important transactions, including a change in control*" on page 51 for more information.

Additionally, upon the completion of this offering, we will be a "controlled company" as defined under corporate governance rules of Nasdaq Stock Market, because our founder and chief executive officer, Mr. Bin Feng, will beneficially own all of our then-issued and outstanding Class B ordinary shares and will be able to exercise approximately 87.48% of the total voting power of our issued and outstanding ordinary shares immediately after the consummation of this offering, assuming the underwriters do not exercise its option to purchase additional Class A ordinary shares. Mr. Bin Feng will have the ability to control or significantly influence the outcome of most (or all, as applicable) matters requiring approval by shareholders after the offering. We do not currently plan to utilize the exemptions from certain corporate governance rules available for controlled companies after we complete this offering. For further information, see "Principal Shareholders." For more detailed description of risks related to being a "controlled company," see "*Risk Factors — Risks Related to Our Business and Industry — We will be a 'controlled company' within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies*" on page 56 for more information.

Unitrend is an "emerging growth company" as used in the Jumpstart Our Business Startups Act of 2012, and as such, Unitrend has elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. As a result, our financial statements may not be comparable to the financial statements of issuers which are required to comply with the effective dates for new or revised accounting standards applicable to public companies. This may make affect the quality of our disclosure and make our Class A ordinary shares less attractive to investors. See "*Risk Factors*" and "*Prospectus Summary — Implications of Our Being an Emerging Growth Company*" for additional information.

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**Investing in our Class A ordinary shares involves a high degree of risk, including the risk of losing your entire investment. See "*Risk Factors*" starting on page 26 to read about factors you should consider before buying the Ordinary Shares.**

Unitrend is not a Chinese operating company, but a holding company incorporated under the laws of Cayman Islands. This is an offering of securities of Unitrend, the offshore holding company. As a holding company with no material operations of its own, Unitrend conducts substantially all of its operations through our wholly owned subsidiary Beijing Heli Fashion Technology Co., Ltd. ("WFOE"). WFOE conducts substantially all of its operations through (1) Beijing INHI Culture Media Co., Ltd. ("INHI"), a limited liability company established under PRC law and is wholly owned by WFOE, and (2) contractual arrangements with Beijing Hexi Weiye Culture Media Co., Ltd. ("VIE") and its individual registered shareholders. Investors in our securities are purchasing equity interest in Unitrend, a holding company incorporated in the Cayman Islands with business operations in China and therefore, investors may never hold equity interests in the VIE. The VIE structure is used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the VIE. Interests held through contractual arrangements are different from equity interest, thus our corporate structure is subject to risks relating to our contractual arrangements with the VIE and its individual shareholders. Such contractual arrangements have not been tested in any of the PRC courts. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to these contractual arrangements. If the PRC government finds these contractual arrangements non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE or forfeit our rights under the contractual arrangements. If the corporate structure is found to be non-compliant, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless. If we are unable to claim our right to control the assets of the VIE, our Class A ordinary shares may decline in value as we hold interests in the VIE. Investors in our Class A ordinary shares face uncertainty about potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and, consequently, significantly affect the financial condition and results of operations of Unitrend. See "*Risk Factors — Risks Related to Our Corporate Structure — Unitrend is a Cayman Islands exempted company with operations in China partially through its wholly*-owned *subsidiaries and partially through contractual arrangements with the VIE and its shareholders. Investors thus are not purchasing, and may never directly hold, equity interests in the VIE. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and its shareholders and, consequently, significantly affect the financial condition and results of operations of Unitrend. If the PRC government finds such agreements non*-compliant *with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE, which may materially and adversely affect our and the VIE's operations and the value of your investment*." on page 32 for additional information.

As we conduct substantially all of the operations in mainland China, we are subject to legal and operational risks associated with having substantially all of the operations in mainland China, which could result in a material change in the operations and/or cause the value of our Class A ordinary shares to significantly decline or become worthless and affect our ability to offer or continue to offer securities to investors. Recently, the Chinese government initiated a series of regulatory actions and made a number of public statements on the regulation of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. See "*Risk Factors — Risks Related to Doing Business in China — Uncertainties with respect to the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless*." on page 42 for additional information.

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On February 17, 2023, the China Securities Regulatory Commission, or the CSRC, announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing by Domestic Companies, or the Circular, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines which came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities, time points and procedures are specified. The Trial Measures apply to overseas securities offerings and/or listings conducted by (i) companies incorporated in the People's Republic of China ("PRC"), or PRC domestic companies, directly and (ii) companies incorporated overseas with operations primarily in the PRC and valued on the basis of interests in PRC domestic companies, or indirect offerings. Where a PRC domestic company seeks to indirectly offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures, such as offering and listing securities overseas without fulfilling the filing procedures, shall bear legal liabilities, including a fine between RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million), and the Trial Measures heighten the cost for offenders by enforcing accountability with administrative penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity Archives.

According to the Trial Measures and the Circular, initial public offerings or listings in overseas markets shall be filed with the CSRC within three (3) working days after the relevant application is submitted overseas. The companies that have submitted valid applications for overseas issuance and listing but have not been approved by overseas regulatory authorities or overseas stock exchanges at the date of effectiveness of the Trial Measures can reasonably arrange the timing of filing applications and should complete the filing before the overseas issuance and listing. Accordingly, we had designated INHI as the liable entity and submitted initial documents in connection with this offering and our listing on the Nasdaq Capital Market to the CSRC on January 23, 2024, and we have been in the filing process with the CSRC. We have completed the filing with the CSRC in connection with this offering, and the CSRC published the notification of its approval of our completion of the required filing procedures on February 26, 2025. In accordance with the CSRC notification, we are required to report the offering and listing status to the CSRC within 15 business days from our completion of our offering. If we fail to complete this offering within 12 months from the issuance date of notification, and the offering is still under progress, we are required to update the filing materials with the CSRC. If the filing procedure with the CSRC under the Trial Measures is required for any future offerings or any other capital raising activities, we cannot assure you that we will be able to complete such filings in a timely manner, or even at all. Any failure by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. In addition, changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or U.S. regulations may materially and adversely affect our business, financial condition and results of operations. Any such changes could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and could cause the value of our securities to significantly decline or become worthless.

As of the date of this prospectus, we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to this offering. As the Circular and Trial Measures were newly published and there exists uncertainty with respect to the filing requirements and their implementation, we cannot be sure that we will be able to complete such filings in a timely manner, or at all. Any failure or perceived failure of us to fully comply with such new filing requirements under the Trial Measures may result in forced rectification, warnings and fines against us and could significantly hinder our ability to offer or continue to offer securities.

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly revised the Provisions on Strengthening Confidentiality and Archives Administration in Overseas Issuance and Listing of Securities (the "Confidentiality and Archives Administration Provisions"), which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions require that, overseas listed PRC domestic enterprises, as well as those to be listed, shall establish the confidentiality and archives system, and shall complete approval and filing procedures with competent authorities, if such PRC domestic enterprises or their overseas listing entities provide or publicly disclose documents or materials involving state secrets and work secrets of PRC government agencies to relevant securities companies, securities service institutions, overseas regulatory agencies and other entities and individuals.

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On December 28, 2021, thirteen governmental departments of the PRC, including the Cyberspace Administration of China (the "CAC"), issued the Cybersecurity Review Measures, which became effective on February 15, 2022. The Cybersecurity Review Measures provide that an online platform operator, which possesses personal information of at least one million users, must apply for a cybersecurity review by the CAC if it intends to be listed in foreign countries. Because the current operations do not possess personal information from more than one million users at this moment, we do not believe that we are subject to the cybersecurity review by the CAC. In addition, as of the date of this prospectus, we have not been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor have we received any inquiry, notice, or sanction related to cybersecurity review under the Cybersecurity Review Measures.

As advised by our PRC counsel, East & Concord Partners, as of the date of this prospectus, apart from the filing with the CSRC as per requirement of the Trial Measures, no any other effective laws or regulations in the PRC explicitly require us to seek approval from the CSRC or any other PRC governmental authorities for our overseas listing plan, nor has our Company or any of our subsidiaries received any inquiry, notice, warning or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. However, 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 an U.S. national stock exchange. Any change in the PRC laws and regulations could result in a material change in our operations or the value of our Class A ordinary shares or significantly limit or completely hinder our ability to offer or continue to offer our Class A ordinary shares to investors and cause the value of our Class A ordinary shares to significantly decline or become worthless. See "*Risk Factors — Risks Related to Doing Business in China — Uncertainties with respect to the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless*." on page 42 for additional information.

Notwithstanding the legal and operational risks associated with operations in mainland China, we believe, without in reliance on the opinion of a Hong Kong legal counsel, that any regulatory actions related to securities, data security or anti-monopoly in Hong Kong may have very minimum impact or no impact at all on the Company's ability to conduct its business, accept foreign investments, or list on a U.S. or foreign exchange because we currently do not and do not plan to have any substantive operations, including any data-related operations, in Hong Kong and Charming Empire, our only subsidiary in Hong Kong, currently has no operations and is expected to have the sole function of transferring funds within the corporate group in the future without playing any other additional roles.

None of our subsidiaries or the VIE currently have any cash management policies that dictate the purpose, amount, and procedure of fund transfers among our Cayman Islands holding company and our subsidiaries. Rather, the fund can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain a certain amount of cash reserves.

As of the date of this prospectus, no cash or other assets have been transferred between Unitrend and its subsidiaries, or the VIE, and there are no plans to initiate any such transfers of cash or other assets, other than the proceeds of this offering, in the near future. Neither Unitrend nor any of our subsidiaries have made any dividends or distributions to investors as of the date of this prospectus. We and our subsidiaries have no present plans to distribute earnings and plan to retain earnings to continue to grow our business. In addition, to the extent cash or assets in our business is in the PRC or Hong Kong or a PRC or Hong Kong entity, such cash or assets may not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of our holding company, our subsidiaries in China, and/or the VIE by the PRC government to transfer cash or assets. For more information, please refer to "*Risk Factors — Risks Relating to Doing Business in the PRC — Our ability to transfer cash among Unitrend, our Subsidiaries, the VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government*." on page 45 and "*Summary Consolidated Financial Data*" and the consolidated financial statements starting from page F-1. Our board of directors has complete discretion on whether to distribute dividends, subject to applicable laws. We do not have any current plan to declare or pay any cash dividends

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on our Class A ordinary shares in the foreseeable future after this offering. We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries in BVI, Hong Kong, and PRC through loans or capital contributions without restrictions on the amount of the funds, provided that we comply with the economic substance regime of the Cayman Islands. Our subsidiary in Hong Kong, Charming Empire, is also permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution or other distributable reserves. However, we and our subsidiaries' abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. Current PRC regulations only permit WFOE to pay dividends to the Company out of their retained earnings, if any, determined in accordance with Chinese accounting standards and regulations. In addition, the majority of our revenues are collected in RMB. Thus, foreign exchange shortages and foreign exchange control may also limit our ability to pay dividends or make other payments or otherwise meet our obligations denominated in foreign currencies. Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the scope of the current restrictions and limitations applicable to PRC entities were to expand to include Hong Kong or entities based in Hong Kong. Therefore, our ability to transfer cash or asset between us, our subsidiaries outside of China, and our investors may be restricted. See "*Risk Factors — Risks Relating to Doing Business in the PRC — Our ability to transfer cash among Unitrend, our Subsidiaries, the VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government*." on page 45 for additional information.

Furthermore, as more stringent criteria have been imposed by the U.S. Securities and Exchange Commission (the "SEC") and the Public Company Accounting Oversight Board (the "PCAOB") in recent years, trading in our Class A ordinary shares may be prohibited if the PCAOB determines that it cannot completely inspect or investigate our auditor, and as a result Nasdaq may determine to delist our Class A ordinary shares. Pursuant to the Holding Foreign Companies Accountable Act (the "HFCAA"), if the PCAOB is unable to inspect an issuer's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued its determination that the PCAOB is 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. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCAA, and the PCAOB was required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, legislation entitled Consolidated Appropriations Act, 2023 was signed into law by President Biden, which, among other things, amended the HFCAA by decreasing the number of non-inspection years from three years to two, thus reducing the time period before our Class A ordinary shares may be prohibited from trading or delisted.

Our auditor, OneStop Assurance PAC, an independent registered public accounting firm based in Singapore, was not included in the determinations made by the PCAOB on December 16, 2021. Our auditor is currently subject to PCAOB inspections and has been inspected by the PCAOB. However, in the event the PRC authorities further strengthen regulations over auditing work of the PRC companies listed on the U.S. stock exchanges, it may prohibit our current auditor from performing audit work in China, then we would need to change our auditor and the audit workpapers prepared by our new auditor may not be inspected by the PCAOB without the approval of the PRC authorities, in which case the PCAOB may not be able to fully evaluate the audit or the auditors' quality control procedures. There can be no assurance that we will be able to take any remedial measures if we have a "non-inspection" year. Furthermore, we cannot assure you whether the SEC, Nasdaq or other regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. In addition, our books and records are primarily located in mainland China, and we cannot assure you that there would not be any regulatory change or step taken by PRC regulators that restricts or prohibits our auditor to provide audit documentations located in China or Hong Kong to

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the PCAOB for inspection. If any such event were to occur, trading in our securities could in the future be prohibited under the HFCAA and, as a result, we cannot assure you that we would be able to maintain the listing of our Class A ordinary shares on Nasdaq or that you would be allowed to trade our Class A ordinary shares in the United States on the "over-the-counter" markets or otherwise. It is possible that, in the event trading in our shares in the United States is no longer possible, you might lose the entire value of your Class A ordinary shares. See "*Risk Factors — Risks Related to Doing Business in China — A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to companies with operations in emerging markets 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 continued listing or future offerings of our securities in the U.S*." on page 37 for additional information.

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

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|  | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **Per<br>Class A <br>Ordinary Share** | **Per<br>Class A <br>Ordinary Share** | **Total Without <br>Over-Allotment <br>Option** | **Total Without <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** |
|  Initial public offering price<sup>(1)</sup> | US$ | 4.00 | US$ | 15000000 | US$ | 17250000 |
|  Underwriting discount<sup>(2)</sup> | US$ | 0.30 | US$ | 1125000 | US$ | 1293750 |
|  Proceeds to us before expenses<sup>(3)</sup> | US$ | 3.70 | US$ | 13875000 | US$ | 15956250 |

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(1) Assumed an initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement.

(2) Represents underwriting discounts equal to seven and half percent (7.5%) per Class A ordinary share (or $0.30 per Class A ordinary share). See "*Underwriting*" in this prospectus for more information regarding our arrangements with the underwriter(s).

(3) The total estimated expenses related to this offering are set forth in the section entitled "*Expenses Relating to This Offering*". Does not include a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from this offering, payable to the underwriter(s). We have also agreed to issue warrants to our underwriters to purchase a number of ordinary shares equal to five percent (5%) of shares sold in this offering (excluding shares sold under the over-allotment option) at an exercise price equal to one hundred and twenty percent (120%) of the public offering price of the shares sold in this offering for nominal consideration. For a description of the other terms of compensation to be received by the underwriters, see "*Underwriting*" in this prospectus.

We have granted the underwriters an option for a period of 45 days after the closing of this offering to purchase up to 15% of the total number of our Class A ordinary shares to be offered by us pursuant to this offering, solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount.

The underwriters expect to deliver the Ordinary Shares against payment in New York, New York on or about [•], 2026.

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Prospectus dated January 22, 2026

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Charming Empire" refers to Charming Empire Limited, a company formed under the laws of Hong Kong and a wholly-owned subsidiary of Infinity Soul;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "China" or "PRC" refer to the People's Republic of China, including Hong Kong, Macau and Taiwan; however the only time such jurisdictions are not included in the definition of PRC and China is when we reference to the specific laws that have been adopted by the PRC. The same legal and operational risks associated with operations in China also apply to operations in Hong Kong. The term "Chinese" has a correlative meaning for the purpose of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A ordinary shares" refer to our class A ordinary shares with a par value of US$0.0000002 per share in the capital of Unitrend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B ordinary shares" refer to our class B ordinary shares with a par value US$0.0000002 per share in the capital of Unitrend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Deep Immersion" refers to Hangzhou Deep Immersion Culture Communication Co., Ltd., a company organized under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Horgos Kexi" refers to Horgos Kexi Culture Media Co., Ltd., a company organized under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Infinity Soul" refers to Infinity Soul Limited, a company organized under the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "INHI" refers to Beijing INHI Culture Media Co., Ltd., a company organized under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MTN Entertainment" refers to MTN Entertainment Limited, a company organized under the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Operating Entities" refer to INHI, Zhongxi Culture, Shanghai Kexi, Horgos Kexi, Deep Immersion, and Zhongxi Culture Hangzhou;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" refers to both Class A ordinary shares and Class B ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Renminbi" or "RMB" refer to the legal currency of mainland China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shanghai Kexi" refers to Shanghai Kexi Film and Television Culture Co., Ltd., a company organized under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shares" refer to our Class A ordinary shares, par value $0.0000002 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Subsidiaries" or "Our Subsidiaries" refer to Infinity Soul, Charming Empire, WFOE, INHI, Zhongxi Culture, Shanghai Kexi, Horgos Kexi, Deep Immersion, and Zhongxi Culture Hangzhou;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Sun Knight" refers to Sun Knight Limited, a company organized under the laws of the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Unitrend" refers to the registrant Unitrend Entertainment Group Limited, an exempted company with limited liability incorporated under the laws of Cayman Islands with registration number 388981;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$," "U.S. dollars," "$," or "dollars" are to the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIE" or "Hexi Weiye" refer to Beijing Hexi Weiye Culture Media Co., Ltd., a company organized under the laws of the PRC that has entered, along with its individual registered shareholders, contractually agreements with WFOE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," "our Company," or "the Company" refer to Unitrend, together as a group with the Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "WFOE" or "Heli Fashion" refer to Beijing Heli Fashion Technology Co. Ltd., Charming Empire's wholly-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Zhongxi Culture Hangzhou" refers to Beijing Zhongxi Culture Media Co., Ltd. Hangzhou Branch, a company organized under the laws of the PRC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Zhongxi Culture" refers to Beijing Zhongxi Culture Co., Ltd., a company organized under the laws of the PRC;

Our business is conducted by the Operating Entities and the VIE in the PRC and their branch offices using RMB, the legal currency of mainland China. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments and liabilities in our consolidated financial statements in U.S. dollars. These dollar references are based on the exchange rate of RMB to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations and the value of our assets expressed in U.S. dollars, including accounts receivable.

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#### **TABLE OF CONTENTS**

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|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T21) | 1 |
|  [THE OFFERING](#T9955) | 15 |
|  [SUMMARY CONSOLIDATED FINANCIAL DATA](#T20) | 17 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T19) | 25 |
|  [RISK FACTORS](#T18) | 26 |
|  [USE OF PROCEEDS](#T17) | 58 |
|  [DIVIDEND POLICY](#T16) | 59 |
|  [CAPITALIZATION](#T15) | 60 |
|  [DILUTION](#T14) | 61 |
|  [EXCHANGE RATE INFORMATION](#T9956) | 63 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T13) | 64 |
|  [CORPORATE HISTORY AND STRUCTURE](#T9957) | 66 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T992005) | 68 |
|  [INDUSTRY](#T12) | 88 |
|  [BUSINESS](#T11) | 91 |
|  [REGULATIONS](#T10) | 101 |
|  [MANAGEMENT](#T9) | 106 |
|  [PRINCIPAL SHAREHOLDERS](#T8) | 112 |
|  [RELATED PARTY TRANSACTIONS](#T7) | 114 |
|  [DESCRIPTION OF SHARE CAPITAL](#T992003) | 115 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T6) | 119 |
|  [TAXATION](#T5) | 121 |
|  [UNDERWRITING](#T4) | 126 |
|  [EXPENSES RELATING TO THIS OFFERING](#T3) | 131 |
|  [LEGAL MATTERS](#T2) | 132 |
|  [EXPERTS](#T1) | 132 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T992002) | 132 |
|  [INDEX TO FINANCIAL STATEMENTS](#T992001) | F-1 |

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Neither the underwriters nor we have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We take no responsibility for and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell our Class A ordinary shares and seeking offers to buy our Class A ordinary shares, only in jurisdictions where such offers and sales are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of our Class A ordinary share. Our business, financial condition, results of operations and prospects may have changed since that date.

In this prospectus, we rely on and refer to information and statistics regarding our industry. We obtained this statistical, market, and other industry data and forecasts from publicly available information. While we believe that the statistical data, market data, and other industry data and forecasts are reliable, we have not independently verified the data.

For investors outside of 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 where action for that purpose is required, other than in the United States. You are required to inform yourselves about and observe any restrictions relating to this offering and the distribution of this prospectus.

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements included elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our Class A ordinary share, discussed under "Risk Factors," before deciding whether to buy our Class A ordinary share.*

#### Mission
Our mission is to transcend conventional distribution and advertising services, establishing ourselves as the center point of popular media content and advertisements on TV channels. We achieve this by building dynamic collaborations among production companies, TV stations, media platforms, and multinational brands, optimizing content presentation and driving viewership.

#### Overview
Our business serves as the bridge between television production companies, TV stations and media platforms, advertisement agencies, and prominent multinational brands. Our core operation involves (i) television program distribution, where we acquire distribution rights from television producers and then resell such rights to TV stations and media platforms, and (ii) ad placement, where we secure advertising sponsorship for TV stations and online media platforms through introducing brand owners to airtime slots that are optimal for presenting their products and services.

Within the entertainment industry, individual television producers face the challenge of fixating stable avenues to distribute their works. Our business establishes an outstanding reputation among the producers through a track record of fair dealing, which enables us to hoard up a wide selection of high quality television works. Meanwhile, TV stations and media platforms are primarily concerned with rendering appropriate content based on their target audience. Our inventory of television productions allows us to efficaciously provide the content that matches the need of our partnering TV stations and media platforms.

We also facilitate the sales of advertisement slots of the TV stations to the advertising agencies and renowned multinational brands by placing their ads in appropriate airtime slots that fits the ad content and are most viewed by their targeted consumers. Our business creates the opportunity to connect advertising agencies and well-known brands with national TV stations, solidifying a steady revenue stream for all participants within this process. The customized selections of television production also aid to drive higher viewership on the TV stations, further strengthening the collaboration between the advertisers and the TV stations. This streamlined and mutually beneficial relationship is further enhanced through our years of experience in the industry and ever-growing webs of vast networks among different players.

In addition to the traditional ad placement on TV channels, we act as the agent for the sales of advertisement space on the Lebocast screen mirroring application in response to the media industry's digitalization. Through providing robust SDK-level solutions at the receiving end (such as smart TVs, automobile big screens, projectors, or set-top boxes) and the sending end (such as smartphones or tablets), Lebocast has established a complete screen mirroring infrastructure and has already been used on more than 400 million big-screen terminals and gained 1.3 billion mobile phones users. When users begin or end projecting the content on their mobile devices onto larger screens using LePlay, as well as under certain other circumstances, they will be presented with brief advertisements, which constitute valuable advertising slots. We collaborate with multinational brands to leverage such advertising slots to reach broader and targeted audience.

As an esteemed participant in the industry, we generate revenue through various means. On the one hand, we work with television producers to sell the distribution rights to TV stations and media platforms and collect fixed distribution fees or share profits according to agreed-upon percentages. On the other hand, we expedite the partnership between numerous brands, advertising agencies, and national TV stations and online media platforms by selling and allocating advertising spaces, profiting from commissions.

We are committed to setting ourselves as a leading firm in the cultural media industry. The most important aspect is enhancing our brand awareness and presence among the key participants in the industry and the audience whom the broader entertainment industry serves. We believe that the Offering will provide us with the capital necessary to grow our operations and transform us into a major player in global media as we work to create a data — driven

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and collaborative media ecosystem for all types of enterprises. Our main effort on this front is to develop an online trading platform that will help our clients to decide what kind of content to develop and guide them as they develop and monetize advertisements. We believe the platform will allow our clients to reach and engage with a wider range of potential audience.

#### Competitive Strengths
*Established Industry Network and Trusted Partnerships*

Our strong network and trusted relationships with producers, TV stations, and advertisers enable us to secure high-quality content and premium advertising slots, making us the preferred partner for content distribution and ad placement.

*Industry Expertise and Advertising Optimization*

Leveraging data insights and industry experience, we optimize content distribution and ad placement, helping advertisers strategically allocate budgets for maximum impact and ensuring long-term profitability.

*Diversified Media Channels and Digital Expansion*

We've expanded beyond traditional TV to digital platforms like Lebocast, offering advertisers multi-channel solutions that enhance audience reach and solidify our leadership in the cultural media industry.

#### Opportunities
The TV series distribution industry comprises key players, including drama series distribution companies, online video platforms, TV stations, and independent distributors. As an experienced player in this industry, our goal is to leverage our expertise and industry connections. Our aim is to revolutionize traditional media advertising practices, ensuring their continued success amidst the rise of social platforms and China's digital economy.

#### Growth Strategies
*Developing an Online Trading Platform*

We plan to develop a trading platform that benefits various industry partners, offering tailored advertising solutions based on data analysis. The online trading platform will connect advertisers and content providers more efficiently. We plan to incorporate artificial intelligence into our development of the trading platform and thereby improving user access and accurate viewership predictions.

*Establishing a Center for Culture Media Experience*

We are establishing a flagship center in Hangzhou, China, offering diverse cultural amenities. The physical location will allow us to build direct connection to clients and end-users, providing valuable interaction opportunities to understand their preferences.

#### Our Corporate History and Structure
Unitrend is an exempted company with limited liability incorporated under the laws of Cayman Islands. As a holding company with no material operations of its own, Unitrend conducts substantially all of the operations through the Operating Entities and the VIE in the PRC. The Class A ordinary shares offered in this prospectus are shares of Unitrend, the holding company incorporated under the laws of Cayman Islands, not the shares of the Operating Entities or the VIE.

On November 26, 2010, Beijing INHI Culture Media Co., Ltd. ("INHI") was established under the laws of the PRC and commenced our commercial operations. On March 23, 2022, Unitrend Entertainment Group Limited was incorporated under the laws of the Cayman Islands as the offshore holding company to facilitate offshore financing. On January 25, 2022, Infinity Soul Limited, Unitrend's wholly owned BVI subsidiary was established. On April 1, 2022, Charming Empire Limited, Infinity Soul's wholly owned Hong Kong subsidiary was established. On August 4, 2022,

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Beijing Heli Fashion Technology Co. Ltd. ("WFOE"), Charming Empire's wholly owned subsidiary was established in the PRC. Unitrend, Infinity Soul, Charming Empire, and WFOE are holding companies that do not engage in any operational activities.

On January 3, 2024, WFOE acquired 100% of the equity interests of INHI through the purchase of registered capital issued and thereby indirectly held the equity interests of INHI's subsidiaries. On December 20, 2022, WFOE entered into a series of contractual arrangements with certain shareholders of Beijing Hexi Weiye Culture Media Co., Ltd. ("VIE"), which was incorporated on November 2, 2022.

Unitrend holds the equity interests in INHI and its subsidiaries through the direct equity ownership of the subsidiaries incorporated in BVI and Hong Kong. Unitrend receives economic benefits in the VIE through the contractual arrangements among WFOE, the VIE and its shareholders for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP.

The following diagram illustrates our current corporate structure and existing shareholders of each corporate entity listed herein as of the date of this prospectus:

![](tflowchart_001.jpg)

Note: The English names of our PRC business entities are directly translated from Chinese and may be different from their names shown on their respective records filed with relevant PRC authorities.

#### Share Consolidation in March 2025
On March 28, 2025, the Company consolidated its authorized and issued share capital, at a ratio of 2:1, approved by our existing shareholders. As a result, the authorized share capital of the Company was consolidated from US$50,000 divided into 450,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each to US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002.

#### Share Split and Share Surrender in April 2025
On April 24, 2025, the Company, pursuant to an ordinary resolution passed by its shareholders, subdivided the Company's authorized share capital on a 1:1,000 basis (the "Share Split") such that the Company's authorized share capital was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of par value US$0.0002 each and 25,000,000 Class B Ordinary Shares of par value US$0.0002 to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of par value US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of par value US$0.0000002.

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The Company, through a special resolution passed by its shareholders, adopted the amended and restated memorandum of association to reflect the Share Split; and with effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

*For a detailed description of our corporate structure, see "Corporate History and Structure" and "Principal Shareholders." See also "Risk Factors — Risks Related to Our Corporate Structure."*

#### The VIE Structure
The VIE is Beijing Hexi Weiye Culture Media Co., Ltd. This is an offering of the Class A ordinary shares of the offshore holding company in Cayman Islands. Neither we nor our Subsidiaries own any equity interest in the VIE. As a result, you are not investing in the VIE and may never hold equity interests in the Chinese operating companies. The VIE arrangements have not been tested in a court of law.

Because the VIE is engaged in the broadcast and TV program production and operation businesses, and due to PRC legal restrictions on foreign ownership in this industry, we do not own any equity interest in the VIE. Instead, we receive the economic benefits of the VIE's business operation through a series of contractual agreements (the "VIE Agreements") for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP. The VIE Agreements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusive Operations and Consulting Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusive Option Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Interest Pledge Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entrustment Agreements;

The VIE agreements are designed to provide our wholly foreign owned entity, Beijing Heli Fashion Technology Co., Ltd. ("WFOE"), with the power, rights, and obligations equivalent in all material respects to those it would possess as the principal equity holder of VIE. Under the VIE Agreements, WFOE is entitled to collect a service fee that is equal to 100% of the net income of the VIE, and WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb losses of the VIE, which makes Unitrend, through its ownership of 100% of the equity in WFOE, the primary beneficiary of the VIE under FASB ASC 810 for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP.

The economic interest in and the power over the VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the VIE, and the structure involves unique inherent risks that may affect your investment, including less effectiveness and certainties and potential substantial costs to enforce the terms of the VIE Agreements.

Our corporate structure is subject to risks relating to our contractual arrangements with the VIE and its individual shareholders. Such contractual arrangements have not been tested in any of the PRC courts. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to these contractual arrangements. If the PRC government finds these contractual arrangements non-compliant with the restrictions on direct foreign investment in the relevant industries, or if the relevant PRC laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE or forfeit our rights under the contractual arrangements.

Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies listed overseas using 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

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and regulations will have on our daily business operation, the ability to accept foreign investments and list on an U.S. exchange. See "*Risk Factors — Risks Related to Doing Business in China – Uncertainties with respect to the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.*" on page 42 for additional information.

We cannot assure you that the PRC courts or regulatory authorities may not determine that our corporate structure and the VIE Agreements violate PRC laws, rules or regulations. If the PRC courts or regulatory authorities determine that our contractual arrangements are in violation of applicable PRC laws, rules or regulations, the VIE Agreements will become invalid or unenforceable, and VIE will not be treated as a VIE, and we will not be entitled to treat VIE's assets, liabilities and results of operations as our assets, liabilities and results of operations, which could effectively eliminate the assets, revenue and net income of VIE from our balance sheet.

The VIE structure is determined to be in violation of any existing or future PRC laws, rules or regulations, or if WFOE or the VIE fails to obtain or maintain any of the required governmental permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including: imposing fines on the WFOE or the VIE, revoking the business and operating licenses of WFOE or the VIE, discontinuing or restricting the operations of WFOE or the VIE; imposing conditions or requirements with which we, WFOE, or the VIE may not be able to comply; requiring us, WFOE, or the VIE to restructure the relevant ownership structure or operations which may significantly impair the rights of the holders of our Class A ordinary shares in the equity of the VIE; and restricting or prohibiting our use of the proceeds from our initial public offering to finance our business and operations in China. See *"Corporate History and Structure"* and *"Risk Factors — Risks Relating to Our Corporate Structure"* for more information.

#### Contractual Arrangements between WFOE and VIE
WFOE, VIE and its shareholders entered into a series of contractual arrangements, also known as VIE Agreements, on December 20, 2022. Each of the VIE Agreements is described in detail below.

*Exclusive Operations and Consulting Services Agreement*

Pursuant to the exclusive operations and consulting services agreement between WFOE and VIE, WFOE has the exclusive right to provide VIE with support services, consulting services and other services necessary for VIE's operation, business management consulting, grant use rights of intellectual property rights, provide system integration service, research and development of software and system maintenance, provide labor support and to develop the related technologies based on VIE's needs. In exchange, WFOE is entitled to a service fee that equates to all of the consolidated net income after offsetting previous year's loss (if any) of VIE. The service fees may be adjusted based on the actual scope of services rendered by WFOE and the operational needs of VIE.

Pursuant to the exclusive operations and consulting services agreement, WFOE has the unilateral right to adjust the service fee at any time, and VIE has no right to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the needs of VIE to operate and develop its business in the online trademark identifier industry. For example, if VIE needs to expand its business, increase research investment or consummate mergers or acquisitions in the future, WFOE has the right to decrease the amount of the service fee, which would allow VIE to have additional capital to operate and develop its business.

The exclusive operations and consulting services agreement remains in effect until WFOE terminates the agreement.

*Exclusive Option Agreements*

Pursuant to the exclusive option agreements, among WFOE, VIE and the shareholders who collectively owned all of VIE, such shareholders jointly and severally grant WFOE an option to purchase their equity interests in VIE. The purchase price shall be the lowest price then permitted under applicable PRC laws. WFOE or its designated person may exercise such option at any time to purchase all or part of the equity interests in VIE until it has acquired all equity interests of VIE, which is irrevocable during the term of the agreements.

The exclusive option agreements remain in effect until WFOE terminates these agreements.

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*Equity Interest Pledge Agreements*

Pursuant to the equity interest pledge agreements, among the shareholders who collectively owned all of VIE, such shareholders pledge all of the equity interests in VIE to WFOE as collateral to secure the obligations of VIE under the exclusive operations and consulting services agreement and exclusive option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of WFOE unless transferring the equity interests to WFOE or its designated person in accordance with the exclusive option agreements.

The equity interest pledge agreement will take effect from the date of signing, that is, on December 20, 2022, and after the agreement is signed, the share pledge will be recorded under the VIE shareholder register.

The equity interest pledge agreements remain in effect for until WFOE terminates these agreements.

*Entrustment Agreements*

Pursuant to the entrustment agreements, the shareholders of VIE give WFOE an irrevocable proxy to act on their behalf on all matters pertaining to VIE and to exercise all of their rights as shareholders of VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment of the obligations under the exclusive option agreements and the equity interest pledge agreements.

The entrustment agreements remain in effect until shareholders of VIE terminate these agreements.

Based on the foregoing contractual arrangements, which grant WFOE effective control of VIE and enable WFOE to receive all of their expected residual returns, we consolidate the accounts of VIE for the periods presented herein, in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission ("SEC"), and Accounting Standards Codification ("ASC") 810-10, Consolidation.

#### Summary of Our Challenges and Risks
We are, and expect for the foreseeable future to be, subject to all the risks and uncertainties, inherent to a development-stage business and in a heavily regulated industry in China. As a result, we must establish many functions necessary to operate our entertainment and media business, including expanding our managerial and administrative structure, assessing and implementing our marketing program, conducting risk management and compliance, implementing financial systems and controls and personnel recruitment. Please read the "Risk Factors" section for the descriptions of the risks we face. These risks and challenges are, among other things:

#### Risks Related to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in consumer preferences may impact our results of operations. For further details please see "*Risk Factors — Risks Related to Our Business and Our Industry — Our TV content business success is influenced by consumer preferences that are difficult to predict, and accordingly our results of operations may vary widely from period to period*" on page 26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have uncertainties in generating revenue from the distribution of television programs due to inherent risks in the distribution process. For further details please see "*Risk Factors — Risks Related to Our Business and Our Industry — Due to the risks inherent in distributing shows, we may be unable to generate revenue and profit if we cannot distribute the shows for which we have acquired rights to TV satellite stations in a timely manner*" on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the online advertising industry may impact our revenues from advertisement. For further details please see "*Risk Factors — Risks Related to Our Business and Our Industry — We generate revenues from our advertising placement segment, but the online advertising industry is subject to many uncertainties, which may prevent us from generating revenues from advertisement*" on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in economic conditions and advertising trends may impact our advertising operations. For further details please see "*Risk Factors — Risks Related to Our Business and Our Industry — Our advertising operations are sensitive to changes in economic conditions and advertising trends*" on page 28.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative publicity surrounding Unitrend, its partners, or the media industry could adversely impact Unitrend's reputation, business, and results of operations. For further details please see "*Risk Factors — Risks Related to Our Business and Our Industry — Any negative publicity with respect to Unitrend, the media industry in general or Unitrend's partners may materially and adversely affect Unitrend's reputation, business and results of operations*" on page 32.

#### Risks Related to Our Corporate Structure
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unitrend operates in China through wholly-owned subsidiaries and contractual arrangements with the VIE and its shareholders. Uncertainties regarding the interpretation and application of PRC laws could impact the enforceability of these agreements, potentially affecting Unitrend's financial condition, operations, and the value of investments. For further details please see "*Risk Factors — Risks Related to Our Corporate Structure — Unitrend is a Cayman Islands exempted company with operations in China partially through its wholly*-owned *subsidiaries and partially through contractual arrangements with the VIE and its shareholders. Investors thus are not purchasing, and may never directly hold, equity interests in the VIE. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and its shareholders and, consequently, significantly affect the financial condition and results of operations of Unitrend. If the PRC government finds such agreements non*-compliant *with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE, which may materially and adversely affect our and the VIE's operations and the value of your investment*" on page 32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The VIE and its shareholders own licenses required by our business, and we rely on their performance of obligations under contracts to direct the VIE's activities. For further details please see "*Risk Factors — Risks Related to Our Corporate Structure — We rely on contractual arrangements with the VIE and its shareholders to own licenses that are required by our business, which could adversely affect our business, operating results and financial condition*" on page 33.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The VIE arrangement may be subject to scrutiny by the PRC tax authorities, potentially adversely affecting our business, operating results, and financial condition. For further details please see "*Risk Factors — Risks Related to Our Corporate Structure — Our contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that the VIE owes additional taxes, which could adversely affect our business, operating results and financial condition*" on page 34.

#### Risks Related to Doing Business in China
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations may affect our business. For further details please see "*Risk Factors — Risks Related to Doing Business in China — There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations*" on page 36.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The PRC government may intervene or exert influence on our operations at any time, potentially increasing control over offerings conducted overseas and foreign investment in China-based issuers. Such actions could lead to significant changes in our operations and/or the value of our ordinary shares. For further details please see "*Risk Factors — Risks Related to Doing Business in China — The PRC government exerts substantial influence over the manner in which we conduct our business operations. It may influence or intervene in our operations at any time as part of its efforts to enforce PRC law, which could result in a material adverse change in our operations and the value of the securities we are offering*" on page 36.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional approval or record filing with PRC government authorities may be required in connection with this offering and our future capital raising activities under the PRC laws. For further details please see "*Risk Factors — Risks Related to Doing Business in China — The approval or record filing of the CSRC under the M&A Rules, CAC, or other PRC government authorities may be required in connection with this offering and our future capital raising activities under the PRC laws*" on page 39.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainties concerning the PRC legal system, including uncertainties surrounding law enforcement and sudden or unexpected changes in laws and regulations in China with minimal advance notice, could have adverse effects on us. For further details please see "*Risk Factors — Risks Related to Doing Business in China — Uncertainties with respect to the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless*" on page 42.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may take several months for us to receive the proceeds of this offering to be used to expand our business. For further details please see "*Risk Factors — Risks Related to Doing Business in China — We must remit the offering proceeds to the PRC before they may be used to benefit our business in the PRC, and this process may take a number of months*" on page 45.

#### Risks Related to Our Class A Ordinary Shares and This Offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our offering requires approval from Nasdaq and there are uncertainties remain regarding the public market and the market price of our Class A ordinary shares. For further details please see "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — Our offering would not be completed if our listing application is not approved by Nasdaq. Further, an active trading market for our Class A ordinary shares may not develop and the trading price for our Class A ordinary shares may fluctuate significantly*" on page 49.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holder of Class B ordinary shares will have the ability to control or significantly influence the outcome of matters requiring approval by shareholders under our dual-class structure and the concentration of ownership. For further details please see "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — The dual*-class *structure of our share capital has the effect of concentrating voting power with the holder of Class B ordinary shares, which will limit your ability to influence the outcome of important transactions, including a change in control*" on page 51.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our dual-class structure may result in a lower or more volatile market price of our Class A ordinary shares, as some index providers have restrictions on companies with a dual-class share structure. For further details please see "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — The dual*-class *structure of our share capital may adversely affect the trading market for our Class A ordinary shares*" on page 52.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Class A ordinary shares offered in this offering will be freely tradable subject to certain restrictions. Therefore, the sale of a significant amount of our Class A ordinary shares could harm the market price of our shares and hinder our ability to raise capital in the future. For further details please see "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering — The sale or availability for sale of substantial amounts of our Class A ordinary shares could adversely affect their market price*" on page 53.

#### Regulatory Permissions and Licenses for Our Operations in China and This Offering
We conduct substantially all of our operations through our Operating Entities and the VIE, established in the PRC. Our operations in mainland China are governed by PRC laws and regulations. Our Operating Entities and the VIE are required to obtain certain licenses, permits and approvals from relevant governmental authorities in mainland China in order to operate the business and conduct this offering. As of the date of this prospectus, as advised by our PRC counsel, East & Concord Partners, our Operating Entities and the VIE, have obtained the business license and the entertainment and media business permit and certification, which are the licenses, permits and registrations from the PRC government authorities necessary for our business operations in China. Our Operating Entities and the VIE have not received any denial from the mainland China government authorities or agencies for their current operations in mainland China. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, and the promulgation of new laws and regulations and amendment to the existing ones, we may be required to obtain additional licenses, permits, registrations, filings or approvals for our business operations in the future. We cannot assure you that our Operating Entities or the VIE, will be able to obtain, in a timely manner or at all, or maintain such licenses, permits or approvals, and we may also inadvertently conclude that such permissions

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or approvals are not required. If we, our Operating Entities or the VIE inadvertently conclude that such permissions or approvals are not required, or applicable laws, regulations, or interpretations change and we or our subsidiaries are required to obtain such permissions or approvals in the future, it could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of our securities to significantly decline or become worthless. Any lack of or failure to maintain requisite approvals, licenses or permits applicable to us or the affiliated entities, including Our Subsidiaries and the VIE, may have a material adverse impact on our business, results of operations, financial condition and prospects and cause the value of any securities we offer to significantly decline or become worthless. *See* "*See* "*Risk Factors — Risks Related to Doing Business in China" on page 36.*

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 Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions, which were made available to the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies.

On December 28, 2021, the Cybersecurity Review Measures (2021 version) which were promulgated and became effective on February 15, 2022, provide that any "online platform operators" possessing personal information of more than one million users which seeks to list in a foreign stock exchange should be subject to cybersecurity review. The Cybersecurity Review Measures (2021 version), further list the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information being affected, controlled, or maliciously used by foreign governments after listing abroad. The CAC requires that under the new rules, companies possessing personal information of more than 1,000,000 users must now apply for cybersecurity approval when seeking listings in other nations. The cybersecurity review will also look into the potential national security risks from overseas IPOs. As advised by our PRC counsel, East & Concord Partners, as of the date hereof based on our understanding of the Cybersecurity Review Measures (2021 version), neither Unitrend nor any of our subsidiaries or the VIE is deemed an "online platform operator" possessing personal information of more than one million users under the Cybersecurity Review Measures (2021 version) because neither of them operates any online platform nor have any online users. Therefore, neither of them is required to declare to the CAC for cybersecurity review. In the case our Company or any of our subsidiaries or the VIE is required to declare to the CAC for cybersecurity review, our listing plan will be subject to cybersecurity review and we cannot assure you that our Company or any of our subsidiaries or the VIE will be able to obtain, in a timely manner or at all, such approval from CAC. In addition, we could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future pursuant to new laws, regulations or policies. Any failure or delay in the completion of the cybersecurity review procedures or any other non-compliance with applicable laws and regulations may result in fines, suspension of business, website closure, revocation of business licenses or other penalties, as well as reputational damage or legal proceedings or actions against us, which may have a material adverse effect on our business, financial condition or results of operations. *See* "*See* "*Risk Factors — Risks Related to Doing Business in China" on page 36.*

On February 17, 2023, the China Securities Regulatory Commission, or the CSRC, announced the Circular on the Administrative Arrangements for Filing of Securities Offering and Listing by Domestic Companies, or the Circular, and released a set of new regulations which consists of the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, and five supporting guidelines which came into effect on March 31, 2023. The Trial Measures refine the regulatory system by subjecting both direct and indirect overseas offering and listing activities to the CSRC filing-based administration. Requirements for filing entities, time points and procedures are specified. The Trial Measures apply to overseas securities offerings and/or listings conducted by (i) companies incorporated in mainland China, or domestic companies, directly and (ii) companies incorporated overseas with operations primarily in mainland China and valued on the basis of interests in domestic companies, or indirect offerings. Where a mainland China domestic company seeks to indirectly offer and list securities in overseas markets, the issuer shall designate a major domestic operating entity, which shall, as the domestic responsible entity, file with the CSRC. The Trial Measures also lay out requirements for the reporting of material events. Breaches of the Trial Measures, such as offering and listing securities overseas without fulfilling the filing procedures, shall bear legal liabilities, including a fine between RMB 1.0 million (approximately $150,000) and RMB 10.0 million (approximately $1.5 million), and the Trial Measures heighten the cost for offenders by enforcing accountability with administrative penalties and incorporating the compliance status of relevant market participants into the Securities Market Integrity Archives.

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According to the Trial Measures and the Circular, initial public offerings or listings in overseas markets shall be filed with the CSRC within three (3) working days after the relevant application is submitted overseas. The companies that have submitted valid applications for overseas issuance and listing but have not been approved by overseas regulatory authorities or overseas stock exchanges at the date of effectiveness of the Trial Measures can reasonably arrange the timing of filing applications and should complete the filing before the overseas issuance and listing. Accordingly, we had designated INHI as the liable entity and submitted initial documents in connection with this offering and our listing on the Nasdaq Capital Market to the CSRC on January 23, 2024. We have completed the filing with the CSRC in connection with this offering, and the CSRC published the notification of its approval of our completion of the required filing procedures on February 26, 2025. In accordance with the CSRC notification, we are required to report the offering and listing status to the CSRC within 15 business days from our completion of our offering. If we fail to complete this offering within 12 months from the issuance date of notification, and the offering is still under progress, we are required to update the filing materials with the CSRC. If the filing procedure with the CSRC under the Trial Measures is required for any future offerings or any other capital raising activities, we cannot assure you that we will be able to complete such filings in a timely manner, or even at all. Any failure by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. In addition, changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or U.S. regulations may materially and adversely affect our business, financial condition and results of operations. Any such changes could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and could cause the value of our securities to significantly decline or become worthless.

As of the date of this prospectus, we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect to this offering. As the Circular and Trial Measures were newly published and there exists uncertainty with respect to the filing requirements and their implementation, we cannot be sure that we will be able to complete such filings in a timely manner, or at all. Any failure or perceived failure of us to fully comply with such new filing requirements under the Trial Measures may result in forced rectification, warnings and fines against us and could significantly hinder our ability to offer or continue to offer securities.

On February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China jointly revised the Provisions on Strengthening Confidentiality and Archives Administration in Overseas Issuance and Listing of Securities (the "Confidentiality and Archives Administration Provisions"), which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions require that, overseas listed PRC domestic enterprises, as well as those to be listed, shall establish the confidentiality and archives system, and shall complete approval and filing procedures with competent authorities, if such PRC domestic enterprises or their overseas listing entities provide or publicly disclose documents or materials involving state secrets and work secrets of PRC government agencies to relevant securities companies, securities service institutions, overseas regulatory agencies and other entities and individuals.

As advised by our PRC counsel, East & Concord Partners, as of the date of this prospectus, apart from the filing with the CSRC as per requirement of the Trial Measures, no any other effective laws or regulations in the PRC explicitly require our Company or any of our subsidiaries or the VIE to seek approval from the CSRC or any other PRC governmental authorities for listing on an U.S. national stock exchange or issuing Company's ordinary shares to investors including foreign investors, nor has our Company or any of our subsidiaries or the VIE received any denial, inquiry, notice, warning or sanctions regarding our planned overseas listing from the CSRC or any other PRC governmental authorities. However, 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 an U.S. national stock exchange. Apart from the case that we inadvertently conclude that such permission or approval is not required, any change in the PRC laws and regulations may result in a material change in our operations or the value of our Class A ordinary shares or significantly limit or completely hinder our ability to offer or continue to offer our Class A ordinary shares to investors and cause the value of our Class A ordinary shares to significantly decline or become worthless. See "*Risk Factors — Risks Relating to Doing Business in China*" on page 36.

Notwithstanding the legal and operational risks associated with operations in mainland China, we believe, without in reliance on the opinion of a Hong Kong legal counsel, that any regulatory actions related to securities, data security or anti-monopoly in Hong Kong may have very minimum impact or no impact at all on the Company's ability to conduct

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its business, accept foreign investments, or list on a U.S. or foreign exchange because we currently do not and do not plan to have any substantive operations, including any data-related operations, in Hong Kong and Charming Empire, our only subsidiary in Hong Kong, currently has no operations and is expected to have the sole function of transferring funds within the corporate group in the future without playing any other additional roles. See "*Risk Factors — Risks Relating to Doing Business in China*" on page 36.

#### Restrictions on Foreign Exchange and the Ability to Transfer Cash Between<br>Entities, Across Borders and to U.S. Investors
We are permitted under the laws of Cayman Islands to provide funding to our subsidiaries in BVI, Hong Kong, and PRC through loans or capital contributions without restrictions on the amount of the funds, provided that we comply with the economic substance regime of the Cayman Islands. Our subsidiary in Hong Kong is also permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution or other distributable reserves. However, we and our subsidiaries' abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. The current PRC government imposes controls on the convertibility of Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. All of our income is received in Renminbi and shortages in foreign currencies may restrict our ability to pay dividends or other payments, or otherwise satisfy our foreign currency denominated obligations, if any. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related transactions, can be made in foreign currencies without prior approval from SAFE as long as certain procedural requirements are met. Approval from appropriate government authorities is required if Renminbi is converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may, at its discretion, impose restrictions on access to foreign currencies for current account transactions and if this occurs in the future, we may not be able to pay dividends in foreign currencies to our shareholders. In addition, relevant PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, our PRC subsidiaries can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the statutory reserves. As a result of these and other restrictions under the PRC laws and regulations, the PRC subsidiaries are restricted to transfer a portion of their net assets to us either in the form of dividends, loans or advances. Even though we currently do not require any such dividends, loans or advances from our PRC subsidiaries for working capital and other funding purposes, we may in the future require additional cash resources from our PRC subsidiaries due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to our shareholders. Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the scope of the current restrictions and limitations applicable to PRC entities were to expand to include Hong Kong or entities based in Hong Kong. Therefore, our ability to transfer cash between us, our subsidiaries outside of China, and our investors may be restricted. See "*Risk Factors — Risks Relating to Doing Business in China*" on page 36.

#### Assets Transfer among Unitrend, our Subsidiaries, the VIE, and Investors
None of our subsidiaries or the VIE currently have any cash management policies that dictate the purpose, amount, and procedure of fund transfers among our Cayman Islands holding company and our subsidiaries. Rather, the fund can be transferred in accordance with the applicable laws and regulations. We may require additional capital resources in the future, and we may seek to issue additional equity or debt securities or obtain new or expanded credit facilities, which could subject us to operating and financing covenants, including requirements to maintain a certain amount of cash reserves.

As of the date of this prospectus, no cash or other assets have been transferred among Unitrend, the Subsidiaries, or the VIE, and there are no plans to initiate any such transfers of cash or other assets, other than the proceeds of this offering, in the near future. Neither Unitrend nor any of our subsidiaries have made any dividends or distributions to investors as of the date of this prospectus. We and our subsidiaries have no present plans to distribute earnings and plan to retain earnings to continue to grow our business. In addition, to the extent cash or assets in our business is in the PRC or Hong Kong or a PRC or Hong Kong entity, such cash or assets may not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of our holding company, our subsidiaries in China, and/or the VIE by the PRC government to transfer cash or assets. For more information, please refer to "*Risk Factors — Risks Relating to Doing Business in the PRC*" on page 36

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and "*Summary Consolidated Financial Data*" and the consolidated financial statements starting from page F-1. Our board of directors has complete discretion on whether to distribute dividends, subject to applicable laws. We do not have any current plan to declare or pay any cash dividends on our Class A ordinary shares in the foreseeable future after this offering. See "*Risk Factors — Risks Relating to Doing Business in the PRC*" on page 36.

#### Dividends or Distributions Made to Us and U.S. Investors and Tax Consequences
To date, VIE has not paid any service fees to us. In addition, we have not made any dividends or distributions to U.S. investors. As of the date of this prospectus, (1) no cash transfer or transfer of other assets have occurred among Unitrend, the Subsidiaries, and the VIE, (2) no dividends or distributions have been made by a subsidiary or the VIE, and (3) the Company has not made any dividends or distributions to U.S. investors. In addition, subject to the passive foreign investment company rules, the gross amount of any distribution that we make to investor with respect to Ordinary Shares (including any amounts withheld to reflect PRC withholding taxes) will be taxable as a dividend, to the extent paid out of the current or accumulated earnings and profits of us and VIE, as determined under United States federal income tax principles. If we are considered a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding tax. *See "Risk Factors — Risks Relating to Doing Business in the PRC" on page 36.*

#### The Holding Foreign Companies Accountable Act
Pursuant to the Holding Foreign Companies Accountable Act (the "HFCAA"), if the PCAOB is unable to inspect an issuer's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national securities exchange or in the over-the-counter trading market in the United States. On December 16, 2021, the PCAOB issued its determination that the PCAOB is 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. On August 26, 2022, the CSRC, the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol") to allow the PCAOB to inspect and investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, consistent with the HFCAA, and the PCAOB was required to reassess its determinations by the end of 2022. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need to issue a new determination. On December 29, 2022, legislation entitled Consolidated Appropriations Act, 2023 was signed into law by President Biden, which, among other things, amended the HFCAA by decreasing the number of non-inspection years from three years to two, thus reducing the time period before our Class A ordinary shares may be prohibited from trading or delisted.

Our auditor, OneStop Assurance PAC, an independent registered public accounting firm headquartered in Singapore, was not included in the determinations made by the PCAOB on December 16, 2021. Our auditor is currently subject to PCAOB inspections and has been inspected by the PCAOB. However, in the event the PRC authorities further strengthen regulations over auditing work of the PRC companies listed on the U.S. stock exchanges, it may prohibit our current auditor from performing audit work in China, then we would need to change our auditor and the audit workpapers prepared by our new auditor may not be inspected by the PCAOB without the approval of the PRC authorities, in which case the PCAOB may not be able to fully evaluate the audit or the auditors' quality control procedures. There can be no assurance that we will be able to take any remedial measures if we have a "non-inspection" year. Furthermore, we cannot assure you whether the SEC, Nasdaq or other regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. In addition, our books and records are primarily located in mainland China, and we cannot assure you that there would not be any regulatory change or step taken by PRC regulators that restricts or prohibits our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection. If any such event were to occur, trading in our securities could in the future be prohibited under the HFCAA and, as a result, we cannot assure you that we would be able to maintain the listing of our Class A ordinary shares on Nasdaq or that you would be allowed

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to trade our Class A ordinary shares in the United States on the "over-the-counter" markets or otherwise. It is possible that, in the event trading in our shares in the United States is no longer possible, you might lose the entire value of your Class A ordinary shares. See "*Risk Factors — Risks Relating to Doing Business in China*" on page 36.

#### Implications of Unitrend Being an "Emerging Growth Company"
We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement to have only two years of audited financial statements and only two years of related selected financial data and management's discussion and analysis of financial condition and results of operations disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from implementation of new or revised accounting standards until they would apply to private companies and from compliance with any new requirements adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no requirement to seek nonbinding advisory votes on executive compensation or golden parachute arrangements.

We have elected to avail ourselves of the extended transition period for implementing new or revised financial accounting standards. We may take advantage of some or all of the other provisions described above until we are no longer an emerging growth company. We will remain an emerging growth company until the earlier to occur of (1) (a) the last day of the fiscal year following the fifth anniversary of the closing of this offering, (b) the last day of the fiscal year in which our annual gross revenue is $1.235 billion or more, or (c) the date on which we are deemed to be a "large accelerated filer," under the rules of the U.S. Securities and Exchange Commission, or SEC, which means the market value of our equity securities that is held by non-affiliates exceeds $700 million following the initial public offering, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. See "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering*" on page 49.

#### Implications of Being a Controlled Company
Upon the completion of this offering, we will be a "controlled company" as defined under the Nasdaq Stock Market Rules because Mr. Bin Feng, beneficially owns all of our issued and outstanding Class B ordinary shares and will be able to exercise 87.48% of our total voting power. Under the Nasdaq Stock Market Rules, a "controlled company" may elect not to comply with certain corporate governance requirements. Currently, we do not plan to utilize the "controlled company" exemptions with respect to our corporate governance practice after we complete this offering. See "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering*" on page 49.

#### Implications of Being a China-Based Company
We are an offshore holding company incorporated in the Cayman Islands. As a holding company with no material operations, our operations are conducted in China by INHI, subsidiaries of INHI, and the VIE through VIE Agreements among WFOE, VIE, and VIE's shareholders, such arrangement involves unique risks to investors. This is an offering of the Class A ordinary shares of the offshore holding company in Cayman Islands. You are not investing in the VIE. Neither we nor our Subsidiaries own any share in VIE. Instead, we control and receive the economic benefits of the VIE's business operation through VIE Agreements, dated December 20, 2022. Under the VIE Agreements, WFOE is entitled to collect a service fee that is equal to 100% of the net income of the VIE, and WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance and is obligated to absorb losses of the VIE, which makes us, through our direct ownership of 100% of the equity in WFOE, the primary beneficiary to receive the economic benefits of the VIE's business operation for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP. Because our economic interest in the VIE is more than insignificant exposure to potential losses of or benefits from it, and we have power over the most

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significant economic activities of the VIE, we have consolidated the financial results of the VIE in our consolidated financial statements under generally accepted accounting principles in the U.S. ("U.S. GAAP"). However, the economic interest in and the power over the VIE are based on contractual agreements and are not equivalent to equity ownership in the business of the VIE, and the structure involves unique risks to investors. Because of our corporate structure, we are subject to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of companies engage in Internet Information Services, and regulatory review of oversea listing of PRC companies through a special purpose vehicle, and the validity and enforcement of the VIE Agreements. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. The VIE Agreements may not be effective in providing control over VIE. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory Commission if we fail to comply with their rules and regulations. See *"Risk Factors — Risks Relating to Doing Business in the PRC"* for more information.

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers.

In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the Nasdaq Stock Market Rules.

See "*Risk Factors — Risks Related to Our Class A Ordinary Shares and This Offering*" on page 49.

#### Corporate Information
Our principal executive office is located at Suite 1508, Tower B, Wentelai Center, 1 Xidawang Road, Chaoyang District, Beijing 100026, People's Republic of China. Our telephone number at this address is 010-6441-0086. Our registered office is at the offices of Osiris International Cayman Limited, Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands.

Investor inquiries should be directed to us at the address and telephone number of our principal executive offices set forth above. Our website address is *www.inhimedia.com*. The information contained on our website is not part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, United States.

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#### THE OFFERING

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| | |
|:---|:---|
|  **Ordinary Share offered by us** | 3,750,000 Class A ordinary shares, or 4,312,500 Class A ordinary shares if the underwriters exercise the over-allotment option in full. |
|  **Price per Ordinary Share** | We currently estimate that the initial public offering price will be $4.00 per Class A ordinary share, which is the lower end of the price range set forth on the cover page of this prospectus. |
|  **Over-Allotment** | We have granted to the underwriters the option, exercisable for 45 days from the date this registration statement is declared effective, to purchase up to an additional 15% of the total number of Class A ordinary shares to be offered by Unitrend, solely for the purpose of covering overallotments, at the initial public offering price less the underwriting discount. We may issue up to 562,500 Class A ordinary shares pursuant to the underwriters' over-allotment option. |
|  **Underwriter Warrant** | We have agreed to grant to the underwriters warrants covering a number of Class A ordinary shares equal to 5% of the aggregate number of the Class A ordinary shares sold in the offering upon closing of the offering, excluding shares sold under the over-allotment option. Such warrants shall be exercisable at any time, and from time to time, in whole or in part, commencing from the date of issuance and expiring on the three year anniversary of the commencement of sales of the Offering. Such warrants will be exercisable at a price equal to 120% of the public offering price of the Class A ordinary shares. We will register the shares underlying the warrants and will file all necessary undertakings in connection therewith. Such warrants shall not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days from the closing of the offering, to any member participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period. |
|  **Ordinary Share outstanding prior to completion of this offering** | <br>As of the date of this prospectus, we have 15,514,150 Class A ordinary shares, and 4,485,850 Class B ordinary shares, for a total of 20,000,000 Ordinary Shares issued and outstanding prior to completion of this offering. |
|  **Ordinary Share outstanding immediately <br>after completion of this offering** | <br>19,264,150 Class A ordinary shares or 19,826,650 Class A ordinary shares if the underwriters exercise the over-allotment option in full;<br> The numbers do not include any of the Class A ordinary shares underlying the warrants issued to the underwriters. |

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| | |
|:---|:---|
|  **Use of Proceeds** | We expect that we will receive net proceeds of approximately $11,432,136 (or approximately $13,490,886 if the underwriters' over-allotment option is exercised in full) from the sale of Class A ordinary shares in this offering, assuming an initial public offering price of $4.00 per Class A ordinary share, which is the lower end of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.<br> We intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, for working capital and other general corporate purposes. See "Use of Proceeds" for additional information. |
|  **Risk factors** | Investing in our Class A ordinary shares involves a high degree of risk and purchasers of our Class A ordinary shares may lose part or all of their investment. See "Risk Factors" for a discussion of factors you should carefully consider before deciding to invest in our Class A ordinary shares beginning on Page 26. |
|  **Voting Rights** | Each Class A ordinary shares is entitled, on a poll, to one (1) vote per share at a general meeting of shareholders.<br> Each Class B ordinary shares is entitled, on a poll, to thirty (30) votes per share at a general meeting of shareholders.<br> On a show of hands at a general meeting of shareholders, every shareholder shall be entitled to one (1) vote. |
|  | Mr. Bin Feng, our founder and Chief Executive officer, will beneficially own approximately 87.48% of the total outstanding voting power, assuming the underwriters do not exercise their over-allotment option, following the completion of this offering and will have the ability to control the outcome of matters submitted to our shareholders for votes, including the election of our directors and the approval of any change in control transaction. See the sections titled "*Principal Shareholders*" and "*Description of Share Capital*" for additional information. |
|  **Lock-up period** | The Company has agreed, subject to some exceptions, not to transfer or dispose of any of our Ordinary Shares for a period of 90 days from the closing of this offering, without the prior written consent of the representative.<br> Our directors, executive officers, and certain shareholders of the Class A ordinary shares, have agreed with the underwriters not to sell, transfer or dispose of any Class A ordinary shares for 180 days from the closing of this offering, subject to certain exceptions. See "*Shares Eligible for Future Sale*" and "*Underwriting.*" |
|  **Listing** | We have applied to have our Class A ordinary shares listed on Nasdaq Capital Market. |
|  **Ticker Symbol** | We have reserved "INHI" as our ticker symbol. |
|  **Transfer Agent** | Vstock Transfer, LLC. |

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#### SUMMARY CONSOLIDATED FINANCIAL DATA
The following historical statements of operations for the six months ended June 30, 2025 and fiscal years ended December 31, 2024 and 2023, which have been derived from our audited financial statements for those periods. Our historical results are not necessarily indicative of the results that may be expected in the future. You should read this data together with our consolidated financial statements and related notes appearing elsewhere in this prospectus as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations," appearing elsewhere in the prospectus.

#### Selected Balance Sheet Information

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| | | | |
|:---|:---|:---|:---|
|  | **As of<br> June 30,<br> 2025** | **<br>As of December 31,** | **<br>As of December 31,** |
|  | **As of<br> June 30,<br> 2025** | **2024** | **2023** |
|  Total current assets | $44793385 | $44213075 | $38157235 |
|  Total non-current assets | $6273710 | $10394026 | $7051965 |
|  Total assets | $51067095 | $54607101 | $45209200 |
|  Total current liabilities | $24977166 | $25977932 | $22915584 |
|  Total non-current liabilities | $7483187 | $12700464 | $10033574 |
|  Total liabilities | $32460353 | $38678396 | $32949158 |
|  Total shareholders' equity | $18606742 | $15928705 | $12260042 |

---

#### Selected Statements of Operations Information

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>June 30, <br>2025** | **<br>For the Years Ended <br>December 31,** | **<br>For the Years Ended <br>December 31,** |
|  | **For the <br>Six Months <br>Ended <br>June 30, <br>2025** | **2024** | **2023** |
|  **Statement of Operations Data** |  |  |  |
|  Net revenues | $16759613 | $20631261 | $21032972 |
|  Gross profit | 4086705 | 6708831 | 5955151 |
|  Total operating expenses | 1035522 | 1754384 | 2935419 |
|  Income from operations | 3051183 | 4954447 | 3019732 |
|  Total non-operating income, net | 347 | 42270 | 114328 |
|  Income before income taxes | 3051530 | 4996717 | 3134060 |
|  Net income attribute to the Company | $2376186 | $4188165 | $3276338 |
|  Net income per common share – basic and diluted | $0.12 | $0.21 | $0.16 |
|  Weighted average number of common shares outstanding – basic and diluted | 20000000 | 20000000 | 20000000 |

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The tables below are condensed consolidating schedules summarizing separately the operations, financial position and cash flows of Unitrend ("Parent" in the tables below), Infinity Soul BVI and Charming Empire HK ("Offshore Subsidiaries" in the tables below that is exclusive of Heli Fashion WFOE and its onshore subsidiaries), Heli Fashion WFOE and its onshore subsidiaries ("WFOE and its onshore subsidiaries" in the tables below), Heli Weiye ("VIE" in the table below), six months ended June 30, 2025 and for the years ended and December 31, 2024 and 2023, and as of June 30, 2025, December 31, 2024 and 2023. In preparation of listing on a U.S. stock exchange as part of an initial public offering, the Company underwent a reorganization through 1) entering into various Contractual Arrangements, which became effective as of December 20, 2022, and 2) entering a stock purchase agreement on January 3, 2024 for acquiring entities that are under common control. For the year ended December 31, 2023, WFOE did not charge any consulting service fees based on the Contractual Arrangements as the VIE (incorporated in November 2, 2022) incurred losses during this period; thus no line shows the service income charged to VIE in the column of WFOE.

#### Selected Condensed Consolidated Statement of Results of Operations

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Revenue | $— | $— | $12245875 | $4513738 | $— | $16759613 |
|  Cost of revenues |  |  | 9185081 | 3487827 |  | 12672908 |
|  Gross profit |  |  | 3060794 | 1025911 |  | 4086705 |
|  Operating expense | 2960 | 263 | 1082413 | (50114) |  | 1035522 |
|  Income (loss) from operations | (2960) | (263) | 1978381 | 1076025 |  | 3051183 |
|  Income from subsidiaries and VIE | 2379146 | 2379409 | 807092 |  | (5565647) |  |
|  Total non-operating income, net |  |  | 249 | 98 |  | 347 |
|  Income before income tax | 2376186 | 2379146 | 2785722 | 1076123 | (5565647) | 3051530 |
|  Income tax expense |  |  | 424845 | 269031 |  | 693876 |
|  Income before non-controlling interests | 2376186 | 2379146 | 2360877 | 807092 | (5565647) | 2357654 |
|  Consulting fee in relation to services rendered by WFOE |  |  |  | (807092) | 807092 |  |
|  Less: loss attribute to non-controlling interests |  |  | (18532) |  |  | (18532) |
|  Net income to the Company | $2376186 | $2379146 | $2379409 | $— | $(4758555) | $2376186 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Revenue | $— | $— | $14607161 | $6024100 | $— | $20631261 |
|  Cost of revenues |  |  | 9272156 | 4650274 |  | 13922430 |
|  Gross profit |  |  | 5335005 | 1373826 |  | 6708831 |
|  Operating expense | 27748 | 2197 | 1534512 | 189927 |  | 1754384 |
|  Income (loss) from operations | (27748) | (2197) | 3800493 | 1183899 |  | 4954447 |
|  Income from subsidiaries and VIE | 4215907 | 4218108 | 1122156 |  | (9556171) |  |
|  Total non-operating income (expenses), net | 6 | (4) | 41672 | 596 |  | 42270 |
|  Income before income tax | 4188165 | 4215907 | 4964321 | 1184495 | (9556171) | 4996717 |
|  Income tax expense |  |  | 871946 | 62339 |  | 934285 |
|  Income before non-controlling interests | 4188165 | 4215907 | 4092375 | 1122156 | (9556171) | 4062432 |
|  Consulting fee in relation to services rendered by WFOE |  |  |  | (1122156) | 1122156 |  |
|  Less: loss attribute to non-controlling interests |  |  | (125733) |  |  | (125733) |
|  Net income to the Company | $4188165 | $4215907 | $4218108 | $— | $(8434015) | $4188165 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Revenue | $— | $— | $20222422 | $1675490 | $(864940) | $21032972 |
|  Cost of revenues |  |  | 13367597 | 2575164 | (864940) | 15077821 |
|  Gross profit (loss) |  |  | 6854825 | (899674) |  | 5955151 |
|  Operating expense |  |  | 2885209 | 50210 |  | 2935419 |
|  Income (loss) from operations |  |  | 3969616 | (949884) |  | 3019732 |
|  Income from subsidiaries and VIE | 3276338 | 3276338 |  |  | (6552676) |  |
|  Total non-operating income, net |  |  | 113889 | 439 |  | 114328 |
|  Income (loss) before income tax | 3276338 | 3276338 | 4083505 | (949445) | (6552676) | 3134060 |
|  Income tax expense |  |  | 185294 |  |  | 185294 |
|  Income (loss) before non-controlling interests | 3276338 | 3276338 | 3898211 | (949445) | (6552676) | 2948766 |
|  Less: loss attribute to <br>non-controlling interests |  |  | (327572) |  |  | (327572) |
|  Net income (loss) to the Company | $3276338 | $3276338 | $4225783 | $(949445) | $(6552676) | $3276338 |

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#### Selected Condensed Consolidated Balance Sheets

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Cash and cash equivalents | $1386 | $1692 | $1220150 | $20887 | $— | $1244115 |
|  Accounts receivable, net |  |  | 13035540 | 2684006 |  | 15719546 |
|  Prepayments of filming of documentary and TV series |  |  | 8231992 | 5301961 |  | 13533953 |
|  Service fee receivable due <br>from VIE |  |  | 816687 |  | (816687) |  |
|  Intercompany receivable | 2507073 |  | 4500360 |  | (7007433) |  |
|  Content assets, net |  |  | 2800296 | 6993058 |  | 9793354 |
|  Prepaid expenses and other current assets, net | 175045 |  | 1470794 | 2856578 |  | 4502417 |
|  Total current assets | 2683504 | 1692 | 32075819 | 17856490 | (7824120) | 44793385 |
|  Long term investment | 16659358 | 19164739 |  |  | (35824097) |  |
|  Property and equipment, net |  |  | 27565 |  |  | 27565 |
|  Content assets, net |  |  |  | 5742944 |  | 5742944 |
|  Operating lease right-of-use assets, net |  |  | 295271 |  |  | 295271 |
|  Other non-current assets |  |  | 198746 | 9184 |  | 207930 |
|  Total non-current assets | 16659358 | 19164739 | 521582 | 5752128 | (35824097) | 6273710 |
|  Total assets | 19342862 | 19166431 | 32597401 | 23608618 | (43648217) | 51067095 |
|  Accounts payable |  |  | 9062132 | 732507 |  | 9794639 |
|  Advances from customers |  |  | 3771202 | 9021290 |  | 12792492 |
|  Accrued liabilities and other <br>payables |  |  | 74630 | 5239 |  | 79869 |
|  Content liability |  |  | 348813 |  |  | 348813 |
|  Operating lease liabilities – current |  |  | 177755 |  |  | 177755 |
|  Due to a related party | 210000 |  | (6976) |  |  | 203024 |
|  Service fee payable due to WFOE |  |  |  | 816687 | (816687) |  |
|  Intercompany payable |  | 2507073 |  | 4500360 | (7007433) |  |
|  Taxes payable |  |  | 1491933 | 88641 |  | 1580574 |
|  Total current liabilities | 210000 | 2507073 | 14919489 | 15164724 | (7824120) | 24977166 |
|  Advances from customers – non-current |  |  | 75028 | 7319454 |  | 7394482 |
|  Operating lease liabilities – non-current |  |  | 88705 |  |  | 88705 |
|  Total noncurrent liabilities |  |  | 163733 | 7319454 |  | 7483187 |
|  Total liabilities | 210000 | 2507073 | 15083222 | 22484178 | (7824120) | 32460353 |
|  Total Company's shareholders' <br>equity | 19132862 | 16659358 | 18040299 | 1124440 | (35824097) | 19132862 |
|  Non-controlling interests |  |  | (526120) |  |  | (526120) |
|  Total equity | $19132862 | $16659358 | $17514179 | $1124440 | $(35824097) | $18606742 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Cash and cash equivalents | $85537 | $1971 | $538426 | $637962 | $— | $1263896 |
|  Accounts receivable, net |  |  | 3342732 | 9187376 |  | 12530108 |
|  Prepayments of filming of documentary and TV series |  |  | 8083897 |  |  | 8083897 |
|  Service fee receivable due from VIE |  |  | 1105284 |  | (1105284) |  |
|  Intercompany receivable | 2507073 |  | 4854449 |  | (7361522) |  |
|  Content assets, net |  |  | 11503411 | 6931595 |  | 18435006 |
|  Prepaid expenses and other current assets, net | 93854 |  | 2295885 | 1510429 |  | 3900168 |
|  Total current assets | 2686464 | 1971 | 31724084 | 18267362 | (8466806) | 44213075 |
|  Long term investment | 13950481 | 16455583 |  |  | (30406064) |  |
|  Property and equipment, net |  |  | 32104 |  |  | 32104 |
|  Content assets, net |  |  | 719703 | 9041083 |  | 9760786 |
|  Operating lease right-of-use assets, <br>net |  |  | 388943 |  |  | 388943 |
|  Other non-current assets |  |  | 179779 | 32414 |  | 212193 |
|  Total non-current assets | 13950481 | 16455583 | 1320529 | 9073497 | (30406064) | 10394026 |
|  Total assets | 16636945 | 16457554 | 33044613 | 27340859 | (38872870) | 54607101 |
|  Accounts payable |  |  | 5846402 | 1681176 |  | 7527578 |
|  Advances from customers |  |  | 7059653 | 8970459 |  | 16030112 |
|  Accrued liabilities and other payables |  |  | 133785 | 4036 |  | 137821 |
|  Content liability |  |  | 753584 |  |  | 753584 |
|  Operating lease liabilities – current |  |  | 201465 |  |  | 201465 |
|  Due to a related party | 210000 |  | 7263 |  |  | 217263 |
|  Service fee payable due to WFOE |  |  |  | 1105284 | (1105284) |  |
|  Intercompany payable |  | 2507073 |  | 4854449 | (7361522) |  |
|  Taxes payable |  |  | 1023014 | 87095 |  | 1110109 |
|  Total current liabilities | 210000 | 2507073 | 15025166 | 16702499 | (8466806) | 25977932 |
|  Advances from customers |  |  | 1000341 | 11561543 |  | 12561884 |
|  Operating lease liabilities – <br>non-current |  |  | 138580 |  |  | 138580 |
|  Total noncurrent liabilities |  |  | 1138921 | 11561543 |  | 12700464 |
|  Total liabilities | 210000 | 2507073 | 16164087 | 28264042 | (8466806) | 38678396 |
|  Total Company's shareholders' equity | 16426945 | 13950481 | 17378766 | (923183) | (30406064) | 16426945 |
|  Non-controlling interests |  |  | (498240) |  |  | (498240) |
|  Total equity | $16426945 | $13950481 | $16880526 | $(923183) | $(30406064) | $15928705 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Cash and cash equivalents | $— | $— | $2157463 | $211249 | $— | $2368712 |
|  Accounts receivable, net |  |  | 12169138 |  |  | 12169138 |
|  Prepayments of filming of documentary and TV series |  |  | 10431133 |  |  | 10431133 |
|  Refundable prepayments of copyright and filming of TV series |  |  | 212599 |  |  | 212599 |
|  Intercompany receivable |  |  | 63381 |  | (63381) |  |
|  Content assets, net |  |  | 9241160 | 445130 |  | 9686290 |
|  Prepaid expenses and other current assets, net |  |  | 3227158 | 62205 |  | 3289363 |
|  **Total current assets** |  |  | 37502032 | 718584 | (63381) | 38157235 |
|  Long term investment | 12644911 | 12644911 |  |  | (25289822) |  |
|  Property and equipment, net |  |  | 98695 |  |  | 98695 |
|  Content assets, net |  |  | 5852572 | 480858 |  | 6333430 |
|  Operating lease right-of-use assets, net |  |  | 352455 |  |  | 352455 |
|  Other non-current assets |  |  | 267385 |  |  | 267385 |
|  **Total non-current assets** | 12644911 | 12644911 | 6571107 | 480858 | (25289822) | 7051965 |
|  **Total assets** | 12644911 | 12644911 | 44073139 | 1199442 | (25353203) | 45209200 |
|  Accounts payable |  |  | 8085992 | 477472 |  | 8563464 |
|  Advances from customers |  |  | 12893823 | 687479 |  | 13581302 |
|  Accrued liabilities and other payables |  |  | 79808 | 3470 |  | 83278 |
|  Operating lease liabilities – current |  |  | 232137 |  |  | 232137 |
|  Due to a related party |  |  | 94522 |  |  | 94522 |
|  Intercompany payable |  |  |  | 63381 | (63381) |  |
|  Taxes payable |  |  | 360881 |  |  | 360881 |
|  **Total current liabilities** |  |  | 21747163 | 1231802 | (63381) | 22915584 |
|  Content liability |  |  | 985929 |  |  | 985929 |
|  Advances from customers |  |  | 8069485 | 916640 |  | 8986125 |
|  Operating lease liabilities – non-current |  |  | 61520 |  |  | 61520 |
|  **Total noncurrent liabilities** |  |  | 9116934 | 916640 |  | 10033574 |
|  **Total liabilities** |  |  | 30864097 | 2148442 | (63381) | 32949158 |
|  Total Company's shareholders' equity | 12644911 | 12644911 | 13593911 | (949000) | (25289822) | 12644911 |
|  Non-controlling interests |  |  | (384869) |  |  | (384869) |
|  **Total shareholders' equity** | $12644911 | $12644911 | $13209042 | $(949000) | $(25289822) | $12260042 |

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#### Condensed Consolidated Statement of Cash Flows

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Net cash provided by (used in) operating activities | $(2960) | $(263) | $389935 | $(183561) | $— | $203151 |
|  Net cash used in investing activities | $— | $— | $— | $(437816) | $437816 | $— |
|  Net cash provided by (used in) financing activities | $(81191) | $— | $274034 | $— | $(437816) | $(244973) |
|  Effect of exchange rate change on cash | $— | $(16) | $17755 | $4302 | $— | $22041 |
|  Net increase (decrease) in cash and cash equivalents | $(84151) | $(279) | $681724 | $(617075) | $— | $(19781) |
|  Cash and cash equivalents, beginning of the period | $85537 | $1971 | $538426 | $637962 | $— | $1263896 |
|  Cash and cash equivalents, end of the period | $1386 | $1692 | $1220150 | $20887 | $— | $1244115 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Net cash provided by (used in) operating activities | $(27742) | $(2201) | $3880580 | $(4426894) | $— | $(576257) |
|  Net cash provided by (used in) investing activities | $(4203) | $— | $— | $4865955 | $(4861752) | $— |
|  Net cash provided by (used in) financing activities | $117482 | $4164 | $(5464741) | $— | $4861791 | $(481304) |
|  Effect of exchange rate change on cash | $— | $8 | $(34876) | $(12348) | $(39) | $(47255) |
|  Net increase (decrease) in cash and cash equivalents | $85537 | $1971 | $(1619037) | $426713 | $— | $(1104816) |
|  Cash and cash equivalents, beginning of the year | $— | $— | $2157463 | $211249 | $— | $2368712 |
|  Cash and cash equivalents, end of the year | $85537 | $1971 | $538426 | $637962 | $— | $1263896 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Parent** | **Offshore <br>Subsidiaries** | **WFOE and <br>its Onshore <br>Subsidiaries** | **VIE** | **Elimination <br>Adjustments** | **Consolidated <br>Totals** |
|  Net cash provided by operating activities | $— | $— | $2657776 | $211414 | $— | $2869190 |
|  Net cash used in investing activities | $— | $— | $(42316) | $— | $— | $(42316) |
|  Net cash used in financing activities | $— | $— | $(836377) | $— | $— | $(836377) |
|  Effect of exchange rate change on cash | $— | $— | $(9983) | $(308) | $— | $(10291) |
|  Net increase in cash and cash equivalents | $— | $— | $1769100 | $211106 | $— | $1980206 |
|  Cash and cash equivalents, beginning of the year | $— | $— | $388363 | $143 | $— | $388506 |
|  Cash and cash equivalents, end of the year | $— | $— | $2157463 | $211249 | $— | $2368712 |

---

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#### ROLL-FORWARD OF INVESTMENT IN SUBSIDIARIES AND VIE

---

| | |
|:---|:---|
|  **Balance, December 31, 2023** | $12644911 |
|  Subscription receivable | 1336  |
|  Net income for the year | 4188165  |
|  Foreign currency translation loss attributable to the Company | (407467) |
|  **Balance, December 31, 2024** | $16426945  |
|  **Net income for the period** | 2376186 |
|  **Foreign currency translation gain attributable to the Company** | 329731 |
|  **Balance, June 30, 2025** | $19132862 |

---

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete in an industry with low barriers to entry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the future growth of the Chinese entertainment industry as a whole and the Chinese television distribution sector in particular;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative impact on our business and financial results due to the COVID-19 pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire and produce shows, further enhance our brand recognition; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends and competition in Chinese entertainment industry; and

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

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

You should read thoroughly this prospectus and the documents that we refer to with the understanding that our actual future results may be materially different from and worse than what we expect. We qualify all of our forward-looking statements by these cautionary statements. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance.

This prospectus contains statistical data that we obtained from various government and private publications. We have not independently verified the data in these reports. Statistical data in these publications also may include projections based on a number of assumptions. If any one or more of the assumptions underlying the statistical data turns out to be incorrect, actual results may differ from the projections based on these assumptions.

You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements except as required by applicable law.

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#### RISK FACTORS
*You should carefully consider the risks described below in conjunction with the other information and our consolidated financial statements and related notes included elsewhere in this prospectus before making an investment decision. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price of our Class A ordinary share could decline due to any of these risks, and as a result you may lose all or part of your investment. This prospectus also contains forward*-looking *statements relating to events subject to risks and uncertainties. Our actual results could differ materially from those anticipated in these forward*-looking *statements due to the material risks that we face described below.*

#### Risks Related to Our Business and Our Industry
***Our TV content business success is influenced by consumer preferences that are difficult to predict, and accordingly our results of operations may vary widely from period to period.***

In general, the economic success of a show is largely determined by the appeal of the show to a broad audience and by the effectiveness of the marketing of the show. We cannot precisely predict the economic success of any of the shows we distribute or invest in because a show's acceptance by the public cannot be predicted with certainty. If we do not accurately judge audience acceptance in selecting the shows for which we acquire the distribution rights or in which we invest, or if we do not market the show effectively, we may not recoup our costs or realize our anticipated profits. In addition, the economic success of a show depends upon the public's acceptance of competing shows, the availability of alternative forms of entertainment and leisure-time activities, general economic conditions and other tangible and intangible factors, all of which can change and none of which can be predicted with certainty. Accordingly, our net revenue and other results of operations may fluctuate significantly from period to period, and the results of any one period may not be indicative of the results for any future periods.

***Regarding the television program distribution segment of our business, our success is largely dependent on a limited number of shows released each year and factors in the entertainment industry that are difficult to predict. We distribute a limited number of shows, the success or failure of a small number of these shows could have a significant impact on our business, financial condition and results of operations in both the year of release and in the future.***

Our business faces the challenge of effectively selecting shows for distribution that align with both our expertise and the expectations of television stations. While we leverage our industry knowledge to acquire distribution rights for shows we believe have significant viewership potential, the limited capacity of TV stations to broadcast content presents a critical constraint. Despite the quality and appeal the shows for which we acquired distribution rights, the TV stations may still choose not to purchase or broadcast our content. This scenario can lead to a shortfall in revenue generation, as the inability to secure deals with TV stations may result in underutilized or unsold distribution rights.

Moreover, the competitive landscape within the television industry heightens this risk. Television stations face many content options from numerous distributors, all competing for limited broadcasting slots. Consequently, our ability to secure favorable distribution deals relies not only on the appeal of our acquired shows but also on our capacity to accurately anticipate and meet the demands of TV stations and their viewership demographics.

For example, the TV series "The Good Days" was successfully distributed and aired on the satellite TV station when the station required programming and this series met the scheduled timing requirements. This led to a significant revenue generation from the broadcast of this series. In the future, the successful distribution of new shows will play a pivotal role in revenue generation. However, we could encounter obstacles in distributing new shows to the satellite TV stations. Any impediments to distribution may lead to a decline in revenue, thereby affecting our financial performance and growth.

Furthermore, as we distribute a limited number of shows, the success or failure such shows significantly impacts our revenue. A successful show can strengthen our market position, while underperforming shows may result in financial setbacks and impede our growth prospects. Consequently, the inherent risk associated with the unpredictable nature of show performance has consequential effects on our business sustainability and long-term viability.

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***Due to the risks inherent in distributing shows, we may be unable to generate revenue and profit if we cannot distribute the shows for which we have acquired rights to TV satellite stations in a timely manner.***

Our most significant costs and cash expenditures relate to acquiring show distribution rights. We predominantly acquire distribution rights of shows that have already been produced, although occasionally we also acquire distribution rights of shows that are currently under production. Except for the self-produced content "The Good Days," we do not participate in the production process nor invest in the productions of contents. Upon acquiring the distribution rights of a show, we have the capability to distribute it to various television satellite stations. Many of our agreements to acquire distribution rights require up-front payments. We determine the amount of the payments for the distribution right we are willing to make based on our estimate of the economic success of the show. Although these estimates are based on our knowledge of industry trends, market conditions and the market potential of the show, the actual decision of whether the TV satellite station will purchase the distribution rights from us may ultimately differ from our estimates.

When we acquire distribution rights of shows that are currently under production, we face risks associated with the production of shows, including delays and increased expenditures due to creative differences among key cast members and other key creative personnel or other disruptions or events beyond our control. Risks such as illness, disability or death of star performers, technical complications with special effects or other aspects of production, shortages of necessary equipment, damage to show negatives, master tapes and recordings or adverse weather conditions may cause cost overruns and delay or frustrate completion of a production. In China, directors tend to hold substantial control over the production of shows, and this may aggravate our ability to control the production schedule and budget. In addition, we generally have less control over the investment and production processes as we only acquire the distribution rights of shows.

If a show production incurs substantial budget overruns, increased costs may also delay the release of a show to a less favorable time, which could hurt its viewership and thus our revenue from the distribution of the show and its overall financial success. If a show cannot be successfully sold to TV satellite stations, we may (i) fail to realize the expected economic return from a show, (ii) fail to recoup advances we paid or investments we made or (iii) record accelerated amortization and/or fair value write downs of capitalized show production costs or distribution rights. Any of these events may adversely impact our business, financial condition and results of operations.

***The production and distribution of shows are capital-intensive processes, and our capacity to generate cash or obtain financing on favorable terms may be insufficient to meet our anticipated cash requirements.***

The costs to develop, produce and distribute a show are substantial. For the years ended December 31, 2024 and 2023, for example, our cost of revenue amounted to US$13,922,430 and US$15,077,821, respectively, accounting for 67% and 72% of our net revenue, respectively. For the six months ended June 30, 2025, our cost of revenue was $12,672,908, accounting for 76% of our net revenue. We are required to fund our costs for show-related activities and other commitments with cash retained from operations, including the proceeds of shows that generate revenue from theatrical and non-theatrical channels, as well as from bank and other borrowing and participation by other investors. If our shows fail to perform, we may be forced to seek substantial sources of outside financing. Such financing may not be available in sufficient amounts for us to continue to make substantial investments in the production of new shows or may be available only on terms that are disadvantageous to us, either of which could have a material adverse effect on our growth or our business.

Moreover, the costs of producing and distributing shows have increased in recent years and may further increase in the future, which may make it more difficult for a show we distribute or have invested in to generate a profit or compete against other shows. There can be no assurance that revenue from distribution will be steady as the cost of production may increase. We may need to expand into other distribution channels or rely on other sources of revenue.

***We generate revenues from our advertising placement segment, but the online advertising industry is subject to many uncertainties, which may prevent us from generating revenues from advertisement.***

The online advertising industry is rapidly evolving in Hong Kong, Taiwan, Singapore, and other Asian countries outside mainland China. Many of our current and potential advertisers have limited experience with the internet as an advertising and marketing medium, have not traditionally devoted a significant portion of their advertising and marketing expenditures or other available funds to web-based advertising and marketing, and may not find the internet to be effective for promoting their products and services relative to traditional print and broadcast media. We may not be successful in attracting new advertisers, convincing our current and potential advertisers to increase their budgets for online advertising and marketing or securing a significant share of those budgets. If the internet does not

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become more widely accepted as a medium for advertising and marketing, our ability to generate revenues from online advertisement could be negatively affected. Our ability to generate significant advertising and marketing revenues will depend on a number of factors, many of which are beyond our control, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and retention of a large base of users possessing demographic characteristics attractive to advertisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maintenance and enhancement of our awareness as a media company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition and potential downward pressure on online advertising and marketing prices and limitations on web page space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in government policy that curtail or restrict our online advertising and marketing services or content offerings or increase our costs associated with policy compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the acceptance of online advertising and marketing as an effective way for advertisers to market their businesses and products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertisers' preferences for new online advertising and marketing formats, products or business models offered by other competitors and our ability to provide similar or competing new formats, products and solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development of independent and reliable means of verifying levels of online advertising and traffic; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our advertising delivery, tracking and reporting systems.

#### Our advertising operations are sensitive to changes in economic conditions and advertising trends.
Demand for advertising on the shows we distribute and the resulting advertising spending by advertisers, are particularly sensitive to changes in general economic conditions. For example, advertising expenditures typically decrease during periods of economic downturn. Advertisers may reduce their spending to advertise through us for a number of reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a general decline in economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decline in economic conditions in the particular cities where we conduct business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decision to shift advertising expenditures to other available advertising media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decline in advertising spending in general; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition.

A decrease in demand for advertising media in general, and for advertising in the shows we distribute in particular, could materially and adversely affect our ability to generate advertising revenue from our shows, and could have a material and adverse effect on our business, financial condition and results of operations.

***We may be subject to, and may expend significant resources in defending against, government actions based on the advertising services we provide and advertising content we disseminate.***

PRC advertising laws and regulations require advertisers, advertising operators and advertising distributors, including businesses such as ours, to ensure that the content of the advertisements they prepare or distribute is true to facts, lawful, in compliance with relevant laws and regulations, does not contain any false information or cheat or mislead consumers. Violation of these laws, rules or regulations may result in penalties, including fines of one to five times advertising fees, confiscation of advertising fees, orders to cease dissemination of the advertisements and orders to publish advertisements correcting the misleading information. In circumstances involving serious violations, the PRC government may revoke a violator's business license. In circumstances where the interests of consumers are harmed, the advertisers may bear civil liabilities and the advertising operators and advertising distributors may be held jointly liable. In cases of serious violations, criminal liabilities may be prosecuted.

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As an operator of an advertising medium, we are obligated under PRC laws, rules and regulations to monitor the advertising content for compliance with applicable laws. In addition, we are required to confirm that the advertisers have obtained requisite government approvals including the advertisers' operating qualifications, proof of quality inspection of the advertised products, and government pre-approval of the advertisement contents relating to certain specific types of products and services, such as pharmaceuticals, medical facilities, agricultural chemical and veterinary chemicals. We endeavor to comply with such requirements, including by requesting relevant documents from the advertisers. Our reputation will be tarnished and our results of operations may be adversely affected if advertisements provided to us by our advertisers violate relevant PRC content laws and regulations, or if the supporting documentation and government approvals provided to us by our advertising clients in connection with such advertising content are not complete or if the advertisements are not content compliant.

***The production and distribution of television programs is regulated extensively in China, and our production and distribution of Television Series are subject to various PRC laws, rules and regulations.***

In accordance with the Administrative Regulations on Radio and Television effective on September 1, 1997 and recently amended in November 29, 2020, the Administrative Regulations on the Production and Operation of Radio and Television Program effective on August 20, 2004 and recently amended in October 29, 2020, the Administrative Regulations on Content of Television Series effective on July 1, 2010 and recently amended in May 4, 2016, which superseded and replaced the Administrative Regulations on the Examination of Television Series effective on September 20, 2004, and its supplementary regulations, and other regulations issued based on the foregoing regulations, television series can only be produced by entities that hold either a Film Production License or a License for the Production and Operation of Radio and Television Program or by qualified broadcasters. Licenses for the Production and Operation of Radio and Television Program are issued to entities which meet requirements set forth in the Administrative Regulations on the Production and Operation of Radio and Television Program and pass the examination of SAPPRFT or its provincial counterparts. In addition to the Film Production License or the Operating License for the Production of Radio and Television Program, the television series producers must obtain either a Multiple Television Series Production License or a Single Television Series Production License for the shooting and production of television series. The Multiple Television Series Production License has an effective term of two years and may be applied to all television series produced by the holder during the effective term. The Single Television Series Production License has an effective term no longer than 180 days and only applies to the specific television series, as indicated in such license.

Under the Administrative Regulations on Content of Television Series effective on July 1, 2010 and recently amended in May 4, 2016, a filing with, and announcement by, SAPPRFT or its provincial counterparts is required before production of any television series. Television series will be subject to censorship by SAPPRFT or its provincial counterparts, which will issue a Television Series Distribution License for television series passing their examination. No television series may be distributed or broadcasted without a Television Series Distribution License. However, SAPPRFT may, according to public interest require editing of or terminate distribution or broadcasting of television series which have been granted with a Television Series Distribution License.

If we are found to be in violation of these laws, rules or regulations, we may be subject to penalties, including fines from RMB10,000 to RMB50,000, confiscation of equipment and orders to cease operations. In circumstances of serious violations, the PRC government may revoke a violator's license and criminal liabilities may be prosecuted.

#### Piracy of TV series, including digital and Internet piracy, may reduce the gross receipts from the exploitation of our TV series.
Piracy of TV series may occur for TV programs that are distributed though satellite stations or those that are exclusively aired on certain platform. If the TV series that we distribute get disseminated online without our knowledge or authorization, it may have an adverse effect on our business, because these products reduce the revenue we receive from our investment in or the distribution or exhibition of television series. Additionally, in order to contain this problem, we may have to implement security and anti-piracy measures, which could result in expenses and loss of revenue.

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#### Failure to protect our intellectual property rights could have a negative impact on our business.
We believe our brand, trade names, trademarks and other intellectual property are critical to our success. The success of our business depends substantially upon our continued ability to use our brand, trade names and trademarks to increase brand awareness and to further develop our brand. The unauthorized reproduction of our trademarks could diminish the value of our brand and its market acceptance, competitive advantages or goodwill. In addition, our proprietary information, which has not been patented or otherwise registered as our property, is a component of our competitive advantage and our growth strategy.

Monitoring and preventing the unauthorized use of our intellectual property is difficult. The measures we take to protect our brand, trade names, trademarks and other intellectual property rights may not be adequate to prevent their unauthorized use by third parties. In addition, the application of laws governing intellectual property rights in China and abroad is uncertain and evolving, and could involve substantial risks to us. If we are unable to adequately protect our brand, trade names, trademarks and other intellectual property rights, we may lose these rights and our business may suffer materially. Further, unauthorized use of our brand, trade names or trademarks could cause brand confusion among our clients and harm our reputation. If our brand recognition decreases, we may lose clients and fail in our expansion strategies, and our business, financial condition and results of operations could be materially and adversely affected.

#### Third parties may assert intellectual property infringement claims against us.
One of the risks of the media industry is the possibility that others may claim that we distribute or own the copyright for TV series that misappropriate or infringe upon the intellectual property rights of third parties with respect to their previously developed stories, characters, other entertainment or intellectual property. Given our operations in the TV series distribution in the media industry, we may be subject to such claims in the future. Any such assertions or claims may materially and adversely affect our business, financial condition and results of operations. Irrespective of the validity or the successful assertion of such claims, we could incur significant costs and diversion of resources in defending against them, which could have a material adverse effect on our business, financial condition and results of operations. If any claim or action is asserted against us, we may seek to settle such claim by obtaining a license from the plaintiff covering the disputed intellectual property rights. We cannot provide any assurances, however, that under such circumstances such license, or any other form of settlement, would be available on reasonable terms or at all.

***With respect to our advertisement placement line of business, we receive most of our revenues from a limited number of large clients, and the loss of these clients, or the loss of significant advertisers by our agency clients, could adversely impact our business, financial condition and results of operations.***

While our advertisement placement line of business accounts for 10.84% and 8.29% of our total revenue for the years ended December 31, 2024 and 2023, a relatively small number of clients account for a substantial percentage of our revenues from our advertisement placement line of business. Most of our large clients are third-party advertising agencies who obtained advertising time slots from us for their advertising clients and may in turn rely on a limited number of large advertisers for their businesses. The performance of such third-party advertising agencies has a direct impact on our operating results. Advertisers who access our advertising time slots through other advertising agencies may reduce advertising and marketing spending or cancel projects at any time for any reason. Any of our advertising clients may not continue to utilize our services to the same extent, or at all, in the future. A significant reduction in advertising and marketing spending by, or the loss of one or more of, our advertising clients, if not replaced by new clients or an increase in business from existing clients, could make it difficult for us to fill the time slot vacancies and our revenues and profits could decline significantly as a result. The third-party advertising agencies may also introduce their advertising clients to other advertising service providers who have obtained other advertising time slots from China Central Television stations or other television networks. As a result, any loss of our significant clients, or the loss of significant advertisers by our agency clients, could have a material and adverse effect on our financial condition and results of operations. In addition, if any client with whom we have a substantial amount of business experiences financial difficulty, we could be unable to collect accounts receivable on a timely basis, if at all. This may result in an increase in our bad debt expenses and adversely affect our results of operations.

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***With respect to the television program distribution segment of our business, we may continue to receive most of our revenues from a limited number of large clients, and the loss of these clients, or the loss of significant advertisers by our agency clients, could materially and adversely impact our business, financial condition and results of operations.***

Because there are limited number of major satellite stations in China and that a television program is typically distributed to only one or two major satellite stations at the same time to allow each station to offer unique content its viewers. Consequently, for each show we distribute, we may rely on a limited number of customers — though this set of customers may differ every time we distribute a new television program — to generate revenue.

We use a standardized distribution agreement that allows us to customize specific scope, duration, and disposition of the broadcast rights of each television program. Depending on whether our customer requires the sole distribution right of the television program or shared rights with another major satellite station, and depends on the time of the showing, the costs of the distribution right will differ. The distribution agreements will also have substantially the same terms with respect to licensing, termination, and confidentially that adheres to market practice.

While our television program distribution line of business accounts for 89.16% and 91.71% of our total revenue for the years ended December 31, 2024 and 2023, respectively, a relatively small number of clients contribute to a substantial percentage of our revenues from television program distributions. For the year ended December 31, 2024, the Company had three major customers — Zhejiang Media Group — Zhejiang Satellite TV, Shanghai Huaxu Cultural Communication Co., Ltd., and Beijing Radio & Television Station. — accounted for 25.9%, 19.6%, and 10.3% of the Company's total sales, respectively. For the year ended December 31, 2023, the Company had three major customers — Zhejiang Media Group — Zhejiang Satellite TV, Jiangsu Broadcasting Corporation, and Shanghai Haoyu Cultural Media Co., Ltd. — accounted for 32.0%, 14.6%, and 12.6% of the Company's total sales, respectively.

As of December 31, 2024, five customers — Shanghai Huaxu Cultural Communication Co., Ltd., Xinjiang Zhongguang New Media Culture Co., Ltd., Hemu (Shanghai) Culture Media Co., Ltd., amd Kaitike Advertising (Shanghai) Co., Ltd — accounted for 43.7%, 21.0%, 15.0% and 11.7% of the outstanding accounts receivable, respectively.

As of December 31, 2023, five customers — Shanghai Huaxu Cultural Communication Co., Ltd., Shanghai Laoyou Film Culture Co., Ltd., Shanghai Yongyan Advertising Co., Ltd., Kaitike Advertising (Shanghai) Co., Ltd. and Beijing Radio & Television Station — accounted for 40.7%, 15.4%, 14.2%, 12.6% and 10.6% of the outstanding accounts receivable, respectively.

#### The long-term nature of certain of our content commitments may limit our operating flexibility and could adversely affect our liquidity and results of operations.
In connection with licensing streaming content, we typically enter into multi-year agreements with content providers. These agreements have sometimes required us to pay minimum license fees for content that are not tied to subscriber usage or the size of our subscriber base. Given the multiple-year duration and sometimes fixed cost nature of content commitments, if subscriber acquisition and retention do not meet our expectations, our margins may be adversely impacted, and we may not be in a position to make the minimum guarantee payments required under certain content licenses. In the past, we have failed to make minimum guarantee payments to certain key programmers and may not be in a position to make similar payments in the future. If we do not make these payments, then we may lose access to such content, which in turn may further depress subscriber acquisition or retention, cause other programmers to exercise termination rights due to the content mix available through our service, or impact our ability to obtain content from other programmers.

We also enter into multi-year commitments for content that we produce, either directly or through third parties, including elements associated with these productions such as non-cancelable commitments under talent agreements. Payment terms for certain content commitments, such as content we directly produce, will typically require more up-front cash payments than other content licenses or arrangements whereby we do not fund the production of such content.

To the extent subscriber and/or revenue growth do not meet our expectations, our liquidity and results of operations could be adversely affected as a result of content commitments and payment requirements of certain agreements. In addition, the long-term and fixed cost nature of certain of our commitments may limit our flexibility in planning for or reacting to changes in our business and the market segments in which we operate. If we license and/or produce content that is not favorably received by consumers in a territory, or is unable to be shown in a territory, acquisition and retention may be adversely impacted and given the long-term and fixed cost nature of certain of our content commitments, we may not be able to adjust our content offering quickly and our results of operations may be adversely impacted.

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***If new technologies adopted by us do not perform as expected, or if we are unable to effectively integrate new technologies in a commercially viable manner, our revenue growth and profitability may decline.***

We are constantly evaluating new growth opportunities in the internet media industry. Including our plans to develop an online trading platform, for which there are no proven markets, and may not develop as expected. These new projects may not perform as expected or generate an acceptable rate of return. In addition, we may not be able to successfully develop new technologies to effectively and economically deliver our advertising or marketing services, or be able to generate profits. Furthermore, the success of our mobile applications is substantially dependent on the mobile applications developed by third-party developers. These applications may not be sufficiently developed to support our advertising services. If we are unable to deliver commercially viable services or applications based on the new technologies that we plan to adopt, our financial condition and results of operations may be materially and adversely affected.

***Any negative publicity with respect to Unitrend, the media industry in general or Unitrend's partners may materially and adversely affect Unitrend's reputation, business and results of operations.***

Complaints, litigation, regulatory actions or other negative publicity that arise about the mobile advertising industry in general or Unitrend in particular, including on the quality, effectiveness and reliability of mobile advertising solutions, privacy and security practices, and marketing content, even if inaccurate, could adversely affect Unitrend's reputation and customer confidence in, and the use of, its services. Harm to Unitrend's reputation and customer confidence can also arise from failure by TV content producers to meet minimum quality standards or otherwise fulfill their contractual obligations or to comply with applicable laws and regulations. Additionally, negative publicity with respect to Unitrend's platforms or services could also affect our business and results of operation to the extent that our business relies on these partners.

#### Risks Related to Our Corporate Structure
***Unitrend is a Cayman Islands exempted company with operations in China partially through its wholly-owned subsidiaries and partially through contractual arrangements with the VIE and its shareholders. Investors thus are not purchasing, and may never directly hold, equity interests in the VIE. There are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations, and rules relating to the agreements that establish the VIE structure, including potential future actions by the PRC government, which could affect the enforceability of our contractual arrangements with the VIE and its shareholders and, consequently, significantly affect the financial condition and results of operations of Unitrend. If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, we could be subject to severe penalties or be forced to relinquish our interests in the VIE, which may materially and adversely affect our and the VIE's operations and the value of your investment.***

The PRC government regulates broadcast and TV program production and operation businesses through strict business licensing requirements and other government regulations. These laws and regulations also include limitations on foreign ownership of PRC companies that engage in broadcast and TV program production and operation businesses. Specifically, foreign investors are not allowed to engage in broadcast and TV program production and operation businesses, except for those in the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 version), or the Negative List, effective on January 1, 2022, which may be amended, supplemented, or otherwise modified from time to time, or the Negative List.

Because Unitrend is an exempted company incorporated in the Cayman Islands, it is classified as a foreign enterprise under PRC laws and regulations, and our wholly foreign-owned enterprise, or WFOE, in the PRC is a foreign-invested enterprise, or FIE. Investors in our securities are purchasing equity interest in Unitrend, a holding company incorporated in the Cayman Islands with business operations in China and therefore, investors may never hold equity interests in the VIE. The VIE structure is used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits direct foreign investment in the VIE. As our business operations may be regarded as a kind of broadcast and TV program production and operation businesses, while WFOE is not eligible to operate broadcast and TV program production and operation business in China according to above-mentioned restrictions, we conduct this line of business in China through the VIE. WFOE has entered into a series of contractual arrangements with the VIE and its shareholders, which enable us to (i) direct significant activities of the VIE, (ii) receive all of the economic benefits of the VIE, and (iii) have an exclusive option to purchase all or part of the equity interests and assets in the VIE when and to the extent permitted by PRC law.

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As a result of these contractual arrangements, we have control over and are the primary beneficiary of the VIE and hence consolidate their financial results as the VIE for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP. See the section "*Corporate History and Structure*" for details.

We believe that our corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations. Our PRC legal counsel, based on its understanding of the relevant laws and regulations, is of the opinion that the contracts under the contractual arrangements among WFOE, the VIE and its shareholders governed by PRC law are valid, binding, and enforceable in accordance with its terms and applicable PRC laws and regulations currently in effect. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules, including the Foreign Investment Law, the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, and the relevant regulatory measures concerning the media industry, and the PRC government authorities may take a view contrary to the opinion of our PRC legal counsel, and may not agree that our corporate structure or any of the above contractual arrangements comply with PRC licensing, registration, or other regulatory requirements our subsidiary in Hong Kong, with existing policies or with requirements or policies that may be adopted in the future. PRC laws and regulations governing the validity of these contractual arrangements are uncertain and the relevant government authorities have broad discretion in interpreting these laws and regulations. Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or a material change in the value of the securities we are registering for sale, including that it could cause the value of such securities to significantly decline or become worthless.

If our corporate structure and contractual arrangements are deemed by regulators having competent authority to be illegal, either in whole or in part, we may lose control of the VIE and have to modify such structure to comply with regulatory requirements, and the value of our Class A ordinary shares may decline in value or become worthless. However, there can be no assurance that we can achieve this without material disruption to our business. Further, if our corporate structure and contractual arrangements are found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals to operate our business, the relevant regulatory authorities would have broad discretion in dealing with such violations.

Furthermore, new PRC laws, regulations and rules may be introduced to impose additional requirements that may be applicable to our corporate structure and contractual arrangements. Occurrence of any of these events could adversely affect our business, operating results, and financial condition. In addition, if the imposition of any of these penalties or requirement to restructure our corporate structure causes us to lose the rights to direct the activities of the VIE or our right to receive its economic benefits, we would no longer be able to consolidate the financial results of the VIE in our consolidated financial statements. However, we do not believe that such actions would result in the liquidation or dissolution of our company, our wholly owned subsidiary in China, or the VIE.

***We rely on contractual arrangements with the VIE and its shareholders to own licenses that are required by our business, which could adversely affect our business, operating results and financial condition.***

We rely on contractual arrangements with the VIE and its shareholders to own the licenses for operating broadcast and TV program production and operation businesses in the PRC. See the section "*Corporate History and Structure*" for details. These contractual arrangements may not be effective in providing us with control over the VIE. Under the current contractual arrangements, we rely on the performance by the VIE and its shareholders of their obligations under the contracts to direct the VIE's activities. If the VIE or its shareholders fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the VIE is indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal remedies under PRC laws. These remedies may not always be effective, as there are very few precedents and little formal guidance as to how contractual arrangements in the context of a consolidated variable interest entity should be interpreted or enforced under PRC laws. Furthermore, in connection with litigation, arbitration, or other judicial or dispute resolution proceedings, assets under the name of any of record holder of equity interest in the VIE, including such equity interest, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed pursuant to the contractual arrangement or ownership by the record holder of the equity interest. Any failure by the VIE or its shareholders to perform their obligations under our contractual arrangements with them would have a material and adverse effect on our business.

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***The shareholders of the VIE may have potential conflicts of interest with us, which could materially and adversely affect our business, operating results and financial condition.***

The interests of the shareholders of the VIE in its capacities as such shareholders may differ from the interests of our company as a whole, as what is in the best interests of the VIE, including matters such as whether to distribute dividends or to make other distributions to fund our offshore requirements, may not be in the best interests of our company. There can be no assurance that when conflicts of interest arise, any or all of these shareholders will act in the best interests of our company or those conflicts of interest will be resolved in our favor. In addition, these shareholders may breach or cause the VIE to breach or refuse to renew the existing contractual arrangements with us.

Currently, we do not have arrangements to address potential conflicts of interest the shareholders of the VIE may encounter, on the one hand, and as a beneficial owner of our company, on the other hand. We, however, provided that the shareholders of the VIE breach the exclusive option agreement, could, at all times, exercise our option under the exclusive option agreement to cause them to transfer all of their equity ownership in the VIE to WFOE or an entity or individual designated by us as permitted by the then-applicable PRC laws. In addition, if such conflicts of interest arise, we could also, in the capacity of attorney-in-fact of the then-existing shareholders of the VIE as provided under the entrustment agreements, directly appoint new directors of the VIE. We rely on the shareholders of the VIE to comply with PRC laws and regulations, which protect contracts and provide that directors and executive officers owe a duty of loyalty to our company and require them to avoid conflicts of interest and not to take advantage of their positions for personal gains, and the laws of the Cayman Islands, which provide that directors have a duty of care and a duty of loyalty to act honestly in good faith with a view to our best interests. However, the legal frameworks of China and the Cayman Islands do not provide guidance on resolving conflicts in the event of a conflict with another corporate governance regime. If we cannot resolve any conflicts of interest or disputes between us and the shareholders of the VIE, we would have to rely on legal proceedings, which could result in disruption of our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

The shareholders of the VIE may be involved in personal disputes with third parties or other incidents that may have an adverse effect on their respective equity interests in the VIE and the validity or enforceability of our contractual arrangements with the VIE and its shareholders. For example, if any of the equity interests of the VIE is inherited by a third party with whom the current contractual arrangements are not binding, we could lose our control over the VIE or have to maintain such control by incurring unpredictable costs, which could cause significant disruption to our business and operations and harm our financial condition and results of operations.

***Our contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that the VIE owes additional taxes, which could adversely affect our business, operating results and financial condition.***

Under applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax authorities. The PRC enterprise income tax law requires every enterprise in China to submit its annual enterprise income tax return together with a report on transactions with its related parties to the relevant tax authorities. The tax authorities may impose reasonable adjustments on taxation if they have identified any related party transactions that are inconsistent with arm's length principles. We may face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements among WFOE, the VIE and its shareholders were not entered into on an arm's length basis in such a way as to result in an impermissible reduction in taxes under applicable PRC laws, regulations and rules, and adjust their income in the form of a transfer pricing adjustment, which could increase their PRC tax liabilities and our overall tax liabilities. A transfer pricing adjustment could, among others, result in a reduction of expense deductions recorded by WFOE or the VIE for PRC tax purposes, which could in turn increase their tax liabilities without reducing their tax expenses. In addition, if WFOE requests the shareholders of the VIE to transfer their equity interests in the VIE at nominal or no value pursuant to these contractual arrangements, such transfer could be viewed as a gift and subject the relevant subsidiary to PRC income tax. Furthermore, the PRC tax authorities may impose late payment fees and other penalties on WFOE the VIE for adjusted but unpaid taxes according to applicable regulations. Our financial position could be materially and adversely affected if the tax liabilities of WFOE and the VIE increase, or if they are required to pay late payment fees and other penalties.

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#### Uncertainties exist with respect to how the PRC Foreign Investment Law may impact the viability of our current corporate structure and operations.
On March 15, 2019, the Foreign Investment Law was formally adopted by the National People's Congress, or the NPC, which became effective from January 1, 2020 and replaced the Law on Sino-Foreign Equity Joint Ventures, the Law on Sino-Foreign Contractual Joint Ventures and the Law on Foreign-Capital Enterprises to become the legal foundation for foreign investment in the PRC. However, the Foreign Investment Law does not explicitly stipulate the contractual arrangements as a form of foreign investment. The Foreign Investment Law is formulated to establish regulatory principles to foreign investment within the PRC, aiming to further expand opening-up, vigorously promote foreign investment and protect the legitimate rights and interests of foreign investors. Much detailed laws, regulations and rules relating to foreign investments are to be enacted by relevant regulatory authorities. As such, there are uncertainties regarding the evolution of the regulatory regime and the interpretation and implementation of current and any future PRC laws and regulations applicable to the foreign investment.

Conducting operations through contractual arrangements has been adopted by many PRC-based companies, including us, to obtain and maintain necessary licenses and permits in the industries that are currently subject to foreign investment restrictions or prohibitions in China. The Foreign Investment Law stipulates that foreign investment includes foreign investors investing in China through any other methods under laws, administrative regulations, or provisions prescribed by the State Council. Therefore, there are possibilities that future laws, administrative regulations, or provisions of the State Council may stipulate contractual arrangements as a way of foreign investments, and then whether the contractual arrangements will be recognized as foreign investment, whether the contractual arrangements will be deemed to be in violation of the foreign investment access requirements and how the contractual arrangements will be handled are uncertain.

In the extreme case-scenario, we and the VIE may be required to unwind the contractual arrangements and/or dispose of the VIE, which could have a material and adverse effect on our and the VIE's business, financial condition and result of operations. In the event that our Company no longer has a sustainable business after the aforementioned unwinding of the contractual arrangements or disposal or when such measures do not comply with the Listing Rules or applicable laws, the relevant regulators may take enforcement actions against us which may have a material adverse effect on the trading of our Shares or even result in delisting of our Company.

***We may lose the ability to use and benefit from assets held by the VIE that are material to the operation of our business if the entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding.***

The VIE hold business license in China that are crucial for our operations in the broadcast. Under the contractual arrangements, the VIE may not and its shareholders may not cause it to, in any manner, sell, transfer, mortgage, or dispose of its assets or its legal or beneficial interests in the business without our prior consent. However, in the event that the shareholders of the VIE breach these contractual arrangements and voluntarily liquidate the VIE, or the VIE declare bankruptcy and all or part of its assets become subject to liens or rights of third-party creditors or are otherwise disposed of without our consent, we may be unable to continue some or all of our business activities or otherwise benefit from the assets held by the VIE, which could adversely affect our business, operating results and financial condition. If the VIE undergo a voluntary or involuntary liquidation proceeding, independent third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could adversely affect our business, operating results, and financial condition.

***Unitrend is a holding company and may rely on dividends paid by its subsidiaries for its cash needs. Any limitation on the ability of Unitrend's subsidiaries to make dividend payments to it, or any tax implications of making dividend payments to it, could limit Unitrend's ability to pay dividends or the holding company expenses.***

Unitrend is a holding company and conducts substantially all of its operations through its wholly owned subsidiaries and the VIE in the PRC. Unitrend may rely on dividends to be paid by the WFOE to fund its cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders, to service any debt it may incur and to pay its holding company expenses. If WFOE, the VIE and/or the Operating Entities incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to Unitrend.

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Under PRC laws and regulations, WFOE, which is a wholly foreign-owned enterprise in China, may pay dividends only out of its accumulated profits as determined in accordance with PRC accounting standards and regulations. In addition, a wholly foreign-owned enterprise is required to set aside at least 10% of its accumulated after-tax profits each year, if any, to fund a certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital.

WFOE generates primarily all of its revenue in Renminbi, which is not freely convertible into other currencies. As a result, any restriction on currency exchange may limit the ability of WFOE to use its Renminbi revenues to pay dividends to us. The PRC government may continue to strengthen its capital controls, and more restrictions and substantial vetting process may be put forward by State Administration of Foreign Exchange (the "SAFE") for cross-border transactions falling under both the current account and the capital account. Any limitation on the ability of WFOE 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.

In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by Chinese companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC resident enterprises are incorporated. Any limitation on the ability of our PRC subsidiary to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

#### Risks Related to Doing Business in China

#### There are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations.
The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value. In 1979, the PRC government began to promulgate a comprehensive system of laws, rules and regulations governing economic matters in general. The overall effect of legislation over the past four decades has significantly enhanced the protections afforded to various forms of foreign investment in China. However, China has not developed a fully integrated legal system, and recently enacted laws, rules and regulations may not sufficiently cover all aspects of economic activities in China or may be subject to various degrees of interpretation and discretion by PRC regulatory agencies. In particular, because these laws, rules and regulations are relatively new, and because of the limited number of published decisions and the nonbinding nature of such decisions, the interpretation and enforcement of these laws, rules and regulations involve uncertainties and are not always uniform and predictable. These uncertainties may affect our judgment on the relevance of legal requirements and our ability to enforce our contractual rights or tort claims. In addition, the PRC legal system is based in part on government policies and internal rules that may not published on a timely basis or have a retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the occurrence of the violation.

Any administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management attention. Since PRC administrative and court authorities have different degrees of discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy than in more developed legal systems. These uncertainties may impede our ability to enforce the contracts we have entered into and could materially and adversely affect our business, financial condition and results of operations.

***The PRC government exerts substantial influence over the manner in which we conduct our business operations. It may influence or intervene in our operations at any time as part of its efforts to enforce PRC law, which could result in a material adverse change in our operations and the value of the securities we are offering.***

The operations of the Company are located in the PRC. Accordingly, the Company's business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, in addition to the general state of the PRC economy. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, cybersecurity, anti-monopoly, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things, and such change of rules and policies can happen quickly with little advance notice.

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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. Although the Chinese government has implemented measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the Chinese government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese government also exercises significant control over China's economic growth through allocating resources, controlling payment of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or companies.

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, and the rate of growth has been slowing since 2012. Any adverse changes in economic conditions in China, in the policies of the Chinese government or in the laws and regulations in China could have a material adverse effect on the overall economic growth of China. Such developments could adversely affect our business and operating results, lead to reduction in demand for the Company's services, which adversely affects our competitive position. 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. For example, our financial condition and results of operations may be adversely affected by government control over capital investments or changes in tax regulations. In addition, in the past, the Chinese government has implemented certain measures, including interest rate increases, to control the pace of economic growth. These measures may cause decreased economic activity in China, which may adversely affect our business and results of operations.

Furthermore, we and our China-based operating entities, as well as our investors, face uncertainty about future actions by the Chinese government that could significantly affect our financial performance and operations. Failure to take timely and appropriate measures to adapt to any of these or similar regulatory compliance challenges could materially and adversely affect our current corporate structure and business operations.

Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, which could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of our shares to significantly decline or be worthless.

***A recent joint statement by the SEC and the PCAOB, rule changes by Nasdaq, and the Holding Foreign Companies Accountable Act all call for additional and more stringent criteria to be applied to companies with operations in emerging markets 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 continued listing or future offerings of our securities in the U.S.***

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 having substantial operations in emerging markets including China. The joint statement emphasized the risks associated with lack of access for the PCAOB to inspect auditors and audit work papers in China and higher risks of fraud in emerging markets.

On May 18, 2020, Nasdaq filed three proposals with the SEC to (i) apply minimum offering size requirement for companies primarily operating in "Restrictive Market", (ii) adopt a new requirement relating to the qualification of management or board of directors for Restrictive Market companies, and (iii) apply additional and more stringent criteria to an applicant or listed company based on the qualifications of the company's auditors.

On May 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable 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 December 18, 2020, the Holding Foreign Companies Accountable Act was signed into law.

On March 24, 2021, the SEC announced the adoption of interim final amendments to implement the submission and disclosure requirements of the Holding Foreign Companies Accountable Act. In the announcement, the SEC clarified that before any issuer will have to comply with the interim final amendments, the SEC must implement a process

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for identifying covered issuers. The announcement also stated that the SEC staff was actively assessing how best to implement the other requirements of the Holding Foreign Companies Accountable Act, including the identification process and the trading prohibition requirements.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if passed by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering the prohibitions under the Holding Foreign Companies Accountable Act from three years to two. On December 29, 2022, a legislation entitled "Consolidated Appropriations Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden. The Consolidated Appropriations Act contained, among other things, an identical provision to HFCAA, which reduces the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two.

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

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable 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 completely because of a position taken by an authority in foreign jurisdictions. The final amendments were effective on January 10, 2022. The SEC began to identify and list Commission-Identified Issuers on its website shortly after registrants began filing their annual reports for 2021.

On December 16, 2021, the PCAOB announced the PCAOB Holding Foreign Companies Accountable Act determinations (the "PCAOB determinations") relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in the PRC or Hong Kong.

On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the Ministry of Finance of the People's Republic of China governing inspections and investigations of audit firms based in China and Hong Kong.

On December 15, 2022, the PCAOB announced in the 2022 PCAOB determination its determination that the PCAOB was able to secure complete access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong, and the PCAOB Board voted to vacate previous determinations to the contrary.

Should the PCAOB again encounter impediments to inspections and investigations in mainland China or Hong Kong as a result of positions taken by any authority in either jurisdiction, including by the CSRC or the MOF, the PCAOB will make determinations under the HFCAA as and when appropriate. The inability of the PCAOB to conduct inspections of auditors in PRC makes it more difficult to evaluate the effectiveness of these accounting firm's audit procedures or quality control procedures as compared to auditors outside of PRC that are subject to the PCAOB inspections, which could cause investors and potential investors in our Class A ordinary shares to lose confidence in our audit procedures and reported financial information and the quality of our financial statements.

Our auditor, Onestop Assurance PAC, is based in Singapore and, as PCAOB-registered public accounting firms, they are required to undergo regular inspections by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. Onestop Assurance PAC has been subject to PCAOB inspections and is not among the PCAOB-registered public accounting firms headquartered in the PRC or Hong Kong that are subject to the PCAOB determination of having been unable to inspect or investigate completely. Notwithstanding the foregoing, if it is later determined that the PCAOB is unable to inspect or investigate our auditor completely, if there is any regulatory change or step taken by PRC regulators that does not permit our auditor to provide audit documentations located in China or Hong Kong to the PCAOB for inspection or investigation, or the PCAOB expands the scope of the PCAOB determination so that we are subject to the HFCAA, as the same may be amended, our Class A ordinary shares may be delisted from or prohibited from trading on a national securities exchange.

The recent developments would add uncertainties to our offering and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us. Furthermore, the Consolidated Appropriations Act reduces the period 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, and this ultimately could result in our Class A ordinary shares being delisted by an exchange.

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***The approval or record filing of the CSRC under the M&A Rules, CAC, or other PRC government authorities may be required in connection with this offering and our future capital raising activities under the PRC laws.***

On August 8, 2006, six PRC regulatory agencies, including the Ministry of Commerce, or the MOFCOM, the State-Owned Assets Supervision and Administration Commission, the State Administration of Taxation, or the SAT, the State Administration for Industry and Commerce, currently known as the SAMR, the CSRC, and the State Administration of Foreign Exchange, or the SAFE, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the "M&A Rules", which came into effect on September 8, 2006 and were amended on June 22, 2009. The M&A Rules include, among other things, provisions that purport to require that an offshore special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas listing of securities through acquisitions of PRC domestic companies or assets to obtain the approval of the CSRC prior to the listing and trading of such special purpose vehicle's securities on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures regarding its approval of overseas listings by special purpose vehicles. However, substantial uncertainty remains regarding the scope and applicability of the M&A Rules to offshore special purpose vehicles.

While the application of the M&A Rules remains unclear, East & Concord Partners, our PRC counsel, has advised us that the CSRC approval under the M&A Rules is not required in the context of this offering because WFOE was incorporated as a FIE by means of foreign direct investment rather than by merger with or acquisition directly or indirectly of the equity interest or assets of any PRC domestic companies as defined under the M&A Rules, and no explicit provision in the M&A Rules clearly classified the contractual arrangement under the VIE Agreements as a type of transaction subject to the M&A Rules. There can be no assurance that the relevant PRC government agencies, including the CSRC, would reach the same conclusion as that of our PRC legal counsel. If the CSRC or other PRC regulatory body subsequently determines that we need to obtain the CSRC's approval for this offering or if the CSRC or any other PRC government authorities promulgates any interpretation or implements rules before our listing that would require us to obtain CSRC or other governmental approvals for this offering, we may face adverse actions or sanctions by the CSRC or other PRC regulatory agencies. In any such event, these regulatory agencies may impose fines and penalties on our operations in China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from this offering into the PRC or take other actions that could have a material adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as our ability to complete this offering. The CSRC or other PRC regulatory agencies may also take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of the Class A ordinary shares offered by this prospectus. Consequently, if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that such settlement and delivery may not occur. In addition, if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring us to obtain their approvals for this offering, we may be unable to obtain waivers of such approval requirements. Any uncertainties and/or negative publicity regarding such approval requirements could have a material adverse effect on the trading price of the Class A ordinary shares.

Furthermore, the PRC government has also recently exerted more oversight and control over securities offerings and other capital markets activities that are conducted overseas and foreign investment in China-based companies like us. Such actions taken by the PRC government authorities may intervene in our operations at any time, which are beyond our control. For example, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued Opinions on Strictly Cracking Down on Illegal Securities Activities, or the July 6 Opinions, which were made available to the public on July 6, 2021. The July 6 Opinions emphasized the need to strengthen the administration and supervision over overseas-listed China-based companies, the need to revise the special provisions of the State Council on overseas issuance and listing of shares by such companies and the need to clarify the responsibilities of domestic industry competent authorities and regulatory authorities.

Following the July 6 Opinion, the CAC and other Chinese regulatory authorities have issued laws and regulations strengthening their administration on cybersecurity. For example, on November 14, 2021, the CAC commenced to publicly solicit comments on the Regulations on the Management of Network Data Security (Draft for Comments), or the Draft Regulations on MNDS, pursuant to which data processors shall apply for a cybersecurity review when carrying out certain specified types of activities. The Draft Regulations on MNDS provide the circumstances under which data processors shall apply for cybersecurity review, including, among others, when (i) merger, reorganization or spin-off of Internet platform operators that have acquired a large number of data resources related to national security, economic development or public interests affects or may affect national security; (ii) listing abroad of data processors processing over one million users' personal information; (iii) listing in Hong Kong which affects or may affect national security; and (iv) other data processing activities that affect or may affect national security. Since the Draft Regulations

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on MNDS being drafted, it is uncertain how they will be enacted, interpreted or implemented and how they will affect us. Furthermore, the Draft Regulations on MNDS stipulate that data processors who handle important data or are listed overseas shall conduct annual data security assessments on their own or by entrusting data security service agencies and submit the data security assessment reports to local cyberspace administration authorities by January 31 of the following year. When data collected and generated within the PRC are provided by the data processors overseas, if such data includes important data, or if the relevant data processor is a CIIO or processes personal information of more than one million people, the data processor shall go through the security assessment of cross-border data transfer organized by the national cyberspace administration. As of the date of this prospectus, the Draft Regulations on MNDS have not been formally adopted. Nonetheless, the security assessment mechanism has already come into force since the CAC issued the Measures for the Security Assessment of Cross-border Data Transfer, or the Security Assessment Measures, which came into effect on September 1, 2022. It is uncertain when the final regulation will be issued and take effect, how it will be enacted, interpreted and implemented, and whether or to what extent it will affect us. The scope of business operations and financing activities that are subject to such draft regulations and the implementation thereof is not yet clear.

In addition, on December 28, 2021, the CAC, and several other administrations jointly promulgated the revised Cybersecurity Review Measures, which became effective on February 15, 2022 and supersede and replace the Cybersecurity Review Measures previously promulgated on April 13, 2020. The Cybersecurity Review Measures provide that (i) the purchase of network products and services by a CIIO and the data processing activities of a network platform operator that affects or may affect national security shall apply for a cybersecurity review, (ii) an application for cybersecurity review should be made by the internet platform operator holding personal information of more than one million users before such internet platform operator lists its securities in a foreign country, and (iii) the relevant PRC governmental authorities may initiate a cybersecurity review if they determine certain network products, services, or data processing activities affect or may affect national security. We believe that none of Unitrend, any of our PRC subsidiaries or the VIE qualifies as a critical information infrastructure operator. As of the date of this prospectus, we have not conducted any data processing activities that affected or may affect national security, nor do we hold personal information of more than one million customers.

On July 7, 2022, the CAC issued the Security Assessment Measures, which came into effect on September 1, 2022. The Security Assessment Measures provide that certain types of data processors transferring important data or personal information collected and generated during operations within the territory of the PRC to an overseas recipient must apply for security assessment of cross-border data transfer.

In addition, on September 28, 2023, CAC published the Provisions on Regulating and Promoting Cross-border Data Transfer (Draft for Comments), or the Cross-border Data Transfer Provisions. The Cross-border Data Transfer Provisions provide certain exemptions from obligations under the circumstances of cross-border data transfer, including, among others, the obligations for data security assessment, concluding a standard contract for provision of personal information abroad or passing the certification for personal information protection. However, the Cross-border Data Transfer Provisions were released for public comment only and their provisions and anticipated adoption date are subject to changes with substantial uncertainty, and their interpretation and implementation remain uncertain.

Moreover, the Chinese government has also reiterated its intention to oversight over the offshore listing activities of Chinese companies. On December 24, 2021, the CSRC published draft Administration Provisions and the draft Filing Measures for public comments. These Draft Regulations require "PRC domestic companies" that directly or indirectly issue or list their securities overseas to file with CSRC certain required documents. On February 17, 2023, the CSRC promulgated the Trial Measures, and the relevant five guidelines, which became effective on March 31, 2023. The Trial Measures will comprehensively improve and reform the existing regulatory regime for overseas offering and listing of PRC domestic companies' securities and will regulate both direct and indirect overseas offering and listing of PRC domestic companies' securities by adopting a filing-based regulatory regime. Pursuant to the Trial Measures, PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. The Trial Measures provides that if the issuer meets both the following criteria, the overseas securities offering and listing conducted by such issuer will be deemed as indirect overseas offering by PRC domestic companies: (i) 50% or more of any 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 fiscal year is accounted for by domestic companies; and (ii) the main parts of the issuer's business activities are conducted in mainland China, or its main place(s) of business are located in mainland China, or the majority of senior management staff in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. On the same day, the CSRC also held a press conference for the release of the Trial Measures and issued the Filing Notice, which, among others, clarifies that (1) a six-month transition period will

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be granted to domestic companies which, prior to the effective date of the Trial Measures, have already obtained the approval from overseas regulatory authorities or stock exchanges, such as completion of registration in the market of the United States, but have not completed the overseas listing; and (2) domestic companies that have already submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges on or prior to the effective date of the Trial Measures, may reasonably arrange the timing for submitting their filing applications with the CSRC, and shall complete the filing before completion of their overseas offering and listing.

According to the Trial Measures, where a domestic company fails to fulfill filing procedure or in violation of the provisions as stipulated above, in respect of its overseas offering and listing, the CSRC shall order rectification, issue warnings to such domestic company, and impose a fine ranging from RMB1,000,000 to RMB10,000,000. Also the directly responsible person-in-charge and other directly responsible persons of such domestic company may be warned and imposed fines, and the controlling shareholders and the actual controllers of such domestic company that organize or instruct the aforementioned violations shall be imposed fines. However, since the Trial Measures were newly promulgated, its interpretation, application and enforcement remain unclear. In addition, the Trial Measures may subject us to additional compliance requirement in the future, and we cannot assure you that we will be able to get the clearance of filing procedures under the Trial Measures on a timely basis, or at all. Any failure of us to fully comply with the Trial Measures may significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares, cause significant disruption to our business operations, and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our Ordinary Shares to significantly decline in value or become worthless.

On February 24, 2023, the CSRC, together with other PRC government authorities, released the Provisions on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic Enterprises, or the Confidentiality and Archives Administration Provisions, which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions require, among others, that PRC domestic enterprises seeking to offer and list securities in overseas markets, either directly or indirectly, shall establish the confidentiality and archives system, and shall complete approval and filing procedures with competent authorities, if such PRC domestic enterprises or their overseas listing entities provide or publicly disclose documents or materials involving state secrets and work secrets of PRC government agencies to relevant securities companies, securities service institutions, overseas regulatory agencies and other entities and individuals. It further stipulates that providing or publicly disclosing by domestic companies, or providing or publicly disclosing through its overseas listing entities, to the relevant securities companies, securities service agencies, overseas regulatory authorities and other entities or individuals documents and materials that may adversely affect national security or public interests after leakage, the domestic enterprise shall strictly go through the corresponding procedures in accordance with relevant laws and regulations. Where a domestic company provides to the relevant securities companies, securities service institutions, overseas regulatory authorities and other entities or individuals, any accounting records or duplicates of such accounting records, it shall complete relevant procedures according to the relevant regulations. The Confidentiality and Archives Administration Provisions were also newly published, and there remains uncertainty as to their interpretation, application and implementation.

Furthermore, if the CSRC, CAC or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals or complete the filing or reporting procedures for this offering or to maintain our listing status or for our future offshore securities offerings, we may be unable to obtain such approvals or complete such filing or reporting procedures in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could significantly limit or completely hinder our ability to continue to offer securities to investors and cause the value of such securities to significantly decline or be worthless.

As advised by East & Concord Partners, our PRC counsel, taking into consideration the above-mentioned criteria, this offering is an indirect offering under the Trial Measures, and we are subject to the filing requirements of the CSRC. We are required to fulfill the filing procedure with the CSRC in accordance with the Trial Measures. Accordingly, we had designated INHI as the liable entity and submitted initial documents in connection with this offering and our listing on the Nasdaq Capital Market to the CSRC on January 23, 2024. We have completed the filing with the CSRC in connection with this offering, and the CSRC published the notification of its approval of our completion of the required filing procedures on February 26, 2025. In accordance with the CSRC notification, we are required to report the offering and listing status to the CSRC within 15 business days from our completion of our offering. If we fail to complete this offering within 12 months from the issuance date of notification, and the offering is still under progress, we are required to update the filing materials with the CSRC. If the filing procedure with the CSRC under the Trial Measures is required for any future offerings or any other capital raising activities, we cannot assure you that we will be able to complete such filings in a timely manner, or even at all. Any failure by us to comply with such

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filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. In addition, changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or U.S. regulations may materially and adversely affect our business, financial condition and results of operations. Any such changes could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and could cause the value of our securities to significantly decline or become worthless.

***Uncertainties with respect to the PRC legal system, including uncertainties regarding the interpretation and enforcement of laws, and sudden or unexpected changes of PRC laws and regulations with little advance notice could adversely affect us and limit the legal protections available to you and us, and the Chinese government may exert more oversight and control over offerings that are conducted overseas, which changes could materially hinder our ability to offer or continue to offer our securities, and cause the value of our securities to significantly decline or become worthless.***

Our Operating Entitles and the VIE are incorporated under and governed by the laws of the PRC. The PRC legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference but have limited precedential value.

In 1979, the Chinese government began to promulgate a comprehensive system of laws and regulations governing economic matters in general, such as foreign investment, corporate organization and governance, commerce, taxation and trade. As a significant part of our business is conducted in China, our operations are principally governed by PRC laws and regulations. However, since the PRC legal system continues to evolve rapidly, rules and regulations in China can change quickly with little advance notice. The interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws and regulations involve uncertainties, which may limit legal protections available to us. Uncertainties due to evolving laws and regulations could also impede the ability of a China-based company like us, to obtain or maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities could impose material sanctions or penalties on us. In addition, some regulatory requirements may not be consistently applied, thus making strict compliance with all regulatory requirements impractical, or in some circumstances impossible. For example, we may have to resort to administrative and court proceedings to enforce the legal protection that we enjoy either by law or contract. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate or predict the outcome of administrative and court proceedings and the level of legal protection available to you and us than in more developed legal systems.

Furthermore, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and procedural rights, and 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.

On February 17, 2023, the CSRC promulgated the Trial Measures and five supporting guidelines, which became effective on March 31, 2023. According to the Trial Measures, among other requirements, any domestic companies that seek to offer or list securities overseas, including those indirect overseas offering and listing which meet certain conditions, should fulfil the filing procedures with the CSRC within three business days after the submission of the overseas offering and listing application. We submitted initial documents in connection with this offering and our listing on the Nasdaq Capital Market to the CSRC on January 23, 2024. We have completed the filing with the CSRC in connection with this offering, and the CSRC published the notification of its approval of our completion of the required filing procedures on February 26, 2025. In accordance with the CSRC notification, we are required to report the offering and listing status to the CSRC within 15 business days from our completion of our offering. If we fail to complete this offering within 12 months from the issuance date of notification, and the offering is still under progress, we are required to update the filing materials with the CSRC. If the filing procedure with the CSRC under the Trial Measures is required for any future offerings or any other capital raising activities, we cannot assure you that we will be able to complete such filings in a timely manner, or even at all. Any failure by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. In addition, changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or Chinese or U.S. regulations may materially and adversely affect our business, financial condition and results of operations. Any such changes could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors, and could cause the value of our securities to significantly decline or become worthless.

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On the same day, the CSRC also held a press conference for the release of the Trial Measures and issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies, which clarifies that on or prior to the effective date of the Trial Measures, domestic companies that have already submitted valid applications for overseas offering and listing but have not obtained approval from overseas regulatory authorities or stock exchanges may reasonably arrange the timing for submitting their filing applications with the CSRC, and must complete the filing before the completion of their overseas offering and listing. As the Trial Measures was newly published, there are substantial uncertainties as to the implementation and interpretation, and how they will affect this offering and future financing. Our offering will be contingent upon the approval of completion of the required filing procedures. We had designated INHI as the liable entity and submitted initial documents in connection with this offering and our listing on the Nasdaq Capital Market to the CSRC on January 23, 2024. We have completed the filing with the CSRC in connection with this offering, and the CSRC published the notification of its approval of our completion of the required filing procedures on February 26, 2025. In accordance with the CSRC notification, we are required to report the offering and listing status to the CSRC within 15 business days from our completion of our offering. If we fail to complete this offering within 12 months from the issuance date of notification, and the offering is still under progress, we are required to update the filing materials with the CSRC. If the filing procedure with the CSRC under the Trial Measures is required for any future offerings or any other capital raising activities, we cannot assure you that we will be able to complete such filings in a timely manner, or even at all. Any failure by us to comply with such filing requirements under the Trial Measures may result in an order to rectify, warnings and fines against us and could materially hinder our ability to offer or to continue to offer our securities. Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers, which could significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of our shares to significantly decline or be worthless.

***China's Anti-Monopoly Law, M&A rules and certain other PRC laws and regulations also establish complex procedures for acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions in China.***

A number of regulations also established additional procedures and requirements that are expected to make merger and acquisition activities in China by foreign investors more time-consuming and complex. For example, the M&A rules require that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise if (i) any important industry is concerned, (ii) such transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand.

The approval from the MOFCOM shall be obtained in circumstances where overseas companies established or controlled by PRC enterprises or residents acquire affiliated domestic companies. Mergers, acquisitions or contractual arrangements that allow one market player to take control of or to exert decisive impact on another market player must also be notified in advance to the anti-monopoly authority under the State Council when the threshold under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings, or the Prior Notification Rules, issued by the State Council in August 2008 and amended in September 2018, is triggered. In addition, the Rules of the Ministry of Commerce on Implementation of Security Review System of Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the Security Review Rule issued by the MOFCOM that became effective in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security" concerns and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise "national security" concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement.

Furthermore, on December 19, 2020, the National Development and Reform Commission, or the NDRC, and MOFCOM promulgated the Measures for Security Review of Foreign Investment, or the Foreign Investment Security Review Measures, which took effect on January 18, 2021. Under the Foreign Investment Security Review Measures, investment in certain key areas which results in acquiring the actual control of the assets is required to obtain approval from designated governmental authorities in advance. We may grow our business in part by acquiring other companies operating in our industry. Complying with the requirements of the new regulations to complete such transactions could be time-consuming, and any required approval processes, including approval from the MOFCOM, the State Administration for Industry and Commerce and other governmental authorities, may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or maintain our market share. It is unclear whether our business would be deemed to be in an industry that raises "national defense and security" or

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"national security" concerns. However, MOFCOM or other government agencies may publish explanations in the future determining that our business is in an industry subject to the security review, in which case our future acquisitions in China may be closely scrutinized or prohibited. Our ability to expand our business or maintain or expand our market share through future acquisitions would as such be materially and adversely affected.

***PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries' ability to increase their registered capital or distribute profits.***

PRC residents are subject to restrictions and filing requirements when investing in offshore companies. The SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Administration on Domestic Residents' Offshore Investment and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014. SAFE Circular 37 requires PRC residents to register with local branches of the SAFE in connection with their direct establishment or indirect control of an offshore entity, for the purpose of overseas investment and financing, with such PRC residents' legally owned assets or equity interests in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a "special purpose vehicle." Pursuant to SAFE Circular 37, "control" refers to the act through which a PRC resident obtains the right to carry out business operations of, to gain proceeds from or to make decisions on a special purpose vehicle by means of, among others, shareholding entrustment arrangement. SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to the special purpose vehicle, such as change of shareholders of the special purpose vehicles, increase or decrease of capital contributed by PRC individuals, share transfer or exchange, merger, division or other material event. In the event that a PRC shareholder holding interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiary. Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange Administration of Direct Investment released on February 13, 2015 by the SAFE, local banks will examine and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment registration, under SAFE Circular 37 from June 1, 2015.

As of the date of the prospectus, our beneficial owners who are PRC residents are in compliance with SAFE Circular 37 rules. However, in the future, we may not be aware of the identities of all of our beneficial owners who are PRC residents. We do not have control over our beneficial owners and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent implementation rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a timely manner, or will be completed at all. The failure of our beneficial owners who are PRC residents to register or amend their foreign exchange registrations in a timely manner pursuant to SAFE Circular 37 and subsequent implementation rules, or the failure of future beneficial owners of our company who are PRC residents to comply with the registration procedures set forth in SAFE Circular 37 and subsequent implementation rules, may subject such beneficial owners or our PRC subsidiaries to fines and legal sanctions. Failure to register or comply with relevant requirements may also limit our ability to contribute additional capital to our PRC subsidiaries and limit our PRC subsidiaries' ability to distribute dividends to our company. These risks may have a material adverse effect on our business, financial condition and results of operations.

#### We are subject to restrictions on currency exchange.
All of our revenue is denominated in Renminbi. The Renminbi is currently convertible under the "current account," which includes dividends, trade and service-related foreign exchange transactions, but need to observe certain requirements if under the "capital account," which includes foreign direct investment and loans, including loans we may secure from our PRC subsidiaries. Currently, our PRC subsidiaries and the VIE may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, by complying with certain procedural requirements. However, we cannot assure you that the relevant PRC governmental authorities will not limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, the SAFE and other relevant PRC governmental authorities. Since a significant amount of our future revenue and cash flow will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize cash generated in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, including holders of our Class A ordinary shares, and may limit our ability to obtain foreign currency through debt or equity financing for our onshore subsidiaries.

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#### Fluctuations in exchange rates could result in foreign currency exchange losses and could materially reduce the value of your investment.
The value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political and economic conditions in China and by China's foreign exchange policies. Since June 2010, the Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. With the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government may impose controls on the convertibility of RMB into foreign currencies and the remittance of currency out of Mainland China. We mainly rely on dividend payments from our PRC subsidiaries to fund any additional cash and financing requirements we may have. Shortages in the availability of foreign currency may restrict the ability of our PRC subsidiaries to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations.

***We must remit the offering proceeds to the PRC before they may be used to benefit our business in the PRC, and this process may take a number of months.***

The proceeds of this offering must be sent back to the PRC, and the process for sending such proceeds back to the PRC may take several months after the closing of this offering. We may be unable to use these proceeds to grow our business until we receive such proceeds in the PRC. In order to remit the offering proceeds to the PRC, we will take the following actions:

First, we will open a special foreign exchange account for capital account transactions. To open this account, we must submit to State Administration for Foreign Exchange ("SAFE") certain application forms, identity documents, transaction documents, form of foreign exchange registration of overseas investments by domestic residents, and foreign exchange registration certificate of the invested company.

Second, we will remit the offering proceeds into this special foreign exchange account.

Third, we will apply for settlement of the foreign exchange. In order to do so, we must submit to SAFE certain application forms, identity documents, payment order to a designated person, and a tax certificate.

The timing of the process is difficult to estimate because the efficiencies of different SAFE branches can vary materially. Ordinarily, the process takes several months to complete but is required by law to be accomplished within 180 days of application. Until the abovementioned approvals, the proceeds of this offering will be maintained in an interest-bearing account maintained by us in the United States.

***Our ability to transfer cash among Unitrend, our Subsidiaries, the VIE, and investors outside PRC or Hong Kong may be significantly restricted by the Chinese government.***

We intend to keep any future earnings to re-invest in and finance the expansion of our business, and we do not anticipate that any cash dividends will be paid or any assets will be transferred in the foreseeable future. As of the date of this prospectus, no transfer of cash or other assets, distribution, or dividends payment has been made among the us, our Subsidiaries, the VIE, or the investors. Under Cayman Islands law, a Cayman Islands company may pay a dividend on its shares out of either profit or share premium amount, provided that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts due in the ordinary course of business. 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 Hong Kong subsidiary, Charming Empire. Charming Empire is permitted under the laws of Hong Kong SAR to provide funds to us through dividend distribution out of profits available for distribution (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves but not through share capital.

However, we, our Subsidiaries and the VIE's abilities to use cash held in PRC or in a PRC entity through transfers, distributions, or dividends to fund operations or for other purposes outside of the PRC are subject to restrictions and limitations imposed by the PRC government. In addition, to the extent cash or assets in our business is in the PRC or Hong Kong or a PRC or Hong Kong entity, such cash or assets may not be available to fund operations or for other use outside of the PRC or Hong Kong due to interventions in, or the imposition of restrictions and limitations on, the ability of our holding company, our subsidiaries in China, and/or the VIE by the PRC government to transfer cash or assets. Current PRC regulations permit our indirect PRC subsidiary to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our operating companies in China is required to set aside at least 10% of its after-tax profits each year, if any,

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to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.

The PRC government also imposes controls on the conversion of RMB into foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our Operating Entities in the PRC incur debt on their own in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we are unable to receive the revenues from our Operating Entities or the VIE through current VIE Agreements, we may be unable to pay dividends on our Ordinary Shares.

The Operating Entities and the VIE collect revenue in RMB; thus, foreign exchange shortages and foreign exchange control may limit our ability to pay dividends or other payments, or otherwise meet our obligations denominated in foreign currencies.

Furthermore, we may lose our ability to fund operations or for other uses outside of Hong Kong using cash in Hong Kong or a Hong Kong entity if, in the future, the PRC government expands its restrictions and limitations to include Hong Kong or Hong Kong entities.

Therefore, our ability to transfer cash between Unitrend, our Subsidiaries, the VIE, and investors for purposes including payment of dividends and fund operations may be significantly restricted.

***Our Operating Entities in the PRC are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements in the future.***

We may need dividends and other distributions on equity from our Operating Entities in the PRC to satisfy our liquidity requirements. Current PRC regulations permit our Operating Entities in the PRC to pay dividends to their respective shareholders only out of their accumulated profits, if any, determined in accordance with PRC accounting standards and regulations. In addition, such companies are required to set aside at least 10% of their accumulated profits each year, if any, to fund certain reserve funds until the total amount set aside reaches 50% of its registered capital. Our Operating Entities in the PRC may also, at the respective subsidiary's discretion, allocate a portion of its after-tax profits based on its articles of association and PRC accounting standards to certain reserve funds. These reserves are not distributable as cash dividends. Furthermore, if our Operating Entities in the PRC incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any limitation on the ability of our Operating Entities in the PRC to distribute dividends or to make payments to us may restrict our ability to satisfy our future liquidity requirements.

In addition, the Enterprise Income Tax Law and its implementation rules provide that a withholding tax rate of up to 10% will be applicable to dividends payable by PRC companies to non-PRC-resident enterprises unless otherwise exempted or reduced according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC-resident enterprises are incorporated. If we are deemed by the PRC tax authorities as a PRC tax resident enterprise for tax purposes, any dividends we pay to our non-PRC resident shareholders may be regarded as China-sourced income and as a result, may be subject to PRC withholding tax at a rate of up to 10.0%. Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be reduced to 5% if a Hong Kong resident enterprise owns no less than 25% of a PRC entity. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including, without limitation, that (a) the Hong Kong entity must be the beneficial owner of the relevant dividends; and (b) the Hong Kong entity must directly hold no less than 25% share ownership in the PRC entity during the 12 consecutive months preceding its receipt of the dividends. In practice, a Hong Kong entity must obtain a tax resident certificate from the Hong Kong tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate on a case-by-case basis, we cannot be certain that we will be able to obtain the tax resident certificate from the relevant Hong Kong tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to any dividends to be paid by our subsidiaries in mainland China to our Hong Kong subsidiary Charming Empire.

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We can give no assurance that we will declare dividends of any amounts, at any rate or at all in the future. The declaration of future dividends, if any, will be at the discretion of our board of directors and will depend upon our future operations and earnings, capital requirements, general financial conditions, legal and contractual restrictions and other factors that our board of directors may deem relevant.

***PRC regulation of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent us from making loans or additional capital contributions to our Operating Entities in the PRC, which could materially and adversely affect our liquidity and our ability to fund and expand our business.***

In utilizing the proceeds of this offering, we, as an offshore holding company, are permitted under PRC laws and regulations to provide funding to our Operating Entities in the PRC, which are treated as foreign-invested enterprises under PRC laws, through loans or capital contributions. However, loans by us to our Operating Entities to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE and capital contributions to our Operating Entities are subject to the requirement of making necessary filings or registrations through enterprise registration system with competent governmental authorities in China.

SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015, and last amended on March 23, 2023. According to Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of banks loans that have been transferred to a third-party. Although Circular 19 allows RMB capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business scope. SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016, which reiterates some of the rules set forth in Circular 19, but changes the prohibition against using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular 16 could result in administrative penalties. Circular 19 and Circular 16 may significantly limit our ability to transfer any foreign currency we hold, including the net proceeds from this offering, to our Operating Entities, which may adversely affect our liquidity and our ability to fund and expand our business in the PRC.

On October 23, 2019, SAFE promulgated the Circular of the State Administration of Foreign Exchange on Further Promoting the Facilitation of Cross-border Trade and Investment, or SAFE Circular 28, which permits non-investment foreign-invested enterprises to use their capital funds to make equity investments in China, with genuine investment projects and in compliance with effective foreign investment restrictions and other applicable laws.

In light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future loans or future capital contributions by us to our Operating Entities. As a result, uncertainties exist as to our ability to provide prompt financial support to our Operating Entities when needed. If we fail to complete such registrations or obtain such approvals, our ability to use foreign currency, including the proceeds we received from this offering, and to capitalize or otherwise fund our Operating Entities may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

***We may be treated as a resident enterprise for PRC tax purposes under the PRC Enterprise Income Tax Law, and we may therefore be subject to PRC income tax on our global income.***

Under the EIT Law and its implementing rules, enterprises established under the laws of jurisdictions outside of China with "de facto management bodies" located in China may be considered PRC tax resident enterprises for tax purposes and may be subject to the PRC enterprise income tax at the rate of 25% on their global income. "De facto management body" refers to a managing body that exercises substantial and overall management and control over the production and operations, personnel, accounting and assets of an enterprise. The SAT issued the Notice Regarding the Determination of Chinese-Controlled Offshore-Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, or Circular 82, on April 22, 2009, which was most recently amended on December 29, 2017. Circular 82 provides certain

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specific criteria for determining whether the "de facto management body" of a Chinese-controlled offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by foreign enterprises or individuals, the determining criteria set forth in Circular 82 may reflect the State Administration of Taxation's general position on how the "de facto management body" test should be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises or PRC enterprise groups. According to Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its "de facto management body" in China and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management and the management department is in the PRC; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholder resolutions and minutes, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. If we were to be considered a PRC resident enterprise, we would be subject to PRC enterprise income tax at the rate of 25% on our global income. In such case, our profitability and cash flow may be materially reduced as a result of our global income being taxed under the Enterprise Income Tax Law. In addition, our shareholders may be subject to PRC tax, as described in "*— Dividends paid to our foreign investors and gains on the sale or other disposition of the Ordinary Shares by our foreign investors may become subject to PRC tax*" below. We believe that none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. However, the tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body."

***Dividends paid to our foreign investors and gains on the sale or other disposition of the Ordinary Shares by our foreign investors may become subject to PRC tax.***

Under the Enterprise Income Tax Law and its implementation rules issued by the State Council, a 10% PRC withholding tax is applicable to dividends paid to investors that are non-resident enterprises, which do not have an establishment or place of business in the PRC or which have such establishment or place of business but the dividends are not effectively connected with such establishment or place of business, to the extent such dividends are derived from sources within the PRC. Any gain realized on the transfer of ordinary shares by such investors is also subject to PRC tax at a current rate of 10%, if such gain is regarded as income derived from sources within the PRC. If we are deemed a PRC resident enterprise (as discussed above under "*— We may be treated as a resident enterprise for PRC tax purposes under the PRC Enterprise Income Tax Law, and we may therefore be subject to PRC income tax on our global income*"), dividends paid on our Ordinary Shares, and any gain realized from the transfer of our Ordinary Shares, would be treated as income derived from sources within the PRC and would as a result be subject to PRC taxation. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to individual investors who are non-PRC residents and any gain realized on the transfer of ordinary shares by such investors may be subject to PRC tax (which in the case of dividends may be withheld at source) at a rate of 20%. Any PRC tax liability may be reduced by an applicable tax treaty or under applicable tax arrangements between jurisdictions. However, if we or any of our subsidiaries established outside China are considered a PRC resident enterprise, it is unclear whether holders of the Ordinary Shares would be able to obtain the benefit of income tax treaties or agreements entered into between China and other countries or areas. If dividends paid to our non-PRC investors, or gains from the transfer of the Ordinary Shares by such investors, are deemed as income derived from sources within the PRC and thus are subject to PRC tax, the value of your investment in the Ordinary Shares may decline significantly.

***The ability of U.S. authorities to bring actions for violations of U.S. securities law and regulations against us, our directors, executive officers or the expert named in this prospectus may be limited. Therefore, you may not be afforded the same protection as provided to investors in U.S. domestic companies.***

The SEC, the U.S. Department of Justice, or the DOJ, and other U.S. authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies such as us, and non-U.S. persons, such as our directors and executive officers in China. Due to jurisdictional limitations, matters of comity and various other factors, the SEC, the DOJ and other U.S. authorities may be limited in their ability to pursue bad actors, including in instances of fraud, in emerging markets such as China. We conduct our operations mainly in China and our assets are mainly located in China. In addition, all of our directors and executive officers reside within China. There are significant legal and other obstacles for U.S. authorities to obtain information needed for investigations or litigation against us or our directors, executive officers or other gatekeepers in case we or any of these individuals engage in fraud or other wrongdoing. In addition, local authorities in China may be constrained in their ability to assist U.S. authorities and overseas investors in connection with legal proceedings. As a result, if we, our directors, executive officers or other gatekeepers commit any securities law

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violation, fraud or other financial misconduct, the U.S. authorities may not be able to conduct effective investigations or bring and enforce actions against us, our directors, executive officers or other gatekeepers. Therefore, you may not be able to enjoy the same protection provided by various U.S. authorities as it is provided to investors in U.S. domestic companies.

***You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China, based on United States or other foreign laws, against us, our directors, executive officers or the expert named in this prospectus. Therefore, you may not be able to enjoy the protection of such laws in an effective manner.***

As a company incorporated under the laws of Cayman Islands, we conduct a majority of our operations in China. In addition, all of our senior executive officers reside within China for a significant portion of the time and are PRC nationals. As a result, it may be difficult for you to effect service of process upon those persons inside mainland China. It may be difficult for you to enforce judgements obtained in U.S. courts based on civil liability provisions of the U.S. federal securities laws against us and our officers and directors, as none of them currently resides in the U.S. or has substantial assets in the U.S. In addition, there is uncertainty as to whether the courts of Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against us or such persons predicated upon the civil liability provisions of the securities laws of the U.S. or any state.

The recognition and enforcement of foreign judgments are provided for under the *PRC Civil Procedures Law*. Mainland PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the *PRC Civil Procedures Law* based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement with the United States that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the *PRC Civil Procedures Law*, the mainland PRC courts will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of PRC laws or national sovereignty, security, or public interest. As a result, it is uncertain whether and on what basis a mainland PRC court would enforce a judgment rendered by a court in the United States. See "*Enforceability of Civil Liabilities*."

It may also be difficult for you or overseas regulators to conduct investigations or collect evidence within China. For example, in China, there are significant legal and other obstacles to obtaining information, documents, and materials needed for regulatory investigations or litigation outside China. Although the authorities in China may establish a regulatory cooperation mechanism with its counterparts of another country or region to monitor and oversee cross border securities activities, such regulatory cooperation with the securities regulatory authorities in the Unities States may not be efficient in the absence of practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law, or "Article 177," which became effective in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Article 177 further provides that Chinese entities and individuals are not allowed to provide documents or materials related to securities business activities to foreign agencies without prior consent from the securities regulatory authority of the PRC State Council and the competent departments of the PRC State Council. In addition, aiming to further strengthen confidentiality and archives administration concerning overseas securities offering and listing by domestic companies, on February 24, 2023, the CSRC, Ministry of Finance of the PRC, National Administration of State Secrets Protection and National Archives Administration of China promulgated the *Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies*, or the *Archives Rules*, which became effective on March 31, 2023. Pursuant to the Archives Rules, domestic companies, including the domestic entities of overseas listed companies, that seek for overseas offering and listing shall strictly abide by applicable laws and regulations of the PRC and the Archives Rules, enhance legal awareness of keeping state secrets and strengthening archives administration, institute a sound confidentiality and archives administration system, and take necessary measures to fulfill confidentiality and archives administration obligations.

#### Risks Related to Our Class A Ordinary Shares and This Offering
***Our offering would not be completed if our listing application is not approved by Nasdaq. Further, an active trading market for our Class A ordinary shares may not develop and the trading price for our Class A ordinary shares may fluctuate significantly.***

We have applied to list our Class A ordinary shares on the Nasdaq. At this time, Nasdaq has not yet approved our application to list our Class A ordinary shares. There is no assurance that such application will be approved, and if our application is not approved by Nasdaq, this offering would not be completed. Prior to the completion of this offering, there has been no public market for our Class A ordinary shares, and we cannot assure you that a liquid public market

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for our Class A ordinary shares will develop. If an active public market for our Class A ordinary shares does not develop following the completion of this offering, the market price and liquidity of our Class A ordinary shares may be materially and adversely affected. The initial public offering price for our Class A ordinary shares will be determined by negotiation between us and the underwriters based upon several factors, and we can provide no assurance that the trading price of our Class A ordinary shares after this offering will not decline below the initial public offering price. As a result, investors in our securities may experience a significant decrease in the value of their investment.

#### The trading price of our Class A ordinary shares is likely to be volatile, which could result in substantial losses to investors.
Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A ordinary shares.

Moreover, the volatility and fluctuation of the trading price of our Class A ordinary shares may happen because of broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in China that have listed their securities in the United States. A number of Chinese companies have listed or are in the process of listing their securities on U.S. stock markets. The securities of some of these companies have experienced significant volatility, including price declines in connection with their initial public offerings. The trading performances of these Chinese companies' securities after their offerings may affect the attitudes of investors toward Chinese companies listed in the U.S. in general and consequently may impact the trading performance of our Class A ordinary shares, regardless of our actual operating performance.

In addition to market and industry factors, the price and trading volume for our Class A ordinary shares may be highly volatile for factors specific to our own operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our income, earnings and cash flow;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new services and expansions by us or our competitors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• detrimental adverse publicity about us, our services or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

Any of these factors may result in large and sudden changes in the volume and price at which our Class A ordinary shares will trade. Furthermore, the stock market in general experiences price and volume fluctuations that are often unrelated or disproportionate to the operating performance of companies like us. These broad market and industry fluctuations may adversely affect the market price of our Class A ordinary shares.

Besides, if the trading volumes of our Class A ordinary shares are low, persons buying or selling in relatively small quantities may easily influence prices of our Class A ordinary shares. This low volume of trades could also cause the price of our Class A ordinary shares to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Class A 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. If a large spread between the bid and ask prices of our Class A ordinary shares exist at the time of a purchase, the shares would have to appreciate substantially on a relative percentage basis for an investor to recoup their investment. A decline in the market price of our Class A ordinary

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shares also could adversely affect our ability to issue additional Class A ordinary shares or other of our securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Class A ordinary shares will develop or be sustained. If an active market does not develop, holders of our Class A ordinary shares may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

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

***The dual-class structure of our share capital has the effect of concentrating voting power with the holder of Class B ordinary shares, which will limit your ability to influence the outcome of important transactions, including a change in control.***

On March 28, 2025, the Company's articles of association were amended to increase the number of votes each holder of Class B Ordinary Shares shall be entitled to on a poll from ten (10) votes to thirty (30) votes per Class B Ordinary Share held. Each Class B ordinary share shall entitle the holder thereof to thirty (30) votes on all matters subject to vote by way of a poll at general meetings of our Company, and each Class A ordinary share shall entitle the holder thereof to one (1) vote on all matters subject to vote by way of a poll at general meetings of our Company. All shareholders will be entitled to one vote for any vote conducted by way of a show of hands at general meeting. Upon the completion of this offering, our founder and chief executive officer Mr. Bin Feng will beneficially own all of our then-issued and outstanding Class B ordinary shares, representing 21.11% of our total issued and outstanding Ordinary Shares, which represent 88.92% of our total voting power, assuming that the underwriters do not exercise their option to purchase additional Class A ordinary shares, or 88.81% of our total voting power assuming that the option to purchase additional Class A ordinary shares is exercised by the underwriters in full. As a result, we will be a "controlled company" as defined under Nasdaq Stock Market Rules because Mr. Bin Feng will hold more than 50% of the voting power for the election of directors. Mr. Bin Feng will have the ability to control or significantly influence the outcome of most (or all, as applicable) matters requiring approval by shareholders after the offering. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. We do not currently plan to utilize the exemptions from certain corporate governance rules available for controlled companies after we complete this offering. If we rely on these exemptions, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. See "*Principal Shareholders*" and "— *Risks Relating to Our Business and Industry — We will be a 'controlled company' within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.*"

As a result of the dual-class share structure and the concentration of ownership, Mr. Bin Feng, the ultimate beneficial owner of all issued and outstanding Class B ordinary shares, will have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions, and he may vote in a way with which you disagree and which may be adverse to your interests. This concentrated voting power may have the ultimate effect of delaying, preventing or deterring a change in control of our Company, could deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our Company and might ultimately materially and adversely affect the market price of our Class A ordinary shares. Future transfers by the holder of Class B ordinary shares may result in those shares converting into Class A ordinary shares. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder, but Class A ordinary shares shall not be convertible into Class B ordinary shares under any circumstances. However, following this offering, as long as the current issued and outstanding Class B ordinary shares remain issued and outstanding, the holder of our Class B ordinary shares will hold a majority of the issued and outstanding voting power and will continue to control the outcome of matters submitted to shareholders approval, assuming the underwriters do not exercise their option to purchase additional Class A ordinary shares and without giving effect to any future issuances. Our amended and restated memorandum and articles of association generally does not prohibit us from issuing additional Class B ordinary shares, and any future issuances of Class B ordinary shares may be dilutive to holders of Class A ordinary shares. For more information about our dual-class structure, see "*Description of Share Capital*."

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#### The dual-class structure of our share capital may adversely affect the trading market for our Class A ordinary shares.
We cannot predict whether our dual-class structure will result in a lower or more volatile market price of our Class A ordinary shares or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions on companies with dual-class or multi-class share structures in their indices. In July 2017, S&P Dow Jones and FTSE Russell announced changes to their eligibility criteria for the inclusion of shares of public companies on certain indices, including the Russell 2000, the S&P 500, the S&P MidCap 400 and the S&P SmallCap 600, to exclude companies with multiple classes of shares from being added to these indices. Beginning in 2017, MSCI, a leading stock index provider, opened public consultations on their treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. As a result, our dual-class structure would make us ineligible for inclusion in any of these indices, and mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track these indices will not be investing in our Class A ordinary shares. These policies are still relatively new and it is as of yet unclear what effect, if any, they will have on the valuations of publicly traded companies excluded from the indices, but it is possible that they may depress these valuations compared to those of other similar companies that are included. Furthermore, we cannot assure you that other stock indices will not take a similar approach to S&P Dow Jones or FTSE Russell in the future. Exclusion from indices could make our Class A ordinary shares less attractive to investors and, as a result, the market price of our Class A ordinary shares could be adversely affected.

***Our founder and chief executive officer, Bin Feng, has significant voting power and may take actions that may not be in the best interests of our other shareholders.***

Upon the completion of this offering, our founder and chief executive officer, Bin Feng, will beneficially own all of our then-issued and outstanding Class B ordinary shares, representing 87.48% of our total voting power assuming that the underwriters do not exercise their option to purchase additional Class A ordinary shares, or 87.16% of our total voting power assuming that the option to purchase additional Class A ordinary shares is exercised by the underwriters in full. As a result, Mr. Feng will be able to control the business and affairs of our Company and will have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors and other significant corporate actions. The interests of Mr. Feng may not be the same as or may even conflict with your interests. For example, Mr. Feng may attempt to delay or prevent a change in control of our Company, even if such change in control would benefit our other shareholders, which could have the effect of depriving our shareholders of an opportunity to receive a premium for their Class A ordinary shares as part of a sale of our Company, and might affect the prevailing market price of our Class A ordinary shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of ownership will limit your ability to influence corporate matters and could discourage others from pursuing any potential merger, takeover or other change of control transactions that holders of Class A ordinary shares may view as beneficial.

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

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

***We have broad discretion to determine how to use the net proceeds from this offering and may use them in ways that may not enhance our results of operations or the price of the Class A ordinary shares.***

Although we currently intend to use the net proceeds from this offering in the manner described in the section titled "Use of proceeds" in this prospectus supplement, our management will have broad discretion over the use of net proceeds from this offering, and we could spend the net proceeds from this offering in ways the holders of the Class A ordinary shares may not agree with or that do not yield a favorable return. Because of the number and variability

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of factors that will determine our use of the net proceeds from this offering, our use of these proceeds may differ substantially from our current plans. The failure by our management to apply these funds effectively could have a material adverse effect on our business, financial condition and results of operation. You will not have the opportunity, as part of your investment decision, to assess whether the net proceeds from this offering are being used appropriately. You must rely on the judgment of our management regarding the application of the net proceeds of this offering.

#### The sale or availability for sale of substantial amounts of our Class A ordinary shares could adversely affect their market price.
Sales of substantial amounts of our Class A ordinary shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our Class A ordinary shares and could materially impair our ability to raise capital through equity offerings in the future. The Class A ordinary shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and the applicable lock-up agreements. There will be 16,764,150 Class A ordinary shares outstanding immediately after this offering, or 16,951,650 Class A ordinary shares assuming the full exercise of the over-allotment option by the underwriters. In connection with this offering, we and any successors of us, our directors, officers, and holders of our outstanding shares as of the effective date of this registration statement will enter into customary "lock-up" agreements in favor of the underwriters, subject to certain exceptions, not to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any capital shares or any securities convertible into or exercisable or exchangeable for capital shares; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any capital shares or any securities convertible into or exercisable or exchangeable for capital shares for a period of six (6) months, with respects to us and any successors of us, and six (6) months, with respect to our directors, officers, and holders of our outstanding shares, from the date of commencement of sales of this offering. However, the underwriters may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our Class A ordinary shares. See "Underwriting" and "Shares Eligible for Future Sale" for a more detailed description of the restrictions on selling our securities after this offering.

#### Techniques employed by short sellers may drive down the market price of the Class A ordinary shares.
Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the security to decline, many short sellers publish, or arrange for the publication of, negative opinions regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short. These short attacks have, in the past, led to selling of shares in the market.

Public companies that have substantially all of their operations in China have been the subject of short selling. Much of the scrutiny and negative publicity have centered on allegations of a lack of effective internal control over financial reporting resulting in financial and accounting irregularities and mistakes, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the interim, are subject to shareholder lawsuits and/or SEC enforcement actions.

It is not clear what effect such negative publicity could have on us. If we were to become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could distract our management from growing our business. Even if such allegations are ultimately proven to be groundless, allegations against us could severely impact our business operations, and any investment in the Class A ordinary shares could be greatly reduced or even rendered worthless.

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

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

Our board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiary, our financial condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment in our Class A ordinary shares will likely depend entirely upon any future price appreciation of our Class A ordinary shares. There is no guarantee that our Class A ordinary shares will appreciate in value after this offering or even maintain the price at which you purchased the Class A ordinary shares. You may not realize a return on your investment in our Class A ordinary shares and you may even lose your entire investment in our Class A ordinary shares.

***Because the initial public offering price is substantially higher than the pro forma net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A ordinary shares in this offering, you will pay more for each ordinary share than the corresponding amount paid by existing shareholders for their Class A ordinary shares. As a result, you will experience immediate and substantial dilution of approximately US$2.80 per Class A ordinary share. This number represents the difference between (1) our pro forma net tangible book value per Class A ordinary share of US$1.20, after giving effect to this offering and (2) the assumed initial public offering price of US$4.00 per Class A ordinary share, the higher end of the estimated initial public offering price range set forth on the front cover of this prospectus. See "Dilution" for a more complete description of how the value of your investment in our Class A ordinary shares will be diluted upon the completion of this offering.

***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 subject U.S. investors in our Class A ordinary shares to significant adverse U.S. federal income tax consequences.***

We will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year if either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income (the "asset test"). We will be treated as owning our proportionate share of the assets and earnings of any other corporation in which we own, directly or indirectly, more than 25% (by value) of the stock. Based upon our current and expected income and assets, including goodwill and other unbooked intangibles not reflected on our balance sheet (taking into account the expected proceeds from this offering) and projections as to the market price of our Class A ordinary shares immediately following the offering, we do not expect to be classified as a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be classified as a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A ordinary shares, fluctuations in the market price of our Class A ordinary shares may cause us to be classified as a PFIC for the current or subsequent taxable years. The determination of whether we will be classified as a PFIC will also depend, in part, on the composition of our income and assets. In addition, the composition of our income and assets will also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. It is also possible that the U.S. Internal Revenue Service, or the IRS, could challenge our classification of certain income and assets as non-passive, which could result in our Company being or becoming a PFIC for the current or future taxable years. Because PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

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If we are a PFIC in any taxable year, a U.S. Holder (as defined in "*Taxation — United States Federal Income Taxation*") may incur significantly increased U.S. income tax on gain recognized on the sale or other disposition of the Class A ordinary shares and on the receipt of distributions on the Class A ordinary shares to the extent such distribution is treated as an "excess distribution" under the U.S. federal income tax rules, and such U.S. Holder may be subject to burdensome reporting requirements. Further, if we are a PFIC for any year during which a U.S. Holder holds our Class A ordinary shares, we generally will continue to be treated as a PFIC for all succeeding years during which such U.S. Holder holds our Class A ordinary shares, unless we were to cease to be a PFIC and the U.S. Holder were to make a "deemed sale" election with respect to the Class A ordinary shares.

***Our amended and restated memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our Class A ordinary shares.***

Some provisions of our amended and restated memorandum and articles may discourage, delay or prevent a change in control of our Company or management that shareholders may consider unfavorable. Our board of directors has the authority, without further action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges, and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights associated with our Class A ordinary shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our Company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of our Class A ordinary shares may fall and the voting and other rights of the holders of our Class A ordinary shares may be materially and adversely affected. Under the Companies Act (Revised) of the Cayman Islands, our directors may only exercise the rights and powers granted to them under our amended and restated memorandum and articles of association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our company and for a proper purpose.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Act (Revised) of the Cayman Islands, which we refer to as the Companies Act, and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the U.S. In particular, the Cayman Islands has a less developed body of securities laws than the U.S. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the U.S.

Shareholders of Cayman Islands exempted companies like us have limited rights under Cayman Islands law to inspect corporate records (other than copies of our amended and restated memorandum and articles of association, register of mortgages and charges, and any special resolutions passed by our shareholders) or to obtain copies of lists of shareholders of these companies. Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at the Registrar of Companies of the Cayman Islands. Our directors have discretion under our amended and restated memorandum and articles of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, unless shareholders otherwise resolve by way of ordinary resolution. 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.

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Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the U.S. Currently, we do not plan to rely on home country practice with respect to any corporate governance matter. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the U. S. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the U.S. and their shareholders, see "Description of Share Capital — Differences in Corporate Law."

#### Certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands exempted company and substantially all of our assets are located outside of the U.S. Substantially all of our current operations are conducted in China. In addition, a majority of our current directors and officers are nationals and residents of countries and regions other than the U.S., including China and Hong Kong. Substantially all of the assets of these persons are located outside the U.S. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the U.S. in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands, China and Hong Kong may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, China and Hong Kong, see "Enforcement of Civil Liabilities."

#### We will incur increased costs as a result of being a public company.
Upon completion of this offering, we will become a public company and expect to incur significant legal, accounting and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and the Nasdaq, impose various requirements on the corporate governance practices of public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. For example, we expect that operating as a public company will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***Following this offering, we will be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as a result, may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.***

Following this offering, we will be a "controlled company" as defined under Nasdaq Stock Market Rules because one of our principal shareholders, Mr. Bin Feng, will beneficially own more than 50% of voting power for the election of directors. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of our board of directors must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

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

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***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

Because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the U.S. that are applicable to U.S. domestic issuers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

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

***We are an emerging growth company, and the reduced disclosure requirements applicable to emerging growth companies may make our Class A ordinary shares less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the completion of this offering. However, if certain events occur prior to 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 prior to the end of such five-year period. For so long as we remain an emerging growth company, we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. We have taken advantage of reduced reporting burdens in this prospectus. In particular, in this prospectus, we have provided only two years of audited combined financial statements and have not included all of the executive compensation related information that would be required if we were not an emerging growth company. We cannot predict whether investors will find our Class A ordinary shares less attractive if we rely on these exemptions. If some investors find our Class A ordinary shares less attractive as a result, there may be a less active trading market for our Class A ordinary shares and the trading price of our Class A ordinary shares may be reduced or more volatile.

In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of these accounting standards until they would otherwise apply to private companies.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds from the sale of Class A ordinary shares of approximately $11,432,136 (or approximately $13,490,886 if the underwriters' over-allotment option is exercised in full), based upon an assumed initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement, and after deducting estimated underwriting discounts, the non-accountable expense allowance, and estimated offering expenses payable by us.

We plan to use the net proceeds we receive from this offering, assuming the underwriters do not exercise their over-allotment option, for the following purposes:

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| | | |
|:---|:---|:---|
|  **Purposes** | **Percentage** | **Amount of <br>Net Proceeds** |
|  Artificial Intelligence-Enhanced Online Trading Platform Development | 20% | $2286427 |
|  Advertisement Agency | 10% | $1143214 |
|  TV Programs Production | 30% | $3429641 |
|  TV Series Distribution | 40% | $4572854 |
|  **Total** | **100**% | $**11432136** |

---

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

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#### DIVIDEND POLICY
Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with our amended and restated articles of association: (a) the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and (b) our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Pursuant to the laws of the Cayman Islands, a Cayman Islands company may only pay dividends out of profits or (subject to the requirements of the Companies Act (Revised) of the Cayman Islands regarding the application of our share premium account and with the sanction of an ordinary resolution) share premium account, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay our debts as they fall due in the ordinary course of business. Even if we decide to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the board of directors may deem relevant.

We have never declared or paid cash dividends on our shares. We do not have any present plan to pay any cash dividends on our Class A ordinary shares in the foreseeable future after this offering. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and grow our business.

We are a holding company incorporated in the Cayman Islands. We may rely on dividends from our subsidiaries in China for our cash requirements, including any payment of dividends to our shareholders. PRC regulations may restrict the ability of our PRC subsidiaries to pay dividends to us. For example, under PRC laws and regulations, we are permitted to use the net proceeds of this offering to provide funding to our PRC Subsidiaries only through loans or capital contributions. Subject to satisfaction of necessary registrations with government authorities and required governmental approvals, we may extend inter-company loans or make additional capital contributions to our PRC Subsidiaries. We cannot assure you that we will be able to make such registrations or obtain such approvals in a timely manner, or at all. See "*Risk Factors — Risks Relating to Doing Business in China*."

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents and our capitalization as of June 30, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to give effect to the sale of 3,750,000 Class A ordinary shares by us in this offering at the assumed initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement, and to reflect the application of the proceeds after deducting the underwriting discounts and offering expenses payable by us.

You should read this capitalization table together with our consolidated financial statements and the related notes appearing elsewhere in this prospectus, "*Use of Proceeds*" and the "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" section and other financial information included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Actual** | **As adjusted <br> (without <br> over-allotment)<sup>(</sup><sup>1)</sup>** | **As adjusted <br> (with <br> over-allotment <br> exercised <br>in full)<sup>(1)</sup>** |
|  | **$** | **$** | **$** |
|  Cash and cash equivalents | $1244115 | $12676251 | $14735001 |
|  Shareholders' Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares, par value $0.0000002 per share, 250,000,000,000 ordinary shares are authorized. 20,000,000 Ordinary Shares, including 15,514,150 Class A ordinary shares and 4,485,850 Class B ordinary shares, issued and outstanding, actual; 23,750,000 Ordinary Shares, including 19,264,150 Class A ordinary shares (without over-allotment) and 4,485,850 Class B ordinary shares, issued and outstanding, as adjusted; 24,312,500 Ordinary Shares, including 19,826,650 Class A ordinary shares (with over-allotment) and 4,485,850 Class B ordinary shares, issued and outstanding, as adjusted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A ordinary share | $3 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B ordinary share | $1 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | $7664285 | $19096420 | $21155170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statutory reserve | $750768 | $750768 | $750768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | $11629611 | $11629611 | $11629611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | $(911806) | $(911806) | $(911806) |
| &nbsp;&nbsp;&nbsp; Total Company's shareholders' equity | $19132862 | $30564998 | $32623748 |

---

____________

(1) Reflects the sale of Class A ordinary shares in this offering at an assumed initial public offering price of $4.00 per share, the lower end of the range set forth on the cover page of this registration statement, and after deducting the estimated underwriting discounts and offering expenses including out-of-pocket 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, and estimated offering expenses payable by us. We estimate that such net proceeds will be approximately $11,432,136 without over-allotment option or $13,490,886 with over-allotment option.

A $1.00 increase (decrease) in the assumed initial public offering price of $4.00 per Class A ordinary share would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by $3,431,250, assuming the number of Ordinary Share offered by us without over-allotment option, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts, and estimated expenses payable by us.

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

Our net tangible book value as of June 30, 2025 was approximately $17,163,222. Net tangible book value represents the amount of our total consolidated tangible assets, less the amount of our total consolidated liabilities. Dilution is determined by subtracting the net tangible book value per Class A ordinary share (as adjusted for the offering) from the initial public offering price per Class A ordinary share and after deducting the estimated underwriting discounts, and the estimated offering expenses payable by us.

After giving effect to our sale of 3,750,000 Class A ordinary shares offered in this offering based on the initial public offering price of $4.00 per Class A ordinary share, the lower end of the range set forth on the cover page of this registration statement, after deduction of the estimated underwriting discounts and the estimated offering expenses including out-of-pocket expense including out-of-pocket expense payable by us, our as adjusted net tangible book value as of June 30, 2025, would be approximately $28,595,358, or $1.20 per outstanding Class A ordinary share. This represents an immediate increase in net tangible book value of $0.34 per Class A ordinary share to the existing shareholders, and an immediate dilution in net tangible book value of $2.80 per Class A ordinary share to investors purchasing Class A ordinary shares in this offering. The as adjusted information discussed above is illustrative only.

The following table illustrates such dilution:

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| | | |
|:---|:---|:---|
|  | **Without<br> Over-Allotment** | **With<br> Over-Allotment <br> Exercised <br>in Full** |
|  Assumed Initial public offering price per Class A ordinary share | $4.00 | $4.00 |
|  Net tangible book value per Ordinary Share as of June 30, 2025 | $0.86 | $0.86 |
|  As adjusted net tangible book value per Class A ordinary share attributable to existing shareholders from this offering | $0.34 | $0.40 |
|  Pro forma net tangible book value per Class A ordinary share immediately after this offering | $1.20 | $1.26 |
|  Amount of dilution in net tangible book value per Class A ordinary share to new investors in the offering | $2.80 | $2.74 |

---

The following charts illustrate our pro forma proportionate ownership as of June 30, 2025, upon completion of this offering by existing shareholders and investors in this offering, compared to the relative amounts paid by each group. The charts reflect payment by existing shareholders as of the date the consideration was received and by investors in this offering at the assumed offering price without deduction of commissions or expenses. The chart further assumes no changes in net tangible book value other than those resulting from the offering and the over-allotment option is not exercised.

#### Without Over-Allotment

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A and Class B<br>Ordinary Shares<br>purchased** | **Class A and Class B<br>Ordinary Shares<br>purchased** | **Total <br>consideration** | **Total <br>consideration** | **Average <br>price per <br>Class A <br>Ordinary<br>Share** |
|  | **Number** | **Percent** | **Amount<br>($ in thousands)** | **Percent** | **Average <br>price per <br>Class A <br>Ordinary<br>Share** |
|  Existing shareholders | 20000000 | 84.21% | $7664 | 33.82% | $0.38  |
|  New investors | 3750000 | 15.79% | $15000 | 66.18% | $4.00  |
|  Total | 23750000 | 100.00% | $22664 | 100.00% | $0.95 |

---

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#### With Over-Allotment Exercised in Full

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A and Class B <br>Ordinary Shares<br>purchased** | **Class A and Class B <br>Ordinary Shares<br>purchased** | **Total <br>consideration** | **Total <br>consideration** | **Average <br>price per <br>Class A <br>Ordinary<br>Share** |
|  | **Number** | **Percent** | **Amount<br>($ in thousands)** | **Percent** | **Average <br>price per <br>Class A <br>Ordinary<br>Share** |
|  Existing shareholders | 20000000 | 82.26% | $7664 | 30.76% | $0.38 |
|  New investors | 4312500 | 17.74% | $17250 | 69.24% | $4.00 |
|  Total | 24312500 | 100.00% | $24914 | 100.00% | $1.02 |

---

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

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#### EXCHANGE RATE INFORMATION
Our business is primarily conducted in China. Substantially all of our revenues are received and denominated in RMB. Substantially all our costs are paid and denominated in RMB and general administration costs are paid and denominated in RMB. Capital accounts of our condensed financial statements are translated into United States dollars from RMB at their historical exchange rates quoted by the People's Bank of China when the capital transactions occurred. Assets and liabilities are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the period. RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into United States dollars at the rates used in translation.

The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the prospectus were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31, <br>2024** | **December 31, <br>2023** |
|  Period-end date USD: RMB exchange rate | 7.1672 | 7.2985 | 7.0999  |
|  Average USD for the reporting period: RMB exchange rate | 7.2524 | 7.1887 | 7.0896  |

---

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are organized under the laws of the state of Cayman Islands. Substantially all of our assets are located outside the United States. In addition, most of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Southern District of New York under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the New York in the County of New York under the securities laws of New York.

In Hong Kong, foreign judgments can be enforced under statute under the Foreign Judgments (Reciprocal Enforcement) Ordinance or under common law. The Foreign Judgments (Reciprocal Enforcement) Ordinance is a registration scheme for the recognition and enforcement of foreign judgments based on reciprocity but the United States is not a designated country under the Foreign Judgments (Reciprocal Enforcement) Ordinance. As a result, a judgment rendered by a court in the United States, including as a result of administrative actions brought by regulatory authorities, such as the SEC, and other actions, will not be enforced by the Hong Kong courts under the statutory regime. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in a civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor.

East & Concord Partners, our counsel with respect to the PRC laws, has advised us that there is uncertainty as to whether Chinese courts would (1) 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 (2) entertain original actions brought in China against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States. Furthermore, East & Concord Partners has advised us that, as of the date of this prospectus, no treaty or other form of reciprocity exists between the United States and China governing the recognition and enforcement of judgments.

East & Concord Partners has advised us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Chinese courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. East & Concord Partners has advised us further that under Chinese law, courts in China will not recognize or enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates the basic principles of Chinese law or national sovereignty, security or social public interest. As there exists no treaty or other form of reciprocity between China and the United States governing the recognition and enforcement of judgments as of the date of this prospectus, including those predicated upon the liability provisions of the United States federal securities laws, there is uncertainty whether and on what basis a Chinese court would enforce judgments rendered by United States courts.

Furthermore, foreign judgments of United States courts will not be directly enforced in Hong Kong as there are currently no treaties or other arrangements providing for reciprocal enforcement of foreign judgments between Hong Kong and the United States. However, the common law permits an action to be brought upon a foreign judgment. That is to say, a foreign judgment itself may form the basis of a cause of action since the judgment may be regarded as creating

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a debt between the parties to it. In a common law action for enforcement of a foreign judgment in Hong Kong, the enforcement is subject to various conditions, including but not limited to, that the foreign judgment is a final judgment conclusive upon the merits of the claim, the judgment is for a liquidated amount in civil matter and not in respect of taxes, fines, penalties, or similar charges, the proceedings in which the judgment was obtained were not contrary to natural justice, and the enforcement of the judgment is not contrary to public policy of Hong Kong. Such a judgment must be for a fixed sum and must also come from a "competent" court as determined by the private international law rules applied by the Hong Kong courts. The defenses that are available to a defendant in a common law action brought on the basis of a foreign judgment include lack of jurisdiction, breach of natural justice, fraud, and contrary to public policy. However, a separate legal action for debt must be commenced in Hong Kong in order to recover such debt from the judgment debtor. As a result, subject to the conditions with regard to enforcement of judgments of United States courts being met, including but not limited to the above, a foreign judgment of United States 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 could be enforceable in Hong Kong.

We have been advised by our Cayman Islands legal counsel, Ogier (Cayman) LLP, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us, judgments of courts of the United States 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; and (ii) in original actions brought in the Cayman Islands, to impose liabilities 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, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is currently no statutory enforcement or treaty between the United States and the Cayman Islands providing for enforcement of judgments obtained in the United States. The courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive, given by a court of competent jurisdiction (the courts of the Cayman Islands will apply the rules of Cayman Islands private international law to determine whether the foreign court is a court of competent jurisdiction), and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands. Furthermore, it is uncertain that Cayman Islands courts would enforce: (1) judgments of U.S. courts obtained in actions against us or other persons that are predicated upon the civil liability provisions of the U.S. federal securities laws; or (2) original actions brought against us or other persons predicated upon the Securities Act. Ogier has informed us that there is uncertainty with regard to Cayman Islands law relating to whether a judgment obtained from the U.S. courts under civil liability provisions of the securities laws will be determined by the courts of the Cayman Islands as penal, punitive in nature. A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

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#### CORPORATE HISTORY AND STRUCTURE
Unitrend Entertainment Group Limited ("Unitrend") is an exempted company with limited liability incorporated under the laws of Cayman Islands on March 23, 2022. Unitrend was incorporated as the offshore holding company to facilitate offshore financing. As a holding company with no material operations of its own, Unitrend conducts substantially all of the operations through the Operating Entities and the VIE in the PRC.

Unitrend wholly owns Infinity Soul Limited ("Infinity Soul"), which was incorporated in the British Virgin Islands on January 25, 2022. Infinity Soul wholly owns Charming Empire Limited ("Charming Empire"), which was incorporated in Hong Kong on April 1, 2022. Charming Empire wholly owns Beijing Heli Fashion Technology Co. Ltd. ("WFOE"), which was established in PRC pursuant to PRC laws on August 4, 2022.

On January 3, 2024, WFOE acquired 100% of the equity interests of Beijing INHI Culture Media Co., Ltd. ("INHI"), which was established on November 26, 2010, in PRC pursuant to PRC laws, through the purchase of registered capital issued by INHI. INHI holds the equity interests of a total of five (5) subsidiaries, (1) Beijing Zhongxi Culture Co., Ltd. ("Zhongxi Culture"), which was established on June 5, 2014, in PRC pursuant to PRC laws and is wholly owned by INHI; (2) Shanghai Kexi Film and Television Culture Co., Ltd. ("Shanghai Kexi"), which was established on June 29, 2016, in PRC pursuant to PRC laws and is wholly owned by INHI; (3) Horgos Kexi Culture Media Co., Ltd. ("Horgos Kexi"), which was established on March 19, 2019, in PRC pursuant to PRC laws and is wholly owned by INHI; (4) Beijing Zhongxi Culture Media Co., Ltd. Hangzhou Branch ("Zhongxi Culture Hangzhou"), which was established on August 25, 2016, in PRC pursuant to PRC laws and is wholly owned by Zhongxi Culture; and (5) Hangzhou Deep Immersion Culture Communication Co., Ltd. ("Deep Immersion"), which was established on March 5, 2021, in PRC pursuant to PRC laws and is majority owned by Zhongxi Culture.

On December 20, 2022, WFOE entered into a series of contractual arrangements with certain shareholders of Beijing Hexi Weiye Culture Media Co., Ltd. ("VIE"). These agreements include Exclusive Operating and Consulting Service Agreement, Exclusive Option Agreements, Equity Interest Pledge Agreements and Entrustment Agreements (collectively the "Contractual Arrangements"). Pursuant to the Contractual Arrangements, WFOE has the exclusive right to provide to the VIE consulting and all the technical support services related to business operations including technology and management consulting services. The VIE was incorporated on November 2, 2022 in PRC for the purpose of expanding the business and market of distribution rights of TV series and shows.

Collectively, INHI and the five (5) subsidiaries owned by INHI are referred to as the "Operating Entities." Unitrend holds the equity interests in the INHI and the five (5) subsidiaries of INHI through the direct equity ownership of Infinity Soul, the subsidiary incorporated in BVI, and Charming Empire, the subsidiary incorporated in Hong Kong, and WFOE, the subsidiary incorporated in PRC. Unitrend receives economic benefits from the VIE through the Contractual Arrangements with the VIE and its shareholders for accounting purposes only and only to the extent that we have satisfied the requirements for consolidation of the VIE under U.S. GAAP.

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

![](tflowchart_001.jpg)

Note: the English names of our PRC business entities are directly translated from Chinese and may be different from their names shown on their respective records filed with relevant PRC authorities.

On March 28, 2025, the Company consolidated its authorized and issued share capital, at a ratio of 2:1. As a result, the authorized share capital of the Company was consolidated from US$50,000 divided into 450,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each to US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002.

On April 24, 2025, the Company, pursuant to an ordinary resolution passed by its shareholders, subdivided the Company's authorized share capital on a 1:1,000 basis (the "Share Split") such that the Company's authorized share capital was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of par value US$0.0002 each and 25,000,000 Class B Ordinary Shares of par value US$0.0002 to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of par value US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of par value US$0.0000002.

The Company, through a special resolution by the shareholders, adopted amended and restated memorandum of association to reflect the Share Split; and with effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

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

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL<br>CONDITION AND RESULTS OF OPERATIONS
This management's discussion and analysis of financial condition and results of operations contains forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with those statements. You should read the following discussion in conjunction with "Selected Historical Financial and Other Data" and our financial statements and related notes which are included elsewhere in this prospectus. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, those described under "Risk Factors", and included in other portions of this prospectus.

#### Forward-Looking Statements
This prospectus includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other Securities and Exchange Commission ("SEC") filings. References to "we", "us", "our Company," "or the "Company" are to Unitrend Entertainment Group Limited and its Subsidiaries and the VIE, except where the context requires otherwise.

#### Overview
Unitrend Entertainment Group Limited ("Unitrend") is an exempted company with limited liability incorporated under the laws of Cayman Islands on March 23, 2022. Unitrend was incorporated as the offshore holding company to facilitate offshore financing. As a holding company with no material operations of its own, Unitrend conducts substantially all of the operations through the Operating Entities (as defined below) in mainland China of People's Republic of China ("PRC" or "China") through both (1) the direct ownership of Beijing INHI Culture Media Co., Ltd. ("INHI") and its subsidiaries, collectively, the "Operating Entities" and (2) the contractual arrangements (the "Contractual Arrangements") among Beijing Heli Fashion Technology Co., Ltd. ("WFOE"), with Beijing Hexi Weiye Culture Media Co., Ltd. which is a variable interest entity ("Hexi Weiye" or the "VIE") and the VIE's shareholders. The Operating Entities and the VIE are mainly engaged in advertising agency, TV series production and distribution businesses.

We are a company that possesses a wealth of experience and abundant resources within the cultural media sector. Our business serves as the bridge between television production companies, TV stations and media platforms, advertisement agencies, and prominent multinational brands. After several years of growth and development in the media industry, we have transformed into a comprehensive media and communications agency that offers a range of services, including television drama investment and production, TV variety show production, television copyright transactions, and advertising media representation, among others. As for now, we have developed multiple monetization methods to capture entertainment market opportunities in mainland China.

Within the entertainment industry, individual television producers face the challenge of fixating stable avenues to distribute their works. Our business eliminates this major hurdle of profit generation for such television producers by purchasing distribution rights from them. By providing a strong economic incentive for television producers, our business hoards up a wide selection of television works.

Meanwhile, TV stations and media platforms are primarily concerned with rendering appropriate content based on their target audience. Our accumulated inventory of television productions allows us to efficaciously provide the content that matches the need of our partnering TV stations and media platforms. Simultaneously, our business facilitates the TV stations and media platforms with securing advertising opportunities and sponsorships by introducing and arranging the relevant advertising agencies and renowned multinational brands for the corresponding content and optimal airtime slots. Our business creates the opportunity to connect advertising agencies and well-known brands with national TV stations and media platforms, solidifying a steady revenue stream for all participants within this process. The customized selections of television production also aid to drive higher viewership on the TV station, further strengthening the collaboration between the advertisers and the TV stations and media platforms.

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As an esteemed participant in the industry, we generate revenue through various means. On the one hand, we work with television producers by collecting fixed distribution fees or sharing profits according to agreed-upon percentages. On the other hand, we sell the distribution rights to TV stations and media platforms and expedite the partnership between numerous brands, advertising agencies and national TV stations by selling and allocating advertising spaces, profiting from commissions. We have worked with distinguished clients including local and national television channels, globally known soft drink company, internationally recognized personal care brand, and eminent building material manufacturing e-commerce company.

#### Key Factors that Affect Our Results of Operations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our TV content business success is largely dependent on a limited number of shows releases each year and factors in the entertainment industry that are difficult to predict. We distribute a limited number of shows, the success or failure of a small number of these shows could have a significant impact on our business, financial condition and results of operations in both the year of release and in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due to the risks inherent in producing and distributing shows, we may be unable to recoup advances paid for or investments in shows. Our most significant costs and cash expenditures relate to acquiring show distribution rights and investing in shows for which we also secure distribution rights. Many of our agreements to acquire distribution rights require up-front payments. The production and distribution of shows are subject to a number of uncertainties, including delays and increased expenditures due to creative differences among key cast members and other key creative personnel or other disruptions or events beyond our control. In China, directors tend to hold substantial control over the production of shows, and this may aggravate our ability to control the production schedule and budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The production and distribution of shows are capital-intensive processes, and our capacity to generate cash or obtain financing on favorable terms may be insufficient to meet our anticipated cash requirements. We are required to fund our costs for show-related activities and other commitments with cash retained from operations, including the proceeds of shows that generate revenue from TV satellite stations and online channels, as well as from bank and other borrowing and participation by other investors. If our shows fail to perform, we may be forced to seek substantial sources of outside financing. Such financing may not be available in sufficient amounts for us to continue to make substantial investments in the production of new shows or may be available only on terms that are disadvantageous to us, either of which could have a material adverse effect on our growth or our business. Moreover, the costs of producing and distributing shows have increased in recent years and may further increase in the future, which may make it more difficult for a show we distribute or have invested in to generate a profit or compete against other shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The production and distribution of television programs is regulated extensively in China, and our production and distribution of Television Series are subject to various PRC laws, rules and regulations. We rely on the business licenses, entertainment and media business permit and certification and any lack of requisite approvals, licenses or permits applicable to our business may have a material adverse effect on our business and results of operations.

#### Selected Income Statement Items

#### Total Revenues
We derive our revenues from (i) advertising agency services, (ii) content assets revenue, and (iii) co-production content.

The following table presents our revenue by stream and as percentages of our total revenues for the six months ended June 30, 2025 and 2024, respectively:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  Advertising agency service | $1092735 | 6.52% | $1368539 | 12.47% | $(275804) | (20.15)% |
|  Content assets revenue | 8691273 | 51.86% | 9610498 | 87.53% | (919225) | (9.56)% |
| &nbsp;&nbsp;&nbsp; Self-produced content | 2276421 | 13.58% | 4862869 | 44.29% | (2586448) | (53.19)% |
| &nbsp;&nbsp;&nbsp; Licensed content | 6414852 | 38.28% | 4747629 | 43.24% | 1667223 | 35.12% |
|  Co-production content | 6975605 | 41.62% |  | —% | 6975605 | 100.00% |
|  Total revenue | $16759613 | 100.00% | $10979037 | 100.00% | $5780576 | 52.65% |

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#### Advertising Agency Revenue
The Company purchases advertising time slots of space from the media and broadcasting companies (mostly the TV stations and over-the-top ("OTT") streaming service providers) and resells them to merchants or parties who wish to post an advertisement in the media channel. Revenue from advertising agency revenue accounted for 6.52% and 12.47% of total revenue for the six months ended June 30, 2025 and 2024, respectively. Revenue from advertising agency decreased by 275,804, or 20.15%, from $1,368,539 for the six months ended June 30, 2024 to $1,092,735 for the six months ended June 30, 2025. The decrease in revenue was mainly due to decreased advertising demands from our customers during the six months ended June 30, 2025.

#### Content Assets Revenue
The Company signs a fixed-price contract with broadcasting company and OTT media service provider for broadcasting in their media platform for the Company's content assets such as TV series or shows which is either produced or licensed by the Company. Revenue from content assets accounted for 51.86% and 87.53% of total revenue for the six months ended June 30, 2025 and 2024, respectively. Revenue from content assets revenue decreased by $919,225, or 9.56%, from $9,610,498 for the six months ended June 30, 2024 to $8,691,273 for the six months ended June 30, 2025. The decrease in revenue was mainly due to decreased revenue from self-produced content of $2,586,448, which was partially offset by the increased revenue from licensed content of $1,667,223.

The decrease in revenue from self-produced content was mainly due to the decreased revenue from the self-produced TV series "The Good Days", which we sold the broadcast right to TV station for three years starting from the first showing in June 2021. However, revenue from "The Good Days" decreased during the six months ended June 30, 2025 as compared to the same period last year, as the broadcast right ended in May 2024, no revenue was recognized during the six months ended June 30, 2025. The decrease was partially offset by the recognition of revenue from one new TV variety show "No.17 Live House (Season 2)" and three new short video programs ("Let's Go, Maritime Silk Road", "Beyond Qing Yun" and "Let's 'Kong"), which were played on TikTok during the second quarter of fiscal year 2024, and six months' revenue was recognized during the six months ended June 30, 2025. We recognize revenue from broadcast right over the duration of the license period if it is unlimited showing during the license period. The increase in licensed content is mainly a result of acquisition and distribution of one TV variety show "Youth Periplous (Season 5)" and one new TV series ("Family") during the six months ended June 30, 2025.

#### Co-production content Revenue
The Company enters into co-production contracts with the main producers of TV series or shows, and the main producer is responsible for all works related to produce and distribute the contents. The Company only acts as the investor and share revenue based on the percentage of its investment over the total production costs. Revenue from co-production content assets accounted for 41.62% and nil of total revenue for the six months ended June 30, 2025 and 2024, respectively, representing an increase of $6,975,605, or 100%. The increase was primarily attributed to the Company's strategic expansion into the new business model, and co-produced a TV series "The Story of Pearl Girl", which significantly contributed to our revenue growth during the six months ended June 30, 2025.

The following table presents our revenue by stream and as percentages of our total revenues for the years ended December 31, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  Advertising agency service | $2236907 | 10.84% | $1743582 | 8.29% | $493325 | 28.29% |
|  Content assets revenue | 18394354 | 89.16% | 18859582 | 89.66% | (465228) | (2.47)% |
| &nbsp;&nbsp;&nbsp; Self-produced content | 7167357 | 34.74% | 10807673 | 51.38% | (3640316) | (33.68)% |
| &nbsp;&nbsp;&nbsp; Licensed content | 11226997 | 54.42% | 8051909 | 38.28% | 3175088 | 39.43% |
|  Post-production service and others |  |  | 429808 | 2.05% | (429808) | (100.00)% |
|  Total revenue | $20631261 | 100.00% | $21032972 | 100.00% | $(401711) | (1.91)% |

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#### Advertising Agency Revenue
The Company purchased advertising time slot of space from the media and broadcasting company (mostly the TV stations and over-the-top ("OTT") streaming service provider) and resell it to merchants or parties who wish to post an advertisement in the media channel. Revenue from advertising agency revenue accounted for 10.84% and 8.29% of total revenue for the years ended December 31, 2024 and 2023, respectively. Revenue from advertising agency revenue increased by 493,325, or 28.29%, from $1,743,582 for the year ended December 31, 2023 to $2,236,907 for the year ended December 31, 2024. The increase in revenue was mainly due to increased advertising demands from our customers during the year ended December 31, 2024.

#### Content Assets Revenue
The Company signs a fixed-price contract with broadcasting company and OTT media service provider for broadcasting in their media platform for the Company's content assets such as TV series or shows which is either produced or licensed by the Company. Revenue from content assets revenue accounted for 89.16% and 89.66% of total revenue for the years ended December 31, 2024 and 2023, respectively. Revenue from content assets revenue decreased by $465,228, or 2.47%, from $18,859,582 for the year ended December 31, 2023 to $18,394,354 for the year ended December 31, 2024. The decrease in revenue was mainly due to decreased revenue from self-produced content of $3,640,316, which was partially offset by the increased revenue from licensed content of $3,175,088.

The decrease in revenue from self-produced content was mainly due to the decreased revenue from the self-produced TV series "The Good Days", which we sold the broadcast right to TV station for three years starting from the first showing in June 2021. However, revenue from "The Good Days" decreased during the year ended December 31, 2024 as compared to the same period last year, as the broadcast right ended in May 2024, and only five months revenue was recognized during the year ended December 31, 2024. The decrease was partially offset by the recognition of revenue from one new TV variety show "No.17 Live House (Season 2)" and three new short video programs ("Let's Go, Maritime Silk Road", "Beyond Qing Yun" and "Let's 'Kong"), which was played on TikTok during the first half of fiscal year 2024, and no such revenue was recognized during the year ended December 31, 2023. We recognize revenue from broadcast right over the duration of the license period if it is unlimited showing during the license period. The increase in licensed content is a result of acquisition and distribution of two new TV series ("Imagination Season" and "Family") and one TV variety show "Youth Periplous (Season 5)" during the year ended December 31, 2024. The increase in licensed content is also attributable to the twelve months revenue recognized for three TV series ("The Starry Love", "New Vanity Fair" and "Sweet and Cold") and one TV variety show "Youth Periplous (Season 4)" during the year ended December 31, 2024, and such these TV series and TV variety show were played in fiscal year 2023.

#### Post-production and Others Revenue
The Company provides post-production services for the TV episodes or shows that are not produced by the Company. Post-production includes post editing, production, and program packing production such as special effects packaging or letter/caption design. The Company also provides other services such as prop design and game planning services for TV variety shows. Revenue from post-production revenue and others accounted for nil and 2.05% of total revenue for the years ended December 31, 2024 and 2023, respectively. The $429,808 decrease in revenue from post-production and others is a result of prop and game planning services we provided for TV variety shows "Ace VS Ace" and "Keep Running" during the year ended December 31, 2023, and no such revenue was generated during the year ended December 31, 2024.

#### Costs of Revenue
Our cost of revenue mainly consists of content costs and others. Content costs mainly consist of costs for original content, which includes amortization and impairment of capitalized produced content and expenses recorded when production costs exceed the total revenues to be earned; licensed content, which includes amortization and impairment of licensed copyrights; and investment cost in co-production contents. We expect that our cost of revenues as a percentage of total revenues will continue to improve going forward benefiting from the improvement in operating efficiency, the content production infrastructure we have developed, and the better supply and demand dynamics.

We derive our costs from (i) advertising agency services, (ii) content assets revenue related costs, and (iii) co-production content.

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

The following table presents our cost by revenue stream and as percentages of our total costs for the six months ended June 30, 2025 and 2024, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  Advertising agency service | $11889 | 0.09% | $23060 | 0.31% | $(11171) | (48.44)% |
|  Content assets | 6416933 | 50.63% | 7384252 | 99.69% | (967319) | (13.10)% |
| &nbsp;&nbsp;&nbsp; Self-produced content | 1818969 | 14.35% | 4046089 | 54.62% | (2227120) | (55.04)% |
| &nbsp;&nbsp;&nbsp; Licensed content | 4597964 | 36.28% | 3338163 | 45.07% | 1259801 | 37.74% |
|  Co-production content | 6244086 | 49.28% |  | —% | 6244086 | 100.00% |
|  Total cost of revenue | $12672908 | 100.00% | $7407312 | 100.00% | $5265596 | 71.09% |

---

#### Advertising Agency Cost of Revenue
Cost of revenues for advertising agency service decreased by $11,171, or 48.44%, from $23,060 for the six months ended June 30, 2024 to $11,889 for the six months ended June 30, 2025. Our cost of revenues of advertising agency service primarily consists of sales tax and additional taxes, such as stamp duty, culture undertaking construction tax, etc. The decrease in cost of revenues for advertising agency service was mainly due to decreased culture undertaking construction tax during the six months ended June 30, 2025.

#### Content Assets Cost of Revenue
Cost of revenues from content assets revenue decreased by $967,319, or 13.10%, from $7,384,252 for the six months ended June 30, 2024 to $6,416,933 for the six months ended June 30, 2025. The decrease in cost of revenue was mainly due to decreased cost of revenue from self-produced content of $2,227,120, which was partially offset by the increased cost of revenue from licensed content of $1,259,801.

Our cost of revenues of self-produced content primarily consists of amortization and impairment of capitalized produced content. The costs for self-produced show include director, producer, and actor's compensation cost, crew production service costs, lighting and equipment costs, props and costumes costs, location and venue rental costs, staff's travel, accommodation, and catering costs, post-production costs, advertising and promotion costs, and other miscellaneous expenses that are directly related to the TV series. We capitalize these costs as content assets and amortize over the shorter of each show's contractual window of availability or estimated period of use, beginning with the month of first availability, on a straight-line basis. The decrease in self-produced content was mainly due to the decreased cost of revenue from the self-produced TV series "The Good Days". The broadcast right of the "The Good Days" ended in May 2024, and no cost of revenue was recognized during the six months ended June 30, 2025. The decrease was partially offset by the increased cost of revenue from one new TV variety show "No.17 Live House (Season 2)" and three new short video programs ("Let's Go, Maritime Silk Road", "Beyond Qing Yun" and "Let's 'Kong") played on TikTok during the second quarter of fiscal year 2024 as mentioned above, and six months' cost of revenue was recognized during the six months ended June 30, 2025.

Our cost of revenues of licensed content assets primarily consists of copyright cost associated with acquiring the right to use or distribute the intellectual property for a period of time. The increase in cost of revenues for licensed content assets was mainly due to increased revenue recognized for one TV variety show "Youth Periplous (Season 5)", as well as acquisition and distribution of one new TV series "Family" during the six months ended June 30, 2025 as mentioned above. We amortize the licensed content assets over the shorter of each show's contractual window of availability or estimated period of use, beginning with the month of first availability on a straight-line basis.

#### Co-production Content Cost of Revenue
Cost of revenues for co-production increased by $6,244,086, or 100.00%, from $nil for the six months ended June 30, 2024 to $6,244,086 for the six months ended June 30, 2025. Our cost of revenues of co-production content primarily consists of investment cost in co-production content. The increase in cost of revenues for co-production content was mainly due to cost related to our co-produced TV series "The Story of Pearl Girl" during the six months ended June 30, 2025, and no such cost of revenue was recognized during the six months ended June 30, 2024.

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

The following table presents our cost by revenue stream and as percentages of our total costs for the years ended December 31, 2024 and 2023, respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **Percent** | **Amount** | **Percent** | **Amount** | **Percent** |
|  Advertising agency service | $40777 | 0.29% | $64562 | 0.43% | $(23785) | (36.84)% |
|  Content assets | 13881653 | 99.71% | 14948288 | 99.14% | (1066635) | (7.14)% |
|  Self-produced content | 5884913 | 42.27% | 9470845 | 62.81% | (3585932) | (37.86)% |
|  Licensed content | 7996740 | 57.44% | 5477443 | 36.33% | 2519297 | 45.99% |
|  Post-production service and others |  |  | 64971 | 0.43% | (64971) | (100.00)% |
|  Total cost of revenue | $13922430 | 100.00% | $15077821 | 100.00% | $(1155391) | (7.66)% |

---

#### Advertising Agency Cost of Revenue
Cost of revenues for advertising agency service decreased by $23,785, or 36.84%, from $64,562 for the year ended December 31, 2023 to $40,777 for the year ended December 31, 2024. Our cost of revenues of advertising agency service primarily consists of sales tax and additional, such as stamp duty, culture undertaking construction tax, etc. The decrease in cost of revenues for advertising agency service was mainly due to decreased culture undertaking construction tax during the year ended December 31, 2024.

#### Content Assets Cost of Revenue
Cost of revenues from content assets revenue decreased by $1,066,635, or 7.14%, from $14,948,288 for the year ended December 31, 2023 to $13,881,653 for the year ended December 31, 2024. The decrease in cost of revenue was mainly due to decreased cost of revenue from self-produced content of $3,585,932, which was partially offset by the increased cost of revenue from licensed content of $2,519,297.

Our cost of revenues of self-produced content primarily consists of amortization and impairment of capitalized produced content. The costs for self-produced show include director, producer, and actor's compensation cost, crew production service costs, lighting and equipment costs, props and costumes costs, location and venue rental costs, staff's travel, accommodation, and catering costs, post-production costs, advertising and promotion costs, and other miscellaneous expenses that are directly related to the TV series. We capitalize these costs as content assets and amortize over the shorter of each show's contractual window of availability or estimated period of use, beginning with the month of first availability, on a straight-line basis. The decrease in self-produced content was mainly due to the decreased cost of revenue from the self-produced TV series "The Good Days". The broadcast right of the "The Good Days" ended in May 2024, and only five months cost of revenue was recognized during the year ended December 31, 2024. The decrease was partially offset by the increased cost of revenue from one new TV variety show "No.17 Live House (Season 2)" and three new short video programs ("Let's Go, Maritime Silk Road", "Beyond Qing Yun" and "Let's 'Kong") played on TikTok during the first half of fiscal year 2024 as mentioned above, and no such cost of revenue was recognized during the year ended December 31, 2023.

Our cost of revenues of licensed content assets primarily consists of copyright cost associated with acquiring the right to use or distribute the intellectual property for a period of time. The increase in cost of revenues for licensed content assets was mainly due to increased revenue recognized for three TV series ("The Starry Love", "New Vanity Fair" and "Sweet and Cold") and one TV variety show "Youth Periplous (Season 4)", as well as acquisition and distribution of two new TV series ("Imagination Season" and "Family") and one TV variety show "Youth Periplous (Season 5) during the year ended December 31, 2024 as mentioned above. We amortize the licensed content assets over the shorter of each show's contractual window of availability or estimated period of use, beginning with the month of first availability on a straight-line basis.

#### Post-production and Others Cost of Revenue
Cost of revenues for post-production service and others decreased by $64,971, or 100.00%, from $64,971 for the year ended December 31, 2023 to $nil for the year ended December 31, 2024. Our cost of revenues of post-production and others primarily consists of post-production staff salaries, editing services, sound design and mixing, color correction

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

and grading, subtitling and captioning, mastering and deliverables and equipment and technology. The decrease in cost of revenues for post-production service and others was mainly due to prop and game planning services we provided for TV variety shows during the year ended December 31, 2023, and no such cost of revenue was recognized during the year ended December 31, 2024.

#### Selling, General and Administrative Expenses
Our selling expenses primarily consist of promotional and marketing expenses for the TV series and shows, and compensation for our sales and marketing personnel. Although, our selling and marketing expenses as a percentage of total revenues decreased during the six months ended June 30, 2025 as compared to the same period last year, which was mainly resulted from the less advertising expenditures. However, we expect our selling and marketing expenses as a percentage of total revenues to modestly increase in the foreseeable future to achieve high-quality growth.

Our general and administrative expenses primarily consist of salaries and employee welfare benefits for our general and administrative personnel, and fees and expenses for legal, accounting and other professional services. We expect our general and administrative expenses as a percentage of total revenues to decrease in the foreseeable future as we continue to enhance overall cost control to improve operating margin.

#### Results of operations
***Comparison of the six months ended June 30, 2025 and 2024***

The following table summarizes our consolidated results of operations and as percentages of our total revenues for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **% of<br> revenue** | **Amount** | **% of<br> revenue** | **Amount** | **Percent** |
|  Revenue | $16759613 | 100.00% | $10979037 | 100.00% | $5780576 | 52.65% |
|  Cost of revenue | 12672908 | 75.62% | 7407312 | 67.47% | 5265596 | 71.09% |
|  Gross profit | 4086705 | 24.38% | 3571725 | 32.53% | 514980 | 14.42% |
|  Selling expenses | 170027 | 1.01% | 175698 | 1.60% | (5671) | (3.23)% |
|  General and administrative expenses | 857775 | 5.12% | 840967 | 7.66% | 16808 | 2.00% |
|  Allowance for (net recovery of) credit losses | 7720 | 0.05% | (628721) | (5.73)% | 636441 | (101.23)% |
|  Total operating expenses | 1035522 | 6.18% | 387944 | 3.53% | 647578 | 166.93% |
|  Income from operations | 3051183 | 18.21% | 3183781 | 29.00% | (132598) | (4.16)% |
|  Total non-operating income (expense), net | 347 | —% | (97397) | (0.89)% | 97744 | (100.36)% |
|  Income before income taxes | 3051530 | 18.21% | 3086384 | 28.11% | (34854) | (1.13)% |
|  Income tax expense | 693876 | 4.14% | 670782 | 6.11% | 23094 | 3.44% |
|  Income before non-controlling interest | 2357654 | 14.07% | 2415602 | 22.00% | (57948) | (2.40)% |
|  Less: loss attribute to non-controlling interest | (18532) | (0.11)% | (73979) | (0.67)% | 55447 | (74.95)% |
|  Net income to the Company | $2376186 | 14.18% | $2489581 | 22.68% | $(113395) | (4.55)% |

---

#### Revenues
Revenue for the six months ended June 30, 2025 and 2024 were $16,759,613 and $10,979,037, respectively, an increase of $5,780,576, or 52.65%. The increase of revenue in the six months ended June 30, 2025 was primarily attributed to increased co-production content revenue by $6,975,605 and licensed content revenue by $1,667,223, which was partly offset by decreased self-produced content assets revenue by $2,586,448 and decreased advertising agency service revenue by $275,804.

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

#### Cost of revenues

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **Variance** | **Variance** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  Cost of revenues | $12672908 | $7407312 | $5265596 | 71.09% |
|  As a percentage of revenues | 75.62% | 67.47% |  |  |

---

Cost of revenues for the six months ended June 30, 2025 and 2024 was $12,672,908 and $7,407,312, respectively, an increase of $5,265,596, or 71.09%. The increase of cost of revenue in the six months ended June 30, 2025 was primarily attributed to increased cost of revenue for co-production content assets by $6,244,086, licensed content by $1,259,801, which was partly offset by decreased cost of revenue for self-produced content by $2,227,120 and advertising agency service by $11,171.

#### Gross profit and gross margin

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** | **For the Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **Variance** | **Variance** |
|  | **Amount** | **Profit <br>Margin** | **Amount** | **Profit <br>Margin** | **Amount** | **Percent** |
|  Advertising agency service | $1080846 | 98.91% | $1345479 | 98.31% | $(264633) | (19.67)% |
|  Content assets revenue | 2274340 | 26.17% | 2226246 | 23.16% | 48094 | 2.16% |
| &nbsp;&nbsp;&nbsp; Self-produced content | 457452 | 20.10% | 816780 | 16.80% | (359328) | (43.99)% |
| &nbsp;&nbsp;&nbsp; Licensed content | 1816888 | 28.32% | 1409466 | 29.69% | 407422 | 28.91% |
|  Co-production content | 731519 | 10.49% |  | —% | 731519 | —% |
|  Total gross profit and gross margin | $4086705 | 24.38% | $3571725 | 32.53% | $514980 | 14.42% |

---

The gross profit for the six months ended June 30, 2025 and 2024 was $4,086,705 and $3,571,725, respectively, an increase of $514,980, or 14.42%. The blended gross profit margin was 24.38% for the six months ended June 30, 2025 compared to 32.53% for the six months ended June 30, 2024. The decrease in blended gross profit margin was primarily attributed to the increased revenue from co-production content which has relatively lower gross margin.

#### Selling Expense
The following table sets forth the breakdown of our selling expenses for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** | **Variance** | **Variance** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  Advertising expense | $1301 | $12731 | $(11430) | (89.78)% |
|  Payroll and related welfare expense | 109068 | 104894 | 4174 | 3.98% |
|  Other expense | 59658 | 58073 | 1585 | 2.73% |
|  Total selling expense | $170027 | $175698 | $(5671) | (3.23)% |
|  As a percentage of revenues | 1.01% | 1.60% |  |  |

---

Selling expenses mainly consisted of payroll and related welfare expense for employees, meal and entertainment expense, travel expense, advertising expense and other expense. Our selling expenses amounted to $170,027 for the six months ended June 30, 2025, as compared to $175,698 for the six months ended June 30, 2024, representing a decrease of $5,671, or 3.23%. The decrease in the selling expenses was attributable to a decrease in advertising expense of $11,430, which was mainly due to the termination of Escape Room Project, and no costs related to this project was recorded during the six months ended June 30, 2025. The decrease in the selling expense was partially offset by an increase in payroll and related welfare expense of $4,174 as well as an increase in other expenses of $1,585 during the six months ended June 30, 2025.

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

#### General and Administrative Expenses
The following table sets forth the breakdown of our general and administrative expenses for the six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br>June 30,** | **For the Six Months Ended <br>June 30,** | **Variance** | **Variance** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  Professional and consulting expenses | $347904 | $152412 | $195492 | 128.27% |
|  Rent expense | 76570 | 178364 | (101794) | (57.07)% |
|  Payroll and related welfare expense | 371150 | 420077 | (48927) | (11.65)% |
|  Leasehold improvement | 17235 | 32533 | (15298) | (47.02)% |
|  Other expense | 44916 | 57581 | (12665) | (22.00)% |
|  Total expense | $857775 | $840967 | $16808 | 2.00% |
|  As a percentage of revenues | 5.12% | 7.66% |  |  |

---

General and administrative expenses mainly consisted of salaries and employee welfare benefits expenses for administrative personnel, professional and consulting expenses relating to public offering and others, office lease and utilities, leasehold improvement expense, and other expenses. Our general and administrative expenses were $857,775 for the six months ended June 30, 2025, as compared to $840,967 for the six months ended June 30, 2024, reflecting an increase of $16,808, or 2.00%. The increase in general and administrative expenses is mainly attributable to (1) an increase in professional and consulting expenses of $195,492, which was mainly due to our efforts made towards preparation of our initial public offering during the six months ended June 30, 2025; (2) the decrease in rental expense of $101,794, as we moved to a new place with lower annual rental charged in the six months ended June 30, 2025; (3) the decrease in payroll and related welfare expense of $48,927, which was resulted from the decreased number of staff; and (4) the decrease in leasehold improvement of $15,298 and the decrease in other expense of $12,665 during the six months ended June 30, 2025.

#### Allowance for (net recovery of) credit losses
Allowance for credit losses was $7,720 for the six months ended June 30, 2025, compared to net recovery of credit losses of $628,721 for the six months ended June 30, 2024. We have undertaken appropriate measures to resolve accounts receivable collection issues through strengthened monitoring of the uncollected receivable balance, which caused a net recovery of allowance for credit losses for the six months ended June 30, 2024. Our management will continue monitoring and putting effort in collection of receivables to maintain the allowance at a low level.

#### Non-operating income (expenses), net
Non-operating income was $347 for the six months ended June 30, 2025, compared to non-operating expenses of $97,397 for the six months ended June 3, 2024. For the six months ended June 30, 2025, non-operating income mainly consisted of other expenses of $82 and interest income of $429. For the six months ended June 30, 2024, non-operating expenses mainly consisted of other expenses of $112,176, other income of $12,653 and interest income of $2,126.

#### Income tax expense
Income tax expense was $693,876 for the six months ended June 30, 2025, representing an increase of $23,094, or 3.44% from income tax expense of $670,782 for the six months ended June 30, 2024. The increase was primarily due to our increased taxable income for the six months ended June 30, 2025.

#### Net income to the Company
We had a net income to the Company of $2,376,186 for the six months ended June 30, 2025, compared to $2,489,581 for the six months ended June 30, 2024, a decrease of $113,395, or 4.55%. The decrease was mainly due to decreased gross profit, and decreased net recovery of allowance for credit losses, which was partially offset by the increased non-operating income as described above.

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

***Comparison of the years ended December 31, 2024 and 2023***

The following table summarizes our consolidated results of operations and as percentages of our total revenues for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **% of <br>revenue** | **Amount** | **% of <br>revenue** | **Amount** | **Percent** |
|  Revenue | $20631261 | 100.00% | $21032972 | 100.00% | $(401711) | (1.91)% |
|  Cost of revenue | 13922430 | 67.48% | 15077821 | 71.69% | (1155391) | (7.66)% |
|  Gross profit | 6708831 | 32.52% | 5955151 | 28.31% | 753680 | 12.66% |
|  Selling expenses | 339107 | 1.64% | 531452 | 2.53% | (192345) | (36.19)% |
|  General and administrative expenses | 1888218 | 9.15% | 2151581 | 10.23% | (263363) | (12.24)% |
|  Allowance for (net recovery of) credit losses | (472941) | (2.29)% | 252386 | 1.20% | (725327) | (287.39)% |
|  Total operating expenses | 1754384 | 8.50% | 2935419 | 13.96% | (1181035) | (40.23)% |
|  Income from operations | 4954447 | 24.01% | 3019732 | 14.36% | 1934715 | 64.07% |
|  Total non-operating income, net | 42270 | 0.20% | 114328 | 0.54% | (72058) | (63.03)% |
|  Income before income taxes | 4996717 | 24.22% | 3134060 | 14.90% | 1862657 | 59.43% |
|  Income tax expense | 934285 | 4.53% | 185294 | 0.88% | 748991 | 404.22% |
|  Income before non-controlling interest | 4062432 | 19.69% | 2948766 | 14.02% | 1113666 | 37.77% |
|  Less: loss attribute to non-controlling interest | (125733) | (0.61)% | (327572) | (1.56)% | 201839 | (61.62)% |
|  Net income to the Company | $4188165 | 20.30% | $3276338 | 15.58% | $911827 | 27.83% |

---

#### Revenues
Revenue for the years ended December 31, 2024 and 2023 were $20,631,261 and $21,032,972, respectively, a decrease of $401,711, or 1.91%. The decrease of revenue in year ended December 31, 2024 was primarily attributed to decreased content assets revenue by $465,228 and post-production service and others revenue by $429,808, which was partly offset by increased advertising agency service revenue by $493,325.

#### Cost of revenues

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
|  Cost of revenues | $13922430 | $15077821 | $(1155391) | (7.66)% |
|  As a percentage of revenues | 67.48% | 71.69% |  |  |

---

Cost of revenues for the years ended December 31, 2024 and 2023 was $13,922,430 and $15,077,821, respectively, a decrease of $1,155,391, or 7.66%. The decrease of cost of revenue in the year ended December 31, 2024 was primarily attributed to decreased cost of revenue for content assets by $1,066,635, post-production services and others by $64,971, and advertising agency service by $23,785.

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

#### Gross profit and gross margin

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **Amount** | **Profit <br>Margin** | **Amount** | **Profit <br>Margin** | **Amount** | **Percent** |
|  Advertising agency service | $2196130 | 98.18% | $1679020 | 96.30% | $517110 | 30.80% |
|  Content assets revenue | 4512701 | 24.53% | 3911294 | 20.74% | 601407 | 15.38% |
|  Self-produced content | 1282444 | 17.89% | 1336828 | 12.37% | (54384) | (4.07)% |
|  Licensed content | 3230257 | 28.77% | 2574466 | 31.97% | 655791 | 25.47% |
|  Post-production service and others |  |  | 364837 | 84.88% | (364837) | (100.00)% |
|  Total gross profit and gross margin | $6708831 | 32.52% | $5955151 | 28.31% | $753680 | 12.66% |

---

The gross profit for the years ended December 31, 2024 and 2023 was $6,708,831 and $5,955,151, respectively, an increase of $753,680, or 12.66%. The blended gross profit margin was 32.52% for year ended December 31, 2024 compared to 28.31% for year ended December 31, 2023. The increase in blended gross profit margin was primarily attributed to increased gross profit margin of self-produced content resulting from the higher gross profit margin contributed from our new TV variety show and short video programs during the year ended December 31, 2024, as well as the increased gross profit margin of advertising agency services resulting from decreased culture undertaking construction tax. The increase was partially offset by the decreased gross profit margin of licensed content resulting from the lower gross profit margin contributed from our new licensed content in the year ended December 31, 2024.

#### Selling Expense
The following table sets forth the breakdown of our selling expenses for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
|  Advertising expense | $17372 | $135933 | $(118561) | (87.22)% |
|  Travel expense | 22379 | 71370 | (48991) | (68.64)% |
|  Payroll and related welfare expense | 210430 | $221263 | (10833) | (4.90)% |
|  Meal and entertainment | 28937 | 35279 | (6342) | (17.98)% |
|  Other expense | 59989 | 67607 | (7618) | (11.27)% |
|  Total selling expense | $339107 | $531452 | $(192345) | (36.19)% |
|  As a percentage of revenues | 1.64% | 2.53% |  |  |

---

Selling expenses mainly consisted of payroll and related welfare expense for employee, advertising expense, travel expense, meal and entertainment expense and other expense. Our selling expenses amounted to $339,107 for the year ended December 31, 2024, as compared to $531,452 for the year ended December 31, 2023, showing decrease of $192,345, or 36.19%. The decrease in the selling expenses was attributable to: a decrease in advertising expense of $118,561, which was mainly due to the termination of Escape Room Project. The business operation of our Escape Room Project was negatively affected by the Covid-19 pandemic, and with the tightened government restrictions and fire inspection regulations, we terminated the Escape Room Project due to its low profitability during the year ended December 31, 2023; a decrease in travel expense of $48,991 and meal and entertainment expenses of $6,342, after China announced a nationwide loosening of its zero-covid policy, and most of the travel restrictions and quarantine requirements were lifted in December 2022. We have resumed our travel in order to promote our new programs and contents and actively look for new business opportunities. Travel and meal and entertainment expenses decreased during the year ended December 31, 2024 as we have established stable relationship our customers, and less travels and entertainment activities were required during the year ended December 31, 2024; and a decrease in payroll and related welfare expense of $10,833, which was mainly due to the decreased number of staff resulted from the termination of Escape Room Project as mentioned above.

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#### General and Administrative Expenses
The following table sets forth the breakdown of our general and administrative expenses for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
|  Leasehold improvement | $83944 | $288702 | $(204758) | (70.92)% |
|  Rent expense | 291098 | 440361 | (149263) | (33.90)% |
|  Payroll and related welfare expense | 842552 | 967382 | (124830) | (12.90)% |
|  Professional and consulting expenses | 545278 | 344100 | 201178 | 58.46% |
|  Other expense | 125346 | 111036 | 14310 | 12.89% |
|  Total expense | $1888218 | $2151581 | $(263363) | (12.24)% |
|  As a percentage of revenues | 9.15% | 10.23% |  |  |

---

General and administrative expenses mainly consisted of salaries and employee welfare benefits expenses for administrative personnel, professional and consulting expenses in relating to public offering and others, office lease and utilities, leasehold improvement expense, and other expenses. Our general and administrative expenses were $1,888,218 for the year ended December 31, 2024, as compared to $2,151,581 for the year ended December 31, 2023, reflecting a decrease of $263,363, or 12.24%. The decrease in general and administrative expenses is mainly attributable to: a decrease in leasehold improvement of $204,758 and a decrease in rental expense of $149,263, mainly due to the termination of Escape Room Project as mentioned above, as leasehold improvement expense previously capitalized were fully expensed off last year, hence, no leasehold improvement expense relating to Escape Room Project was recorded during the year ended December 31, 2024. Meanwhile, after the termination of the project, we moved to a new place with lower annual rental charged in the year ended December 31, 2024; a decrease in payroll and related welfare expense of $124,830 as compared to the same period in 2023. The decrease was resulted from the decreased number of staff due to the termination of Escape Room Project during the year ended December 31, 2023, as well as the retirement of our senior management personnel; and an increase in professional and consulting expenses of $201,178 which was mainly due to our effort made towards preparation of our initial public offering during the year ended December 31, 2024.

#### Allowance for (net recovery of) credit losses
Net recovery of credit losses was $472,941 for the year ended December 31, 2024, compared to allowance for credit losses of $252,386 for the year ended December 31, 2023. The decrease was mainly due to the recovery of general economy in China, and we have undertaken appropriate measures to resolve accounts receivable collection issues through strengthened monitoring of the uncollected receivable balance, which causing a reduced allowance for credit losses for the year ended December 31, 2024.

#### Non-operating income, net
Non-operating income was $42,270 for the year ended December 31, 2024, compared to non-operating income of $114,328 for the year ended December 31, 2023. For the year ended December 31, 2024, non-operating income mainly consisted of other income of $39,264 and interest income of $3,006. For the year ended December 31, 2023, non-operating income mainly consisted of other income of $112,323 and interest income of $2,005.

#### Income tax expense
Income tax expense was $934,285 for the year ended December 31, 2024, representing an increase of $748,991, or 404.22% from income tax expense of $185,294 for the year ended December 31, 2023. The increase was primarily due to our increased taxable income as well as the increased tax rate for our subsidiary Horgos Kexi, as it enjoyed 0% corporate income tax rate for the year ended December 31, 2023, but the rate changed to 15% for the year ended December 31, 2024.

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#### Net income to the Company
We had a net income to the Company of $4,188,165 for the year ended December 31, 2024, compared to $3,276,338 for the year ended December 31, 2023, an increase of $911,827, or 27.83%. The increase was mainly due to increased gross profit, and decreased allowance for credit losses, which was partially offset by the increased income tax provision as described above.

#### Liquidity and Capital Resources
In assessing its liquidity, management monitors and analyzes the Company's cash on-hand, its ability to generate sufficient revenue sources in the future, and its operating and capital expenditure commitments. We have funded our working capital, operations and other capital requirements in the past primarily by equity contributions from shareholders, cash flow from operations, government grants, and bank loans. Cash is required to pay purchase costs for contents, rental expenses, salaries, income taxes, other operating expenses and to repay debts. Our ability to repay our current expenses and obligations will depend on the future realization of our current assets. Management has considered the historical experience, the economy, trends in the media industry, the expected collectability of our accounts receivable and the realization of the content assets as of June 30, 2025 and December 31, 2024. Our ability to continue to fund these items may be affected by general economic, competitive, and other factors, many of which are outside of our control.

We plan to increase our TV series and TV program production and distribution, develop artificial intelligence-enhanced online trading platform for film and TV series distribution rights, and expand our advertising agency business. To accomplish such expansion plan, we estimate the total related capital investment and expenditures to be approximately $9 million.

We believe that our current cash and cash flows provided by operating activities will be sufficient to meet our working capital needs for our existing business in the next 12 months from the date of the issuance date of the financial statements. However, we plan to use part of the proceeds from this offering to support our business expansion described above. We may also seek additional financing, to the extent needed, and there can be no assurance that such financing will be available on favorable terms, or at all. Such financing may include the use of additional debt or the sale of additional equity securities. Any financing which involves the sale of equity securities or instruments that are convertible into equity securities could result in immediate and possibly significant dilution to our existing shareholders. If it is determined that the cash requirements exceed the Company's amounts of cash on hand, the Company may also seek to issue additional debt or obtain financial support from shareholders. The principal shareholders of the Company have made a commitment to provide financial support to the Company whenever necessary and will continue to provide support following the consummation of this offering.

Substantially all of our current operations are conducted in China and all of our revenue, expenses, cash are denominated in RMB. Current foreign exchange and other regulations in the PRC may restrict our PRC entities in their ability to transfer their net assets to us. However, we have no present plans to declare a dividend and we plan to retain our retained earnings to continue to grow our business. In addition, these restrictions had no impact on our ability to meet cash obligations as all of current cash obligations are due within the PRC.

As of June 30, 2025, we had cash and equivalents of $1,244,115, other current assets of $43,549,270, current liabilities of $24,977,166, working capital of $19,816,219, and a current ratio of 1.79:1. As of December 31, 2024, we had cash and equivalents of $1,263,896, other current assets of $42,949,179, current liabilities of $25,977,932, working capital of $18,235,143, and a current ratio of 1.70:1.

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The following is a summary of cash provided by or used in each of the indicated types of activities during the six months ended June 30, 2025 and 2024, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> June 30,** | **For the Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
|  Net cash provided by operating activities | $203151 | $3413665 |
|  Net cash used in financing activities | (244973) | (4822404) |
|  Effect of exchange rate change on cash and cash equivalents | 22041 | (81647) |
|  Net decrease in cash and cash equivalents | (19781) | (1490386) |
|  Cash and cash equivalents, beginning of period | 1263896 | 2368712 |
|  Cash and cash equivalents, end of period | $1244115 | $878326 |

---

#### Operating Activities
Net cash provided by operating activities was $203,151 for the six months ended June 30, 2025, mainly derived from (i) net income of $2.4 million adjusted for non-cash activities including amortization of content assets of $12.6 million, and ii) net changes in operating assets and liabilities, principally comprising of a) an increase in accounts payable of $2.1 million, b) an increase in tax payable of $0.7 million, which was partially offset by a) an increase in prepayments of filming of documentary and TV series of $5.2 million, b) a decrease in advances from customers of $8.8 million, and c) an increase in accounts receivable of $2.9 million.

Net cash provided by operating activities was $3,413,665 for the six months ended June 30, 2024, mainly derived from (i) net income of $2.4 million adjusted for non-cash activities including: a) amortization of operating lease right-of-use assets of $0.2 million, b) net recovery of credit losses of $0.6 million, c) amortization of content assets of $7.3 million, which was partly offset by additions to content assets of $12.3 million; (ii) net changes in operating assets and liabilities, principally comprising of a) a decrease in accounts receivables of $1.5 million, b) a decrease in prepaid expense and other current assets of $1.4 million, c) an increase in outstanding account payable of $1.2 million, and d) an increase in advances from customers of $6.2 million, which was partially offset by a) an increase in prepayments of filming of documentary and TV series of $3.9 million, and e) an increase in advance to vendor — related party of $0.6 million.

#### Financing Activities
Net cash used in financing activities was $244,973 for the six months ended June 30, 2025, mainly derived from payments made for deferred offering costs of $230,770, and payments made to related parties of $14,203.

Net cash used in financing activities was $4,822,404 for the six months ended June 30, 2024, mainly derived from payments made to shareholders upon reorganization, net of $4,340,079, and payments made for deferred offering costs of $500,459.

The following is a summary of cash provided by or used in each of the indicated types of activities during the years ended December 31, 2024 and 2023, respectively.

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Net cash provided by (used in) operating activities | $(576257) | $2869190 |
|  Net cash used in investing activities |  | (42316) |
|  Net cash used in financing activities | (481304) | (836377) |
|  Effect of exchange rate change on cash and cash equivalents | (47255) | (10291) |
|  Net increase (decrease) in cash and cash equivalents | (1104816) | 1980206 |
|  Cash and cash equivalents, beginning of year | 2368712 | 388506 |
|  Cash and cash equivalents, end of year | $1263896 | $2368712 |

---

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#### Operating Activities
Net cash used in operating activities was $576,257 for the year ended December 31, 2024, mainly derived from (i) net income of $4.1 million adjusted for non-cash activities include: a) amortization of content assets of $13.8 million, which was partly offset by b) additions to content assets of $19.9 million, and c) net recovery of credit losses of $0.5 million; (ii) net changes in operating assets and liabilities, principally comprising of a) a decrease in prepaid expense and other current assets of $1.1 million, and b) an increase in advances from customers of $6.7 million, which was partially offset by c) an increase in prepayments of filming of documentary and TV series of $4.6 million, d) a decrease in outstanding account payable of $0.8 million, and e) a decrease in taxes payable of $0.4 million.

Net cash provided by operating activities was $2,869,190 for the year ended December 31, 2023, mainly derived from (i) net income of $3.0 million adjusted for non-cash activities include: a) amortization of operating lease right-of-use assets of $0.4 million, b) allowance for credit losses of $0.3 million, c) amortization of content assets of $13.5 million, which was partly offset by additions to content assets of $12.5 million; (ii) net changes in operating assets and liabilities, principally comprising of a) a decrease in due from related parties of $4.7 million, and b) a decrease in refundable prepayments of copyright and filming of TV series of $14.3 million, which was partly offset by c) an increase in prepayments of filming of TV series of $10.4 million, d) a decrease in outstanding account payable of $9.2 million, e) an increase in outstanding account receivable of $0.8 million, and f) a decrease in prepaid expense and other current assets of $0.4 million.

#### Investing Activity
Net cash used in investing activity was $nil for the year ended December 31, 2024.

Net cash used in investing activities was $42,316 for the year ended December 31, 2023, mainly derived from purchase fixed assets of $42,316.

#### Financing Activities
Net cash used in financing activities was $481,304 for the year ended December 31, 2024, mainly derived from payments made for deferred offering costs of $606,659, partially offset by proceeds from amount due to a related party of $124,019.

Net cash used in financing activities was $836,377 for the year ended December 31, 2023, mainly derived from payments made for deferred offering costs of $931,036, partially offset by proceeds from amount due to a related party of $94,659.

#### Contractual Obligations
The Company's contractual obligations as of June 30, 2025 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Contractual Obligation** | **1 year or Less** | **1-2 years** | **2-3 years** | **Total** |
|  Operating lease liabilities | $128949 | $99063 | $46044 | $274056 |
|  Content obligations | 348813 |  |  | 348813 |
|  Total | $477762 | $99063 | $46044 | $622869 |

---

#### Off-Balance Sheet Arrangements
We did not have any off-balance sheet arrangements as of June 30, 2025 and December 31, 2024.

#### Trend Information
Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our revenue, income from operations, net income, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

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#### Inflation
Inflation does not materially affect our business or the results of our operations.

#### Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements and unaudited condensed consolidated financial statements. These financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and revenue and expenses, to disclose contingent assets and liabilities on the date of the consolidated financial statements and unaudited condensed consolidated financial statements, and to disclose the reported amounts of revenue and expenses incurred during the financial reporting period. We continue to evaluate these estimates and assumptions that we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from those estimates. Some of our accounting policies require higher degrees of judgment than others in their application. We believe that the critical accounting policies as disclosed in this prospectus reflect the more significant judgments and estimates used in preparation of our consolidated financial statements and unaudited condensed consolidated financial statements. Further, as an emerging growth company, we elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for emerging growth companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements and contained in our subsequent filings with the SEC may not be comparable to other public companies.

The following critical accounting policies rely upon assumptions and estimates and were used in the preparation of our consolidated financial statements and unaudited condensed consolidated financial statements:

#### Use of Estimates
The preparation of consolidated financial statements and unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. On an ongoing basis, we evaluate these assumptions, judgments and estimates. Actual results may differ from these estimates.

#### Content
We acquire, license and produce content, including original programming. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the consolidated statements of cash flows and unaudited condensed consolidated statements of cash flows.

We recognize content assets (licensed and produced) as "content assets, net" on the consolidated balance sheets and unaudited condensed consolidated balance sheets. For licensed content, we capitalize the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known, and the title is accepted and available for showing. For produced content, we capitalize costs associated with the production, including development costs, direct costs, and production overhead. Participations and residuals are expensed in line with the amortization of production costs.

Based on factors including historical and estimated viewing patterns, we amortize the content assets (licensed and produced) in "cost of revenues" on the consolidated statements of operations over the shorter of each title's contractual window of availability or estimated period of use, beginning with the month of first availability. The amortization is

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on a straight-line basis. We do not expect material replay rate after first and second showing, which is included in the title's contractual window with the TV station. We review factors impacting the amortization of the content assets on a regular basis. Our estimates related to these factors require considerable management judgment.

Content assets (licensed and produced) are reviewed when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If we identified such changes, these content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.

#### Revenue Recognition
We follow Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606).

The core principle underlying FASB ASC 606 is that we will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which we expect to be entitled in such exchange. This will require us to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. Our revenue streams are identified when possession of goods and services is transferred to a customer.

FASB ASC Topic 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies each performance obligation.

*<u>*<u>Advertising Agency Revenue</u>*</u>*

We purchase advertising space from the media and broadcasting company (mostly the TV stations and over-the-top ("OTT") streaming service provider) and resell it to merchants or parties who wish to post an advertisement in the media channel. We sign an Advertising Contract with the media or broadcasting companies for purchasing an advertising time slot for a certain period of time at a fixed price; we also sign a fixed price Advertising Contract with merchant customers for posting and airing their advertisements in their target media channels for a specific time slot for a certain period of time. Our only performance obligation is to ensure that the customer's advertisements are aired promptly in the customer's target TV station, in full accordance with the terms of the contract provided. We charge our merchant customer at a mark-up based on the advertainment cost it will pay to the TV station company; the advertisement cost that we pay to the media company is set by the media company. We are acting as an agent in these transactions, as it earns a fixed fee or fixed percentage of the consideration for each advertising project, a fixed commission limits the benefit we can receive from the transaction; and we are not responsible for fulfilling the promise to provide customers with the specified services and deliverables, the contract price is allocated to this single performance obligation upon the advertisements have been aired. Advertising agency service revenue is recognized at a point when the advertisements have been aired.

*<u>*<u>Content Assets Revenue</u>*</u>*

We sign a fixed-price contract with broadcasting company and OTT media service provider for broadcasting in their media platform for our content assets such as TV series or shows which is either produced or licensed by us. Our only performance obligations include distributing the rights of TV series or shows by providing the master tape in a required form and format to media companies for them to broadcast and disseminate on various platforms. We allocate the contract price to this single performance obligation when the services are rendered and the photograph, video, audio recording and products are delivered to media companies. We recognize the revenue from broadcasting the content assets over the duration of the license period if it is unlimited showing or based on the number of episodes played during the period, whichever is more reasonable.

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*<u>*<u>Co-production</u> <u>Content Revenue</u>*</u>*

We also enter into co-production contracts with the main producers of TV series or shows, and the main producer is responsible for all works related to produce and distribute the contents. We only act as the investor and share revenue based on the percentage of its investment over the total production costs. Co-production content revenue is recognized at a point after the TV series or shows were broadcasted.

All the revenue is recognized as net of value-added tax charged to customers.

The following table shows our revenue by revenue stream:

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| | | |
|:---|:---|:---|
|  | **For the Six Months Ended <br>June 30,** | **For the Six Months Ended <br>June 30,** |
|  | **2025** | **2024** |
|  Advertising agency service | $1092735 | $1368539 |
|  Content assets revenue |  |  |
| &nbsp;&nbsp;&nbsp; Self-produced content | 2276421 | 4862869 |
| &nbsp;&nbsp;&nbsp; Licensed content | 6414852 | 4747629 |
|  Co-production content | 6975605 |  |
|  Total Revenue | $16759613 | $10979037 |

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Advertising agency service | $2236907 | $1743582 |
|  Content assets revenue |  |  |
|  Self-produced content | 7167357 | 10807673 |
|  Licensed content | 11226997 | 8051909 |
|  Post-production service and others |  | 429808 |
|  Total Revenue | $20631261 | $21032972 |

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#### Accounts Receivable, Net
Accounts receivable consist primarily of amounts related to the money owed to us by our customers. Accounts receivable are recorded at net realizable value, consisting of the carrying amount less an allowance for credit losses, as necessary. Accounts are written off against the allowance after efforts at collection prove unsuccessful. As of June 30, 2025 and December 31, 2024, the allowance for credit losses was $876,155 and $852,722, respectively.

#### Credit Losses
On January 1, 2023, we adopted Accounting Standards Update 2016-13 "Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The adoption of the credit loss accounting standard has no material impact on our consolidated financial statements as of January 1, 2023.

Our account receivables, third party loans and other receivable which is included in prepaid expenses and other current assets line item in the balance sheet are within the scope of ASC Topic 326. As we have limited customers and debtors, we use the loss-rate method to evaluate the expected credit losses on an individual basis. When establishing the loss rate, we make the assessment on various factors, including historical experience, credit-worthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. We also provide specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as allowance for credit losses on the consolidated statements of operations and comprehensive income and unaudited condensed consolidated statements of operations and comprehensive income. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. In the event we recover amounts previously reserved for, we will reduce the specific allowance for credit losses.

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#### Impairment of Long-lived Assets
Long-lived assets with finite lives, primarily content assets, property and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset's carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the six months ended June 30, 2025 and 2024.

#### Income Taxes
We use the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets also include the prior years' net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

We follow FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statement of income. At June 30, 2025 and December 31, 2024, we did not take any uncertain positions that would necessitate recording a tax related liability. We file a PRC income tax return. We use calendar year-end for our PRC income tax return filing, PRC income tax returns filed for the years ending on December 31, 2020 and thereafter are subject to examination by the relevant taxing authorities.

#### Recent Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires,

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in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. We are currently evaluating this ASU to determine its impact on our disclosures. We plan to adopt this guidance effective January 1, 2027 and we are currently evaluating the impact of adopting this ASU on our consolidated and unaudited condensed consolidated financial statement presentation or disclosures.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Accounting Acquirer in a Business Combination Involving a Variable Interest Entity. This ASU clarifies that when a business that is a VIE is acquired primarily with equity interests, the determination of the accounting acquirer should follow ASC 805 rather than defaulting to the primary beneficiary under ASC 810. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. We plan to adopt this guidance effective January 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on our consolidated and unaudited condensed consolidated financial statement presentation or disclosures.

In July 2025, the FASB issued ASU No. 2025 05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient for all entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The standard is effective for annual periods beginning after December 15, 2025. Early adoption of ASU 2025-05 is permitted and should be applied prospectively. We plan to adopt this guidance effective January 1, 2026 and are currently evaluating the impact of adopting this ASU on our consolidated and unaudited condensed consolidated financial statement presentation or disclosures.

The Company's management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company's financial statement presentation or disclosures.

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#### INDUSTRY
*Certain information, including statistics and estimates, set forth in this section and elsewhere in this prospectus has been derived from an industry report commissioned by us and independently prepared by Frost & Sullivan in connection with this offering. All the information and data presented in this section has been derived from Frost & Sullivan's industry report unless otherwise noted. Frost & Sullivan has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. However, neither we nor any other party involved in this offering has independently verified such information, and neither we nor any other party involved in this offering makes any representation as to the accuracy or completeness of such information. Therefore, investors are cautioned not to place any undue reliance on the information, including statistics and estimates, set forth in this section or similar information included elsewhere in this prospectus.*

#### Overview of China's Drama Series Distribution Market
The industry value chain of drama series distribution can be divided into three main streams. In the upstream stream, the focus is on IP development, which serves as the foundation for drama series production. Companies with strong original IP reserves have an advantage in producing premium original drama series. In the middle stream, content production and distribution company plays a vital role. There are two types of distribution for drama series companies: independent distribution and commissioned distribution. Commissioned distribution, in turn, has two modes of operation: sell-out and agency. Self-distribution is the first choice for most production companies as it can maximize profits; commissioned distribution is common among small-scale or newly established production companies, and most dramas series produced in the market belong to second and third grades. Stronger production companies often distribute on their own, while smaller ones usually adopt commissioned distribution methods. Downstream demand for dramas series comes from TV channels, Online Video Platforms, OTT and IPTV.

The National Radio and Television Administration implements a licensing system for the distribution of domestic drama series. Only after obtained TV drama distribution licenses issued by the provincial-level or above administrative departments of radio and television, companies are permitted to engage in drama series distribution.

The market size of drama series distribution witnessed a slight increase from RMB 38.6 billion in 2020 to RMB 46.1 billion in 2024, with a CAGR of 4.6%. Over the past three years, the film and television industry has encountered numerous challenges due to the impact of COVID-19. The key focus for its development has shifted towards reducing quantity, enhancing quality, minimizing costs, and improving efficiency. In the short term, these measures exacerbate the difficult situation of insufficient capital and a sharp decline in output on the upstream supply side; however, they ultimately contribute to fostering a healthy and sustainable growth trajectory for the film and television industry. Under such circumstances, the market size of drama series distribution is expected to grow steadily and reach RMB 69.8 billion in 2029, representing a CAGR of 8.6% from 2024.

#### Market Size of Drama Series Distribution (by revenue), China, 2020-2029E
*Source: Frost & Sullivan*

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#### Competitive Landscape of China's Drama Series Distribution Market
Typically, the main players in China's drama series distribution market include drama series distribution companies, online video platforms and TV stations, and independent drama series distributors. Drama series distribution companies normally distribute drama series and generate revenues by selling the broadcasting rights to online video platforms and TV stations. Besides, there are also some independent drama series distributors who are responsible for distributing drama series produced by drama series producers, and recognize the commission service fee as main revenues. In terms of revenue from drama series distribution in 2024, INHI ranked 7<sup>th</sup> among all drama series distributors in China.

#### Top 10 Drama Series Distributors (by revenues), China, 2024
*Source: Frost & Sullivan*

#### Overview of China's Advertising Market
The industry value chain of the advertising market usually consists of advertisers, sales and marketing service providers, and consumers. Sales and marketing services providers generally provide their competitive mix of tactics, methods, channels, media, and activities based on their resources or brand owners and distributors' requirements, so that all work together as a unified force. It is a process designed to ensure that all strategies are consistent across all channels and are centered on the customer in order to achieve the purposes that brand owners/distributors set in advance.

In 2024, the market size of China's advertising reached RMB 1,600.6 billion, with a CAGR of 14.4% from 2020 to 2024, and its growth was mainly due to the increase in the market size of the Internet advertising. The upgrading of Internet technology and the empowerment of technology to the advertising market will promote the vigorous development of the advertising market, which is expected to grow at a CAGR of 9.0% from 2024 to 2029, reaching RMB 2,457.4 billion in 2029.

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#### Market Size of Advertising (by channels), China, 2020-2029E
*Source: Frost & Sullivan*

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#### BUSINESS

#### Mission
Our mission is to transcend conventional distribution and advertising services, establishing ourselves as the center point of popular media content and advertisements on TV channels. We achieve this by building dynamic collaborations among production companies, TV stations, media platforms, and multinational brands, optimizing content presentation and driving viewership.

#### Overview
Our business serves as the bridge between television production companies, TV stations and media platforms, advertisement agencies, and prominent multinational brands. Our core operation involves (i) television program distribution, where we acquire distribution rights of drama series from television producers and then resell such rights to TV stations and media platforms, and (ii) ad placement, where we secure advertising sponsorship for TV stations and online media platforms through introducing brand owners to airtime slots that are optimal for presenting their products and services.

Within the entertainment industry, individual television producers face the challenge of fixating stable avenues to distribute their works. Our business establishes an outstanding reputation among the producers through a track record of fair dealing, which enables us to hoard up a wide selection of high quality television works. Meanwhile, TV stations and media platforms are primarily concerned with rendering appropriate content based on their target audience. Our inventory of television productions allows us to efficaciously provide the content that matches the need of our partnering TV stations and media platforms.

We also facilitate the sales of advertisement slots of the TV stations to the advertising agencies and renowned multinational brands by placing their ads in appropriate airtime slots that fit the ad content and are most viewed by their targeted consumers. Our business creates the opportunity to connect advertising agencies and well-known brands with national TV stations, solidifying a steady revenue stream for all participants within this process. The customized selections of television production also aid to drive higher viewership on the TV stations, further strengthening the collaboration between the advertisers and the TV stations. This streamlined and mutually beneficial relationship is further enhanced through our years of experience in the industry and ever-growing webs of vast networks among different players.

In addition to the traditional ad placement on TV channels, we act as the agent for the sales of advertisement space on the Lebocast screen mirroring application in response to the media industry's digitalization. Through providing robust SDK-level solutions at the receiving end (such as smart TVs, automobile big screens, projectors, or set-top boxes) and the sending end (such as smartphones or tablets), Lebocast has established a complete screen mirroring infrastructure and has already been used on more than 400 million big-screen terminals and gained 1.3 billion mobile phones. When users begin or end projecting the content on their mobile devices onto larger screens using Lebocast, as well as under certain other circumstances, they will be presented with brief advertisements, which constitute valuable advertising slots. We collaborate with multinational brands to leverage such advertising slots to reach broader and targeted audience.

As an esteemed participant in the industry, we generate revenue through various means. On the one hand, we work with television producers to sell the distribution rights to TV stations and media platforms and collect fixed distribution fees or share profits according to agreed-upon percentages. On the other hand, we expedite the partnership between numerous brands, advertising agencies, and national TV stations and online media platforms by selling and allocating advertising spaces, profiting from commissions.

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We are committed to setting ourselves as a leading firm in the cultural media industry. The most important aspect is enhancing our brand awareness and presence among the key participants in the industry and the audience whom the broader entertainment industry serves. We believe that the Offering will provide us with the capital necessary to grow our operations and transform us into a major player in global media as we work to create a data — driven and collaborative media ecosystem for all types of enterprises. Our main effort on this front is to develop an online trading platform, which will be an interface that will help its users decide what kind of content to develop and guide them as they develop and monetize advertisements. We believe the platform will allow television to reach and engage with a wider range of potential clients.

#### Our Products and Services
Our business serves as a vital link connecting television production companies, TV stations, media platforms, advertising agencies, and multinational brands, facilitating advertising sponsorships and tailored content placement. In the television program distribution realm, we specialize in acquiring distribution rights of drama series from producers, subsequently selling these rights to TV stations and platforms. On the advertising front, we collaborate with agencies and brands to strategically place advertisements on optimal platforms at the right time.

Our track record in television program distribution positions us as a favored partner for producers and content creators, enabling us to supply stations and platforms with sought-after content. As TV channels secured viewership from the high-quality content we provide, we also connect them with advertisers and brands for sponsorships. Our ability to offer bundle packages allows TV channels to acquire content and secure suitable sponsors, making us their preferred partner when sourcing content and sponsorships. Through revenue-sharing models and sales of advertising space, our business thrives, serving esteemed clients, including national TV channels and globally recognized brands across various industries.

To build on our achievements in the media industry, we have expanded our business beyond television program distribution to encompass culture media experiences. Our expansion includes planned venues where individuals can enjoy watching movies, playing video games, and other social and entertainment activities.

#### Television Program Distribution
Our television program distribution process currently involves acquiring distribution rights of drama series from a diverse range of sources, including production studios, filmmakers, and content creators. We have extensive industry experience in negotiating and securing agreements with TV channels for the distribution of content across various television platforms. Over the years, our team has amassed a wealth of experience in the industry, establishing a robust track record of successful content distribution. This proven track record has allowed us to gain familiarity and confidence from studios and content producers within the industry, positioning us as a trusted and reliable partner for content distribution.

We work in close collaboration with our partnered TV stations and media platforms to acquire tailored content from drama series producers, meeting the specific needs of these platforms. Leveraging our expansive network within content production teams and studios, we are aware of available market content and can secure distribution rights from producers efficiently. Our long-term relationship with content producers allows us to source content that precisely aligns with the unique preferences of our partnered TV stations and media platforms. We serve clients on both sides of the television program distribution process by facilitating successful content distribution during the production stage, ensuring the delivery of content that seamlessly caters to the distinct audiences and programming requirements of our TV channel clients.

In addition to content distribution, we offer advisory services to our clients regarding compliance with regulatory bodies such as the National Radio and Television Administration and regional Radio and Television Administrations. This guidance provides value to our clients by helping them to understand and adhere to the necessary guidelines and requirements set forth by these regulatory entities.

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Our track record of content distribution includes the following popular television and digital media content:

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|  ![](timage_001.jpg) | 《神奇伙伴在哪里》 <br> "Where is the Wonderful Partner"<br> Average Viewership Rating: 0.478%<br> CSM52 Urban Network Ranking: 2<br> Broadcast Time: September 9, 2018<br> Broadcast Platform: Zhejiang Satellite TV |

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|  ![](timage_002.jpg) | 《挑战者联盟》 <br> "Challenger Alliance" Season 1, 2, and 3<br> Average Viewership Rating: 1.736%,<br> CSM52 Urban Network Ranking: 2<br> Broadcast Time: 2015-2017<br> Broadcast Platform: Zhejiang Satellite TV, iQiyi, Tencent, Sohu, PPTV, PPTV, PPTV, LeTV |

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|  ![](timage_003.jpg) | 《乔安你好》<br> "Hello Joan"<br> Viewership Rating: 1.270%,<br> CSM52 Urban Network Ranking: 3<br> Broadcast Time: November 21, 2019<br> Broadcasting Platform: Zhejiang Satellite TV, Jiangsu Satellite TV, Mango TV |

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|  ![](timage_004.jpg) | 《推手》<br> "Pusher"<br> Viewership Rating: 0.963%<br> CSM52 Urban Network Ranking: 1<br> Broadcast Time: March 26, 2019<br> Broadcasting Platform: Zhejiang Satellite TV, Jiangsu Satellite TV, iQiyi, Youku, Tencent, PPTV, ASUS, Mango TV |

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|  ![](timage_005.jpg) | 《美好的日子》<br> "Beautiful Days"<br> Viewership Rating: 2.111%<br> CSM52 Urban Network Ranking: 2<br> Jiangsu Satellite TV ratings: 8<br> Broadcast Time: June 3, 2021<br> Broadcast Platform: Zhejiang Satellite TV, Jiangsu Satellite TV, iQiyi, Tencent, Youku. |

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|  ![](timage_006.jpg) | 《匆匆的青春》<br> "Hurried Youth"<br> Viewership Rating: 0.427%<br> CSM52 Urban Network Ranking: 2<br> Broadcast Platform: July 8, 2022<br> Broadcast Platform: Zhejiang Satellite TV, Jiangsu Satellite TV, Mango TV |

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|  ![](timage_008.jpg) | 《甜小姐与冷先生》<br> "Sweet and Cold"<br> Viewership Rating: 0.227%<br> Broadcast Time: May 8, 2023<br> Broadcast Platform: Zhejiang Satellite TV, Youku |

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|  ![](timage_010.jpg) | 《出发吧!探行海丝路》<br> "Let's go! Explore the Maritime Silk Road"<br> Broadcast Time: September 19, 2023<br> Broadcast Platform: TikTok |

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|  ![](timage_011.jpg) | 《青云之外》<br> "Beyond Qing Yun"<br> Broadcast Time: January 26, 2024<br> Broadcast Platform: TikTok |

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|  ![](timage_012.jpg) | 《17号音乐仓库第二季》<br> "No. 17 Live House"<br> Broadcast Time: February 16, 2024<br> Broadcast Platform: Zhejiang Satellite TV, Youku, iQiyi, Tencent, Mango TV, ZTV |

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|  ![](timage_013.jpg) | 《创想季》<br> "Imagination Season"<br> Viewership Rating: 0.243%<br> Broadcast Time: February 21, 2024<br> Broadcast Platform: Zhejiang Satellite TV, Youku, iQiyi, Tencent, LeTV |

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|  ![](timage_014.jpg) | 《我同你"港"》<br> "I'll 'Talk' with You about Hong Kong"<br> Broadcast Time: May 20, 2024<br> Broadcast Platform: TikTok |

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|  ![](timage_015.jpg) | 《上有老下有小》<br> "Family"<br> Broadcast Time: June 26, 2024<br> Broadcast Platform: Zhejiang Satellite TV, Youku, iQiyi, Tencent |

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|  ![](timage_016.jpg) | 《青春环游记5》<br> "Youth Periplous 5"<br> Broadcast Time: May 18, 2024<br> Broadcast Platform: Zhejiang Satellite TV, Youku, iQiyi, Tencent, ZTV |

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#### Advertising Placement
*(a) Traditional advertising placement*

We have a track record of collaborating with multinational consumer brands to strategically place advertisements on various TV channels. With over a decade of experience, we have established strong connections and business relationships with major international brands seeking to advertise on Chinese media platforms. We also assist domestic brands to identify and connect with the TV channels that best fit their marketing needs. Leveraging our team's deep-rooted expertise in the advertising industry and comprehensive understanding of their marketing needs, we offer invaluable advice on optimal advertisement placement.

We generate revenue by charging our client a premium between the rates charged by TV stations to advertisers and our own fees. Pricing structures across different TV stations vary, often based on audience size and ratings. Some networks determine prices primarily by audience size, while others follow unique pricing models. We have established a pricing model that integrates industry insights with data analytics. Ahead of each TV show's premier, we review and refine our algorithms tailored to forecast ratings for individual episodes. These precise rating predictions allow us to accurately estimate potential advertising revenue, fostering a more stable income stream amid market fluctuations.

Our pricing model is effective when TV stations determine compensation based on ratings, which causes inherent risks for us to be charged a higher advertising price by the TV stations than our price to our clients, potentially resulting in revenue loss for us. INHI Group has established a specialized team dedicated to data analysis and predictive modeling. Our pricing strategy, informed by thorough data research and analytics, serves as a reliable mechanism for consistent revenue generation.

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We have been able to connect these brands with popular, high-viewership TV channels catering to their advertising and distribution objectives. Our ability to meet the specific needs of multinational consumer brands has allowed us to cultivate strong connections with many more brands and advertisers. As a result, TV channels are more inclined to collaborate with us efficiently in identifying suitable sponsors. We have established partnerships with several of China's premier satellite channels, including Beijing Satellite TV, Jiangsu Satellite TV, Shenzhen Satellite TV, Zhejiang TV, and Jilin Satellite TV.

*(b) Digital advertising placement*

In addition to the traditional ad placement on TV channels, we act as the agent for the sales of advertisement space on the Lebocast screen mirroring application in response to the media industry's digitalization. Through providing robust SDK-level solutions at the receiving end (such as smart TVs, automobile big screens, projectors, or set-top boxes) and the sending end (such as smartphones or tablets), Lebocast has established a complete screen mirroring infrastructure and has already been used on covered more than 400 million big-screen terminals and gained 1.3 billion mobile phones users. When users begin or end projecting the content on their mobile devices onto larger screens using Lebocast, as well as under certain other circumstances, they will be presented with brief advertisements, which constitute valuable advertising slots. We collaborate with multinational brands to leverage such advertising slots to reach broader and targeted audience.

#### Competitive Strengths
***Established Industry Network and Trusted Partnerships***

Our established network within the entertainment and media industry positions us as a key intermediary between television producers, TV stations, media platforms, advertising agencies, and multinational brands. With a proven track record of successful collaborations, we have built strong relationships with major television content providers and advertisers. This reputation enables us to access high-quality programming, secure premium advertisement slots, and facilitate seamless transactions, making us the preferred choice for both content distribution and advertising placement.

***Industry Expertise and Advertising Optimization***

Leveraging our experience and analytics, we optimize content distribution and advertisement placement to maximize viewership and revenue generation. Advertisers trust our expertise and insights to strategically allocate budgets for maximum impact. Additionally, we continuously analyze audience demographics, viewing habits, and engagement trends to align TV stations and media platforms with the most suitable content and sponsorship opportunities. We combine the information we collect with our industry expertise to optimize content distribution and advertising placement, allows higher advertising effectiveness, greater audience reach, and sustained profitability for clients.

***Diversified Media Channels and Digital Expansion***

In response to the evolving digital landscape, we have expanded beyond traditional television advertising to include digital placements on platforms like Lebocast. Our ability to offer advertising solutions across multiple channels, ranging from national TV networks to smart TVs, projectors, and mobile applications, enhances our reach and relevance in the changing market. By integrating new technologies with our expertise in traditional media, we offer advertisers unparalleled access to both traditional and digital audiences, reinforcing our position as a leader in the cultural media industry.

#### Our Opportunity
The traditional media advertising model has experienced significant challenges recently, given the growth of social media platforms and the Chinese government's emphasis on jumpstarting China's digital economy. Our core advertising partners have been shifting their advertising budgets from traditional media channels to emerging digital media channels, working to develop their presences on platforms like WeChat and TikTok. We are also facing competition from Multi-Channel Networks (MCNs), companies that work with brands and content creators to help them achieve success on social media platforms. Despite these challenges, we have found ways to thrive, carving out a significant niche for ourselves in Smart TV digital screen advertising sector even as we continue to explore other opportunities in the digital economy.

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#### Growth Strategies

#### Developing an Online Trading Platform
We are seeking opportunities beyond our foundational television distributions and advertising services to transform our business into a central hub for popular media content and advertisements. We plan to develop an online trading platform that allows content production companies to list their content online if it has not been distributed to a specific platform. We intend to develop a catalog listing the shows for which we hold distribution rights but have not yet sold to any satellite stations on our platform. We will actively encourage TV satellite stations to browse the contents available on this platform. Should they express interest in airing any of the TV drama series we offer, they can contact us to discuss pricing and terms. We can also connect advertisers to the platform, enabling media platforms seeking content and sponsorship from advertisers to access and purchase content. By linking our long-term partners to the platform, we will provide them with full access to our resources. This fosters strong relationships with customers involved in content production, advertising, and TV stations seeking content. Connecting these brands with popular, high-viewership TV channels aligns with their advertising and distribution objectives more effectively. Our services will allow for better viewership of television series, as well as more targeted marketing and efficient advertising.

We also expect to enhance the platform's operations by integrating big data analysis and artificial intelligence to build a collaborative and data-driven ecosystem for the cultural media sector. By tailoring our services to meet the specific requirements of individual advertisers, we can amplify the impact of their advertising budgets and offer increased value to their businesses. Similarly, customizing our programming to suit the diverse needs of various media outlets allows us to boost their popularity and expand their audience base. Employing big data analysis enables us to plan, develop, and produce television content while providing proactive guidance on crucial aspects like optimal broadcast times, preferred directors, producers, and artists that are gaining popularity.

Our goal is to build a more user-friendly algorithmic system that can be effortlessly accessed and implemented by our business partners. This system will integrate real-time data, empowering advertisers with more accurate viewership predictions and enabling them to strategize and place their advertisements more effectively. By striving to bring enhanced value to cultural media institutions, practitioners, and advertisers, we aim to establish a foundation for a cultural media trading platform, positioning ourselves as a frontrunner in the cultural media industry.

#### Establishing Center for Culture Media Experience
We plan to establish a flagship location in Hangzhou, China. We have secured a space spanning approximately 1,000 square meters, which will function as a 24-hour service center where clients can watch movies, play video games, and read books. We will also offer space for various other activities, such as live broadcasts showcasing products and games, artist training, TV script and novel writing, TV series launches, animation training sessions, and batch creation services. Additionally, we plan to offer an array of popular cultural amenities such as co-working spaces, gyms, dance studios, children's entertainment venues, facilities for television investment and production, pet shelters, and dining options.

This physical space enables us to establish direct and tangible connections with both our clients within the industry and the end-users — the audience consuming media content showcased on TV channels. Our presence here provides an opportunity for valuable interactions, fostering relationships, and comprehending the needs and preferences of both our clients and end-users alike.

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#### Employees
As of June 30, 2025, we had 30 employees. The following table sets forth the number of our employees by function:

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|:---|:---|
|  | **Number of<br> Employees** |
|  Management | 3 |
|  Financial and Accounting | 7 |
|  Human Resources | 3 |
|  Media, Distribution, and Marketing | 4 |
|  Sales | 7 |
|  General Administrative | 6 |
|  **Total** | 30 |

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We typically enter into standard employment agreements with our senior management and core personnel. These contracts include a standard non-compete covenant that prohibits the employee from competing with us, directly or indirectly, during his or her employment and for two years after termination of his or her employment.

In general, we maintain a good working relationship with our employees, and we have not experienced any material labor disputes. We value our employees the most and are constantly encouraging innovation, efficiency, and teamwork in the Company.

#### Intellectual Property
Our brand, trade names, trademarks, copyrights, trade secrets and other intellectual property rights distinguish our business platform, services and products from those of our competitors and contribute to our competitive advantage in the professional entertainment and media sector. To protect our intellectual property, we primarily rely on a combination of trademark, copyright and trade secret laws. As of the date of this prospectus, we did not have confidentiality agreements with our employees, sales agents, or partners, though we intend to enter into agreements with such provisions in the future.

*Registered Copyright*

We currently have 1 registered copyright in China as follows:

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|:---|:---|:---|:---|
| **Copyright** | **Publication Date** | **Registration Date** | **Registration Number** |
| 亲爱的, 我没电了 | March 21, 2019 | April 26, 2019 | 国作登字-2019-A-00752537 |

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*Registered Trademark*

We currently have 3 registered trademarks in China as follows:

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|:---|:---|:---|:---|:---|
|  **Trademark** | **Category** | **Registration Date** | **Registration Number** | **Expiration Date** |
|  ![](tlogo_010.jpg) | 11 | December 7, 2018 | 26032100 | December 6, 2028 |
|  ![](tlogo_0101.jpg) | 28 | June 21, 2019 | 26032103 | June 20, 2029 |
|  ![](timage_009.jpg) | 28 | November 21, 2017 | 21419480 | November 21, 2027 |

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***Facilities***

Our headquarters are located in Beijing with an aggregate leased space of 290.49 square meters (approximately 3,127 square feet). The current lease expires on September 2, 2026. The monthly rent is RMB 65,000 (approximately USD 9,700).

We have offices in Hangzhou, Shanghai and Xinjiang. Our leased office space consists of approximately 2,203 square meters (approximately 23,712 square feet). All lease terms are for a period of one or two years. We lease our premises under operating lease agreements from independent third parties. We believe that our existing facilities are generally adequate to meet our current needs, but we expect to seek additional space as needed to accommodate future growth.

#### Legal Proceedings
On February 24, 2023, Beijing Arbitration Commission found that Dongyang Pinge Media Co., Ltd. ("Dongyang") breached its agreement with Beijing Zhongxi and failed to pay Beijing Zhongxi its share of the distribution profits. Beijing Arbitration Commission granted Beijing Zhongxi an award of RMB 6.28 million to be paid by Dongyang to cover 1) the distribution profits of RMB 6,100,280, 2) late fee of RMB 1,037,023 up to June 30, 2022 and late fee calculated at the daily rate of 0.03% from July 1, 2022 to the payment date, 3) Beijing Zhongxi's attorney fee of RMB 70,000, and 4) the arbitration expenses of RMB 116,360.

On August 24, 2023, the Intermediate People's Court of Jinhua City, Zhejiang Province issued a compulsory execution against Dongyang to pay Beijing Zhongxi RMB 7,323,663.87 and interest. Minimal property in the name of Dongyang and the execution proceeding was terminated. We may in the future decide to commence another execution proceeding against Dongyang.

On November 18, 2022, Horgos Kexi filed a complaint against Shanghai Youshu Culture Group Col., Ltd. ("Youshu") for breach of its agreement with Horgos Kexi and failed to pay Horgos Kexi profits on investments. Horgos Kexi sought damages against Youshu for 1) the investment profits of RMB 2,000,000, 2) late fee calculated at the daily rate of 0.08% from from November 1, 2022, 3) Horgos Kexi's incurred and expected attorney fees of RMB 100,000. As of the date of this prospectus, the proceeding is ongoing.

From time to time, we are involved in litigation or other legal proceedings incidental to our business. However, we do not believe that our business or operations would be materially and adversely affected by any pending or threatened litigation or other pending or threatened legal proceedings.

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#### REGULATIONS
This section sets forth a summary of the principal PRC laws and regulations relevant to our business and operations in China.

#### Regulations Relating to Foreign Exchange

#### General Administration of Foreign Exchange
According to the *Regulations on the Control of Foreign Exchange*, which were promulgated by the State Council on January 29, 1996, came into effect on April 1, 1996, and were amended on January 14, 1997, and August 5, 2008, payments for transactions that take place within the PRC must be made in RMB. RMB is convertible into other currencies for current account items, such as trade-related receipts and payments and payment of interest and dividends. The conversion of RMB into other currencies and remittance of the converted foreign currency outside the PRC for capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or its local office.

#### SAFE Circular No. 59
Pursuant to the *Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment,* promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012, and was further amended on May 4, 2015, approval is not required for opening a foreign exchange account and depositing foreign exchange into the accounts relating to the direct investments. SAFE Circular No. 59 also simplified foreign exchange-related registration required for the foreign investors to acquire the equity interests of Chinese companies and further improve the administration on foreign exchange settlement for FIEs.

#### SAFE Circular No. 13
Pursuant to the *Circular on Further Simplifying and Improving the Foreign Currency Management Policy on Direct Investment*, effective from June 1, 2015, which cancels the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment and simplifies the procedure of foreign exchange-related registration, the investors shall register with banks for direct domestic investment and direct overseas investment.

#### SAFE Circular No. 19
The *Notice of the State Administration of Foreign Exchange on Reforming the Mode of Management of Settlement of Foreign Exchange Capital of Foreign*-Funded *Enterprises*, or the SAFE Circular No.19, which was promulgated by the SAFE on March 30, 2015, and became effective on June 1, 2015, provides that a foreign-invested enterprise may, according to its actual business needs, settle with a bank the portion of the foreign exchange capital in its capital account for which the relevant foreign exchange administration has confirmed monetary capital contribution rights and interests (or for which the bank has registered the injection of the monetary capital contribution into the account). Pursuant to the SAFE Circular No.19, for the time being, FIEs are allowed to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital for its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and open a corresponding account for foreign exchange settlement pending payment with the foreign exchange administration or the bank at the place where it is registered.

Based on the foregoing, when setting up a new foreign-invested enterprise, the foreign invested enterprise shall register with the bank located at its registered place after obtaining the business license, and if there is any change in capital or other changes relating to the basic information of the foreign-invested enterprise, including without limitation any increase in its registered capital or total investment, the foreign invested enterprise shall register such changes with the bank located at its registered place after obtaining the approval from or completing the filing with competent authorities. Pursuant to the relevant foreign exchange laws and regulations, the above-mentioned foreign exchange registration with the banks will typically take less than four weeks upon the acceptance of the registration application. If we intend to provide funding to WFOE through capital injection at or after their establishment, we shall

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register the establishment of and any follow-on capital increase in our wholly foreign owned subsidiaries with the State Administration for Industry and Commerce or its local counterparts, file such and register such with the local banks for the foreign exchange related matters.

#### Offshore Investment
Under the *Circular of the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Administration over the Overseas Investment and Financing and Round*-trip *Investment by Domestic Residents via Special Purpose Vehicles*, or the SAFE Circular 37, issued by the SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment or control of an offshore special purpose vehicle, or SPV, which is defined as offshore enterprises directly established or indirectly controlled by PRC residents for offshore equity financing of the enterprise assets or interests they hold in China. An amendment to registration or subsequent filing with the local SAFE branch by such PRC resident is also required if there is any change in basic information of the offshore company or any material change with respect to the capital of the offshore company. At the same time, the SAFE has issued the *Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round*-trip *Investment* regarding the procedures for SAFE registration under the SAFE Circular 37, which became effective on July 4, 2014, as an attachment of Circular 37.

Under the relevant rules, any failure by any of our shareholders who is a PRC resident, or is controlled by a PRC resident, to comply with relevant requirements under these regulations could subject our SPV to restrictions imposed on foreign exchange activities, including restrictions on its ability to receive registered capital as well as additional capital from PRC resident shareholders, and contribute registered capital as well as additional capital to WFOE. If WFOE fails to obtain necessary registered capital within the approved business time limit, the industries and commercial administrative authorities might revoke its business license. Due to the failure by shareholders to complete the registration, WFOE's ability to pay dividends or make distributions to our SPV is also restricted, and repatriation of profits and dividends derived from SPV by PRC residents to China are illegal. The offshore financing funds are also not allowed to be used in China. In addition, the failure of the PRC resident shareholders to complete the registration may subject the shareholders to fines less than RMB 50,000, and the enterprises to fines less than RMB 300,000. All the Chinese individual shareholders (directly of indirectly) of Unitrend, to our knowledge, are subject to the SAFE Circular 37 and have filed the necessary documents to apply for the registrations.

#### Regulations on Intellectual Property Rights

#### Regulations on Trademarks
According to the current Chinese trademark law and regulations, a trademark which has been approved and registered by the trademark office is a registered trademark, including a trademark of goods, services, collective trademark and certification trademark. The trademark registrant shall enjoy the exclusive right to use the trademark and the protections afforded by law. The trademark law also specifies the scope of registered trademarks, procedures for registration of trademarks and the rights and obligations of trademark owners. As of the date of this prospectus, we have completed trademark registration of four trademarks in China and own the exclusive right to use such trademark.

#### Regulations on Domain Names
The Ministry of Industry and Information Technology of the PRC, or the MIIT, promulgated the *Measures on Administration of Internet Domain Names,* or *the Domain Name Measures*, on August 24, 2017, which took effect on November 1, 2017 and replaced the *Administrative Measures on China Internet Domain Name* promulgated by the MIIT on November 5, 2004. According to the Domain Name Measures, the MIIT is in charge of the administration of PRC internet domain names. The domain name registration follows a first-to-file principle. Applicants for registration of domain names shall provide true, accurate and complete information of their identities to the domain name registration service institutions. The applicant will become the holder of such domain names upon completion of the registration procedure.

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#### Regulations on Employment and Social Welfare

#### Labor Contract Law
*The Labor Contract Law of the PRC*, or the Labor Contract Law, which was promulgated on June 29, 2007 and amended on December 28, 2012, is primarily aimed at regulating the rights and obligations of employers and employees, including the establishment, performance and termination of such relationship. Pursuant to the Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between employers and the employees. Employers are prohibited from forcing employees to work above certain time limit and employers shall pay employees for overtime work in accordance with certain national regulations. In addition, employee wages shall be no lower than local standards on minimum wages and shall be paid to employees timely.

#### Social Insurance and Housing Fund
Under *the Social Insurance Law of the PRC* that was promulgated by the SCNPC on October 28, 2010, and came into force as of July 1, 2011, and most recently amended on December 29, 2018, together with other laws and regulations, employers are required to pay basic pension insurance, unemployment insurance, basic medical insurance, employment injury insurance, maternity insurance, and other social insurance for its employees at specified percentages of the salaries of the employees, up to a maximum amount specified by the local government regulations from time to time. When an employer fails to pay social insurance premiums in full, relevant social insurance collection agency shall order it to make up for any shortfall within a prescribed time limit, and may impose a late payment fee at the rate of 0.05% per day of the outstanding amount from the due date. If such employer still fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities shall impose a fine of one to three times the outstanding amount upon such employer.

In accordance with the Regulations on the Management of Housing Fund which was promulgated by the State Council in April 3, 1999 and recently amended in March 24, 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees' housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly average salary of the employee in the preceding year in full and on time.

Under the Administrative Measures on Housing Provident Fund, orders to make full contributions within a prescribed time may be imposed on us for not making housing provident funds contributions for employees in a timely manner. We have not been subject to any such orders; however, failure to comply may lead the relevant housing provident fund authorities to apply to a PRC court for an order of mandatory payment. Besides, the relevant housing provident fund authorities may order certain of our PRC subsidiaries to make contribution registration of housing provident fund within a prescribed time limit. If we fail to do so, we may be subject to a fine ranging from RMB10,000 to RMB50,000. If the relevant PRC authorities determine that we are subject to fines and legal sanctions in relation to social insurance and housing provident fund contributions, our business, financial condition and results of operations may be adversely affected.

However, we cannot assure you that our employment practices will be deemed to be in compliance with labor-related laws and regulations in China due to interpretation and implementation uncertainties related to the evolving labor laws and regulations, which may subject us to labor disputes or government investigations. If we are deemed to have violated relevant labor laws and regulations, we could be required to provide additional compensation to our employees and our business, financial condition and results of operations could be materially and adversely affected.

#### Employment relationship between Operating Entities and their Full-Time Employees
As of the date hereof, each of the Operating Entities has paid social insurance for most of the full-time employees that have established work relationships via labor contracts with Operating Entities.

On November 16, 2018, the State Administration of Taxation issued the *Notice of the State Administration of Taxation on Implementing the Several Measures for Further Supporting and Serving the Development of Private Economy* (No. 174 [2018], SAT), which specifies that tax authorities at all levels are required to ensure a stable payment method during the reform of the social security fee collection and management system, and are not allowed to independently organize and perform centralized clearing of fees from previous years from tax payers including private enterprises. As of the date of this prospectus, Beijing Hexi has not received any administrative punishments for violating relevant provisions on Social Insurance nor Housing Provident Fund.

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#### Regulations on Tax

#### Corporate Income Tax
Pursuant to the EIT Law of the PRC effective on January 1, 2008 and amended on December 29, 2018 and the Regulation on the Implementation of the EIT Law of the PRC effective on April 23, 2019, companies are classified into resident companies and non-resident companies. Corporate Income Tax rate is 25%, or 20% for non-resident company which hasn't set up an organization or an operating site, or its income from established organization or operating side is not connected to such organization or site, judging by the source of its income within the PRC territory. High and new technology companies encouraged by the government shall be accorded with 15% income tax.

Pursuant to the Announcement on Issues Regarding Implementation of Preferential Income Tax Policy for High and New Technology Companies released on June 19, 2017 by State Administration of Taxation or the SAT, company qualified as high or new technology company shall enjoy preferential tax from the year indicated on the certificate for high and new technology company, and file for registration with taxation agency of jurisdiction according to relevant provisions. On expiration of the qualification as high and new technology company, income tax shall be temporarily levied pursuant to a preferential tax rate of 15% before renewal of the qualification; if such qualification is not obtained before the end of the year, the difference between the preferential tax rate and the regular tax rate should be paid according to applicable provisions.

#### Withholding Income Tax
Pursuant to the Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income (the "Double Tax Avoidance Arrangement") promulgated on August 21, 2006 and last amended on December 6, 2019, where a Hong Kong resident enterprise that holds more than a 25% equity interest in a PRC resident enterprise at any time within 12 consecutive months before receiving the dividend, the competent PRC tax authority may determine the Hong Kong resident enterprise to have satisfied the relevant conditions and requirements under such Double Tax Avoidance Arrangement, and the withholding tax rate on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5% from 10% applicable under the EIT Law.

#### Value-Added Tax
Pursuant to the Provisional Regulations on Value-Added Tax of the PRC last amended on November 19, 2017, and its Implementation Rules promulgated by the Ministry of Finance, or the MOF and last amended on October 28, 2011, tax payers engaging in sale of goods, provision of processing services, repairs and replacement services, sales of services, intangible assets or real property, or importation of goods within the territory of the PRC shall pay value-added tax, or the VAT.

On November 16, 2011, the MOF and the SAT jointly promulgated the Pilot Plan for Levying Value-Added Tax in lieu of Business Tax. Starting from January 1, 2012, the PRC government has been gradually implementing a pilot program in certain provinces and municipalities, to levy a 6% VAT on revenue generated from modern service industries in lieu of the business tax.

The Measures for the Exemption of Value-Added Tax from Cross-Border Taxable Activities in the Collection of Value-Added Tax in Lieu of Business Tax (for Trial Implementation), which was promulgated on May 6, 2016 by the SAT, and revised according to the Notice of State Administration of Taxation on Revising Some Normative Documents on Taxation on June 15, 2018, provides that if a domestic enterprise provides cross-border taxable activities such as professional technology services, technology transfer, software service etc., the above mentioned cross-border taxable activities shall be exempted from the VAT.

On March 23, 2016, the MOF and the SAT jointly issued the Notice of Implementing the Pilot Program of Replacing Business Tax with Value-Added Tax in an All-round Manner which confirms that business tax will be completely replaced by the VAT from May 1, 2016.

Pursuant to the Announcement No. 39 (2019) jointly issued by the Ministry of Finance, the State Administration of Taxation, and the General Administration of Customs, effective on April 1, 2019, the applicable VAT for VAT-taxable sales activities and imported goods are adjusted respectively from 16% to 13% and from 10% to 9%, respectively.

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#### Regulation on Data Protection and Cybersecurity

#### Scope of Personal Information
According to the Personal Information Protection Law of PRC, sensitive personal information means the personal information of which the leakage or illegal use could easily lead to the violation of the personal dignity of a natural person or harm to personal or property safety, including information on biometric identification, religious beliefs, specific identity, health care, financial accounts, and personal whereabouts, and personal information of minors under the age of fourteen.

#### Cybersecurity Law
According to the Article 42 of *Cybersecurity Law of the People's Republic of China*, which came into force as of June 1, 2017, the network operators must not disclose, distort or damage personal information they collect, without the agreement of the person whose information is collected, and personal information may not be provided to others, except where it has been processed in such a manner that it is impossible to distinguish a particular individual's information and it cannot be retraced.

#### Data Security Law
According to the Article 31 of *Data Security Law of the People's Republic of China*, which came into force on September 1, 2021, specifies that the provisions of the cybersecurity law of the PRC apply to the outbound security management of important data collected or produced by critical information infrastructure operators operating within the territory of the PRC. Outbound security management measures for other data processors collecting or producing important data within the territory of the PRC are to be jointly formulated by the national cyberspace administration and relevant departments of the State Council.

When a network operator needs to transfer such data overseas, it must demonstrate the necessity of data export and conduct a self-security assessment or submit to an official security assessment when a threshold test is met. Whether the transfer is "lawful, legitimate and necessary" is a threshold requirement under which the relevant authorities evaluate the risks associated with the transfer by examining both the nature of the data being transferred and the likelihood of security breaches involving such data and the level of the impact of such incidents.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information regarding our directors and executive officers as of the commencement of trading of our Class A ordinary shares.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Bin Feng | 53 | Founder, Chief Executive Officer and Chairman of the Board of Directors |
|  Xiaoyun He | 47 | Executive Director |
|  Yachun Wang | 40 | Chief Financial Officer |
|  Jason Chia-Lun Wang\* | 49 | Independent Director and member of the Audit Committee |
|  Shui Yeung Wong\* | 54 | Independent Director and member of the Nominating and Corporate Governance Committee |
|  Haining Wang\* | 41 | Independent Director and member of the Compensation Committee |

---

____________

Note:

\* Jason Chia-Lun Wang, Shui Yeung Wong and Haining Wang have accepted appointments as our directors, effective upon the commencement of trading of our Class A ordinary shares.

**Mr. Bin Feng** is our founder, Chief Executive Officer and Chairman of the Board of Directors. Mr. Feng has 30 years of experience in the media and entertainment industry. Since November 2010, Mr. Feng has served as the Chairman of INHI, overseeing advertising representation and the production and distribution of television. Mr. Feng leads strategic planning and manages the overall operations of the company. From September 2005 to November 2010, Mr. Feng served as the General Manager at Beijing Dayou Tonghe Advertising Co., Ltd., where he managed the business operations and strategic planning. From 1999 to 2005, Mr. Feng served as the Sales Director at Joyful Media Co., Ltd. and oversees sales strategies and management of the advertising operations. Mr. Feng began his career at Dami Gao Advertising Co., Ltd., in July 1994 specializing in media purchasing and laid the foundation for his endeavors in the advertising and media sector. Mr. Feng received a Bachelor's degree in animation design from Guizhou Minzu University in 2016.

**Ms. Xiaoyun He** has served as an Executive Director of the Company since January 12, 2024. Ms. He has been serving as the general manager of INHI where she oversees daily operations in finance, human resources, and marketing. Before this role, Ms. He manages strategies as the Director of Beijing Dayou Era Advertising Co., Ltd. and led cultural initiatives at Hangzhou Zhige Cultural Planning Co., Ltd as an Art Director. Her career began at Zhejiang Television Station, fostering skills in project planning and filming. Noteworthy contributions include leading shows like "Brave Heart," "Challengers Alliance," and "Where is the Wonderful Partner," and participating in TV dramas like "Hello Joan" and "Beautiful Days." These projects reflect their enduring impact in the film and television landscape. Ms. He received a Bachelor's degree in Broadcasting and Television Journalism from the Communication University of China.

**Ms. Yachun Wang** is the Chief Financial Officer of the Company. Since January 2019, Ms. Wang has served as the founding partner at Jiangsu Zhengzhe Financial Management & Consulting Co., Ltd., a consulting company whose services include U.S. IPO consulting and financial services, M&A financial consulting, and audit and tax services. From 2012 to 2018, Ms. Wang worked at Brook & Partners CPAs LLP (Beijing office) ("B&P"), an UK-based consulting firm, where she first served as the project manager until 2014 and later as a partner until 2018. Prior to that, Ms. Wang was a project manager at the consulting division of Ruihua CPA from January 2011 to December 2011, and an audit project manager at Mazars (Shanghai) Co., Ltd. (Beijing branch), a branch of Mazars Group, an international audit, tax and advisory firm from June 2008 to December 2010. Ms. Wang received her bachelor's degree in accounting from Hunan Agricultural University in 2008 in China.

**Mr. Jason Chia**-Lun **Wang** will serve as an independent director of our Company and a member of the Audit Committee. Mr. Wang has also served as an independent director of Prime Acquisition Corp., a blank check company, since its inception in February 2011. From December 2007 until joining AutoChina, Mr. Wang served as Director of Research and Analytics at Private Equity Management Group Inc. where he was responsible for analysis of prospective investments, credit and cash flow analysis, and valuations. From July 2005 until December 2007, Mr. Wang worked at QUALCOMM Inc., a developer and innovator of advanced wireless technologies, products and services, where

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his responsibilities included all phases of venture capital investing, from target company identification to portfolio management. From July 2004 until July 2005, Mr. Wang was an investment banking associate at Relational Advisors LLC, where he specialized in mergers and acquisitions and debt and equity fundraising. From March 2000 until July 2002, Mr. Wang was the Director of Corporate Development and Planning at 24/7 Real Media Inc., a global digital marketing company. Prior to that, Mr. Wang was an investment banking analyst in the Global Mergers and Acquisitions Group at Chase Securities Inc. Mr. Wang received his MBA from the UCLA Anderson School of Management in June 2004 and bachelor degrees from both the Wharton School and the School of Engineering and Applied Science at the University of Pennsylvania in May 1998.

**Mr. Shui Yeung Wong** will serve as an independent director of our Company and a member of the Nominating and Corporate Governance Committee. Mr. Wong is currently the director of Full Wealth Consultancy Limited. He is a practicing member and fellow of Hong Kong Institute of Certified Public Accountants and a member of Hong Kong Securities and Investment Institute. Mr. Wong currently sits on the boards of multiple public companies. Mr. Wong has served as a director of Alset Capital Acquisition Corp. (Nasdaq: ACAX) and Alset Inc. (Nasdaq: AEI) since January 2022 and November 2021, respectively. Mr. Wong has served as a director of DSS, Inc. (NYSE American: DSS) since July 2022, and has served as a director of Value Exchange International, Inc. since April 2022, the shares of which are listed on the OTCQB. Mr. Wong has also been an independent non-executive director of Alset International Limited since June 2017, the shares of which are listed on the Catalist Board of Singapore Stock Exchange. Mr. Wong was an independent non-executive director of SMI Holdings Group Limited (HKEX: 0198) from April 2017 to December 2020 and was an independent non-executive director of SMI Culture & Travel Group Holdings Limited (HKEX: 2366) from December 2019 to November 2020. Mr. Wong received his Bachelor of Business Administration degree from Hong Kong Baptist University in 1993.

**Ms. Haining Wang** will serve as an independent director of our Company and a member of the Compensation Committee upon the commencement of trading of our Class A ordinary shares. From 2016 to present, Ms. Wang serves as the Vice President of Edgar Agents LLC Financial Printer. Before joining Edgar Agents LLC, Ms. Wang worked as director of both department of investor relations and department of international trade at Shengtai Holding Inc. Before working in businesses, Ms. Wang worked as a lecturer at Zhonglu Industry & Commercial College School of Foreign Languages. Ms. Wang received a Bachelor's Degree in English Education from Linyi University in 2005.

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

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board of Directors
All directors hold office until the next annual general meeting of shareholders and until their successors have been duly elected and qualified. Directors may also be appointed by resolution of the board of directors with such appointed directors to serve only until the next annual general meeting, at which they will be eligible for re-election. Directors are elected at the annual general meetings to serve for one-year terms. Officers are elected by, and serve at the discretion of, the board of directors.

The board of directors has determined to comply with the Nasdaq Listing Rules with respect to certain corporate governance matters. As a smaller reporting company, under the Nasdaq rules we are only required to maintain a board of directors composed of at least 50% independent directors, and an audit committee of at least two members, composed solely of independent directors who also meet the requirements of Rule 10A-3 under the Securities Exchange Act of 1934.

#### Director Independence
The board of directors has reviewed the independence of our directors, applying the NASDAQ independence standards. Based on this review, the board of directors determined that each of Jason Chia-Lun Wang, Shui Yeung Wong and Haining Wang are independent within the meaning of the Nasdaq rules. In making this determination, our board of

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directors considered the relationships that each of these non-employee directors has with us and all other facts and circumstances our board of directors deemed relevant in determining their independence. As required under applicable Nasdaq rules, we anticipate that our independent directors will meet on a regular basis as often as necessary to fulfill their responsibilities, including at least annually in executive session without the presence of non-independent directors and management.

#### Duties of Directors
Under Cayman Islands law, directors and officers owe the following fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. duty to act in good faith in what the director believes to be in the best interests of the company as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. directors should not properly fetter the exercise of future discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience 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 the general knowledge skill and experience which that director has.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in our amended and restated memorandum and articles of association or alternatively by shareholder approval at general meetings.

#### Terms of Directors and Executive Officers
Each of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such director holds office until the next following annual meeting of shareholders at which time such director is eligible for reelection. All of our executive officers are appointed by and serve at the discretion of our board of directors. There is currently no shareholding qualification for directors.

#### Employment Agreements with our Executive Officers and Directors and Indemnification Agreements
We have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is employed for a specified time period. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with an advance written notice.

Each executive officer has agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our clients or prospective clients, or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. The executive officers have also agreed to disclose in confidence to us all inventions, designs and trade secrets which they conceive, develop or reduce to practice during the executive officer's employment with us and to assign all right, title and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs and trade secrets.

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In addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically for two years following the last date of employment. Specifically, each executive officer has agreed not to (i) approach our suppliers, clients, customers or contacts or other persons or entities introduced to the executive officer in his or her capacity as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal, partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit the services of any of our employees who is employed by us on or after the date of the executive officer's termination, or in the year preceding such termination, without our express consent.

We will also enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being our director or officer.

#### Compensation of Directors and Executive Officers
For the fiscal year ended December 31, 2022, we paid an aggregate of $198,440 (RMB 1.27 million) as compensation to our executive officers and directors. For the fiscal year ended December 31, 2023, we paid an aggregate of $198,440 (RMB 1.27 million) as compensation to our executive officers and directors. For the fiscal year ended December 31, 2024, we paid an aggregate of $218,954 (RMB 1.57 million) as compensation to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement, or other similar benefits to our directors and executive officers. Our PRC subsidiaries and the VIE are required by law to make contributions equal to certain percentages of each employee's salary for his or her pension insurance, medical insurance, unemployment insurance, and other statutory benefits and a housing provident fund.

#### Insider Participation Concerning Executive Compensation
Our Founder, CEO, and Chairman of the Board of Directors, Mr. Bin Feng, has been making all determinations regarding executive officer compensation from the inception of the Company. When our Compensation Committee is set up, it will make all determinations regarding executive officer compensation.

#### Compensation of Directors
For the fiscal years ended 2024 and 2023, we did not compensate our independent director nominees for their services as they had not become the independent directors in the years of 2024 and 2023.

#### Board Committees
Upon the commencement of trading of our Class A ordinary shares, we will establish three committees under the board of directors: the audit committee, the compensation committee and the corporate governance and nominating committee, and adopt a charter for each of the committees. Each committee's members and functions are described below.

***Audit Committee.*** Our audit committee will consist of Jason Chia-Lun Wang, Shui Yeung Wong and Haining Wang with Jason Chia-Lun Wang as the chairman of our audit committee. We have determined that each member of the Audit Committee will satisfy the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Our board also has determined that Jason Chia-Lun Wang qualifies as an audit committee financial expert within the meaning of the SEC rules or possesses financial sophistication within the meaning of the Nasdaq Listing Rules. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent auditors any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related-party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing major issues as to the adequacy of our internal controls and any special audit steps adopted in light of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and reassessing the adequacy of our audit committee charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other matters that are specifically delegated to our audit committee by our board of directors from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting regularly to the full board of directors.

***Compensation Committee.*** Our compensation committee will consist of Jason Chia-Lun Wang, Shui Yeung Wong and Haining Wang upon the commencement of trading of our Class A ordinary shares, with Haining Wang serving as the chair of our compensation committee. The compensation committee will assist 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 his compensation is deliberated. The compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board with respect to the total compensation package for our chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and overseeing the total compensation package for our executives other than the chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to the board with respect to the compensation of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any long-term incentive compensation or equity plans, programs or similar arrangements, annual bonuses, employee pension and welfare benefit plans.

***Nominating and Corporate Governance Committee.*** Our nominating and corporate governance committee will consist of Jason Chia-Lun Wang, Shui Yeung Wong and Haining Wang upon the commencement of trading of our Class A ordinary shares. Mr. Shui Yeung Wong will be the chairperson of our nominating and corporate governance committee. The nominating and corporate governance committee will assist the board of directors in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending to the board nominees for election or re-election to the board, or for appointment to fill any vacancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board in light of the characteristics of independence, skills, experience and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as the corporate governance and nominating committee itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising the board periodically with respect to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any corrective action to be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

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#### Oversight of Cybersecurity Risks
Our board of directors plays an active role in monitoring cybersecurity risks and is committed to the prevention, timely detection, and mitigation of the effects of any such incidents on our operations. In addition to regular reports from each of the board's committees, the board receives regular reports from our management on material cybersecurity risks and the degree of our exposure to those risks, from cyber-attacks to infrastructure vulnerabilities. While the board oversees our cybersecurity risk management, management is responsible for day-to-day risk management processes. We believe this division of responsibilities is the most effective approach for addressing our cybersecurity risks.

#### Board of Directors Diversity
Our nominating and governance committee will be responsible for reviewing with the board of directors, on an annual basis, the appropriate characteristics, skills, and experience required for the board of directors as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members), the nominating and governance committee, in recommending candidates for election, and the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, may take into account many factors, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• personal and professional integrity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ethics and values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience in corporate management, such as serving as an officer or former officer of a publicly-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• professional and academic experience relevant to our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience as a board member of another public-held company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strength of leadership skills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience in finance and accounting and/or executive compensation practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to devote the time required for preparation, participating and attendance at board of directors meetings and committee meetings, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultural background, gender, age, and ethnicity; conflicts of interests; and ability to make mature business judgements.

Our board of directors will evaluate each individual in the context of the board of directors as a whole, with the objective of ensuring that the board of directors, as a whole, has the necessary tools to perform its oversight function effectively in light of our business and structure.

#### Code of Business Conduct and Ethics
Our board of directors has adopted a code of business conduct and ethics, which is applicable to all of our directors, officers and employees. We will make our code of business conduct and ethics publicly available on our website prior to the initial closing of this offering.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information with respect to the beneficial ownership of our Class A ordinary shares, as of the date of this prospectus, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers who beneficially own our Class A ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to own beneficially more than 5% of our Class A ordinary shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all Class A ordinary shares and Class B ordinary shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 20,000,000 Ordinary Shares issued and outstanding, none of which are held by listed person in U.S.

The number and percentage of Ordinary Shares beneficially owned after the offering are based on 23,750,000 Ordinary Shares, which include (1) 20,000,000 Ordinary Shares issued and outstanding prior to this offering, which include 15,514,150 Class A ordinary shares and 4,485,850 Class B ordinary shares; and (2) sale of 3,750,000 Class A ordinary shares, assuming no exercise of the over-allotment option, in this initial offering. Information with respect to beneficial ownership has been furnished by each director, officer or beneficial owner of 5% or more of our Class A ordinary shares. Beneficial ownership is determined in accordance with the rules of the SEC and generally requires that such person have voting or investment power with respect to securities. In computing the number of Ordinary Shares beneficially owned by a person listed below and the percentage ownership of such person, Ordinary Shares underlying options, warrants or convertible securities held by each such person that are exercisable or convertible within 60 days of the date of this prospectus are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. As of the date of this prospectus, we have three shareholders of record, none of whom are located in the United States. Unless otherwise indicated in the footnotes, the address for each principal shareholder is in the care of our Company at Suite 1508, Tower B, Wentelai Center, 1 Xidawang Road, Chaoyang District, Beijing 100026, China. We will be required to have at least 400 public shareholders at closing in order to satisfy the listing rules of Nasdaq.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Share Beneficially Owned <br>Prior to this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Prior to this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Prior to this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Prior to this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Immediately after this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Immediately after this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Immediately after this Offering\*\*** | **Ordinary Share Beneficially Owned <br>Immediately after this Offering\*\*** |
|  **Directors And Executive <br>Officers\*** | **Class A <br>Ordinary <br>Share <br>Number** | **Class B <br>Ordinary <br>Share <br>Number** | **Ownership <br>Percentage <br>(%)** | **Voting <br>Power <br>Percentage <br>(%)** | **Class A <br>Ordinary <br>Share <br>Number** | **Class B <br>Ordinary <br>Share <br>Number** | **Ownership <br>Percentage <br>(%)** | **Voting <br>Power <br>Percentage <br>(%)†** |
|  Bin Feng |  | 4485850 | 22.43% | 89.66% |  | 4485850 | 18.89% | 87.48% |
|  Xiaoyun He | 2266650 |  | 11.33% | 1.51% | 2266650 |  | 9.54% | 1.47% |
|  Yachun Wang |  |  |  |  |  |  |  |  |
|  Jason Chia-Lun Wang |  |  |  |  |  |  |  |  |
|  Shui Yeung Wong |  |  |  |  |  |  |  |  |
|  Haining Wang |  |  |  |  |  |  |  |  |
|  **Directors (including the director nominees) and Executive Officers as a group** | 2266650 | 4485850 | 33.76% | 91.17% | 2266650 | 4485850 | 28.43% | 88.95% |
|  **Principal Shareholders (5% or more)** |  |  |  |  |  |  |  |  |
|  Sun Knight Limited<sup>(1)</sup> |  | 4485850 | 22.43% | 89.66% |  | 4485850 | 18.89% | 87.48% |
|  MTN Entertainment Limited<sup>(2)</sup> | 2266650 |  | 11.33% | 1.51% | 2266650 |  | 9.54% | 1.47% |
|  Jetsen Holdings Ltd.<sup>(3)</sup> | 6570000 |  | 32.85% | 4.38% | 6570000 |  | 27.66% | 4.27% |

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____________

\* Except as otherwise indicated below, the business address of our directors and executive officers is Suite 1508, Tower B, Wentelai Center, 1 Xidawang Road, Chaoyang District, Beijing 100026, China.

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\*\* Beneficial ownership information disclosed herein represents direct and indirect holdings of entities owned, controlled or otherwise affiliated with the applicable holder as determined in accordance with the rules and regulations of the SEC.

† For each person or group included in this column, percentage of total voting power represents voting power based on both Class A ordinary shares and Class B ordinary shares held by such person or group with respect to all issued and outstanding Class A ordinary shares and Class B ordinary shares voting as a single class. On a poll taken at a general meeting of shareholders, shareholders will be entitled to one (1) vote for each Class A ordinary share they hold and thirty (30) votes for each Class B ordinary share they hold. Each Class B Ordinary Share is convertible at the discretion of the holder into one Class A ordinary share, while Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

(1) Represents 4,485,850 Class B ordinary shares held of record by Sun Knight Limited, a British Virgin Island company controlled by Bin Feng. The registered address of Sun Knight Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.

(2) Represents 2,266,650 Class A ordinary shares held of record by MTN Entertainment Limited, a British Virgin Island company controlled by Xiaoyun He. The registered address of MTN Entertainment Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.

(3) Represents 6,570,000 Class A ordinary shares held of record by Jetsen Holdings Ltd., a British Virgin Island company with a registered address at Start Chambers, Wickham's Cay II, P. O. Box 2221, Road Town, Tortola, British Virgin Islands. Jetsen Holdings Ltd. is 100% owned by Beijing Jiecheng Hechuang Technology Co., Ltd, which is a corporation incorporated under the laws of the PRC with a registered address at Suite 312, Floor 3, Building 1, Yard 21, Zhongxing Road, Changping District, Beijing, PRC. Jetsen Holdings Ltd. is managed by Lei Shi, its sole director.

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#### RELATED PARTY TRANSACTIONS
In addition to the executive officer compensation arrangements discussed in "Executive Compensation," below we describe the transactions during the six months ended June 30, 2025 and 2024, and the years ended December 31, 2024 and 2023, to which we have been a participant, in which the amount involved in the transaction is material to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

<u>**<u>Due to related parties</u>**</u>

Due to related parties consisted of the following as of June 30, 2025, December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Relationship** | **June 30, <br>2025** | **December 31, <br>2024** | **December 31, <br>2023** |
|  Hangzhou Shendu Film and Television Culture Co., Ltd | One of the Company's senior officers controls this entity | $6977 | $7263 | $94522 |
|  Bin Feng | Chief Executive Officer and Chairman of the Board of Directors | 196047 | 210000 |  |
|  Due to related parties |  | $203024 | $217263 | $94522 |

---

Amounts due to related parties are advances from related parties for working capital during the Company's normal course of business. These advances are unsecured, non-interest bearing and due on demand.

#### Purchase from a related party
The Company made purchase of $606,296 and $nil from its related party, Hangzhou Shendu Film and Television Culture Co., Ltd, for the years ended December 31, 2024 and 2023, respectively. No purchase was made from the Company's related parties for the six months ended June 30, 2025 and 2024.

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#### DESCRIPTION OF SECURITIES
*The following description summarizes important terms of our securities. For a complete description, you should refer to our amended and restated memorandum and articles of association, the form of which is incorporated by reference to the exhibits to the registration statement of which this prospectus is a part, as well as the relevant portions of the Cayman Islands law.*

#### General
We are authorized to issue 225,000,000,000 Class A ordinary shares with a par value of US$0.0000002 each and 25,000,000,000 Class B ordinary shares with a par value of US$0.0000002 each. As of the date of this prospectus, 15,514,150 Class A ordinary shares and 4,485,850 Class B ordinary shares were issued and outstanding.

#### Ordinary Shares
On a poll taken at a general meeting of shareholders, shareholders will be entitled to one (1) vote for each Class A ordinary share they hold and thirty (30) votes for each Class B Ordinary Share they hold on any and all matters submitted to a vote of the shareholders, including the election of directors. Holders of Ordinary Shares representing not less than one-third of the issued and outstanding Ordinary Shares carrying the right to vote at a general meeting, represented in person or by proxy, are necessary to constitute a quorum at any general meeting of our shareholders. Our amended and restated articles of association do not provide for cumulative voting in the election of directors. Class A ordinary shares carry no pre-emptive rights, redemption rights or conversion rights. Each Class B ordinary share is convertible at the discretion of the holder into one Class A ordinary share. The conversion of Class B ordinary shares shall be effected by way of redemption or repurchase by us of the relevant Class B ordinary shares and the simultaneous issue of Class A ordinary shares in consideration for such redemption or repurchase. Class B ordinary shares otherwise carry no pre-emptive rights, redemption rights or conversion rights.

On March 28, 2025, the Company's articles of association were amended to increase the number of votes each holder of Class B Ordinary Shares shall be entitled to on a poll from ten (10) votes to thirty (30) votes per Class B Ordinary Share held.

On April 24, 2025, the Company, pursuant to an ordinary resolution passed by its shareholders, subdivided the Company's authorized share capital on a 1:1,000 basis (the "Share Split") such that the Company's authorized share capital was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of par value US$0.0002 each and 25,000,000 Class B Ordinary Shares of par value US$0.0002 to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of par value US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of par value US$0.0000002.

The Company, through a special resolution passed by its shareholders, adopted amended and restated memorandum of association to reflect the Share Split; and with effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

#### Non-Cumulative Voting
Holders of our Ordinary Shares do not have cumulative voting rights; meaning that the holders of Class A ordinary shares and Class B ordinary shares carrying the right to cast 50.1% of votes eligible to be cast for the election of directors, can elect all of the directors to be elected, and, in such event, the holders of the remaining shares will not be able to elect any of our directors.

#### Cash Dividends
As of the date of this prospectus, we have not paid any cash dividends to shareholders. Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with our amended and restated articles of association: (a) the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose at the discretion of the directors; and (b) our shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors. It is our present intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.

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#### Exchange Listing
We have applied to list our Class A ordinary shares on the Nasdaq Capital Market under the trading symbol "INHI." This offering will occur only if our listing application is approved.

#### Transfer Agent and Registrar
The transfer agent and registrar for our Class A ordinary shares is Vstock Transfer, LLC, with an address at 18 Lafayette Place, Woodmere, New York 11598, telephone number is +1 (212) 828-8436.

#### Indemnification of Officers and Directors
Pursuant to our amended and restated articles of association, we shall indemnify each existing or former director (including alternate director), secretary and other officer of ours (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 our 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) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

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

#### Variation of Rights of Shares
Whenever our share 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 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 shareholder 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.

#### History of Share Issuances
The following is a summary of our share issuances since incorporation.

On March 23, 2022 one subscriber share was issued to Quality Corporate Services Ltd. which was then transferred to Sun Knight Limited on the same day and we further issued 6,030 ordinary shares, par value $0.0001 per share, to Sun Knight Limited, and 3,969 ordinary shares, par value $0.0001 per share, to MTN Entertainment Limited.

On December 26, 2023, our shareholders and directors unanimously resolved to (a) increase our authorized share capital from US$30,300 divided into 300,000,000 ordinary shares of a par value of US$0.0001 each and 3,000,000 preference shares of a par value of US$0.0001 each to US$50,000 divided into 450,000,000 ordinary shares of a par value of US$0.0001 each and 50,000,000 preference shares of a par value of US$0.0001 each (the **Share Capital Increase**); and (b) immediately following the Share Capital Increase being effected, re-designate and re-classify our authorized share capital as follows (i) each authorized ordinary share, whether in issue or not, immediately following the Share Capital Increase was re designated and re-classified into one Class A ordinary share of par value

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US$0.0001 each and (ii) each authorized preference share, whether in issue or not, immediately following the Share Capital Increase was re designated and re-classified into one Class B ordinary share of par value US$0.0001 each (the **Share Capital Reorganization**).

On December 26, 2023 and immediately following the Share Capital Reorganization, Sun Knight Limited voluntarily surrendered to the us for nil consideration 6,031 Class A ordinary shares (the Surrender). We accepted the Surrender and immediately cancelled the shares.

On December 26, 2023, we issued 8,971,700 Class B ordinary shares to Sun Knight Limited.

On December 26, 2023, we issued 4,529,331 Class A ordinary shares to MTN Entertainment Limited.

On December 26, 2023, we issued 1,825,000 Class A ordinary shares to CHARMWELL INVESTMENT HOLDING LIMITED.

On December 26, 2023, we issued 13,140,000 Class A ordinary shares to Jetsen Holding Ltd.

On December 26, 2023, we issued 1,806,750 Class A ordinary shares to YL Management Limited.

On December 26, 2023, we issued 821,250 Class A ordinary shares to GJJ Management Limited.

On December 26, 2023, we issued 1,799,450 Class A ordinary shares to WC Management Limited.

On December 26, 2023, we issued 1,814,050 Class A ordinary shares to HLLJ International Holding Limited.

On December 26, 2023, we issued 1,788,500 Class A ordinary shares to HYJ Management Limited.

On December 26, 2023, we issued 400,000 Class A ordinary shares to Mercurity Fintech Holding Inc.

On December 26, 2023, we issued 600,000 Class A ordinary shares to ICMT Inc.

On December 26, 2023, we issued 1,100,000 Class A ordinary shares to Kai ELECTRONIC ENTERPRISE, INC.

On December 26, 2023, we issued 168,000 Class A ordinary shares to Meet Fresh Inc.

On December 26, 2023, we issued 1,232,000 Class A ordinary shares to SUNRISE COMMERCIAL TRADING, INC.

You can find more detailed information regarding the share issuances in *Share Issuances in December 2023.*

#### Share Issuances in December 2023
On December 26, 2023, we issued the following Class A ordinary shares and Class B ordinary shares, par value $0.0001 per share, to certain founding shareholders of Unitrend Entertainment Group Limited.

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| | | | |
|:---|:---|:---|:---|
|  **Purchaser** | **Number of <br>Ordinary Shares** | **Consideration** | **Consideration** |
|  Sun Knight Limited | 8,971,700 Class B ordinary shares | US$ | 3952551.00 |
|  MTN Entertainment Limited | 4,529,331 Class A ordinary shares | US$ | 951739.00 |
|  CHARMWELL INVESTMENT HOLDING LIMITED | 1,825,000 Class A ordinary shares | US$ | 182.50 |
|  Jetsen Holdings Ltd. | 13,140,000 Class A ordinary shares | US$ | 2758663.00 |
|  YL Management Limited | 1,806,750 Class A ordinary shares | US$ | 180.68 |
|  GJJ Management Limited | 821,250 Class A ordinary shares | US$ | 82.13 |
|  WC Management Limited | 1,799,450 Class A ordinary shares | US$ | 179.95 |
|  HLLJ International Holding Limited | 1,814,050 Class A ordinary shares | US$ | 181.41 |
|  HYJ Management Limited | 1,788,500 Class A ordinary shares | US$ | 178.85 |
|  Mercurity Fintech Holding Inc. | 400,000 Class A ordinary shares | US$ | 40.00 |
|  IMCT Inc. | 600,000 Class A ordinary shares | US$ | 60.00 |
|  Kai Electronic Enterprise, Inc. | 1,100,000 Class A ordinary shares | US$ | 110.00 |
|  Meet Fresh Inc. | 168,000 Class A ordinary shares | US$ | 16.80 |
|  Sunrise Commercial Trading, Inc. | 1,232,000 Class A ordinary shares | US$ | 123.20 |

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#### Share Consolidation in March 2025
On March 28, 2025, the Company consolidated its authorized and issued share capital, at a ratio of 2:1. As a result, the authorized share capital of the Company was consolidated from US$50,000 divided into 450,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each to US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002.

Following the shareholder consolidation, the ownership of the Company's current shareholders has been adjusted as follows:

---

| | |
|:---|:---|
|  **Shareholders** | **Number of <br>Ordinary Shares** |
|  Sun Knight Limited | 4,485,850 Class B ordinary shares |
|  MTN Entertainment Limited | 2,266,650 Class A ordinary shares |
|  CHARMWELL INVESTMENT HOLDING LIMITED | 912,500 Class A ordinary shares |
|  Jetsen Holdings Ltd. | 6,570,000 Class A ordinary shares |
|  YL Management Limited | 903,375 Class A ordinary shares |
|  GJJ Management Limited | 410,625 Class A ordinary shares |
|  WC Management Limited | 899,725 Class A ordinary shares |
|  HLLJ International Holding Limited | 907,025 Class A ordinary shares |
|  HYJ Management Limited | 894,250 Class A ordinary shares |
|  Mercurity Fintech Holding Inc. | 200,000 Class A ordinary shares |
|  IMCT Inc. | 300,000 Class A ordinary shares |
|  Kai Electronic Enterprise, Inc. | 550,000 Class A ordinary shares |
|  Meet Fresh Inc. | 84,000 Class A ordinary shares |
|  Sunrise Commercial Trading, Inc. | 616,000 Class A ordinary shares |

---

#### Share Split and Share Surrender in April 2025
On April 24, 2025, the Company, through an ordinary resolution passed by its shareholders, subdivided the Company's authorized share capital on a 1:1,000 basis (the "Share Split") such that the Company's authorized share capital was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of par value US$0.0002 each and 25,000,000 Class B Ordinary Shares of par value US$0.0002 to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of par value US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of par value US$0.0000002.

The Company, through a special resolution passed by its shareholders, adopted amended and restated memorandum of association to reflect the Share Split; and with effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has not been a public market for our Class A ordinary shares. We have applied to list our Class A ordinary shares on the Nasdaq Capital Market under the symbol "INHI". Future sales of substantial amounts of our Class A ordinary shares in the public market after our initial public offering, or the possibility of these sales occurring, could cause the prevailing market price for our Class A ordinary shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, assuming no exercise of the underwriters' over-allotment option, we will have 23,750,000 issued and outstanding Ordinary Shares, including (i) 3,750,000 Class A ordinary shares offered in this offering, or approximately 15.79% of our total issued and outstanding Ordinary Shares if the Class A ordinary shares are offered and sold at the maximum offering amount; (ii) 15,514,150 Class A ordinary shares issued and outstanding immediately prior to the completion of this offering, or approximately 65.32% of our total issued and outstanding Ordinary Shares; and (iii) 4,485,850 Class B ordinary shares issued and outstanding immediately prior to the completion of this offering, or approximately 18.89% of our total issued and outstanding Ordinary Shares.

All of the Class A ordinary share sold in this offering will be freely transferable by persons other than our affiliates without restriction or further registration under the Securities Act.

#### Rule 144
All of our Class A ordinary shares outstanding prior to this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective prospectus under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

In general, under Rule 144 as currently in effect, beginning 90 days after the date of this prospectus, a person who is not deemed to have been our affiliate at any time during the three months preceding a sale and who has beneficially owned restricted securities within the meaning of Rule 144 for more than six months would be entitled to sell an unlimited number of those shares, subject only to the availability of current public information about us. A non-affiliate who has beneficially owned restricted securities for at least one year from the later of the date these shares were acquired from us or from our affiliate would be entitled to freely sell those shares.

A person who is deemed to be an affiliate of ours and who has beneficially owned "restricted securities" for at least six months would be entitled to sell, within any three-month period, a number of shares that is not more than the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Class A ordinary shares then outstanding, in the form of Class A ordinary shares or otherwise, which will equal approximately shares immediately after this offering; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants, or advisors who purchases our Class A ordinary shares from us in connection with a compensatory share plan or other written agreement executed prior to the completion of this offering is eligible to resell those Ordinary Share in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the lock-up arrangements are not part of the Rule 701.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

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#### Lock-up Agreements
We have agreed not to, for a period of 90 days from the closing of the offering, offer, issue, sell, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our Class A ordinary shares or securities that are substantially similar to our Class A ordinary shares, including but not limited to any options or warrants to purchase our Class A ordinary shares, or any securities that are convertible into or exchangeable for, or that represent the right to receive, our Class A ordinary shares or any such substantially similar securities (other than pursuant to employee share option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date such lock-up agreement was executed), without the prior written consent of the representative.

Furthermore, each of our directors, executive officers, and principal shareholders (5% or more shareholders of our Class A ordinary shares) has also entered into a similar lock-up agreement for a period of 180 days from the closing of the offering, subject to certain exceptions, with respect to our Class A ordinary shares and securities that are substantially similar to our Class A ordinary shares.

Other than this offering, we are not aware of any plans by any significant shareholders to dispose of significant numbers of our Class A ordinary shares. However, one or more existing shareholders or owners of securities convertible or exchangeable into or exercisable for our Class A ordinary shares may dispose of significant numbers of our Class A ordinary shares in the future. We cannot predict what effect, if any, future sales of our Class A ordinary shares, or the availability of Class A ordinary shares for future sale, will have on the trading price of our Class A ordinary shares from time to time. Sales of substantial amounts of our Class A ordinary shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A ordinary shares.

#### Registration Rights
As of the date of this prospectus, we do not have registration rights arrangements with the holders of our Ordinary Shares or their transferees, but we may enter into registration rights agreements with certain holders of our Ordinary Shares or their transferees in the future, under which they will be entitled to request that we register their Ordinary Shares for resale under the Securities Act upon completion of this offering and following the expiration of the lock-up agreements described above.

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#### TAXATION
The following summary of certain Cayman Islands, PRC, and U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A ordinary shares is based on laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Ogier, our Cayman Islands counsel. To the extent that the discussion relates to matters of PRC tax law, it represents the opinion of East & Concord Partners, our Chinese counsel. Please note that this summary should not be considered a comprehensive description of all the tax considerations that may be relevant to the decision to purchase our Class A ordinary shares, such as tax considerations under the tax laws of jurisdictions other than the Cayman Islands, the People's Republic of China, and the United States.

#### Cayman Islands Taxation
The following 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.

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, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Ordinary Shares 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 our Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax.

#### People's Republic of China Enterprise Taxation
The following brief description of Chinese enterprise laws is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we may pay to our shareholders. See "Dividend Policy."

We are a holding company incorporated in the Cayman Islands and we gain substantial income by way of dividends paid to us from our PRC subsidiaries. The EIT Law and its implementation rules provide that China sourced income of foreign enterprises, such as dividends paid by a PRC subsidiary to its equity holders that are non-resident enterprises, will normally be subject to mainland PRC withholding tax at a rate of 10%, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with China that provides for a preferential tax rate or a tax exemption.

Under the EIT Law, an enterprise established outside of China with a "de facto management body" within China is considered a "resident enterprise," which means that it is treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. Although the implementation rules of the EIT Law define "de facto management body" as a managing body that actually, comprehensively manage and control the production and operation, staff, accounting, property and other aspects of an enterprise, the only official guidance for this definition currently available is set forth in SAT Notice 82 (which issued by the China State Administration of Taxation on April 22, 2009), which provides guidance on the determination of the tax residence status of a Chinese-controlled offshore incorporated enterprise, defined as an enterprise that is incorporated under the laws of a foreign country or territory and that has a PRC enterprise or enterprise group as its primary controlling shareholder. Although the Company, or Unitrend, does not have a PRC enterprise or enterprise group as our primary controlling shareholder and is therefore not a Chinese-controlled offshore incorporated enterprise within the meaning of SAT Notice 82, in the absence of guidance specifically applicable to us, we have applied the guidance set forth in SAT Notice 82 to evaluate the tax residence status of the Company and its subsidiaries organized outside the PRC.

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According to SAT Notice 82, a Chinese-controlled offshore incorporated enterprise will be regarded as a PRC tax resident by virtue of having a "de facto management body" in China and will be subject to PRC enterprise income tax on its worldwide income only if all of the following criteria are met: (i) the places where senior management and senior management departments that are responsible for daily production, operation and management of the enterprise perform their duties are mainly located within the territory of China; (ii) financial decisions (such as money borrowing, lending, financing and financial risk management) and personnel decisions (such as appointment, dismissal and salary and wages) are decided or need to be decided by organizations or persons located within the territory of China; (iii) main property, accounting books, corporate seal, the board of directors and files of the minutes of shareholders' meetings of the enterprise are located or preserved within the territory of China; and (iv) one half (or more) of the directors or senior management staff having the right to vote habitually reside within the territory of China.

We believe that we do not meet some of the conditions outlined in the immediately preceding paragraph. For example, as a holding company, the key assets and records of the Company, including the resolutions and meeting minutes of our board of directors and the resolutions and meeting minutes of our shareholders, are located and maintained outside the PRC. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities. Accordingly, we believe that the Company and its offshore subsidiaries should not be treated as a "resident enterprise" for PRC tax purposes if the criteria for "de facto management body" as set forth in SAT Notice 82 were deemed applicable to us. However, as the tax residency status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to the interpretation of the term "de facto management body" as applicable to our offshore entities, we will continue to monitor our tax status.

The regulations promulgated under the EIT Law provide that, (i) if the enterprise that distributes dividends is domiciled in the PRC or (ii) if gains are realized from transferring equity interests of enterprises domiciled in the PRC, then such dividends or gains are treated as China sourced income. It is not clear how "domicile" may be interpreted under the EIT Law, and it may be interpreted as the jurisdiction where the enterprise is a tax resident. Therefore, if we are considered as a PRC tax resident enterprise for PRC tax purposes, any dividends we pay to our overseas shareholders which are non-resident enterprises as well as gains realized by such shareholders from the transfer of our shares may be regarded as China sourced income and as a result become subject to mainland PRC withholding tax at a rate of up to 10%. We are unable to provide a "will" opinion because East & Concord Partners, our mainland PRC counsel, believes that it is more likely than not that the Company and its offshore subsidiaries would be treated as a non-resident enterprise for PRC tax purposes because they do not meet some of the conditions out lined in SAT Notice. In addition, we are not aware of any offshore holding companies with a corporate structure similar to ours that has been deemed a PRC "resident enterprise" by the PRC tax authorities as of the date of the prospectus. Therefore we believe that it is possible but highly unlikely that the income received by our overseas shareholders will be regarded as China sourced income.

See "*Risk Factors — Risks Related to Doing Business in China — Under the PRC Enterprise Income Tax Law, or the EIT Law, we may be classified as a "resident enterprise" of China, which could result in unfavorable tax consequences to us and our non*-PRC *shareholders."*

Beijing Hexi pays its EIT at a flat rate of 25% on its net income. The EIT is calculated based on the entity's global income as determined under PRC tax laws and accounting standards. If the PRC tax authorities determine that Unitrend a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from dividends we pay to our shareholders that are non-resident enterprises. In addition, non-resident enterprise shareholders may be subject to a 10% PRC withholding tax on gains realized on the sale or other disposition of our Class A ordinary shares, if such income is treated as sourced from within the PRC. It is unclear whether our non-PRC individual shareholders would be subject to any PRC tax on dividends or gains obtained by such non-PRC individual shareholders in the event we are determined to be a PRC resident enterprise. If any PRC tax were to apply to dividends or gains realized by non-PRC individuals, it would generally apply at a rate of 20% unless a reduced rate is available under an applicable tax treaty. However, it is also unclear whether non-PRC shareholders of the Company would be able to claim the benefits of any tax treaties between their country of tax residence and the PRC in the event that the Company is treated as a PRC resident enterprise. There is no guidance from the PRC government to indicate whether or not any tax treaties between the PRC and other countries would apply in circumstances where a non-PRC company was deemed to be a PRC tax resident, and thus there is no basis for expecting how tax treaty between the PRC and other countries may impact non-resident enterprises.

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#### United States Federal Income Taxation
**WE URGE POTENTIAL PURCHASERS OF OUR ORDINARY SHARE TO CONSULT THEIR OWN TAX ADVISORS CONCERNING THE U.S. FEDERAL, STATE, LOCAL AND NON**-U**.S. TAXCONSEQUENCES OF PURCHASING, OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARE.**

The following does not address the tax consequences to any particular investor or to persons in special tax situations such as:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to mark their securities to market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates or former long-term residents of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A ordinary shares as part of a straddle, hedging, conversion or integrated transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of our voting power or value (including by reason of owning our Class A ordinary shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquired our Class A ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A ordinary shares through partnerships or other pass-through entities.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Share in this offering. Prospective purchasers are urged to consult their own tax advisors about the application of the U.S. federal income tax rules to their particular circumstances as well as the state, local, foreign and other tax consequences to them of the purchase, ownership and disposition of our Class A ordinary share.

#### Material Tax Consequences Applicable to U.S. Holders of Our Class A Ordinary Share
The following sets forth the material U.S. federal income tax consequences related to the ownership and disposition of our Class A ordinary shares. It is directed to U.S. Holders (as defined below) of our Class A ordinary shares and is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This description does not deal with all possible tax consequences relating to ownership and disposition of our Class A ordinary shares or U.S. tax laws, other than the U.S. federal income tax laws, such as the tax consequences under non-U.S. tax laws, state, local and other tax laws.

The following brief description applies only to U.S. Holders (defined below) that hold Ordinary Share as capital assets and that have the U.S. dollar as their functional currency. This brief description is based on the federal income tax laws of the United States in effect as of the date of this prospectus and on U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations thereof available on or before such date. All of the foregoing authorities are subject to change, which change could apply retroactively and could affect the tax consequences described below.

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The brief description below of the U.S. federal income tax consequences to "U.S. Holders" will apply to you if you are a beneficial owner of Ordinary Share and you are, for U.S. federal income tax purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

#### Taxation of Dividends and Other Distributions on Our Class A Ordinary Share
Subject to the passive foreign investment company rules discussed below, the gross amount of distributions made by us with respect to our Class A ordinary shares (including the amount of non-U.S. taxes withheld therefrom, if any) generally will be includible as dividend income in a U.S. Holder's gross income in the year received, to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions will be reported as dividends for U.S. federal income tax purposes. Such dividends will not be eligible for the dividends-received deduction allowed to U.S. corporations with respect to dividends received from other U.S. corporations.

Dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend income," which is taxed at the lower applicable capital gains rate, provided that (1) our Class A ordinary shares are readily tradable on an established securities market in the United States, (2) we are neither a passive foreign investment company (as discussed below) nor treated as such with respect to the U.S. Holder for our taxable year in which the dividend is paid or the preceding taxable year, (3) the U.S. Holder satisfies certain holding period requirements, and (4) the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. Under IRS authority, Ordinary Share generally is considered for purposes of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on Nasdaq, as our Class A ordinary shares are expected to be. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for dividends paid with respect to our Class A ordinary share.

The amount of any distribution paid in foreign currency will be equal to the U.S. dollar value of such currency, translated at the spot rate of exchange on the date such distribution is actually or constructively received by the U.S. Holder, regardless of whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder generally should not recognize any foreign currency gain or loss in respect of such distribution if such foreign currency is converted into U.S. dollars on the date received by the U.S. Holder. Any further gain or loss on a subsequent conversion or other disposition of the currency for a different U.S. dollar amount will be U.S. source ordinary income or loss.

Dividends on our Class A ordinary shares generally will constitute foreign source income for foreign tax credit limitation purposes. Subject to certain complex conditions and limitations, non-U.S. taxes withheld, if any, on any distributions on our Class A ordinary shares may be eligible for credit against a U.S. Holder's U.S. federal income tax liability. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For this purpose, dividends distributed by us with respect to our Class A ordinary shares will generally constitute "passive category income." The U.S. federal income tax rules relating to foreign tax credits are complex, and U.S. Holders should consult their tax advisors regarding the availability of a foreign tax credit in their particular circumstances and the possibility of claiming an itemized deduction (in lieu of the foreign tax credit) for any foreign taxes paid or withheld.

#### Taxation of Dispositions of Ordinary Share
Subject to the passive foreign investment company rules discussed below, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition of a share equal to the difference between the amount realized (in U.S. dollars) for the share and your tax basis (in U.S. dollars) in the Ordinary Share. The gain or loss will be capital gain or loss. If you are a non-corporate U.S. Holder, including an individual U.S. Holder, who has held the Ordinary

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Share for more than one year, you will generally be eligible for reduced tax rates. The deductibility of capital losses is subject to limitations. Any such gain or loss that you recognize will generally be treated as United States source income or loss for foreign tax credit limitation purposes which will generally limit the availability of foreign tax credits.

#### Information Reporting and Backup Withholding
Dividend payments with respect to our Class A ordinary share and proceeds from the sale, exchange or redemption of our Class A ordinary shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding at a current rate of 24%. Backup withholding will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes any other required certification on U.S. Internal Revenue Service Form W-9 or who is otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status generally must provide such certification on U.S. Internal Revenue Service Form W-9. U.S. Holders are urged to consult their tax advisors regarding the application of the U.S. information reporting and backup withholding rules.

Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by filing the appropriate claim for refund with the U.S. Internal Revenue Service and furnishing any required information. We do not intend to withhold taxes for individual shareholders. However, transactions effected through certain brokers or other intermediaries may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Certain U.S. Holders are required to report information relating to our Class A ordinary shares, subject to certain exceptions (including an exception for Ordinary Share held in accounts maintained by certain financial institutions), by filing Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Share. Whether Form 8938 must be filed depends on a number of factors, such as whether you are an individual or a corporation, your marital status (if an individual), the amount of your foreign financial asset holdings, and other factors, and you are urged to consult with your own tax advisor about the need to file this form.

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#### UNDERWRITING
In connection with this offering, we will enter into an underwriting agreement with Cathay Securities, Inc., as representative (the "representative") of the underwriters (collectively referred to as "underwriters"), in this offering. The underwriters may retain other brokers or dealers to act as sub-agents on its behalf in connection with this offering and may pay any sub-agent a solicitation fee with respect to any securities placed by it. The underwriters have agreed to purchase, and we have agreed to sell to the underwriters, the number of shares indicated below:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>Ordinary Share** |
|  Cathay Securities, Inc. |  |
|  Revere Securities, LLC |  |
|  **Total** |  |

---

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

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

#### Over-Allotment Option
We have granted to the underwriters a 45-day option to purchase up to an aggregate of additional Class A ordinary shares (equal to 15% of the number of Class A ordinary shares sold in the offering), at the offering price per Ordinary Share less underwriting discounts. The underwriters may exercise this option for 45 days from the date of closing of this offering solely to cover sales of Ordinary Shares by the underwriters in excess of the total number of Ordinary Shares set forth in the table above. If any of the additional Ordinary Shares are purchased, the underwriters will offer the additional Ordinary Shares at the offering price of each Ordinary Share.

#### Discounts and Expenses
The underwriting discounts for the shares and the over-allotment shares are equal to 7.5% of the initial public offering price.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **Per <br>Class A <br>Ordinary Share** | **Per <br>Class A <br>Ordinary Share** | **Total Without <br>Over-Allotment <br>Option** | **Total Without <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** | **Total With <br>Over-Allotment <br>Option** |
|  Initial public offering price<sup>(1)</sup> | US$ | 4.00 | US$ | 15000000  | US$ | 17250000 |
|  Underwriting discount<sup>(2)</sup> | US$ | 0.30 | US$ | 1125000  | US$ | 1293750 |
|  Proceeds to us before expenses<sup>(3)</sup> | US$ | 3.70 | US$ | 13875000 | US$ | 15956250 |

---

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We have agreed to reimburse the underwriters up to a maximum of US$300,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements as disclosed below). As of the date of this prospectus, we have paid US$34,500 to the representative as an advance against out-of-pocket accountable expenses. Any expenses advancement will be returned to us to the extent the representative's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have also agreed to pay to the underwriters by deduction from the net proceeds of the offering contemplated herein, a non-accountable expense allowance equal to one percent (1.0%) of the gross proceeds received by us from the sale of the shares, including any shares issued pursuant to the exercise of the underwriters' over-allotment option.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1,992,864.

#### Underwriter Warrant
We have agreed to grant to the underwriters warrants covering a number of Class A ordinary shares equal to 5% of the aggregate number of the Class A ordinary shares sold in the offering upon closing of the offering, excluding shares sold under the over-allotment option. Such warrants shall be exercisable at any time, and from time to time, in whole or in part, commencing from the date of issuance and expiring on the three year anniversary of the commencement of sales of the Offering. Such warrants will be exercisable at a price equal to 120% of the public offering price of the Class A ordinary shares. We will register the shares underlying the warrants and will file all necessary undertakings in connection therewith. Such warrants shall not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days from the closing of the offering, to any member participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction for the remainder of the time period.

#### Lock-Up Agreements
Our directors, executive officers and principal shareholders (defined as owners of 5% or more of our Ordinary Shares) have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of 180 days from the closing of the offering, without the prior written consent of the representative.

#### No Sales of Similar Securities
We have agreed not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares, whether any such transaction is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, without the prior written consent of the representative, for a period of 90 days from the closing of the offering.

#### Foreign Regulatory Restrictions on Purchase of our Ordinary Shares
We have not taken any action to permit a public offering of our Class A ordinary shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this offering of our Ordinary Shares and the distribution of this prospectus outside the United States.

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#### Indemnification
We have agreed to indemnify the underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement and to contribute to payments that the underwriters may be required to make for these liabilities.

#### Application for Listing
Prior to this offering, there has been no public market for our Class A ordinary shares. We have applied to list our Class A ordinary shares on Nasdaq Capital Market under the symbol "INHI". There can be no assurance that we will be successful in listing our Class A ordinary shares on Nasdaq Capital Market or another national exchange and if such listing is not obtained then this offering will be terminated.

#### Electronic Offer, Sale and Distribution of Ordinary Share
A prospectus in electronic format may be made available on websites or through other online services maintained by the underwriters or selling group members, if any, or by their affiliates, and the underwriters may distribute prospectus electronically. The underwriters may agree to allocate a number of Ordinary Shares to selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the underwriters, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

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#### Price Stabilization, Short Positions and Penalty Bids
Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A ordinary shares. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of our Class A ordinary shares. The underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the over-allotment option described above and/or may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the ordinary shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Ordinary Shares or preventing or delaying a decline in the market price of our Ordinary Shares. As a result, the price of our ordinary shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our ordinary shares. These transactions may on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### Selling Restrictions
Other than in the United States, no action may be taken, and no action has been taken, by us or the underwriters that would permit a public offering of the Class A ordinary shares offered by, or the possession, circulation, or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Class A 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 Class A ordinary shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Ordinary Shares in the United States, the underwriters may, subject to applicable foreign laws, also offer the ordinary shares in certain countries.

#### Notice to Prospective Investors in Hong Kong
The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) our Class A ordinary shares may not be offered or sold in

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Hong Kong, by means of this prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) (CO) or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating to our 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), which 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 securities laws of Hong Kong) other than with respect to the 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.

#### Notice to Prospective Investors in the People's Republic of China
This prospectus may not be circulated or distributed in the PRC and the Class A 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, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

#### Notice to Prospective Investors in Taiwan, the Republic of China
The Class A ordinary shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan, the Republic of China, pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

#### Notice to Prospective Investors in the Cayman Islands
The Class A ordinary shares are not being and may not be offered to the public or to any person in the Cayman Islands for purchase or subscription by us or on our behalf. The Class A ordinary shares may be offered to exempted companies incorporated under the Companies Act (as amended) (each a "Cayman Islands Company"), but only where the offer will be made to, and received by, the relevant Cayman Islands Company entirely outside of the Cayman Islands.

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#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts and non-accountable expense allowance, that we expect to incur in connection with this offering.

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fee | $2507 |
|  Exchange Listing Fee | $5000 |
|  FINRA Fee | $3888 |
|  Legal Fees and Expenses | $530526 |
|  Accounting Fees and Expenses | $1271379 |
|  Printing and Engraving Expenses | $25000 |
|  Miscellaneous Expenses | $154564 |
|  **Total Expenses** | $**1992864** |

---

These expenses will be borne by us. Underwriting discounts will be borne by us in proportion to the number of Ordinary Share sold in the offering.

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#### LEGAL MATTERS
The validity of the Class A ordinary shares and certain other legal matters as to United States Federal and New York State law will be passed upon for us by VCL Law LLP. The underwriters are represented by Loeb & Loeb LLP with respect to legal matters of United States federal and New York state law. The validity of the Ordinary Shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Ogier (Cayman) LLP ("Ogier"), our counsel as to Cayman Islands law. Legal matters as to PRC law will be passed upon for us by East & Concord Partners, and for the underwriters by PacGate Law Group. VCL Law LLP may rely upon Ogier with respect to matters governed by Cayman Islands law and East & Concord Partners with respect to matters governed by PRC law. Loeb & Loeb LLP may rely upon PacGate Law Group with respect to matters governed by PRC law.

#### EXPERTS
The consolidated financial statements for the fiscal years ended on December 31, 2024 and 2023 have been so included in reliance on the report of Onestop Assurance PAC ("Onestop"), Professional Corporation, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The office of Onestop, Professional Corporation is located in Singapore.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the Ordinary Share offered by this prospectus. This prospectus, which is part of the registration statement, omits certain information, exhibits, schedules and undertakings set forth in the registration statement. For further information pertaining to us and our Class A ordinary share, reference is made to the registration statement and the exhibits and schedules to the registration statement. Statements contained in this prospectus as to the contents or provisions of any documents referred to in this prospectus are not necessarily complete, and in each instance where a copy of the document has been filed as an exhibit to the registration statement, reference is made to the exhibit for a more complete description of the matters involved.

You may read and copy all or any portion of the registration statement without charge at the public reference room of the SEC at 100 F Street, N. E., Washington, D.C. 20549. Copies of the registration statement may be obtained from the SEC at prescribed rates from the public reference room of the SEC at such address. You may obtain information regarding the operation of the public reference room by calling 1-800-SEC-0330. In addition, registration statements and certain other filings made with the SEC electronically are publicly available through the SEC's web site at *http://www.sec.gov*. The registration statement, including all exhibits and amendments thereto, has been filed electronically with the SEC.

We are subject to the information and periodic reporting requirements of the Exchange Act and, accordingly, we file annual reports containing financial statements audited by an independent registered public accounting firm, quarterly reports containing unaudited financial data, current reports and other reports and information with the SEC. You may inspect and copy each of our periodic reports, proxy statements and other information at the SEC's public reference room, and at the web site of the SEC referred to above.

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
|  **UNAUDITED FINANCIAL STATEMENTS** |  |
|  [UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET](#T1207) | F-2 |
|  [UNAUDITED CONDENSED OF OPERATIONS AND COMPREHENSIVE INCOME](#T1208) | F-3 |
|  [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY SIX MONTHS ENDED JUNE 30, 2025 AND 2024](#T1209) | F-4 |
|  [UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS](#T1210) | F-5 |
|  [NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#T1211) | F-6 |
|  **FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023** |  |
|  [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#T1201) | F-31 |
|  [CONSOLIDATED BALANCE SHEETS](#T1202) | F-32 |
|  [CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME](#T1203) | F-33 |
|  [CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY](#T1204) | F-34 |
|  [CONSOLIDATED STATEMENTS OF CASH FLOWS](#T1205) | F-35 |
|  [NOTES TO CONSOLIDATED FINANCIAL STATEMENTS](#T1206) | F-36 |

---

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **DECEMBER 31,<br>2024** |
|  | **June 30, <br>2025** | **DECEMBER 31,<br>2024** |
|  **ASSETS** |  |  |
|  CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1244115 | $1263896 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 15719546 | 12530108 |
| &nbsp;&nbsp;&nbsp; Prepayments of filming of documentary and TV series | 13533953 | 8083897 |
| &nbsp;&nbsp;&nbsp; Refundable prepayments of copyright and filming of TV series |  |  |
| &nbsp;&nbsp;&nbsp; Content assets, net | 9793354 | 18435006 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets, net | 4502417 | 3900168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 44793385 | 44213075 |
|  NON-CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 27565 | 32104 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 295271 | 388943 |
| &nbsp;&nbsp;&nbsp; Content assets, net | 5742944 | 9760786 |
| &nbsp;&nbsp;&nbsp; Deferred tax asset, net | 207930 | 212193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current assets | 6273710 | 10394026 |
|  TOTAL ASSETS | $**51067095** | $**54607101** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $9794639 | $7527578 |
| &nbsp;&nbsp;&nbsp; Advances from customers | 12792492 | 16030112 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 1580574 | 1110109 |
| &nbsp;&nbsp;&nbsp; Due to related parties | 203024 | 217263 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | 79869 | 137821 |
| &nbsp;&nbsp;&nbsp; Content liability | 348813 | 753584 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 177755 | 201465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 24977166 | 25977932 |
|  NON-CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp; Advances from customers | 7394482 | 12561884 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 88705 | 138580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current liabilities | 7483187 | 12700464 |
|  TOTAL LIABILITIES | 32460353 | 38678396 |
|  COMMITMENTS AND CONTINGENCIES |  |  |
|  SHAREHOLDERS' EQUITY |  |  |
|  Class A ordinary shares, par value $0.0000002 per share, 225,000,000,000 shares authorized; 15,514,150 shares issued and outstanding\* | 3 | 3 |
|  Class B ordinary shares, par value $0.0000002 per share, 25,000,000,000 shares authorized; 4,485,850 shares issued and outstanding\* | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 7664285 | 7664285 |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 750768 | 600595 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 11629611 | 9403598 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (911806) | (1241537) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Company's shareholders' equity | 19132862 | 16426945 |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | (526120) | (498240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | **18606742** | **15928705** |
|  **TOTAL LIABILITIES AND EQUITY** | $**51067095** | $**54607101** |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### UNAUDITED CONDENSED OF OPERATIONS AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  | **2025** | **2024** |
|  Revenue | $16759613 | $10979037 |
|  Cost of revenues | 12672908 | 7407312 |
|  Gross profit | 4086705 | 3571725 |
|  Operating costs and expenses |  |  |
| &nbsp;&nbsp;&nbsp; Selling expenses | 170027 | 175698 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 857775 | 840967 |
| &nbsp;&nbsp;&nbsp; Allowance for (net recovery of) credit losses | 7720 | (628721) |
|  Total operating expenses | 1035522 | 387944 |
|  Income from operations | 3051183 | 3183781 |
|  Non-operating income |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 429 | 2126 |
| &nbsp;&nbsp;&nbsp; Other income |  | 12653 |
| &nbsp;&nbsp;&nbsp; Other expenses | (82) | (112176) |
|  Total non-operating income (expenses), net | 347 | (97397) |
|  Income before income tax | 3051530 | 3086384 |
|  Income tax expense | 693876 | 670782 |
|  Income before non-controlling interests | 2357654 | 2415602 |
|  Less: loss attributable to non-controlling interests | (18532) | (73979) |
|  Net income to the Company | $2376186 | $2489581 |
|  Other comprehensive item |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation gain (loss) attributable to the Company | 329731 | (314650) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation gain (loss) attributable to non-controlling interests | (9348) | 9556 |
|  Comprehensive income attributable to the company | $2705917 | $2174931 |
|  Comprehensive loss attributable to non-controlling interests | $(27880) | $(64423) |
|  Net income per common share – basic and diluted | $0.12 | $0.12 |
|  Weighted average number of common shares outstanding – basic and diluted \* | 20000000 | 20000000 |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY <br>SIX MONTHS ENDED JUNE 30, 2025 AND 2024

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A common <br>stock** | **Class A common <br>stock** | **Class B common <br>stock** | **Class B common <br>stock** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivable** | **Statutory <br>Reserves** | **Retained <br>Earnings** | **Accumulated <br>Other <br>Comprehensive <br>Loss** | **Total <br>Shareholders' <br>Equity** | **Non- <br>controlling <br>Interest** | **Total <br>Shareholders' <br>Equity** |
|  | **Shares\*** | **Amount** | **Shares\*** | **Amount** | **Additional <br>paid-in <br>capital** | **Subscription <br>receivable** | **Statutory <br>Reserves** | **Retained <br>Earnings** | **Accumulated <br>Other <br>Comprehensive <br>Loss** | **Total <br>Shareholders' <br>Equity** | **Non- <br>controlling <br>Interest** | **Total <br>Shareholders' <br>Equity** |
|  **Balance at December 31, 2023** | 15514150 | $3 | 4485850 | $1 | $7664285 | $(1336) | $490264 | $5325764 | $(834070) | $12644911 | $(384869) | $12260042 |
|  Issuance of Class A Ordinary <br>Share | **—** | **—** |  |  |  | 1336 |  |  |  | 1336 |  | 1336 |
|  Capital contribution due from shareholders upon reorganization | **—** | **—** |  |  |  | (6610476) |  |  |  | (6610476) |  | (6610476) |
|  Net income (loss) for the year |  |  |  |  |  |  |  | 2489581 |  | 2489581 | (73979) | 2415602 |
|  Transfer to statutory reserves |  |  |  |  |  |  | 83475 | (83475) |  |  |  |  |
|  Foreign currency translation gain (loss) |  |  |  |  |  |  |  |  | (314650) | (314650) | 9556 | (305094) |
|  **Balance at June 30, 2024** | 15514150 | $3 | 4485850 | $1 | $7664285 | $(6610476) | $573739 | $7731870 | $(1148720) | $8210702 | $(449292) | $7761410 |
|  **Balance at December 31, 2024** | 15514150 | $3 | 4485850 | $1 | $7664285 | $— | $600595 | $9403598 | $(1241537) | $16426945 | $(498240) | $15928705 |
|  Net income (loss) for the year |  |  |  |  |  |  |  | 2376186 |  | 2376186 | (18532) | 2357654 |
|  Transfer to statutory reserves |  |  |  |  |  |  | 150173 | (150173) |  |  |  |  |
|  Foreign currency translation gain (loss) |  |  |  |  |  |  |  |  | 329731 | 329731 | (9348) | 320383 |
|  **Balance at June 30, 2025** | 15514150 | $3 | 4485850 | $1 | $7664285 | $— | $750768 | $11629611 | $(911806) | $19132862 | $(526120) | $18606742 |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split (see Note 13).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **SIX MONTHS ENDED JUNE 30,** | **SIX MONTHS ENDED JUNE 30,** |
|  | **2025** | **2024** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
|  Net income | $2357654 | $2415602 |
|  Adjustments to reconcile net income to net cash provided by (used in) <br>operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 5067 | 37636 |
| &nbsp;&nbsp;&nbsp; Allowance for (net recovery of) credit losses | 7720 | (628721) |
| &nbsp;&nbsp;&nbsp; Reduction (additions) to content assets |  | (12260667) |
| &nbsp;&nbsp;&nbsp; Change in content liability | (413658) | (138881) |
| &nbsp;&nbsp;&nbsp; Amortization of content assets | 12646601 | 7338078 |
| &nbsp;&nbsp;&nbsp; Written off of content assets |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 99612 | 193485 |
| &nbsp;&nbsp;&nbsp; Change in deferred tax asset | 8054 | 133375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (2932837) | 1486141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance to vendors – a related party |  | (633723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments of filming of documentary and TV series | (5239671) | (3865052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable prepayments of copyright and filming of TV series |  | 209631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (135682) | 1394469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 12731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 2104144 | 1160687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances from customers | (8823919) | 6183330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | 658709 | 542173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | (59766) | 34340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (78877) | (200969) |
| &nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 203151 | 3413665 |
|  CASH FLOWS FROM INVESTING ACTIVITY: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sale of fixed assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of fixed assets |  |  |
| &nbsp;&nbsp;&nbsp; Net cash provided by investing activity |  |  |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Advance from (payments made to) related parties | (14203) | 16798 |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of Class A Ordinary Share |  | 1336 |
| &nbsp;&nbsp;&nbsp; Payments made to shareholders upon reorganization, net |  | (4340079) |
| &nbsp;&nbsp;&nbsp; Payments made for deferred offering costs | (230770) | (500459) |
| &nbsp;&nbsp;&nbsp; Net cash used in financing activities | (244973) | (4822404) |
|  EFFECT OF EXCHANGE RATE CHANGE ON CASH & CASH EQUIVALENTS | 22041 | (81647) |
|  NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | (19781) | (1490386) |
|  CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD | 1263896 | 2368712 |
|  CASH & CASH EQUIVALENTS, END OF PERIOD | $1244115 | $878326 |
|  Supplemental Cash flow data: |  |  |
| &nbsp;&nbsp;&nbsp; Income tax paid | $34378 | $— |
|  Supplemental non-cash financing activity: |  |  |
| &nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | $— | $— |

---

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**1. ORGANIZATION AND DESCRIPTION OF BUSINESS**

Unitrend Entertainment Group Limited ("Unitrend", or the "Company") is an exempted company with limited liability incorporated under the laws of the Cayman Islands on March 23, 2022. The Company was incorporated as an offshore holding company for the purpose of facilitate offshore financing activities. As a holding company with no material operations of its own, Unitrend conducts substantially all of the operations in mainland China of People's Republic of China ("PRC" or "China") through both 1) the direct ownership of Beijing INHI Culture Media Co., Ltd. ("INHI") and its subsidiaries, collectively, the "Operating Entities" and 2) the contractual arrangements (the "Contractual Arrangements"), with Beijing Hexi Weiye Culture Media Co., Ltd. ("Hexi Weiye"), which is a variable interest entity (the "VIE"). The Operating Entities and the VIE are mainly engaged in filming, production and acquiring of TV series and shows, selling the rights of such TV series and shows to TV stations and media platforms, and facilitating TV stations and media platforms with securing advertising sponsorship and revenues through tailored content and airtime slot.

Unitrend acquired 100% equity interests of Infinity Soul Limited ("Infinity Soul") for $2,000 on May 7, 2022; Infinity Soul was incorporated in the British Virgin Islands on January 25, 2022. Infinity Soul acquired 100% equity interest of Charming Empire Limited ("Charming Empire") for HKD 1 ($0.13) on August 30, 2022; Charming Empire was incorporated in Hong Kong on April 1, 2022. Charming Empire incorporated Beijing Heli Fashion Technology Co. Ltd. ("Heli Fashion" or "WFOE") on August 4, 2022 in PRC. Infinity Soul, Charming Empire, and Heli Fashion are currently not engaging in any active business operations and merely acting as holding companies.

WFOE wholly owns Beijing INHI Culture Media Co., Ltd. ("INHI"), which was established on November 26, 2010, in PRC pursuant to PRC laws.

*<u>*<u>Reorganization</u>*</u>*

A reorganization of the Company's legal structure ("Reorganization") was completed in January 2024. The Reorganization involved the 1) acquisition of INHI and its subsidiaries, and 2) execution of a series of contractual agreements among WFOE, VIE and certain shareholders of the VIE.

<u><u>Acquisition of INHI</u></u>

On January 3, 2024, Heli Fashion or WFOE, entered into an Equity Transfer Agreement (the "Transfer Agreement") with INHI and its three shareholders. Pursuant to the Transfer Agreement, Heli Fashion agreed to purchase all of the outstanding equity of INHI for an aggregate purchase price of RMB 50,000,000, or approximately $7.66 million ("Transfer Price"), which is the registered capital of INHI. The major shareholders of INHI are also the major shareholders of Unitrend, who ultimately owns 100% equity interest of WFOE. The acquisitions were accounted for as acquisitions of entities under common control under ASC 805-50-15-6, and the assets and liabilities acquired was measured and recorded at the carrying amount under ASC 805-50-30-5.

<u><u>Execution of contractual agreements</u></u>

On December 20, 2022, Heli Fashion or WFOE entered into a series of contractual arrangements with certain shareholders of Hexi Weiye. These agreements include Exclusive Operating and Consulting Service Agreement, Exclusive Option Agreements, Equity Interest Pledge Agreements and Entrustment Agreements (collectively the "Contractual Arrangements"). Pursuant to the Contractual Arrangements, Heli Fashion has the exclusive right to provide Hexi Weiye consulting and all the technical support services related to business operations including technology and management consulting services. Hexi Weiye was incorporated on November 2, 2022 in PRC for the purpose of expanding the business and market of distribution rights of TV series and TV shows.

As a result of the Contractual Arrangements entered among Heli Fashion, Hexi Weiye and certain shareholders of Hexi Weiye, Hexi Weiye is considered as VIE under the Statement of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810 Consolidation. Consequently, Unitrend, through the Heli Fashion, obtains the power to direct the activities that will significantly affect the economic performance of Hexi Weiye and

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

receives the economic benefits that could be significant to Hexi Weiye, and became the primary beneficiary of Hexi Weiye. The Company treats its VIE as the consolidated entities under Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP").

The Company, together with its wholly owned subsidiaries and its VIE, is effectively controlled by the same majority shareholders group who act in concert before and after the Reorganization, and therefore the Reorganization is considered as a reorganization of entities under common control. The consolidation of the Company, its subsidiaries, and the VIE has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

As of June 30, 2025, the consolidated financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of entities** | **Place and date of<br>incorporation** | **% of ownership** | **% of ownership** | **Principal Activities** |
|  **Name of entities** | **Place and date of<br>incorporation** | **Direct** | **Indirect** | **Principal Activities** |
|  **Parent company** |  |  |  |  |
|  Unitrend Entertainment Group Limited | Cayman Island/March 23, 2022 | Parent |  | Investment holding |
|  **Wholly owned subsidiaries of Unitrend** |  |  |  |  |
|  Infinity Soul Limited ("Infinity Soul") | BVI/January 25, 2022 | 100% |  | Investment holding |
|  Charming Empire Limited ("Charming Empire") | PRC — Hong Kong/ April 1, 2022 | 100% |  | Investment holding |
|  Beijing Heli Fashion Technology Co., Ltd. ("Heli Fashion" or "WFOE") | PRC — Mainland China/August 4, 2022 | 100% |  | Organizing cultural and artistic exchange events such as filming and production of TV series and shows, agency services, advertising design, technology development and consulting |
|  Beijing INHI Culture Media Co., Ltd. ("INHI") | PRC — Mainland China/November 26, 2010 | 100% |  | Organizing cultural and artistic exchange events such as filming and production of TV series and shows, agency services, advertising design |
|  Shanghai Kexi Film and Television Culture Co., Ltd. ("Shanghai Kexi") | PRC — Mainland China/June 29, 2016 | 100% |  | Animation and game development, technology development, software development, agency services, advertising design |
|  Horgos Kexi Culture Media Co., Ltd. ("Horgos Kexi") | PRC — Mainland China/March 19, 2019 | 100% |  | Television planning and development, copyright buying and selling, artist management, photography and videography service, agency services, advertising design |
|  Beijing Zhongxi Culture Co., Ltd. ("Zhongxi Culture") | PRC — Mainland China/June 5, 2014 | 100% |  | Agency services, advertising design |
|  Beijing Zhongxi Culture Co., Ltd. — Hangzhou Branch ("Zhongxi Culture Hangzhou") | PRC — Mainland China/August 25, 2016 | 100% |  | Advertising business |

---

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  **Name of entities** | **Place and date of<br>incorporation** | **% of ownership** | **Principal Activities** |
|  **Name of entities** | **Place and date of<br>incorporation** | **Indirect** | **Principal Activities** |
|  Hangzhou Deep Immersion Culture Communication Co., Ltd. ("Deep Immersion") | PRC — Mainland China/March 5, 2021<br>60%<sup>(1)</sup> |  | Business management and consulting services, marketing planning, advertising design |
|  **VIE** |  |  |  |
|  Beijing Hexi Weiye Culture Media Co., Ltd. ("Hexi Weiye" or "VIE") | PRC — Mainland China/November 2, 2022 | VIE | Organizing cultural and artistic exchange events such as filming, production and distribution of TV series and shows, agency services, advertising design, production, and distribution, technology development and consulting |

---

____________

(1) Deep Immersion was 55% owned by Zhongxi Culture, on April 14, 2023, Zhongxi Culture increased its ownership in Deep Immersion to 60%.

<u><u>The Contractual Arrangements</u></u>

A VIE is an entity which has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.

Heli Fashion or WFOE is deemed to have a controlling financial interest in and be the primary beneficiary of the PRC Operating Entities and the VIE because it has both of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The power to direct activities of the PRC Operating Entities and the VIE that most significantly impact such entities' economic performance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The obligation to absorb losses of, and the right to receive benefits from, the Operating Entities and the VIE that could potentially be significant to such entities.

The following is a brief description of the Contractual Arrangements entered into on December 20, 2022, between WFOE, VIE, and certain shareholders of VIE:

*Exclusive Operations and Consulting Services Agreement*

Pursuant to the exclusive operations and consulting services agreement between WFOE and VIE, WFOE has the exclusive right to provide VIE with support services, consulting services and other services necessary for VIE's operation, business management consulting, grant use rights of intellectual property rights, provide system integration service, research and development of software and system maintenance, provide labor support and to develop the related technologies based on VIE's needs. In exchange, WFOE is entitled to a service fee that equates to all of the consolidated net income after offsetting previous year's loss (if any) of VIE. The service fees may be adjusted based on the actual scope of services rendered by WFOE and the operational needs of VIE.

Pursuant to the exclusive operations and consulting services agreement, WFOE has the unilateral right to adjust the service fee at any time, and VIE has no right to adjust the service fee. The Company believes that such conditions under which the service fee may be adjusted will be primarily based on the needs of VIE to operate and develop its business in the online trademark identifier industry. For example, if VIE needs to expand its business, increase research investment or consummate mergers or acquisitions in the future, WFOE has the right to decrease the amount of the service fee, which would allow VIE to have additional capital to operate and develop its business.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

The exclusive operations and consulting services agreement remains in effect until WFOE terminates the agreement.

*Exclusive Option Agreements*

Pursuant to the exclusive option agreements, among WFOE, VIE and the shareholders who collectively owned all of VIE, such shareholders jointly and severally grant WFOE an option to purchase their equity interests in VIE. The purchase price shall be the lowest price then permitted under applicable PRC laws. WFOE or its designated person may exercise such option at any time to purchase all or part of the equity interests in VIE until it has acquired all equity interests of VIE, which is irrevocable during the term of the agreements.

The exclusive option agreements remain in effect until WFOE terminates these agreements.

*Equity Interest Pledge Agreements*

Pursuant to the equity interest pledge agreements, among the shareholders who collectively owned all of VIE, such shareholders pledge all of the equity interests in VIE to WFOE as collateral to secure the obligations of VIE under the exclusive operations and consulting services agreement and exclusive option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of WFOE unless transferring the equity interests to WFOE or its designated person in accordance with the exclusive option agreements.

The equity interest pledge agreement will take effect from the date of signing, that is, on December 20, 2022, and after the agreement is signed, the share pledge will be recorded under the VIE shareholder register.

The equity interest pledge agreements remain in effect for until WFOE terminates these agreements.

*Entrustment Agreements*

Pursuant to the entrustment agreements, the shareholders of VIE give WFOE an irrevocable proxy to act on their behalf on all matters pertaining to VIE and to exercise all of their rights as shareholders of VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment of the obligations under the exclusive option agreements and the equity interest pledge agreements.

The shareholders powers of attorney remain in effect until shareholders of VIE terminate these agreements.

<u><u>Risks associated with the VIE structure</u></u>

The Company believes that the Contractual Arrangements with the VIE and the shareholders of the VIE are in compliance with PRC laws and regulations and are legally enforceable. However, due to uncertainties regarding the interpretation and application of relevant PRC laws and regulations in connection with the VIE structure or VIE Agreements, our ability to enforce the Contractual Arrangements could be substantially hampered. If the legal structure and Contractual Arrangements were found to be in violation of PRC laws and regulations, the relevant governmental authorities may take a number of administrative measures or impose penalties in dealing with such violations, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revoking the agreements constituting the Contractual Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revoking the business licenses and/or operating licenses of such entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discontinuing or placing restrictions or onerous conditions on its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring it to restructure the operations in such a way as to compel it to establish a new enterprise, re-apply for the necessary licenses or relocate its businesses, staff and assets related to its value-added telecommunications services business;

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposing fines on it or confiscating any of our income that they deem to have been obtained through illegal operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposing conditions or requirements with which the Company or the VIE may not be able to comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the Company or the VIE to restructure the relevant ownership structure or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricting or prohibiting its use of the proceeds from the initial public offering or other of its financing activities to finance the business and operations of the VIE; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking other regulatory or enforcement actions that could be harmful to its business.

The Company's ability to conduct its businesses may be negatively affected if the PRC regulatory authorities were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective control over the operations of the VIE and their shareholders and it may lose the ability to receive economic benefits from the VIE. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiaries and its VIE.

The Company, Infinity Soul, Charming Empire and Heli Fashion are essentially holding companies and do not have active operations as of June 30, 2025 and December 31, 2024. The Company has not provided any financial support to the VIE for the six months ended June 30, 2025 and 2024. The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Current assets | $17856490 | $18267362 |
|  Non-current assets | 5752128 | 9073497 |
|  Total assets | $23608618 | $27340859 |
|  Current liabilities | $9847677 | $10742766 |
|  Non-current liabilities | 7319454 | 11561543 |
|  Total liabilities | $17167131 | $22304309 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  Net revenue | $4513738 | $1468013 |
|  Net income (loss) | $807092 | $34408 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  Net cash used in operating activities | $(183561) | $(914277) |
|  Net cash provided by investing activities | $— | $— |
|  Net cash provided by financing activities |  |  |

---

There are no pledge or collateralization of the VIE's assets that can only be used to settled obligations of the VIE, except for the restricted net assets disclosed in Note 14. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets to the Company in the form of loans and advances or cash dividends.

As the VIE is incorporated as limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE in normal course of business.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### Basis of Presentation
The consolidated financial statements of the Company have been prepared in accordance with the U.S. GAAP and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for financial information.

#### Basis of Consolidation
These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended December 31, 2024 and 2023. Operating results for the six-month period ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The unaudited condensed consolidated financial statements of the Company include the financial statements of the Company, its subsidiaries, and VIE in which the Company is the primary beneficiary. The results of the subsidiaries are consolidated from the date on which the Company obtained control and continues to be consolidated until the date that such control ceases. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. However, if the Company demonstrates its ability to control the VIE through power to govern the activities which most significantly impact VIE's economic performance and is obligated to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, then the entity is consolidated. All intercompany transactions and balances among the Company, its subsidiaries, the VIE have been eliminated upon consolidation.

#### Emerging Growth Company
The Company is an "emerging growth company", as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

#### Use of Estimates
The preparation of unaudited condensed consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities when purchased of three months or less.

#### Content
The Company acquires, licenses and produces content, including original programming. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the unaudited condensed consolidated statements of cash flows.

The Company recognizes content assets (licensed and produced) as "content assets, net" on the unaudited condensed consolidated balance sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known, and the title is accepted and available for showing. For produced content, the Company capitalizes costs associated with the production, including development costs, direct costs, and production overhead. Participations and residuals are expensed in line with the amortization of production costs.

Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in "cost of revenues" on the unaudited condensed consolidated statements of operations over the shorter of each title's contractual window of availability or estimated period of use, beginning with the month of first availability. The amortization is on a straight-line basis. The Company does not expect material replay rate after the first and second showing, which is included in the title's contractual window with the TV station. The Company reviews factors impacting the amortization of the content assets on a regular basis. The Company's estimates related to these factors require considerable management judgment.

Content assets (licensed and produced) are reviewed when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If the Company identified such changes, these content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.

#### Accounts Receivable, Net
Accounts receivable consist primarily of amounts related to the money owed to the Company by its customers. Accounts receivable are recorded at net realizable value, consisting of the carrying amount less an allowance for credit losses, as necessary. Accounts are written off against the allowance after efforts at collection prove unsuccessful. As of June 30, 2025 and December 31, 2024, the allowance for credit losses was $876,155 and $852,722, respectively.

#### Credit Losses
On January 1, 2023, the Company adopted Accounting Standards Update 2016-13 "Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The adoption of the credit loss accounting standard has no material impact on the Company's consolidated financial statements as of January 1, 2023.

The Company's account receivables, third party loans and other receivable which is included in prepaid expenses and other current assets line item in the balance sheet are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluate the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical experience, credit-worthiness of customers and debtors, current economic conditions, reasonable and supportable

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as allowance for (net recovery of) credit losses on the unaudited condensed consolidated statements of operations and comprehensive income. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. In the event the Company recovers amounts previously reserved for, the Company will reduce the specific allowance for credit losses.

#### Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets as follows:

---

| | |
|:---|:---|
|  | **Estimated useful lives** |
|  Furniture and fixtures | 3 – 5 years |
|  Office equipment | 3 – 5 years |
|  Vehicles | 5 years |
|  Leasehold improvement | Lesser of useful life and lease term |

---

#### Impairment of Long-Lived Assets
Long-lived assets with finite lives, primarily content assets, property and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset's carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the six months ended June 30, 2025 and 2024.

#### Fair Value ("FV") of Financial Instruments
Certain of the Company's financial instruments, including cash and equivalents, accrued liabilities and accounts payable, carrying amounts approximate their FV due to their short maturities. FASB ASC Topic 825, "Financial Instruments," requires disclosure of the FV of financial instruments held by the Company. The carrying amounts reported in the balance sheets for current liabilities each qualify as financial instruments and are a reasonable estimate of their FV because of the short period of time between the origination of such instruments and their expected realization and the current market rate of interest.

#### Fair Value Measurements and Disclosures
ASC Topic 820, "Fair Value Measurements and Disclosures," defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The three levels are defined as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs to the valuation methodology are unobservable and significant to the FV measurement.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

As of June 30, 2025 and December 31, 2024, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at FV. The carrying value of cash and cash equivalents, accounts receivable, net, prepayments of filming of documentary and TV series, prepaid expenses and other current asset, net, accounts payable, advances from customers, taxes payable, due to related parties, accrued liabilities and other payables approximate estimated fair values because of their short maturities.

#### Value Added Taxes ("VAT")
The Company's PRC subsidiaries and VIE are subject to value added tax ("VAT") and related surcharges based on gross sales or service price depending on the type of services provided in the PRC ("output VAT"), and the VAT may be offset by VAT paid by the Company on service purchases ("input VAT"). The applicable rate of output VAT or input VAT for the Company is 6%. Gross sales or service price charged to customers is subject to output VAT and subsequently paid to PRC tax authorities after netting input VAT on purchases incurred during the period. The Company's revenues are presented net of VAT collected on behalf of PRC tax authorities and its related surcharges; the VAT is not included in the unaudited condensed consolidated statements of operations and comprehensive income. All of the VAT returns filed by the Company's Operating Entities and the VIE, have been and remain subject to examination by the tax authorities for five years from the date of this report.

#### Income Taxes
The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets also include the prior years' net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statement of income. At June 30, 2025 and December 31, 2024, the Company did not take any uncertain positions that would necessitate recording a tax related liability. The Company files a PRC income tax return. The Company uses calendar year-end for its PRC income tax return filing, PRC income tax returns filed for the years ending on December 31, 2020 and thereafter are subject to examination by the relevant taxing authorities.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Leases
The Company determines if an arrangement is a lease at inception under FASB ASC Topic 842. Right of Use Assets ("ROU") and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.

ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. There was no impairment for operating lease right-of-use lease assets for the six months ended June 30, 2025 and 2024.

#### Deferred Initial Public Offering ("IPO") Costs
The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to the statement of comprehensive income. As of June 30, 2025 and December 31, 2024, deferred IPO costs were $1,761,710 and $1,503,341, respectively.

#### Revenue Recognition
The Company follows Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606").

The core principle underlying FASB ASC 606 is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company's revenue streams are identified when possession of goods and services is transferred to a customer.

FASB ASC Topic 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies each performance obligation.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*<u>*<u>Advertising Agency Revenue</u>*</u>*

The Company purchases advertising space from the media and broadcasting company (mostly the TV stations and over-the-top ("OTT") streaming service provider) and resells it to merchants or parties who wish to post an advertisement in the media channel. The Company signs an Advertising Contract with the media or broadcasting companies for purchasing an advertising time slot for a certain period of time at a fixed price; the Company also signs a fixed price Advertising Contract with merchant customers for posting and airing their advertisements in their target media channels for a specific time slot for a certain period of time. The Company's only performance obligation is to ensure that the customer's advertisements are aired promptly in the customer's target TV station, in full accordance with the terms of the contract provided. The Company charges its merchant customer at a mark-up based on the advertainment cost it will pay to the TV station company; the advertisement cost that the Company pays to media company is set by the media company. The Company is acting as an agent in these transactions, as it earns a fixed fee or fixed percentage of the consideration for each advertising project, a fixed commission limits the benefit the Company can receive from the transaction; and the Company is not responsible for fulfilling the promise to provide customers the specified services and deliverables, the contract price is allocated to this single performance obligation upon the advertisements have been aired. Advertising agency service revenue is recognized at a point when the advertisements has been aired.

*<u>*<u>Content Assets Revenue</u>*</u>*

The Company signs a fixed-price contract with broadcasting company and OTT media service provider for broadcasting in their media platform for the Company's content assets such as TV series or shows which is either produced or licensed by the Company. The Company's only performance obligations include distributing the rights of TV series or shows by providing the master tape in a required form and format to media companies for them to broadcast and disseminate on various platforms. The Company allocates the contract price to this single performance obligation when the services are rendered and the photograph, video, audio recording and products are delivered to media companies. The Company recognizes the revenue from broadcasting the content assets over the duration of the license period if it is unlimited showing, or based on the number of episodes played during the period, whichever is more reasonable.

*<u>*<u>Co-production</u> <u>content Revenue</u>*</u>*

The Company enters into co-production contracts with the main producers of TV series or shows, and the main producers is responsible for all works related to produce and distribute the contents. The Company only acts as the investor and share revenue based on the percentage of its investment over the total production costs. Co-production content revenue is recognized at a point after the TV series or shows were broadcasted.

All the revenue is recognized as net of value-added tax charged to customers.

The following table shows the Company's revenue by revenue stream:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  Advertising agency service | $1092735 | $1368539 |
|  Content assets revenue |  |  |
| &nbsp;&nbsp;&nbsp; Self-produced content | 2276421 | 4862869 |
| &nbsp;&nbsp;&nbsp; Licensed content | 6414852 | 4747629 |
|  Co-production content | 6975605 |  |
|  Total Revenue | $16759613 | $10979037 |

---

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Cost of Revenues
Cost of revenues primarily consists of content costs and others. Content costs mainly consist of costs for self-produced content, which includes amortization and impairment of capitalized produced content and expenses recorded when production costs exceed the total revenues to be earned; licensed content, which includes amortization and impairment of licensed copyrights; and investment cost in co-production contents.

#### Advances from Customers
The Company records payments received in advance from its customers for the Company's content asset use right or advertising agency service as advance from customers, mainly consisting of deposits or prepayments for use of content assets from the Company's customers. These orders normally are delivered based upon contract terms, and the Company will recognize it as revenue when possession of goods and services is provided or performed to the customers.

#### Segment Reporting
On January 1, 2024, the Company adopted Accounting Standards Update ("ASU") ASC 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard enhances the disclosure of segment expenses and the measures used by the Chief Operating Decision Maker ("CODM") in evaluating performance. The adoption of this ASU did not have any material impact on the Company's unaudited condensed consolidated financial statements and disclosure. Financial results for the Company's reportable segment have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's CODM in allocating resources and in assessing performance. The Company's CODM is the Chief Executive Officer. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manners in which management disaggregates a company. Management determining the Company's current operations constitutes a single reportable segment in accordance with ASC 280. The Company's only business and industry segment is media industry, mainly includes three revenue streams: 1) sell advertising spot of media 2) sell content assets use right to media company such as broadcasting company and OTT streaming service provider; content assets include self-produced content and purchase of licensed content, and 3) generate revenue from co-production content.

All of the Company's customers are in the PRC and all revenues for the six months ended June 30, 2025 and 2024 were generated from the PRC. All identifiable assets of the Company are in the PRC. Accordingly, no geographical segments are presented.

#### Non-controlling Interests
The Company follows FASB ASC Topic 810, "Consolidation," governing the accounting for and reporting of non-controlling interests ("NCI") in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI (previously referred to as minority interests) be treated as a separate component of equity, not as a liability, that increases and decreases in the parent's ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated subsidiary be allocated to non-controlling interests even when such allocation might result in a deficit balance.

The net loss attributed to NCI was separately designated in the accompanying statements of operations and comprehensive income. Losses attributable to NCI in a subsidiary may exceed a NCI's interests in the subsidiary's equity. The excess attributable to NCI is attributed to those interests. NCIs shall continue to be attributed their share of losses even if that attribution results in a deficit NCIs balance.

As of June 30, 2025 and December 31, 2024, the Company had NCIs of $(526,120) and $(498,240), which represents the 40% equity ownership of Deep Immersion.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Concentration of Credit Risk
The Company maintains cash in accounts with state-owned banks within the PRC. Cash in state-owned banks less than RMB500,000 (approximately $69,673) is covered by insurance. Should any institution holding the Company's cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. Cash denominated in RMB with a U.S. dollar equivalent of $1,224,120 and $1,135,557 as of June 30, 2025 and December 31, 2024, respectively, of which, $868,475 and $814,544 was not covered by such insurance, respectively. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in these bank accounts. Cash was held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies.

As of June 30, 2025 and December 31, 2024, $1,187 and $1,716 of the Company's cash was on deposit at financial institutions in Hong Kong, respectively, which were insured by the Hong Kong Deposit Protection Board for compensation up to a limit of HK$500,000 (approximately $63,695) if the bank with which an individual/a company hold its eligible deposit fails.

As of June 30, 2025 and December 31, 2024, $1,308 and $85,459 of the Company's cash was on deposit at financial institutions in the United States which were insured by the Federal Deposit Insurance Corporation for compensation up to a limit of $250,000 if the bank with which an individual/a company hold its eligible deposit fails. Financial instruments that potentially subject the Company to credit risk consist primarily of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

For the six months ended June 30, 2025, the Company had three major customers accounted for 37.0%, 20.8% and 11.9% of the Company's total sales, respectively. For the six months ended June 30, 2024, the Company had three major customers accounted for 30.2%, 11.9%, and 11.4% of the Company's total sales, respectively.

As of June 30, 2025, four customers accounted for 38.9%, 23.3%, 22.5%, and 11.6% of the outstanding accounts receivable, respectively. As of December 31, 2024, four customers accounted for 43.7%, 21.0%, 15.0% and 11.7% of the outstanding accounts receivable, respectively.

For the six months ended June 30, 2025, three suppliers accounted for 30.3%, 30.3% and 26.6% of the Company's total purchases. For the six months ended June 30, 2024, two suppliers accounted for 45.9% and 29.3% of the Company's total purchases.

As of June 30, 2025, two suppliers accounted for 63.5%, and 22.7% of the outstanding accounts payable, respectively. As of December 31, 2024, two suppliers accounted for 49.0% and 28.7% of the outstanding accounts payable, respectively.

#### Foreign Currency Translation and Comprehensive Income
The accounts of the Company's PRC entities are maintained in RMB and the accounts of the Company's Hong Kong entity are maintained in Hong Kong dollar ("HK$"). The accounts of the PRC and Hong Kong entities were translated into USD in accordance with FASB ASC Topic 830 "Foreign Currency Matters." All assets and liabilities were translated at the exchange rate on the balance sheet date; shareholders' equity is translated at historical rates and the statements of operations and cash flows are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) in accordance with FASB ASC Topic 220, "Comprehensive Income (Loss)." Gains and losses resulting from foreign currency transactions are reflected in the statements of operations.

The Company follows FASB ASC Topic 220-10, "Comprehensive Income (Loss)." Comprehensive income (loss) comprises net income and all changes to the statements of changes in shareholders' equity, except those due to investments by shareholders, changes in additional paid-in capital and distributions to shareholders.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The exchange rates used to translate amounts in RMB and HK$ to USD for the purposes of preparing the CFS were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>For the Six Months Ended<br>June 30,** | **<br>For the Six Months Ended<br>June 30,** | **For the<br>Year Ended<br>December 31,<br>2024** |
|  | **2025** | **2024** | **For the<br>Year Ended<br>December 31,<br>2024** |
|  Period/Year-end spot rate: RMB exchange rate | US$1 = RMB7.1672 | US$1 = RMB7.2675 | US$1 = RMB7.2985 |
|  Average USD for the reporting period: RMB exchange rate | US$1 = RMB7.2524 | US$1 = RMB7.2004 | USD1 = RMB7.188 |
|  Period/Year-end spot rate: HKD exchange rate | US$1 = HKD7.8499 |  | USD1 = HK$7.7658  |
|  Average USD for the reporting period: HKD exchange rate | US$1 = HKD7.7923 |  | USD1 = HK$7.8028 |

---

#### Statement of Cash Flows
In accordance with ASC 230, "Statement of Cash Flows," cash flows from the Company's operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

#### Earnings per Share
Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary share that has an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For the six months ended June 30, 2025 and 2024, the Company had no dilutive stocks.

#### Related Parties and Transactions
The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

#### Currency Convertibility Risk
Substantially all of the Company's operating activities are settled in RMB, which is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Commitments and Contingencies
Certain conditions may exist as of the date the unaudited condensed consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company's unaudited condensed consolidated financial statements.

If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. As of June 30, 2025 and December 31, 2024, the Company has no such contingencies.

#### New Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company plans to adopt this guidance effective January 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its unaudited condensed financial statements.

In May 2025, the FASB issued ASU No. 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Accounting Acquirer in a Business Combination Involving a Variable Interest Entity. This ASU clarifies that when a business that is a VIE is acquired primarily with equity interests, the determination of the accounting acquirer should follow ASC 805 rather than defaulting to the primary beneficiary under ASC 810. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt this guidance effective January 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its unaudited condensed financial statements.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient for all entities related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under Topic 606. The standard is effective for annual periods beginning after December 15, 2025. Early adoption of ASU 2025-05 is permitted and should be applied prospectively. The Company plans to adopt this guidance effective January 1, 2026 and the Company is currently evaluating the impact of adopting this ASU on its unaudited condensed financial statements.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company's management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company's financial statement presentation or disclosures.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Accounts receivable | $16595701 | $13382830 |
|  Less: allowance for credit losses | (876155) | (852722) |
|  Accounts receivable, net | $15719546 | $12530108 |

---

Movement of allowance for credit losses is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Beginning balance | $852722 | $1344716 |
|  Additions (Reductions) | 7720 | (462362) |
|  Foreign currency translation adjustments | 15713 | (29632) |
|  Ending balance | $876155 | $852722 |

---

The following table summarizes the Company's outstanding accounts receivable as of June 30, 2025 and subsequent collection by aging bucket:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2025** | **Subsequent<br>collection** | **% of<br>collection** |
|  Accounts receivable aged less than 6 months | $13874958 | $3899372 | 28.10% |
|  Accounts receivable aged from 7 to 12 months | 2720743 | 2720743 | 100.00% |
|  Accounts receivable | $16595701 | $6620115 | 39.89% |

---

**4. PREPAYMENTS OF FILMING OF DOCUMENTARY AND TV SERIES**

The Company entered into certain contracts with third parties to invest in filming of documentary and TV series which are currently in production. As of June 30, 2025 and December 31, 2024, prepayments of filming of documentary and TV series is as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Journey into Nature III<sup>(1)</sup> | $5441486 | $5343593 |
|  The Water Dragon Chant<sup>(2)</sup> | 2790506 | 2740304 |
|  Jinglanyue<sup>(3)</sup> | 5301961 |  |
|  Prepayments of filming of documentary and TV series | $13533953 | $8083897 |

---

____________

(1) The Company entered into an agreement with a third party to invest in a total of RMB 39,000,000 ($5,441,486) for filming of documentary series "Comfortable Bus", formerly named as "My Hometown". The Company made prepayment of RMB 13,000,000 ($1,813,829) during the year ended December 31, 2023, then prepaid the remaining balance of RMB 26,000,000 ($3,627,657) during the year ended December 31, 2024. As a result, the total contract amount was fully prepaid by the Company as of June 30, 2025. The parties entered into a project amendment agreement on March 27, 2025, pursuant to which the original project was terminated and the project was changed to "Journey into Nature III" with the same contract amount; and

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**4. PREPAYMENTS OF FILMING OF DOCUMENTARY AND TV SERIES** (cont.)

(2) The Company entered into an agreement with a third party to invest in a total of RMB 20,000,000 ($2,790,506) for filming of TV series "The Water Dragon Chant". The Company made prepayment of RMB 18,820,000 ($2,625,866) during the year ended December 31, 2023, then prepaid the remaining balance of RMB 1,180,000 ($164,640) during the year ended December 31, 2024. As a result, the total contract amount was fully prepaid by the Company as of June 30, 2025; and

(3) The Company entered into agreements with a third party to invest in a total of RMB 38,000,000 ($5,301,961) for filming of TV series "Jinglanyue". The total contract amount was fully prepaid by the Company as of June 30, 2025.

**5. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET**

Prepaid expense and other current assets consisted of the following as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Tax receivable, net | $1662375 | $1885349 |
|  Business advances to employees | 4590 | 12133 |
|  Prepaid expenses<sup>(1)</sup> | 1050094 | 460818 |
|  Security deposit | 21069 | 33612 |
|  Deferred initial public offering costs | 1761710 | 1503341 |
|  Others | 4700 | 6998 |
|  Subtotal | 4504538 | 3902251 |
|  Less: allowance for credit losses | (2121) | (2083) |
|  Prepaid expenses and other current assets, net | $4502417 | $3900168 |

---

____________

(1) Prepaid expenses mainly consisted of prepaid advertising expense, prepaid rent expense and property management fee and other prepaid expenses.

**6. RELATED PARTY BALANCES**

**(a) Due to related parties**

Due to related parties consisted of the following as of June 30, 2025 and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
|  **Name** | **Relationship** | **June 30,<br>2025** | **December 31,<br>2024** |
|  Hangzhou Shendu Film and Television Culture Co., Ltd | One of the Company's senior officers controls this entity | $6977 | $7263 |
|  Bin Feng | Chief Executive Officer and Chairman of the Board of Directors | 196047 | 210000 |
|  Due to related parties |  | $203024 | $217263 |

---

Amounts due to related parties are advances from related parties for working capital during the Company's normal course of business. These advances are unsecured, non-interest bearing and due on demand.

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**7. PROPERTY AND EQUIPMENT, NET**

Property and equipment are summarized as follows as of June 30, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Furniture and fixtures | $167946 | $164925 |
|  Vehicle | 43177 | 42401 |
|  Leasehold improvement | 127131 | 124844 |
|  Office equipment | 240115 | 235794 |
|  Subtotal | 578369 | 567964 |
|  Less: accumulated depreciation | (550804) | (535860) |
|  Property and equipment, net | $27565 | $32104 |

---

Depreciation expenses for the six months ended June 30, 2025 and 2024 were $5,067 and $37,636, respectively.

**8. CONTENT ASSETS, NET**

#### Content assets, net consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **December 31, <br>2024** |
|  Licensed content | $32160670 | $31582097 |
|  Produced content | 34826628 | 40776824 |
|  Subtotal | 66987298 | 72358921 |
|  Less: accumulated amortization | (51451000) | (44163129) |
|  Content assets, net | $15536298 | $28195792 |
|  Less: content assets, net – current | 9793354 | 18435006 |
|  Content assets, net – non-current | $5742944 | $9760786 |

---

The following table represents the amortization of content assets:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  Licensed content | $4583734 | $3307688 |
|  Produced content | 8062867 | 4030390 |
|  Total | $12646601 | $7338078 |

---

Estimated future amortization cost of content assets is as follows:

---

| | |
|:---|:---|
|  **12 Months Ending June 30,** | |
| 2026 | $9793354 |
| 2027 | 5742944 |
|  Total | $15536298 |

---

**9. ACCRUED LIABILITIES AND OTHER PAYABLES**

Accrued liabilities and other payables consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Salary payable – employees | $76477 | $136194 |
|  Others | 3392 | 1627 |
|  Accrued liabilities and other payables | $79869 | $137821 |

---

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**10. CONTENT LIABILITY**

Content obligations include amounts related to the licensing content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. As of June 30, 2025 and December 31, 2024, total content liability was $348,813 and $753,584, respectively.

**11. INCOME TAXES**

**(a) Corporate Income Taxes ("CIT")**

<u><u>Cayman Islands</u></u>

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

<u><u>British Virgin Islands</u></u>

Under the current and applicable laws of BVI, Infinity Soul is not subject to tax on income or capital gains.

<u><u>Hong Kong</u></u>

Charming Empire is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate for the first HKD$2 million of assessable profits is 8.25% and assessable profits above HKD$2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. Charming Empire did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax laws, Charming Empire is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. Charming Empire did not have any operations yet as of this report date.

<u><u>PRC</u></u>

Under the Enterprise Income Tax ("EIT") Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the "FIE") are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. From January 1, 2023 to December 31, 2027, small and low-profit enterprises with annual taxable income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed will be further lowered at 25% of annual taxable income, and the corporate income tax is paid at the rate of 20%. Deep Immersion was small and low-profit enterprises for the six months ended June 30, 2025 and 2024.

In addition, the PRC government provided tax holiday to companies that are incorporated and located in the Special Economic Development Zone in Xinjiang Uygur Autonomous Region ("Xinjiang") for promoting Xinjiang's economic development and maintaining long-term peace and stability, accordingly, Horgos Kexi enjoyed 0% corporate income for year 2019 through 2023, 15% for year 2024 through 2028, and 25% for years thereafter.

The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities, for example, will be subject to a 5% withholding tax rate.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**11. INCOME TAXES** (cont.)

The major components of income tax expense recognized in profit consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  Current income tax expense | $685822 | $537407 |
|  Deferred income tax expense | 8054 | 133375 |
|  Total income tax expense recognized in profit | $693876 | $670782 |

---

A reconciliation of the consolidated federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes for the six months ended June 30, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** |
|  China statutory income tax expense rate | 25.0% | 25.0% |
|  Tax holiday | (5.1)% | (7.1)% |
|  Permanent difference | 0.2% | 0.2% |
|  Change in tax rate | —% | 14.4% |
|  Change in valuation allowance | 2.6% | (10.8)% |
|  Effective income tax rate | 22.7% | 21.7% |

---

Certain subsidiaries in China are subject to different favorable tax rates for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025 and 2024, the tax saving as the result of the favorable tax rate amounted to $155,628 and $219,133, respectively, and per share effect of the favorable tax rate was $0.01 for each period.

**(b) Deferred tax assets**

Components of the Company's deferred tax assets as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Net deferred tax assets: |  |  |
|  Allowance for credit loss | $209465 | $388104 |
|  ROU, net of lease liability | (6889) | (7600) |
|  Expected income tax benefit from NOL carry-forwards | 1394548 | 1116611 |
|  Subtotal | 1597124 | 1497115 |
|  Less: valuation allowance | (1389194) | (1284922) |
|  Deferred tax assets, net | $207930 | $212193 |

---

Movement of the valuation allowance:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Beginning balance | $1284922 | $1366843 |
|  Current year addition (reduction) | 79784 | (45418) |
|  Exchange difference | 24488 | (36503) |
|  Ending balance | $1389194 | $1284922 |

---

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**11. INCOME TAXES** (cont.)

**(c) Taxes payable**

Taxes payable consisted of the following as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Income tax payable | $1424165 | $963332 |
|  Value added tax payable | 150856 | 142384 |
|  Other tax payables | 5553 | 4393 |
|  Tax payable | $1580574 | $1110109 |

---

**12. LEASES**

<u>**<u>Operating Leases — Office Leases</u>**</u>

In August, 2022, the Company entered into a lease for apartment in Beijing, China for two years from August 24, 2022 through September 2, 2024. The quarterly rent is RMB 195,000 ($27,207) from August 24, 2022 through March 2, 2023, and for the remaining lease term, the quarterly rent is RMB 259,706 ($36,236). The Company extended the lease for another two years upon the expiration of the previous lease agreement, from September 3, 2024 through September 2, 2026, and the annual rent is RMB 780,000 ($108,830).

In September, 2022, the Company entered into a lease for an office in Hangzhou City, China for two years from September 8, 2022 through September 7, 2024, with an annual rent of RMB 1,667,495 ($232,658) from September 8, 2022 through September 7, 2023, and for the remaining lease term, the annual rent is RMB 1,750,870 ($244,291).

In August, 2024, the Company entered into a lease for an office in Hangzhou City, China for four years from August 10, 2024 through August 9, 2028, with an annual rent of RMB 300,000 ($41,858) for the first year, and an increment of RMB 10,000 ($1,395) for each following year.

In March, 2023, the Company entered into a lease for an office in Shanghai City, China for three years from March 8, 2023 through March 7, 2026, with an annual rent of RMB 427,050 ($59,584) from March 8, 2023 through March 7, 2025, and for the remaining lease term, the annual rent is RMB 448,403 ($62,564).

The table below presents the operating lease related assets and liabilities recorded on the balance sheets.

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Operating lease right-of-use lease assets | $295271 | $388943 |
|  Operating lease liabilities – current | $177755 | $201465 |
|  Operating lease liabilities – non-current | 88705 | 138580 |
|  Total operating lease liabilities | $266460 | $340045 |

---

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Weighted average remaining lease term (years) | 1.94 | 2.30 |
|  Weighted average discount rate | 3.91% | 3.93% |

---

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**12. LEASES** (cont.)

During the six months ended June 30, 2025 and 2024, the Company incurred total operating lease expenses of $105,425 and $207,296, respectively.

The following is a schedule, by years, of maturities of the operating lease liabilities as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Minimum Lease<br>Payment** |
|  Remainder of 2025 | $128949 |
| 2026 | 99063 |
| 2027 | 46044 |
|  Total undiscounted cash flows | 274056 |
|  Less: imputed interest | (7596) |
|  Present value of lease liabilities | $266460 |

---

**13. SHAREHOLDERS' EQUITY**

<u>**<u>Ordinary Shares</u>**</u>

On December 26, 2023, all the shareholders and directors of the Company approved to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately increase the Company's authorized share capital from US$30,300 divided into 300,000,000 ordinary shares of a par value of US$0.0001 each and 3,000,000 preference shares of a par value of US$0.0001 each to US$50,000 divided into 450,000,000 ordinary shares of a par value of US$0.0001 each and 50,000,000 preference shares of a par value of US$0.0001 each (the "Share Capital Increase"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately following the Share Capital Increase being effected, re-designate and re-classify its authorized share capital as follows (the "Share Capital Reorganization"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each authorized ordinary share, whether in issue or not, immediately following the Share Capital Increase was re-designated and re-classified into one Class A ordinary share of par value US$0.0001 each, each Class A ordinary shares being entitled to one vote per share and having the rights, privileges and limitations set out in our amended and restated memorandum and articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each authorized preference share, whether in issue or not, immediately following the Share Capital Increase was re-designated and re-classified into one Class B ordinary share of par value US$0.0001 each (Class B Ordinary Shares), each Class B ordinary shares being entitled to ten vote per share and having the rights, privileges and limitations set out in our amended and restated memorandum and articles of association.

On December 26, 2023, all the directors of the Company approved to issue an additional 31,024,331 Class A Ordinary Shares of par value US$0.0001 and 8,971,700 Class B ordinary shares of par value US$0.0001, subject to the Company receiving the subscription prices of $7,664,289 including 1) $7,662,953 (RMB 50 million) in aggregate from the Sun

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**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**13. SHAREHOLDERS' EQUITY** (cont.)

Knight Limited, MTN Entertainment Limited and Jetsen Holdings Ltd. (the "Selling Shareholders") for 17,669,331 Class A ordinary shares of par value US$0.0001 and 8,971,700 Class B ordinary shares of par value US$0.0001 in aggregate, and 2) $1,336 from other shareholders for 13,355,000 Class A ordinary shares of par value US$0.0001. Each of the above-mentioned share issuance is specified in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  **Purchaser** | **Number of Ordinary Shares** | **Consideration** | **Consideration** |
|  Sun Knight Limited | 8,971,700 Class B ordinary shares | US$ | 3952551.00 |
|  MTN Entertainment Limited | 4,529,331 Class A ordinary shares | US$ | 951739.00 |
|  CHARMWELL INVESTMENT HOLDING LIMITED | 1,825,000 Class A ordinary shares | US$ | 182.50 |
|  Jetsen Holdings Ltd. | 13,140,000 Class A ordinary shares | US$ | 2758663.00 |
|  YL Management Limited | 1,806,750 Class A ordinary shares | US$ | 180.68 |
|  GJJ Management Limited | 821,250 Class A ordinary shares | US$ | 82.13 |
|  WC Management Limited | 1,799,450 Class A ordinary shares | US$ | 179.95 |
|  HLLJ International Holding Limited | 1,814,050 Class A ordinary shares | US$ | 181.41 |
|  HYJ Management Limited | 1,788,500 Class A ordinary shares | US$ | 178.85 |
|  Mercurity Fintech Holding Inc. | 400,000 Class A ordinary shares | US$ | 40.00 |
|  IMCT Inc. | 600,000 Class A ordinary shares | US$ | 60.00 |
|  Kai Electronic Enterprise, Inc. | 1,100,000 Class A ordinary shares | US$ | 110.00 |
|  Meet Fresh Inc. | 168,000 Class A ordinary shares | US$ | 16.80 |
|  Sunrise Commercial Trading, Inc. | 1,232,000 Class A ordinary shares | US$ | 123.20 |

---

The WFOE agreed to purchase all of the outstanding equity of INHI for an aggregate purchase price of RMB 50,000,000 (the registered capital of INHI), payable to the 100% Selling Shareholders of INHI, the $7,662,953 was originally offset among the subscription price receivable from the Selling Shareholders of INHI and acquisition price of INHI payable to the Selling Shareholders as of December 31, 2023. However, due to administrative procedures required by relevant Chinese authorities, the WOFE is required to pay the Selling Shareholders of INHI the aggregate purchase price of RMB 50,000,000, and the Selling Shareholders of INHI is required to pay the Company the subscription prices of $7,662,953 (RMB 50 million), and these amounts were paid by both parties during the year ended December 31, 2024. The Company also recorded $1,336 subscription receivable from the existing shareholders for the issuance of 13,355,000 Class A ordinary shares as of December 31, 2023, and the amount was fully received during the year ended December 31, 2024. The Company considers the insurance of the 39,900,000 Ordinary Shares to form part of the Company's broader pre-IPO share capital reorganization, which included the Share Capital Increase and Share Capital Reorganization and resulted in 40,000,000 Ordinary Shares being issued and outstanding prior to completion of this public offering.

On March 28, 2025, the Company's shareholders approved a consolidation ("Share Consolidation") of the Company's authorized and issued share capital, at a ratio of 2:1. As a result of the Share Consolidation, the authorized share capital of the Company was amended from US$50,000 divided into 450,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each to US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002.

On April 24, 2025, the Company's shareholders approved a share split ("Share Split") of the Company's authorized and issued share capital, at a ratio of 1:1,000. As a result of the Share Split, the authorized share capital of the Company was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002 each to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of US$0.0000002. With effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**13. SHAREHOLDERS' EQUITY** (cont.)

The Company believes it is appropriate to reflect such changes in share structure and Share Consolidation on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the Company had 250,000,000,000 authorized Ordinary Shares (225,000,000,000 Class A ordinary shares and 25,000,000,000 Class B Ordinary shares), of which, 20,000,000 shares (15,514,150 Class A ordinary shares and 4,485,850 Class B ordinary shares) were issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

<u>**<u>Statutory Reserve</u>**</u>

Pursuant to the PRC corporate law, the Company is required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.

#### Surplus reserve fund
The Company is required to transfer 10% of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company's registered capital. During the six months ended June 30, 2025 and 2024, the Company made $150,173 and $83,475 contribution to statutory reserve fund, respectively.

The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years' losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.

#### Common welfare fund
Common welfare fund is a voluntary fund to which the Company can elect to transfer 5% to 10% of its net income, as determined under PRC accounting rules and regulations. The Company did not make any contribution to this fund during the six months ended June 30, 2025 and 2024.

This fund can only be utilized on capital items for the collective benefit of the Company's employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation.

**14. RESTRICTED NET ASSETS**

The Company's ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company's operating entities only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company's Operating Entities, and the VIE. Foreign exchange and other regulations in the PRC may further restrict the Operating Entities and the VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Operating Entities and the VIE as determined pursuant to PRC generally accepted accounting principles. As of June 30, 2025 and December 31, 2024, the Company had $8.4 million and $8.3 million restricted net assets, respectively.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**15. OPERATING CONTINGENCIES**

The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

The Company's sales, purchases and expenses are denominated in RMB and all of the Company's assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation to affect the remittance.

**16. SEGMENT REPORTING**

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

The Company derives revenue in PRC and manages the business activities on a consolidated basis. The management of the Company concludes that it has only one reporting segment. The Company's only business and industry segment is media industry, mainly includes three revenue streams: 1) sell advertising spot of media 2) sell content assets use right to media company such as broadcasting company and OTT streaming service provider; content assets include self-produced content and purchase of licensed content, and 3) generate revenue from co-production content.

The Company's CODM has been identified as the Chief Executive Officer. The CODM assesses performance for the media industry segment and decides how to allocate resources based on net income attributable to the Company that is reported on the unaudited condensed consolidated statements of operations and comprehensive income. The measure of segment assets is reported on the unaudited condensed consolidated balance sheet as total consolidated assets, and strategic decisions related to headcount and other expenditures are also reviewed on a consolidated basis. As the Company has one reportable segment, sales, cost of sales, selling expenses, and general and administrative expenses are equal to consolidated results. The accounting policies of the Company's media industry segment are also the same as those described in the summary of significant accounting policies.

**17. SUBSEQUENT EVENTS**

The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated the subsequent events through the date of this report, and determined no subsequent events that need to be disclosed.

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

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the board of directors of Unitrend Entertainment Group Limited:

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Unitrend Entertainment Group Limited (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income, changes in equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024 and 2023, and the consolidated results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Onestop Assurance PAC

We have served as the Company's auditor since 2023.

Singapore

March 31, 2025<br>PCAOB ID Number 6732

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **DECEMBER 31,<br>2024** | **DECEMBER 31,<br>2023** |
|  **ASSETS** |  |  |
|  CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1263896 | $2368712 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | 12530108 | 12169138 |
| &nbsp;&nbsp;&nbsp; Prepayments of filming of documentary and TV series | 8083897 | 10431133 |
| &nbsp;&nbsp;&nbsp; Refundable prepayments of copyright and filming of TV series |  | 212599 |
| &nbsp;&nbsp;&nbsp; Content assets, net | 18435006 | 9686290 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets, net | 3900168 | 3289363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 44213075 | 38157235 |
|  NON-CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 32104 | 98695 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets, net | 388943 | 352455 |
| &nbsp;&nbsp;&nbsp; Content assets, net | 9760786 | 6333430 |
| &nbsp;&nbsp;&nbsp; Deferred tax asset, net | 212193 | 253692 |
| &nbsp;&nbsp;&nbsp; Long-term prepaid expenses |  | 13693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current assets | 10394026 | 7051965 |
|  TOTAL ASSETS | $**54607101** | $**45209200** |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
|  CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $7527578 | $8563464 |
| &nbsp;&nbsp;&nbsp; Advances from customers | 16030112 | 13581302 |
| &nbsp;&nbsp;&nbsp; Taxes payable | 1110109 | 360881 |
| &nbsp;&nbsp;&nbsp; Due to related parties | 217263 | 94522 |
| &nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | 137821 | 83278 |
| &nbsp;&nbsp;&nbsp; Content liability | 753584 |  |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 201465 | 232137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 25977932 | 22915584 |
|  NON-CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp; Content liability |  | 985929 |
| &nbsp;&nbsp;&nbsp; Advances from customers | 12561884 | 8986125 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | 138580 | 61520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-current liabilities | 12700464 | 10033574 |
|  TOTAL LIABILITIES | 38678396 | 32949158 |
|  COMMITMENTS AND CONTINGENCIES |  |  |
|  SHAREHOLDERS' EQUITY |  |  |
|  Class A ordinary shares, par value $0.0000002 per share, 225,000,000,000 shares authorized; 15,514,150 shares issued and outstanding\* | 3 | 3 |
|  Class B ordinary shares, par value $0.0000002 per share, 25,000,000,000 shares authorized; 4,485,850 shares issued and outstanding\* | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 7664285  | 7664285  |
| &nbsp;&nbsp;&nbsp; Subscription receivable |  | (1336) |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 600595 | 490264 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 9403598 | 5325764 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (1241537) | (834070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Company's shareholders' equity | 16426945 | 12644911 |
| &nbsp;&nbsp;&nbsp; Non-controlling interests | (498240) | (384869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | **15928705** | **12260042** |
|  **TOTAL LIABILITIES AND EQUITY** | $**54607101** | $**45209200** |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split (see Note 14).

The accompanying notes are an integral part of these consolidated financial statements.

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#### UNITREND ENTERTAINMENT GROUP LIMITED

#### CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **YEARS ENDED <br>DECEMBER 31,** | **YEARS ENDED <br>DECEMBER 31,** |
|  | **2024** | **2023** |
|  Revenue | $20631261 | $21032972 |
|  Cost of revenues | 13922430 | 15077821 |
|  Gross profit | 6708831 | 5955151 |
|  Operating costs and expenses |  |  |
| &nbsp;&nbsp;&nbsp; Selling expenses | 339107 | 531452 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | 1888218 | 2151581 |
| &nbsp;&nbsp;&nbsp; Allowance for (net recovery of) credit losses | (472941) | 252386 |
|  Total operating expenses | 1754384 | 2935419 |
|  Income from operations | 4954447 | 3019732 |
|  Non-operating income |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 3006 | 2005 |
| &nbsp;&nbsp;&nbsp; Other income | 39264 | 112323 |
|  Total non-operating income, net | 42270 | 114328 |
|  Income before income tax | 4996717 | 3134060 |
|  Income tax expense | 934285 | 185294 |
|  Income before non-controlling interests | 4062432 | 2948766 |
|  Less: loss attributable to non-controlling interests | (125733) | (327572) |
|  Net income to the Company | $4188165 | $3276338 |
|  Other comprehensive item |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation loss attributable to the Company | (407467) | (186847) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation gain attributable to non-controlling interests | 12362 | 1596 |
|  Comprehensive income attributable to the company | $3780698 | $3089491 |
|  Comprehensive loss attributable to non-controlling interests | $(113371) | $(325976) |
|  Net income per common share – basic and diluted | $0.21 | $0.16 |
|  Weighted average number of common shares outstanding – basic and diluted\* | 20000000 | 20000000 |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split (see Note 14).

The accompanying notes are an integral part of these consolidated financial statements.

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

#### UNITREND ENTERTAINMENT GROUP LIMITED

#### CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

#### YEARS ENDED DECEMBER 31, 2024 AND 2023

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Class A <br>common stock** | **<br>Class A <br>common stock** | **<br>Class B <br>common stock** | **<br>Class B <br>common stock** | **Additional<br> paid-in<br> capital** | **Subscription<br> receivable** | **Statutory<br> Reserves** | **Retained<br> Earnings** | **Accumulated<br> Other<br> Comprehensive<br> Loss** | **Total<br>Shareholders'<br>Equity** | **Non-<br>controlling<br>Interest** | **Total<br>Shareholders'<br>Equity** |
|  | **Shares\*** | **Amount** | **Shares\*** | **Amount** | **Additional<br> paid-in<br> capital** | **Subscription<br> receivable** | **Statutory<br> Reserves** | **Retained<br> Earnings** | **Accumulated<br> Other<br> Comprehensive<br> Loss** | **Total<br>Shareholders'<br>Equity** | **Non-<br>controlling<br>Interest** | **Total<br>Shareholders'<br>Equity** |
|  **Balance at December 31, 2022** | 15514150 | $3 | 4485850 | $1 | $7664285 | $(1336) | $390985 | $2148705 | $(647223) | $9555420 | $(58893) | $9496527 |
|  Net income (loss) for the year |  |  |  |  |  |  |  | 3276338 |  | 3276338 | (327572) | 2948766 |
|  Transfer to statutory reserves |  |  |  |  |  |  | 99279 | (99279) |  |  |  |  |
|  Foreign currency translation gain (loss) |  |  |  |  |  |  |  |  | (186847) | (186847) | 1596 | (185251) |
|  **Balance at December 31, 2023** | 15514150 | $3 | 4485850 | $1 | $7664285 | $(1336) | $490264 | $5325764 | $(834070) | $12644911 | $(384869) | $12260042 |
|  Issuance of Class A Ordinary <br>Share |  |  |  |  |  | 1336 |  |  |  | 1336 |  | 1336 |
|  Net income (loss) for the year |  |  |  |  |  |  |  | 4188165 |  | 4188165 | (125733) | 4062432 |
|  Transfer to statutory reserves |  |  |  |  |  |  | 110331 | (110331) |  |  |  |  |
|  Foreign currency translation gain (loss) |  |  |  |  |  |  |  |  | (407467) | (407467) | 12362 | (395105) |
|  **Balance at December 31, 2024** | 15514150 | $3 | 4485850 | $1 | $7664285 | $— | $600595 | $9403598 | $(1241537) | $16426945 | $(498240) | $15928705 |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split (see Note 14).

The accompanying notes are an integral part of these consolidated financial statements.

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

#### UNITREND ENTERTAINMENT GROUP LIMITED

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **YEARS ENDED <br>DECEMBER 31,** | **YEARS ENDED <br>DECEMBER 31,** |
|  | **2024** | **2023** |
|  CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
|  Net income | $4062432 | $2948766 |
|  Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation expense | 64881 | 83467 |
| &nbsp;&nbsp;&nbsp; Allowance for (net recovery of) credit losses | (472941) | 252386 |
| &nbsp;&nbsp;&nbsp; Additions to content assets | (19936379) | (12522462) |
| &nbsp;&nbsp;&nbsp; Change in content liability | (208660) |  |
| &nbsp;&nbsp;&nbsp; Amortization of content assets | 13809080 | 13502058 |
| &nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 329428 | 390072 |
| &nbsp;&nbsp;&nbsp; Change in deferred tax asset | 35125 | (79863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (240242) | (761914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from related parties |  | 4739531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments of filming of documentary and TV series | (4582178) | (10446288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable prepayments of copyright and filming of TV series | 209973 | 14304770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 1059635 | (432285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term prepaid expenses | 13524 | 361817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (815167) | (9181345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances from customers | 6739872 | (253924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes payable | (381316) | 357952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other payables | 57676 | (3498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (321000) | (390050) |
| &nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (576257) | 2869190 |
|  CASH FLOWS FROM INVESTING ACTIVITY: |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of fixed assets |  | (42316) |
| &nbsp;&nbsp;&nbsp; Net cash used in investing activity |  | (42316) |
|  CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from amount due to a related party | 124019 | 94659 |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of Class A Ordinary Share | 1336 |  |
| &nbsp;&nbsp;&nbsp; Payments made for deferred offering costs | (606659) | (931036) |
| &nbsp;&nbsp;&nbsp; Net cash used in financing activities | (481304) | (836377) |
|  EFFECT OF EXCHANGE RATE CHANGE ON CASH & CASH EQUIVALENTS | (47255) | (10291) |
|  NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | (1104816) | 1980206 |
|  CASH & CASH EQUIVALENTS, BEGINNING OF YEAR | 2368712 | 388506 |
|  CASH & CASH EQUIVALENTS, END OF YEAR | $1263896 | $2368712 |
|  Supplemental Cash flow data: |  |  |
| &nbsp;&nbsp;&nbsp; Income tax paid | $1334572 | $— |
|  Supplemental non-cash financing activity: |  |  |
| &nbsp;&nbsp;&nbsp; Right of use assets obtained in exchange for operating lease liabilities | $376208 | $223279 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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

#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**1. ORGANIZATION AND DESCRIPTION OF BUSINESS**

Unitrend Entertainment Group Limited ("Unitrend", or the "Company" or "We") is an exempted company with limited liability incorporated under the laws of Cayman Islands on March 23, 2022. We incorporated as our offshore holding company to facilitate offshore financing. As a holding company with no material operations of its own, Unitrend conducts substantially all of the operations in mainland China of People's Republic of China ("PRC" or "China") through both 1) the direct ownership of Beijing INHI Culture Media Co., Ltd. ("INHI") and its subsidiaries, collectively, the "Operating Entities" and 2) the contractual arrangements (the "Contractual Arrangements"), with Beijing Hexi Weiye Culture Media Co., Ltd. ("Hexi Weiye"), which is a variable interest entity (the "VIE"). The Operating Entities and the VIE are mainly engaged in filming, production and acquiring of TV series and shows, selling the rights of such TV series and shows to TV stations and media platforms, and facilitating TV stations and media platforms with securing advertising sponsorship and revenues through tailored content and airtime slot.

Unitrend acquired 100% equity interests of Infinity Soul Limited ("Infinity Soul") for $2,000 on May 7, 2022; Infinity Soul was incorporated in the British Virgin Islands on January 25, 2022. Infinity Soul acquired 100% equity interest of Charming Empire Limited ("Charming Empire") for HKD 1 ($0.13) on August 30, 2022; Charming Empire was incorporated in Hong Kong on April 1, 2022. Charming Empire incorporated Beijing Heli Fashion Technology Co. Ltd. ("Heli Fashion" or "WFOE") on August 4, 2022 in PRC. Infinity Soul, Charming Empire, and Heli Fashion are currently not engaging in any active business operations and merely acting as holding companies.

WFOE wholly owns Beijing INHI Culture Media Co., Ltd. ("INHI"), which was established on November 26, 2010, in PRC pursuant to PRC laws.

*<u>*<u>Reorganization</u>*</u>*

A reorganization of the Company's legal structure ("Reorganization") was completed in January 2024. The Reorganization involved the 1) acquisition of INHI and its subsidiaries, and 2) execution of a series of contractual agreements among WFOE, VIE and certain shareholders of the VIE.

<u><u>Acquisition of INHI</u></u>

On January 3, 2024, Heli Fashion or WFOE, entered into an Equity Transfer Agreement (the "Transfer Agreement") with INHI and its three shareholders. Pursuant to the Transfer Agreement, Heli Fashion agreed to purchase all of the outstanding equity of INHI for an aggregate purchase price of RMB 50,000,000, or approximately $7.66 million ("Transfer Price"), which is the registered capital of INHI. The major shareholders of INHI are also the major shareholders of Unitrend, who ultimately owns 100% equity interest of WFOE. The acquisitions were accounted for as acquisitions of entities under common control under ASC 805-50-15-6, and the assets and liabilities acquired was measured and recorded at the carrying amount under ASC 805-50-30-5.

<u><u>Execution of contracture agreements</u></u>

On December 20, 2022, Heli Fashion or WFOE entered into a series of contractual arrangements with certain shareholders of Hexi Weiye. These agreements include Exclusive Operating and Consulting Service Agreement, Exclusive Option Agreements, Equity Interest Pledge Agreements and Entrustment Agreements (collectively the "Contractual Arrangements"). Pursuant to the Contractual Arrangements, Heli Fashion has the exclusive right to provide to Hexi Weiye consulting and all the technical support services related to business operations including technology and management consulting services. Hexi Wei was incorporated on November 2, 2022 in PRC for the purpose of expanding the business and market of distribution right of TV series and TV shows.

As a result of the Contractual Arrangements entered among Heli Fashion, Hexi Weiye and certain shareholders of Hexi Weiye, Hexi Weiye is considered as VIE under the Statement of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810 Consolidation. Consequently, Unitrend, through the Heli Fashion,

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

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

obtains the power to direct the activities that will significantly affect the economic performance of Hexi Weiye and receives the economic benefits that could be significant to Hexi Weiye, and became the primary beneficiary of Hexi Weiye. The Company treats its VIE as the consolidated entities under Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP").

The Company, together with its wholly owned subsidiaries and its VIE, is effectively controlled by the same majority shareholders group who act in concert before and after the Reorganization, and therefore the Reorganization is considered as a reorganization of entities under common control. The consolidation of the Company, its subsidiaries, and the VIE has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements.

As of December 31, 2024, the consolidated financial statements of the Company include the following entities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of entities** | **Place and date of <br>incorporation** | **% of ownership** | **% of ownership** | **Principal Activities** |
|  **Name of entities** | **Place and date of <br>incorporation** | **Direct** | **Indirect** | **Principal Activities** |
|  **Parent company** |  |  |  |  |
|  Unitrend Entertainment Group Limited | Cayman Island/March 23, 2022 | Parent |  | Investment holding |
|  **Wholly owned subsidiaries of Unitrend** |  |  |  |  |
|  Infinity Soul Limited ("Infinity Soul") | BVI/January 25, 2022 | 100% |  | Investment holding |
|  Charming Empire Limited ("Charming Empire") | PRC — Hong Kong/ April 1, 2022 | 100% |  | Investment holding |
|  Beijing Heli Fashion Technology Co., Ltd. ("Heli Fashion" or "WFOE) | PRC — Mainland China/August 4, 2022 | 100% |  | Organizing cultural and artistic exchange events such as filming and production of TV series and shows, agency services, advertising design, technology development and consulting |
|  Beijing INHI Culture Media Co., Ltd. ("INHI") | PRC — Mainland China/November 26, 2010 | 100% |  | Organizing cultural and artistic exchange events such as filming and production of TV series and shows, agency services, advertising design |
|  Shanghai Kexi Film and Television Culture Co., Ltd. ("Shanghai Kexi") | PRC — Mainland China/June 29, 2016 | 100% |  | Animation and game development, technology development, software development, agency services, advertising design |
|  Horgos Kexi Culture Media Co., Ltd. ("Horgos Kexi") | PRC — Mainland China/March 19, 2019 | 100% |  | Television planning and development, copyright buying and selling, artist management, photography and videography service, agency services, advertising design |
|  Beijing Zhongxi Culture Co., Ltd. ("Zhongxi Culture") | PRC — Mainland China/June 5, 2014 | 100% |  | Agency services, advertising design |
|  Beijing Zhongxi Culture Co., Ltd. — Hangzhou Branch ("Zhongxi Culture Hangzhou") | PRC — Mainland China/August 25, 2016 | 100% |  | Advertising business |

---

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

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  **Name of entities** | **Place and date of <br>incorporation** | **% of ownership** | **Principal Activities** |
|  **Name of entities** | **Place and date of <br>incorporation** | **Indirect** | **Principal Activities** |
|  Hangzhou Deep Immersion Culture Communication Co., Ltd. ("Deep Immersion") | PRC — Mainland China/March 5, 2021<br>60%<sup>(1)</sup> |  | Business management and consulting services, marketing planning, advertising design |
|  **VIE** |  |  |  |
|  Beijing Hexi Weiye Culture Media Co., Ltd. ("Hexi Weiye" or "VIE") | PRC — Mainland China/November 2, 2022 | VIE | Organizing cultural and artistic exchange events such as filming, production and distribution of TV series and shows, agency services, advertising design, production, and distribution, technology development and consulting |

---

____________

(1) Deep Immersion was 55% owned by Zhongxi Culture, on April 14, 2023, Zhongxi Culture increased its ownership in Deep Immersion to 60%.

<u><u>The Contractual Arrangements</u></u>

A VIE is an entity which has a total equity investment that is insufficient to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest, such as through voting rights, right to receive the expected residual returns of the entity or obligation to absorb the expected losses of the entity. The variable interest holder, if any, that has a controlling financial interest in a VIE is deemed to be the primary beneficiary of, and must consolidate, the VIE.

Heli Fashion or WFOE is deemed to have a controlling financial interest in and be the primary beneficiary of the PRC Operating Entities and the VIE because it has both of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The power to direct activities of the PRC Operating Entities and the VIE that most significantly impact such entities' economic performance, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The obligation to absorb losses of, and the right to receive benefits from, the Operating Entities and the VIE that could potentially be significant to such entities.

The following is a brief description of the Contractual Arrangements entered into on December 20, 2022, between WFOE, VIE, and certain shareholders of VIE:

*Exclusive Operations and Consulting Services Agreement*

Pursuant to the exclusive operations and consulting services agreement between WFOE and VIE, WFOE has the exclusive right to provide VIE with support services, consulting services and other services necessary for VIE's operation, business management consulting, grant use rights of intellectual property rights, provide system integration service, research and development of software and system maintenance, provide labor support and to develop the related technologies based on VIE's needs. In exchange, WFOE is entitled to a service fee that equates to all of the consolidated net income after offsetting previous year's loss (if any) of VIE. The service fees may be adjusted based on the actual scope of services rendered by WFOE and the operational needs of VIE.

Pursuant to the exclusive operations and consulting services agreement, WFOE has the unilateral right to adjust the service fee at any time, and VIE has no right to adjust the service fee. We believe that such conditions under which the service fee may be adjusted will be primarily based on the needs of VIE to operate and develop its business in the online trademark identifier industry. For example, if VIE needs to expand its business, increase research investment or consummate mergers or acquisitions in the future, WFOE has the right to decrease the amount of the service fee, which would allow VIE to have additional capital to operate and develop its business.

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

**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

The exclusive operations and consulting services agreement remains in effect until WFOE terminates the agreement.

*Exclusive Option Agreements*

Pursuant to the exclusive option agreements, among WFOE, VIE and the shareholders who collectively owned all of VIE, such shareholders jointly and severally grant WFOE an option to purchase their equity interests in VIE. The purchase price shall be the lowest price then permitted under applicable PRC laws. WFOE or its designated person may exercise such option at any time to purchase all or part of the equity interests in VIE until it has acquired all equity interests of VIE, which is irrevocable during the term of the agreements.

The exclusive option agreements remain in effect until WFOE terminates these agreements.

*Equity Interest Pledge Agreements*

Pursuant to the equity interest pledge agreements, among the shareholders who collectively owned all of VIE, such shareholders pledge all of the equity interests in VIE to WFOE as collateral to secure the obligations of VIE under the exclusive operations and consulting services agreement and exclusive option agreements. These shareholders are prohibited or may not transfer the pledged equity interests without prior consent of WFOE unless transferring the equity interests to WFOE or its designated person in accordance with the exclusive option agreements.

The equity interest pledge agreement will take effect from the date of signing, that is, on December 20, 2022, and after the agreement is signed, the share pledge will be recorded under the VIE shareholder register.

The equity interest pledge agreements remain in effect for until WFOE terminates these agreements.

*Entrustment Agreements*

Pursuant to the entrustment agreements, the shareholders of VIE give WFOE an irrevocable proxy to act on their behalf on all matters pertaining to VIE and to exercise all of their rights as shareholders of VIE, including the right to attend shareholders meetings, to exercise voting rights and all of the other rights, and to sign transfer documents and any other documents in relation to the fulfillment of the obligations under the exclusive option agreements and the equity interest pledge agreements.

The shareholders powers of attorney remain in effect until shareholders of VIE terminate these agreements.

<u><u>Risks associated with the VIE structure</u></u>

The Company believes that the Contractual Arrangements with the VIE and the shareholders of the VIE are in compliance with PRC laws and regulations and are legally enforceable. However, due to uncertainties regarding the interpretation and application of relevant PRC laws and regulations in connection with the VIE structure or VIE Agreements, our ability to enforce the Contractual Arrangements could be substantially hampered. If the legal structure and Contractual Arrangements were found to be in violation of PRC laws and regulations, the relevant governmental authorities may take a number of administrative measures or impose penalties in dealing with such violations, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revoking the agreements constituting the Contractual Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revoking the business licenses and/or operating licenses of such entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discontinuing or placing restrictions or onerous conditions on its operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring it to restructure the operations in such a way as to compel it to establish a new enterprise, re-apply for the necessary licenses or relocate its businesses, staff and assets related to its value-added telecommunications services business;

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**1. ORGANIZATION AND DESCRIPTION OF BUSINESS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposing fines on it or confiscating any of our income that they deem to have been obtained through illegal operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imposing conditions or requirements with which the Company or the VIE may not be able to comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring the Company or the VIE to restructure the relevant ownership structure or operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricting or prohibiting its use of the proceeds from the initial public offering or other of its financing activities to finance the business and operations of the VIE; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking other regulatory or enforcement actions that could be harmful to its business.

The Company's ability to conduct its businesses may be negatively affected if the PRC regulatory authorities were to carry out of any of the aforementioned actions. As a result, the Company may not be able to consolidate its VIE in its consolidated financial statements as it may lose the ability to exert effective control over the operations of the VIE and their shareholders and it may lose the ability to receive economic benefits from the VIE. The Company, however, does not believe such actions would result in the liquidation or dissolution of the Company, its PRC subsidiaries and its VIE.

The Company, Infinity Soul BVI, Charming Empire HK and Heli Fashion WFOE are essentially holding companies and do not have active operations as of December 31, 2024 and 2023. The Company has not provided any financial support to the VIE for the years ended December 31, 2024 and 2023. The following financial statement amounts and balances of the VIE were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Current assets | $18267362 | $718584 |
|  Non-current assets | 9073497 | 480858 |
|  Total assets | $27340859 | $1199442 |
|  Current liabilities | $10742766 | $1168421 |
|  Non-current liabilities | 11561543 | 916640 |
|  Total liabilities | $22304309 | $2085061 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Net revenue | $6024100 | $1675490 |
|  Net income (loss) | $1122156 | $(84505) |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Net cash provided by (used in) operating activities | $(4426894) | $147941 |
|  Net cash provided by investing activities | $— | $— |
|  Net cash provided by financing activities | $— | $— |

---

There are no pledge or collateralization of the VIE's assets that can only be used to settled obligations of the VIE, except for the restricted net assets disclosed in Note 15. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets to the Company in the form of loans and advances or cash dividends.

As the VIE is incorporated as limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE in normal course of business.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023**

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### Basis of Presentation
The consolidated financial statements of the Company have been prepared in accordance with the U.S. GAAP and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") for financial information.

#### Basis of Consolidation
The consolidated financial statements of the Company include the financial statements of the Company, its subsidiaries, and VIE in which the Company is the primary beneficiary. The results of the subsidiaries are consolidated from the date on which the Company obtained control and continues to be consolidated until the date that such control ceases. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. However, if the Company demonstrates its ability to control the VIE through power to govern the activities which most significantly impact VIE's economic performance and is obligated to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, then the entity is consolidated. All intercompany transactions and balances among the Company, its subsidiaries, the VIE have been eliminated upon consolidation.

#### Emerging Growth Company
The Company is an "emerging growth company", as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

#### Use of Estimates
The preparation of consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the content asset amortization policy and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities when purchased of three months or less.

#### Content
The Company acquires, licenses and produces content, including original programming. The content licenses are for a fixed fee and specific windows of availability. Payment terms for certain content licenses and the production of content require more upfront cash payments relative to the amortization expense. Payments for content, including additions to content assets and the changes in related liabilities, are classified within "Net cash provided by (used in) operating activities" on the consolidated statements of cash flows.

The Company recognizes content assets (licensed and produced) as "content assets, net" on the consolidated balance sheets. For licensed content, the Company capitalizes the fee per title and records a corresponding liability at the gross amount of the liability when the license period begins, the cost of the title is known, and the title is accepted and available for showing. For produced content (including co-produced content), the Company capitalizes costs associated with the production, including development costs, direct costs, and production overhead. Participations and residuals are expensed in line with the amortization of production costs.

Based on factors including historical and estimated viewing patterns, the Company amortizes the content assets (licensed and produced) in "cost of revenues" on the consolidated statements of operations over the shorter of each title's contractual window of availability or estimated period of use, beginning with the month of first availability. The amortization is on a straight-line basis. The Company does not expect material replay rate after first and second showing, which is included in the title's contractual window with the TV station. The Company reviews factors impacting the amortization of the content assets on a regular basis. The Company's estimates related to these factors require considerable management judgment.

Content assets (licensed and produced) are reviewed when an event or change in circumstances indicates a change in the expected usefulness of the content or that the fair value may be less than unamortized cost. If the Company identified such changes, these content assets will be stated at the lower of unamortized cost or fair value. In addition, unamortized costs for assets that have been, or are expected to be, abandoned are written off.

#### Accounts Receivable, Net
Accounts receivable consist primarily of amounts related to the money owed to the Company by its customers. Accounts receivable are recorded at net realizable value, consisting of the carrying amount less an allowance for credit losses, as necessary. Accounts are written off against the allowance after efforts at collection prove unsuccessful. As of December 31, 2024 and 2023, the allowance for credit losses was $852,722 and $1,344,716, respectively.

#### Credit Losses
On January 1, 2023, the Company adopted Accounting Standards Update 2016-13 "Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments," which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The adoption of the credit loss accounting standard has no material impact on the Company's consolidated financial statements as of January 1, 2023.

The Company's account receivables, third party loans and other receivable which is included in prepaid expenses and other current assets line item in the balance sheet are within the scope of ASC Topic 326. As the Company has limited customers and debtors, the Company uses the loss-rate method to evaluates the expected credit losses on an individual basis. When establishing the loss rate, the Company makes the assessment on various factors, including historical

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

experience, credit-worthiness of customers and debtors, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability to collect from the customers and debtors. The Company also provides specific provisions for allowance when facts and circumstances indicate that the receivable is unlikely to be collected.

Expected credit losses are recorded as allowance for (net recovery of) credit losses on the consolidated statements of operations and comprehensive income. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. In the event the Company recovers amounts previously reserved for, the Company will reduce the specific allowance for credit losses.

#### Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation, and impairment losses, if any. Major repairs and betterments that significantly extend original useful lives or improve productivity are capitalized and depreciated over the period benefited. Maintenance and repairs are expensed as incurred. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. Depreciation of property and equipment is provided using the straight-line method for substantially all assets as follows:

---

| | |
|:---|:---|
|  | **Estimated useful lives** |
|  Furniture and fixtures | 3 – 5 years |
|  Office equipment | 3 – 5 years |
|  Vehicles | 5 years |
|  Leasehold improvement | Lesser of useful life and lease term |

---

Long-lived assets with finite lives, primarily content assets, property and equipment and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the estimated future undiscounted cash flows from the use of the asset and its eventual disposition are below the asset's carrying value, the asset is deemed to be impaired and written down to its fair value. There were no impairments of these assets for the years ended December 31, 2024 and 2023.

#### Fair Value ("FV") of Financial Instruments
Certain of the Company's financial instruments, including cash and equivalents, accrued liabilities and accounts payable, carrying amounts approximate their FV due to their short maturities. FASB ASC Topic 825, "Financial Instruments," requires disclosure of the FV of financial instruments held by the Company. The carrying amounts reported in the balance sheets for current liabilities each qualify as financial instruments and are a reasonable estimate of their FV because of the short period of time between the origination of such instruments and their expected realization and the current market rate of interest.

#### Fair Value Measurements and Disclosures
ASC Topic 820, "Fair Value Measurements and Disclosures," defines FV, and establishes a three-level valuation hierarchy for disclosures of FV measurement that enhances disclosure requirements for FV measures. The three levels are defined as follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs to the valuation methodology are unobservable and significant to the FV measurement.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

As of December 31, 2024 and 2023, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at FV. The carrying value of cash and cash equivalents, accounts receivable, net, prepayments of filming of documentary and TV series, refundable prepayments of copyright and filming of TV series, prepaid expenses and other current asset, net, accounts payable, advances from customers, taxes payable, due to related parties, accrued liabilities and other payables approximate estimated fair values because of their short maturities.

#### Value Added Taxes ("VAT")
The Company's PRC subsidiaries and VIE are subject to value added tax ("VAT") and related surcharges based on gross sales or service price depending on the type of services provided in the PRC ("output VAT"), and the VAT may be offset by VAT paid by the Company on service purchases ("input VAT"). The applicable rate of output VAT or input VAT for the Company is 6%. Gross sales or service price charged to customers is subject to output VAT and subsequently paid to PRC tax authorities after netting input VAT on purchases incurred during the period. The Company's revenues are presented net of VAT collected on behalf of PRC tax authorities and its related surcharges; the VAT is not included in the consolidated statements of operations and comprehensive income. All of the VAT returns filed by the Company's Operating Entities and the VIE, have been and remain subject to examination by the tax authorities for five years from the date of this report.

#### Income Taxes
The Company uses the asset and liability method of accounting for income taxes in accordance with FASB ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current period and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. Deferred tax assets also include the prior years' net operating losses carried forward. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

The Company follows FASB ASC Topic 740, which prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC Topic 740 also provides guidance on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Under the provisions of FASB ASC Topic 740, when tax returns are filed, it is likely some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits is classified as interest expense and penalties are classified in selling, general and administrative expenses in the statement of income. At December 31, 2024 and 2023, the Company did not take any uncertain positions that would necessitate recording a tax related liability. The Company files a PRC income tax return. The Company uses calendar year-end for its PRC income tax return filing, PRC income tax returns filed for the years ending on December 31, 2020 and thereafter are subject to examination by the relevant taxing authorities.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Leases
The Company determines if an arrangement is a lease at inception under FASB ASC Topic 842. Right of Use Assets ("ROU") and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As most of its leases do not provide an implicit rate, it uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company's incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The ROU assets include adjustments for prepayments and accrued lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise such options.

ROU assets are reviewed for impairment when indicators of impairment are present. ROU assets from operating and finance leases are subject to the impairment guidance in ASC 360, Property, Plant, and Equipment, as ROU assets are long-lived nonfinancial assets.

ROU assets are tested for impairment individually or as part of an asset group if the cash flows related to the ROU asset are not independent from the cash flows of other assets and liabilities. An asset group is the unit of accounting for long-lived assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. There was no impairment for operating lease right-of-use lease assets for the years ended December 31, 2024 and 2023.

#### Deferred Initial Public Offering ("IPO") Costs
The Company complies with the requirement of the ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A — "Expenses of Offering". Deferred offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly related to the intended IPO. Deferred offering costs will be charged to shareholders' equity upon the completion of the IPO. Should the IPO prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to the statement of comprehensive income. As of December 31, 2024 and 2023, deferred IPO costs were $1,503,341 and $929,686, respectively.

#### Revenue Recognition
The Company follows Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606").

The core principle underlying FASB ASC 606 is that the Company will recognize revenue to represent the transfer of goods and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of goods and services transfers to a customer. The Company's revenue streams are identified when possession of goods and services is transferred to a customer.

FASB ASC Topic 606 requires the use of a new five-step model to recognize revenue from customer contracts. The five-step model requires the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies each performance obligation.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*<u>*<u>Advertising Agency Revenue</u>*</u>*

The Company purchases advertising space from the media and broadcasting company (mostly the TV stations and over-the-top ("OTT") streaming service provider) and resells it to merchants or parties who wish to post an advertisement in the media channel. The Company signs an Advertising Contract with the media or broadcasting companies for purchasing an adverting time slot for a certain period of time at a fixed price; the Company also signs a fixed price Advertising Contract with merchant customers for posting and airing their advertisements in their target media channels for a specific time slot for a certain period of time. The Company's only performance obligation is to ensure that the customer's advertisements are aired promptly in the customer's target TV station, in full accordance with the terms of the contract provided. The Company charges its merchant customer at a mark-up based on the advertainment cost it will pay to the TV station company; the advertisement cost that the Company pays to media company is set by the media company. The Company is acting as an agent in these transactions, as it earns a fixed fee or fixed percentage of the consideration for each advertising project, a fixed commission limits the benefit the Company can receive from the transaction; and the Company is not responsible for fulfilling the promise to provide customers the specified services and deliverables, the contract price is allocated to this single performance obligation upon the advertisements have been aired. Advertising agency service revenue is recognized at a point when the advertisements has been aired.

*<u>*<u>Content Assets Revenue</u>*</u>*

The Company signs a fixed-price contract with broadcasting company and OTT media service provider for broadcasting in their media platform for the Company's content assets such as TV series or shows which is either produced or licensed by the Company. The Company's only performance obligations include distributing the rights of TV series or shows by providing the master tape in a required form and format to media companies for them to broadcast and disseminate on various platforms. The Company allocates the contract price to this single performance obligation when the services are rendered and the photograph, video, audio recording and products are delivered to media companies. The Company recognizes the revenue from broadcasting the content assets over the duration of the license period if it is unlimited showing, or based on the number of episodes played during the period, whichever is more reasonable.

*<u>*<u>Post-Production</u> <u>and Other Revenue</u>*</u>*

The Company also provides post-production services for the TV episodes or shows that are not produced by the Company. Post-production includes post editing, production, and program packing production such as special effects packaging or letter/caption design, which is considered as a single performance obligation. In addition, the Company also provides other services such as prop design and game planning services for TV variety shows. Post-production and other revenue is recognized when service is provided, usually within a short period of time.

All the revenue is recognized as net of value-added tax charged to customers.

The following table shows the Company's revenue by revenue stream:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Advertising agency service | $2236907 | $1743582 |
|  Content assets revenue |  |  |
| &nbsp;&nbsp;&nbsp; Self-produced content | 7167357 | 10807673 |
| &nbsp;&nbsp;&nbsp; Licensed content | 11226997 | 8051909 |
|  Post-production service and others |  | 429808 |
|  Total Revenue | $20631261 | $21032972 |

---

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Cost of Revenues
Cost of revenues primarily consists of content costs and others. Content costs mainly consist of costs for self-produced content, which includes amortization and impairment of capitalized produced content and expenses recorded when production costs exceed the total revenues to be earned; licensed content, which includes amortization and impairment of licensed copyrights.

#### Advance from Customers
The Company records payments received in advance from its customers for the Company's content asset use right or advertising agency service as advance from customers, mainly consisting of deposits or prepayments for use of content assets from the Company's customers. These orders normally are delivered based upon contract terms, and the Company will recognize it as revenue when possession of goods and services is provided or performed to the customers.

#### Segment Reporting
On January 1, 2024, the Company adopted Accounting Standards Update ("ASU") ASC 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard enhances the disclosure of segment expenses and the measures used by the Chief Operating Decision Maker ("CODM") in evaluating performance. The adoption of this ASU did not have any material impact on the Company's consolidated financial statements and disclosure. Financial results for the Company's reportable segment have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's CODM in allocating resources and in assessing performance. The Company's CODM is the Chief Executive Officer. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manners in which management disaggregates a company. Management determining the Company's current operations constitutes a single reportable segment in accordance with ASC 280. The Company's only business and industry segment is media industry, mainly includes three revenue streams 1) sell advertising spot of media 2) sell content assets use right to media company such as broadcasting company and OTT streaming service provider; content assets include self-produced content and purchase of licensed content, and 3) provide post-production services for non-self-produced contents.

All of the Company's customers are in the PRC and all revenues for the years ended December 31, 2024 and 2023 were generated from the PRC. All identifiable assets of the Company are in the PRC. Accordingly, no geographical segments are presented.

#### Non-controlling Interests
The Company follows FASB ASC Topic 810, "Consolidation," governing the accounting for and reporting of non-controlling interests ("NCI") in partially owned consolidated subsidiaries and the loss of control of subsidiaries. Certain provisions of this standard indicate, among other things, that NCI (previously referred to as minority interests) be treated as a separate component of equity, not as a liability, that increases and decreases in the parent's ownership interest that leave control intact be treated as equity transactions rather than as step acquisitions or dilution gains or losses, and that losses of a partially-owned consolidated subsidiary be allocated to non-controlling interests even when such allocation might result in a deficit balance.

The net loss attributed to NCI was separately designated in the accompanying statements of operations and comprehensive income. Losses attributable to NCI in a subsidiary may exceed a NCI's interests in the subsidiary's equity. The excess attributable to NCI is attributed to those interests. NCIs shall continue to be attributed their share of losses even if that attribution results in a deficit NCIs balance.

As of December 31, 2024 and 2023, the Company had NCIs of $(498,240) and $(384,869), which represents the 40% equity ownership of Deep Immersion.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Concentration of Credit Risk
The Company maintains cash in accounts with state-owned banks within the PRC. Cash in state-owned banks less than RMB500,000 (approximately $69,000) is covered by insurance. Should any institution holding the Company's cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. Cash denominated in RMB with a U.S. dollar equivalent of $1,135,557 and $2,368,413 as of December 31, 2024 and 2023, respectively, of which, $814,544 and $2,065,310 was not covered by such insurance, respectively. The Company has not experienced any losses in such accounts and believes it is not exposed to any risks on its cash in these bank accounts. Cash was held in accounts at financial institutions located in the PRC‚ which is not freely convertible into foreign currencies.

As of December 31, 2024 and 2023, $1,716 and $nil of the Company's cash was on deposit at financial institutions in Hong Kong, respectively, which were insured by the Hong Kong Deposit Protection Board for compensation up to a limit of HK$500,000 (approximately $64,000) if the bank with which an individual/a company hold its eligible deposit fails.

As of December 31, 2024 and 2023, $85,459 and $nil of the Company's cash was on deposit at financial institutions in the United States which were insured by the Federal Deposit Insurance Corporation for compensation up to a limit of $250,000 if the bank with which an individual/a company hold its eligible deposit fails. Financial instruments that potentially subject the Company to credit risk consist primarily of accounts and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts receivable.

For the year ended December 31, 2024, the Company had three major customers accounted for 25.9%, 19.6% and 10.3% of the Company's total sales, respectively. For the year ended December 31, 2023, the Company had three major customers accounted for 32.0%, 14.6%, and 12.6% of the Company's total sales, respectively.

As of December 31, 2024, four customers accounted for 43.7%, 21.0%, 15.0% and 11.7% of the outstanding accounts receivable, respectively. As of December 31, 2023, five customers accounted for 40.7%, 15.4%, 14.2%, 12.6% and 10.6% of the outstanding accounts receivable, respectively.

For the year ended December 31, 2024, three suppliers accounted for 28.3%, 23.9% and 18.1% of the Company's total purchases. For the year ended December 31, 2023, one supplier accounted for 59.4% of the Company's total purchases.

As of December 31, 2024, two suppliers accounted for 49.0% and 28.7% of the outstanding accounts payable, respectively. As of December 31, 2023, three suppliers accounted for 42.2%, 28.8% and 20.0% of the outstanding accounts payable, respectively.

#### Foreign Currency Translation and Comprehensive Income
The accounts of the Company's PRC entities are maintained in RMB and the accounts of the Company's Hong Kong entity are maintained in Hong Kong dollar ("HK$"). The accounts of the PRC and Hong Kong entities were translated into USD in accordance with FASB ASC Topic 830 "Foreign Currency Matters." All assets and liabilities were translated at the exchange rate on the balance sheet date; shareholders' equity is translated at historical rates and the statements of operations and cash flows are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income (loss) in accordance with FASB ASC Topic 220, "Comprehensive Income (Loss)." Gains and losses resulting from foreign currency transactions are reflected in the statements of operations.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Company follows FASB ASC Topic 220-10, "Comprehensive Income (Loss)." Comprehensive income (loss) comprises net income and all changes to the statements of changes in shareholders' equity, except those due to investments by shareholders, changes in additional paid-in capital and distributions to shareholders.

The exchange rates used to translate amounts in RMB and HK$ to USD for the purposes of preparing the CFS were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **March 31, 2024** | **March 31, 2024** | **March 31, 2023** | **March 31, 2023** |
|  | | **Period-end spot rate** | **Average rate** | **Period-end spot rate** | **Average rate** |
|  USD | against RMB | USD1 = RMB 7.2985 | USD1 = RMB 7.1887 | USD1 = RMB 7.0999 | USD1 = RMB 7.0896 |
|  | USD against HK$ | USD1 = HK$7.7658 | USD1 = HK$7.8028 |  |  |

---

#### Statement of Cash Flows
In accordance with ASC 230, "Statement of Cash Flows," cash flows from the Company's operations are formulated based upon the local currencies using the average exchange rate in the period. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.

#### Earnings per Share
Basic earnings per ordinary share is computed by dividing net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary share that has an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. For the years ended December 31, 2024 and 2023, the Company had no dilutive stocks.

#### Related Parties and Transactions
The Company identifies related parties, and accounts for, discloses related party transactions in accordance with ASC 850, "Related Party Disclosures" and other relevant ASC standards.

Parties, which can be a corporation or individual, are related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Transactions between related parties commonly occurring in the normal course of business are related party transactions. Transactions between related parties are also considered to be related party transactions even though they may not be given accounting recognition. While ASC does not provide accounting or measurement guidance for such transactions, it nonetheless requires their disclosure.

#### Currency Convertibility Risk
Substantially all of the Company's operating activities are settled in RMB, which is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People's Bank of China ("PBOC"). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other Company foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Commitments and Contingencies
Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company's consolidated financial statements.

If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. As of December 31, 2024 and 2023, the Company has no such contingencies.

#### Reclassifications
The Company reclassified certain prior year amounts to conform to the current year's presentation in the Company's consolidated balance sheets. The reclassification included reclassification of the current and non-current portion of content assets, net and advances from customers to distinguish the amounts to be amortized within one year and after one year. None of these reclassifications had an impact on reported consolidated statements of operations and comprehensive income for any of the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **As previously <br>reported at <br>December 31, <br>2023** | **Adjustments <br>Debit/(Credit)** | **As reclassed at <br>December 31, <br>2023** |
|  **Financial Statement caption** |  |  |  |
| &nbsp;&nbsp;&nbsp; Content assets, net – current | $— | $9686290 | $9686290 |
|  **TOTAL CURRENT ASSETS** | $28470945 | $9686290 | $38157235 |
| &nbsp;&nbsp;&nbsp; Content assets, net – non-current | $16019720 | $(9686290) | $6333430 |
|  **TOTAL NON-CURRENT ASSETS** | $16738255 | $(9686290) | $7051965 |
|  **TOTAL ASSETS** | $45209200 | $— | $45209200 |
| &nbsp;&nbsp;&nbsp; Advances from customers – current | $22567427 | $(8986125) | $13581302 |
|  **TOTAL CURRENT LIABILITIES** | $31901709 | $(8986125) | $22915584 |
| &nbsp;&nbsp;&nbsp; Advances from customers – non-current | $— | $8986125 | $8986125 |
|  **TOTAL NON-CURRENT LIABILITIES** | $1047449 | $8986125 | $10033574 |
|  **TOTAL LIABILITIES** | $32949158 | $— | $32949158 |

---

#### New Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this guidance effective January 1, 2025, and the adoption of this ASU did not have on its consolidated financial statement presentation or disclosures.

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

#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. We are currently evaluating this ASU to determine its impact on our disclosures. The Company plans to adopt this guidance effective January 1, 2027 and the Company is currently evaluating the impact of adopting this ASU on its financial statements.

The Company's management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company's financial statement presentation or disclosures.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Accounts receivable | $13382830 | $13513854 |
|  Less: allowance for credit losses | (852722) | (1344716) |
|  Accounts receivable, net | $12530108 | $12169138 |

---

Movement of allowance for credit losses is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Beginning balance | $1344716 | $3799892 |
|  Additions (Reductions) | (462362) | 278647 |
|  Written off |  | (2661005) |
|  Foreign currency translation adjustments | (29632) | (72818) |
|  Ending balance | $852722 | $1344716 |

---

The following table summarizes the Company's outstanding accounts receivable as of December 31, 2024 and subsequent collection by aging bucket:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br>2024** | **Subsequent <br>collection** | **% of <br>collection** |
|  Accounts receivable aged less than 6 months | $8095806 | $543192 | 6.71% |
|  Accounts receivable aged from 7 to 12 months | 5287024 |  |  |
|  Accounts receivable | $13382830 | $543192 | 4.06% |

---

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

**4. PREPAYMENTS OF FILMING OF DOCUMENTARY AND TV SERIES**

The Company entered into certain contracts with third parties to invest in filming of documentary and TV series which are currently in production. As of December 31, 2024 and 2023, prepayments of filming of documentary and TV series is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Comfortable Bus<sup>(1)</sup> | $5343593 | $1831012 |
|  The Water Dragon Chant<sup>(2)</sup> | 2740304 | 2650741 |
|  The Story of Pearl Girl<sup>(3)</sup> |  | 5949380 |
|  Prepayments of filming of documentary and TV series | $8083897 | $10431133 |

---

____________

(1) The Company entered into an agreement with a third party to invest in a total of RMB 39,000,000 ($5,343,593) for filming of documentary series "Comfortable Bus", formerly named as "My Hometown". The Company made prepayment of RMB 13,000,000 ($1,831,012) during the year ended December 31, 2023, then prepaid the remaining balance of RMB 26,000,000 ($3,512,581) during the year ended December 31, 2024. As a result, the total contract amount was fully prepaid by the Company as of December 31, 2024;

(2) The Company entered into an agreement with a third party to invest in a total of RMB 20,000,000 ($2,740,304) for filming of TV series "The Water Dragon Chant". The Company made prepayment of RMB 18,820,000 ($2,650,741) during the year ended December 31, 2023, then prepaid the remaining balance of RMB 1,180,000 ($89,563) during the year ended December 31, 2024. As a result, the total contract amount was fully prepaid by the Company as of December 31, 2024; and

(3) The Company entered into agreements with third parties to invest in a total of RMB 48,000,000 ($6,576,730) for filming of TV series "The Story of Pearl Girl". The Company made prepayment of RMB 42,240,000 ($5,949,380) during the year ended December 31, 2023, then prepaid the remaining balance of RMB 5,760,000 ($627,350) during the year ended December 31, 2024. The TV series started to broadcast on TV and online media platforms in December 31, 2024.

**5. REFUNDABLE PREPAYMENTS OF COPYRIGHT AND FILMING OF TV SERIES**

The Company made prepayments of copyright and filming of TV series. However, due to the impact of Covid-19 epidemic, the purchasing the copyright of TV series and filming TV series were ceased, and the Company received the full refund of the prepayments as the date of this report.

As of December 31, 2024 and 2023, refundable prepayments for copyright and filming of TV series are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  The Capture Order<sup>(1)</sup> | $— | $212599 |
|  Refundable prepayments of copyright and filming of TV series | $— | $212599 |

---

____________

(1) prepayment for joint filming of online movie "The Capture Order" of RMB 1,509,438 ($212,599). The Company received the full refund of the prepayments from the vendor on January 12, 2024.

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

**6. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET**

Prepaid expense and other current assets consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Tax receivable, net | $1885349 | $927777 |
|  Business advances to employees | 12133 | 12719 |
|  Third party loans<sup>(1)</sup> |  | 140847 |
|  Prepaid expenses<sup>(2)</sup> | 460818 | 1208053 |
|  Security deposit | 33612 | 76461 |
|  Deferred initial public offering costs | 1503341 | 929686 |
|  Others | 6998 | 4546 |
|  Subtotal | 3902251 | 3300089 |
|  Less: allowance for credit losses | (2083) | (10726) |
|  Prepaid expenses and other current assets, net | $3900168 | $3289363 |

---

____________

(1) Third party loans are mainly used for short-term funding to support the Company's external business partners whom the Company has well-established business relationship with in filming of TV series and other projects. These loans were non-interest bearing and payable upon demand.

(2) Prepaid expenses mainly consisted of prepaid advertising expense, prepaid rent expense and property management fee and other prepaid expenses.

**7. RELATED PARTY BALANCES**

**(a) Due to related parties**

Due to related parties consisted of the following as of December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Relationship** | **December 31, <br>2024** | **December 31, <br>2023** |
|  Hangzhou Shendu Film and Television Culture Co., Ltd | One of the Company's senior officers controls this entity | $7263 | $94522 |
|  Bin Feng | Chief Executive Officer and Chairman of the Board of Directors | 210000 |  |
|  Due to related parties |  | $217263 | $94522 |

---

Amounts due to related parties are advances from related parties for working capital during the Company's normal course of business. These advances are unsecured, non-interest bearing and due on demand.

**(b) Purchase from a related party**

The Company made purchase of $606,296 and $nil from its related party, Hangzhou Shendu Film and Television Culture Co., Ltd, for the years ended December 31, 2024 and 2023, respectively.

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

**UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023**

**8. PROPERTY AND EQUIPMENT, NET**

Property and equipment are summarized as follows as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Furniture and fixtures | $164925 | $169537 |
|  Vehicle | 42401 | 43587 |
|  Leasehold improvement | 124844 | 128335 |
|  Office equipment | 235794 | 242389 |
|  Subtotal | 567964 | 583848 |
|  Less: accumulated depreciation | (535860) | (485153) |
|  Property and equipment, net | $32104 | $98695 |

---

Depreciation expenses for the years ended December 31, 2024 and 2023 was $64,881 and $83,467, respectively.

**9. CONTENT ASSETS, NET**

Content assets, net consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Licensed content | $31582097 | $23427728 |
|  Produced content | 40776824 | 24008377 |
|  Subtotal | 72358921 | 47436105 |
|  Less: accumulated amortization | (44163129) | (31416385) |
|  Content assets, net | $28195792 | $16019720 |
|  Less: content assets, net – current | 18435006 | 9686290 |
|  Content assets, net – non-current | $9760786 | $6333430 |

---

The following table represents the amortization of content assets:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
|  | **2024** | **2023** |
|  Licensed content | $7937059 | $5487639 |
|  Produced content | 5872021 | 8014419 |
|  Total | $13809080 | $13502058 |

---

Estimated future amortization cost of contract asset is as follows:

---

| | |
|:---|:---|
|  **12 Months Ending December 31,** | |
| 2025 | $18435006 |
| 2026 | 7393928 |
| 2027 | 2366858 |
|  Total | $28195792 |

---

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

**10. ACCRUED LIABILITIES AND OTHER PAYABLES**

Accrued liabilities and other payables consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Salary payable – employees | $136194 | $79881 |
|  Other payable – third party |  | 565 |
|  Others | 1627 | 2832 |
|  Accrued liabilities and other payables | $137821 | $83278 |

---

**11. CONTENT LIABILITY**

Content obligations include amounts related to the licensing content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. As of December 31, 2024 and 2023, total content liability was $753,584 and $985,929, respectively.

**12. INCOME TAXES**

**(a) Corporate Income Taxes ("CIT")**

<u><u>Cayman Islands</u></u>

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

<u><u>British Virgin Islands</u></u>

Under the current and applicable laws of BVI, Infinity Soul BVI is not subject to tax on income or capital gains.

<u><u>Hong Kong</u></u>

Charming Empire HK is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate for the first HKD$2 million of assessable profits is 8.25% and assessable profits above HKD$2 million will continue to be subject to the rate of 16.5% for corporations in Hong Kong, effective from the year of assessment 2018/2019. Charming Empire HK did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax laws, Charming Empire HK is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. Charming Empire HK did not have any operations yet as of this report date.

<u><u>PRC</u></u>

Under the Enterprise Income Tax ("EIT") Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the "FIE") are usually subject to a unified 25% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case basis. From January 1, 2023 to December 31, 2027, small and low-profit enterprises with annual taxable income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed will be further lowered at 25% of annual taxable income, and the corporate income tax is paid at the rate of 20%. Deep Immersion was small and low-profit enterprises for the years ended December 31, 2024 and 2023.

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

**12. INCOME TAXES** (cont.)

In addition, PRC government provided tax holiday to companies that are incorporated and located in the Special Economic Development Zone in Xinjiang Uygur Autonomous Region ("Xinjiang") for promoting Xinjiang's economic development and maintaining long-term peach and stability, accordingly, Horgos Kexi enjoyed 0% corporate income for year 2019 through 2023, 15% for year 2024 through 2028, and 25% for years thereafter.

The current PRC EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside the PRC. A lower withholding tax rate will be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by the PRC tax authorities, for example, will be subject to a 5% withholding tax rate.

The provision for income tax consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Current income tax provision | $899160 | $265157 |
|  Deferred income tax provision (benefit) | 35125 | (79863) |
|  Total income tax provision | $934285 | $185294 |

---

A reconciliation of the consolidated federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes for the years ended December 31, 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  China statutory income tax expense rate | 25.0% | 25.0% |
|  Tax holiday | (5.9)% | (27.1)% |
|  Permanent difference | 0.2% | 0.2% |
|  Utilization of NOL | (4.7)% | (4.3)% |
|  Change in valuation allowance | 4.1% | 12.1% |
|  Effective income tax rate | 18.7% | 5.9% |

---

Certain subsidiaries in China are subject to different favorable tax rates for the years ended December 31, 2024 and 2023. For the years ended December 31, 2024 and 2023, the tax saving as the result of the favorable tax rate amounted to $294,806 and $849,330, respectively, and per share effect of the favorable tax rate were $0.01 and $0.02 (after share reorganization), respectively.

**(b) Deferred tax assets**

Components of the Company's deferred tax assets as of December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Net deferred tax assets: |  |  |
|  Allowance for credit loss | $388104 | $923233 |
|  ROU, net of lease liability | (7600) | (7262) |
|  Expected income tax benefit from NOL carry-forwards | 1116611 | 704564 |
|  Subtotal | 1497115 | 1620535 |
|  Less: valuation allowance | (1284922) | (1366843) |
|  Deferred tax assets, net | $212193 | $253692 |

---

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

**12. INCOME TAXES** (cont.)

Movement of the valuation allowance:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Beginning balance | $1366843 | $954399 |
|  Current year (reduction) addition | (45418) | 431256 |
|  Exchange difference | (36503) | (18812) |
|  Ending balance | $1284922 | $1366843 |

---

**(c) Taxes payable**

Taxes payable consisted of the following as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Income tax payable | $963332 | $264773 |
|  Value added tax payable | 142384 | 93854 |
|  Other tax payables | 4393 | 2254 |
|  Tax payable | $1110109 | $360881 |

---

**13. LEASES**

<u>**<u>Operating Leases — Office Leases</u>**</u>

In August, 2022, the Company entered into a lease for apartment in Beijing, China for two years from August 24, 2022 through September 2, 2024. The quarterly rent is RMB 195,000 ($26,718) from August 24, 2022 through March 2, 2023, and for the remaining lease term, the quarterly rent is RMB 259,706 ($35,584). The Company extended the lease for another two years upon the expiration of the pervious lease agreement, from September 3, 2024 through September 2, 2026, and the annual rent is RMB 780,000 ($106,872).

In September, 2022, the Company entered into a lease for an office in Hangzhou City, China for two years from September 8, 2022 through September 7, 2024, with an annual rent of RMB 1,667,495 ($228,472) from September 8, 2022 through September 7, 2023, and for the remaining lease term, the annual rent is RMB 1,750,870 ($239,896).

In August, 2024, the Company entered into a lease for an office in Hangzhou City, China for four years from August 10, 2024 through August 9, 2028, with an annual rent of RMB 300,000 ($41,105) for the first year, and an increment of RMB 10,000 ($1,370) for each following year.

In March, 2023, the Company entered into a lease for an office in Shanghai City, China for three years from March 8, 2023 through March 7, 2026, with an annual rent of RMB 427,050 ($58,512) from March 8, 2023 through March 7, 2025, and for the remaining lease term, the annual rent is RMB 448,403 ($61,438).

The table below presents the operating lease related assets and liabilities recorded on the balance sheets.

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Operating lease right-of-use lease assets | $388943 | $352455 |
|  Operating lease liabilities – current | $201465 | $232137 |
|  Operating lease liabilities – non-current | 138580 | 61520 |
|  Total operating lease liabilities | $340045 | $293657 |

---

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

**13. LEASES** (cont.)

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  Weighted average remaining lease term (years) | 2.30 | 1.20 |
|  Weighted average discount rate | 3.93% | 4.30% |

---

During the years ended December 31, 2024 and 2023, the Company incurred total operating lease expenses of $349,548 and $504,765, respectively.

The following is a schedule, by years, of maturities of the operating lease liabilities as of December 31, 2024:

---

| | |
|:---|:---|
|  **12 Months Ending December 31,** | **Minimum Lease <br>Payment** |
| 2025 | $210785 |
| 2026 | 97281 |
| 2027 | 45214 |
|  Total undiscounted cash flows | 353280 |
|  Less: imputed interest | (13235) |
|  Present value of lease liabilities | $340045 |

---

**14. SHAREHOLDERS' EQUITY**

<u>**<u>Ordinary Shares</u>**</u>

On December 26, 2023, all the shareholders and directors of the Company approved to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately increase the Company's authorized share capital from US$30,300 divided into 300,000,000 ordinary shares of a par value of US$0.0001 each and 3,000,000 preference shares of a par value of US$0.0001 each to US$50,000 divided into 450,000,000 ordinary shares of a par value of US$0.0001 each and 50,000,000 preference shares of a par value of US$0.0001 each (the "Share Capital Increase"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately following the Share Capital Increase being effected, re-designate and re-classify its authorized share capital as follows (the "Share Capital Reorganization"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each authorized ordinary share, whether in issue or not, immediately following the Share Capital Increase was re-designated and re-classified into one Class A ordinary share of par value US$0.0001 each, each Class A ordinary shares being entitled to one vote per share and having the rights, privileges and limitations set out in our amended and restated memorandum and articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each authorized preference share, whether in issue or not, immediately following the Share Capital Increase was re-designated and re-classified into one Class B ordinary share of par value US$0.0001 each (Class B Ordinary Shares), each Class B ordinary shares being entitled to ten vote per share and having the rights, privileges and limitations set out in our amended and restated memorandum and articles of association.

On December 26, 2023, all the directors of the Company approved to issue an additional 31,024,331 Class A Ordinary Shares of par value US$0.0001 and 8,971,700 Class B ordinary shares of par value US$0.0001, subject to the Company receiving the subscription prices of $7,664,289 including 1) $7,662,953 (RMB 50 million) in aggregate from the Sun

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

**14. SHAREHOLDERS' EQUITY** (cont.)

Knight Limited, MTN Entertainment Limited and Jetsen Holdings Ltd. (the "Selling Shareholders") for 17,669,331 Class A ordinary shares of par value US$0.0001 and 8,971,700 Class B ordinary shares of par value US$0.0001 in aggregate, and 2) $1,336 from other shareholders for 13,355,000 Class A ordinary shares of par value US$0.0001. Each of the above-mentioned share issuance is specified in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  **Purchaser** | **Number of Ordinary Shares** | **Consideration** | **Consideration** |
|  Sun Knight Limited | 8,971,700 Class B ordinary shares | US$ | 3952551.00 |
|  MTN Entertainment Limited | 4,529,331 Class A ordinary shares | US$ | 951739.00 |
|  CHARMWELL INVESTMENT HOLDING <br>LIMITED | 1,825,000 Class A ordinary shares | US$ | 182.50 |
|  Jetsen Holdings Ltd. | 13,140,000 Class A ordinary shares | US$ | 2758663.00 |
|  YL Management Limited | 1,806,750 Class A ordinary shares | US$ | 180.68 |
|  GJJ Management Limited | 821,250 Class A ordinary shares | US$ | 82.13 |
|  WC Management Limited | 1,799,450 Class A ordinary shares | US$ | 179.95 |
|  HLLJ International Holding Limited | 1,814,050 Class A ordinary shares | US$ | 181.41 |
|  HYJ Management Limited | 1,788,500 Class A ordinary shares | US$ | 178.85 |
|  Mercurity Fintech Holding Inc. | 400,000 Class A ordinary shares | US$ | 40.00 |
|  IMCT Inc. | 600,000 Class A ordinary shares | US$ | 60.00 |
|  Kai Electronic Enterprise, Inc. | 1,100,000 Class A ordinary shares | US$ | 110.00 |
|  Meet Fresh Inc. | 168,000 Class A ordinary shares | US$ | 16.80 |
|  Sunrise Commercial Trading, Inc. | 1,232,000 Class A ordinary shares | US$ | 123.20 |

---

The WFOE agreed to purchase all of the outstanding equity of INHI for an aggregate purchase price of RMB 50,000,000 (the registered capital of INHI), payable to the 100% Selling Shareholders of INHI, the $7,662,953 was originally offset among the subscription price receivable from the Selling Shareholders of INHI and acquisition price of INHI payable to the Selling Shareholders as of December 31, 2023. However, due to administrative procedures required by relevant Chinese authorities, the WOFE is required to pay the Selling Shareholders of INHI the aggregate purchase price of RMB 50,000,000, and the Selling Shareholders of INHI is required to pay the Company the subscription prices of $7,662,953 (RMB 50 million), and these amounts were paid by both parties during the year ended December 31, 2024. The Company also recorded $1,336 subscription receivable from the existing shareholders for the issuance of 13,355,000 Class A ordinary shares as of December 31, 2023, and the amount was fully received during the year ended December 31, 2024. The Company considers the insurance of the 39,900,000 Ordinary Shares to form part of the Company's broader pre-IPO share capital reorganization, which included the Share Capital Increase and Share Capital Reorganization and resulted in 40,000,000 Ordinary Shares being issued and outstanding prior to completion of this public offering.

On March 28, 2025, the Company's shareholders approved a consolidation ("Share Consolidation") of the Company's authorized and issued share capital, at a ratio of 2:1. As a result of the Share Consolidation, the authorized share capital of the Company was amended from US$50,000 divided into 450,000,000 Class A Ordinary Shares of US$0.0001 each and 50,000,000 Class B Ordinary Shares of US$0.0001 each to US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002.

On April 24, 2025, the Company's shareholders approved a share split ("Share Split") of the Company's authorized and issued share capital, at a ratio of 1:1,000. As a result of the Share Split, the authorized share capital of the Company was amended from US$50,000 divided into 225,000,000 Class A Ordinary Shares of US$0.0002 each and 25,000,000 Class B Ordinary Shares of US$0.0002 each to US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of US$0.0000002. With effect immediately following the Share Split, each shareholder surrendered such number of shares as required to leave each shareholder holding the same number of Class A Ordinary Shares and Class B Ordinary Shares after the Share Split as they held before the Share Split.

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**14. SHAREHOLDERS' EQUITY** (cont.)

The Company believes it is appropriate to reflect such changes in share structure and Share Consolidation on a retroactive basis pursuant to ASC 260. The Company has retroactively restated all shares and per share data for all periods presented. As a result, the Company had 250,000,000,000 authorized Ordinary Shares (225,000,000,000 Class A ordinary shares and 25,000,000,000 Class B Ordinary shares), of which, 20,000,000 shares (15,514,150 Class A ordinary shares and 4,485,850 Class B ordinary shares) were issued and outstanding as of December 31, 2024 and 2023, respectively.

<u>**<u>Statutory Reserve</u>**</u>

Pursuant to the PRC corporate law, the Company is required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.

#### Surplus reserve fund
The Company is required to transfer 10% of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company's registered capital. During the years ended December 31, 2024 and 2023, the Company made $110,331 and $99,279 contribution to statutory reserve fund, respectively.

The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years' losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.

#### Common welfare fund
Common welfare fund is a voluntary fund to which the Company can elect to transfer 5% to 10% of its net income, as determined under PRC accounting rules and regulations. The Company did not make any contribution to this fund during the years ended December 31, 2024 and 2023.

This fund can only be utilized on capital items for the collective benefit of the Company's employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation.

**15. RESTRICTED NET ASSETS**

The Company's ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company's operating entities only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company's Operating Entities, and the VIE. Foreign exchange and other regulations in the PRC may further restrict the Operating Entities and the VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Operating Entities and the VIE as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2024 and 2023, the Company had $8.3 million and $8.2 million restricted net assets, respectively.

**16. OPERATING CONTINGENCIES**

The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**16. OPERATING CONTINGENCIES** (cont.)

The Company's sales, purchases and expenses are denominated in RMB and all of the Company's assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation to affect the remittance.

**17. SEGMENT REPORTING**

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company's chief operating decision maker in order to allocate resources and assess performance of the segment.

The Company derives revenue in PRC and manages the business activities on a consolidated basis. The management of the Company concludes that it has only one reporting segment. The Company's only business and industry segment is media industry, mainly includes three revenue streams 1) sell advertising spot of media 2) sell content assets use right to media company such as broadcasting company and OTT streaming service provider; content assets include self-produced content and purchase of licensed content, and 3) provide post-production services for non-self-produced contents.

The Company's CODM has been identified as the Chief Executive Officer. The CODM assesses performance for the media industry segment and decides how to allocate resources based on net income attributable to the Company that is reported on the consolidated statements of operations and comprehensive income. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets, and strategic decisions related to headcount and other expenditures are also reviewed on a consolidated basis. As the Company has one reportable segment, sales, cost of sales, selling expenses, and general and administrative expenses are equal to consolidated results. The accounting policies of the Company's media industry segment are also the same as those described in the summary of significant accounting policies.

**18. SUBSEQUENT EVENTS**

The Company follows the guidance in FASB ASC 855-10 for the disclosure of subsequent events. The Company evaluated the subsequent events through the date of this report, and determined no subsequent events that need to be disclosed.

**19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY**

The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company's consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. Such investment is presented on the condensed balance sheets as "Investment in subsidiaries" and the respective profit or loss as "Equity in earnings of subsidiaries" on the condensed statements of income.

The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

As of December 31, 2024 and 2023, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

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**19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY** (cont.)

#### UNITREND ENTERTAINMENT GROUP LIMITED<br>PARENT COMPANY BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2024** | **December 31, <br>2023** |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $85537 | $— |
| &nbsp;&nbsp;&nbsp; Intercompany receivable | 2507073 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets, net | 93854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 2686464 |  |
|  Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp; Investment in subsidiaries | 13950481 | 12644911 |
|  Total assets | $16636945 | $12644911 |
|  **Liabilities and shareholders' equity** |  |  |
|  Liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Due to a related party | $210000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 210000 |  |
|  Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp; Class A ordinary shares, par value $0.0000002 per share, 225,000,000,000 shares authorized; 15,514,150 shares issued and outstanding\* | 3 | 3 |
| &nbsp;&nbsp;&nbsp; Class B ordinary shares, par value $0.0000002 per share, 25,000,000,000 shares authorized; 4,485,850 shares issued and outstanding\* | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 7664285 | 7664285 |
| &nbsp;&nbsp;&nbsp; Subscription receivable |  | (1336) |
| &nbsp;&nbsp;&nbsp; Statutory reserve | 600595 | 490264 |
| &nbsp;&nbsp;&nbsp; Retained earnings | 9403598 | 5325764 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (1241537) | (834070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Company's shareholders' equity | 16426945 | 12644911 |
|  Total liabilities and shareholders' equity | $16636945 | $12644911 |

---

____________

\* Retrospectively restated for effect of share reorganization, share consolidation and share split (see Note 14).

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#### UNITREND ENTERTAINMENT GROUP LIMITED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br>DECEMBER 31, 2024 AND 2023
**19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY** (cont.)

#### UNITREND ENTERTAINMENT GROUP LIMITED<br>PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Operating costs and expenses |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative expenses | $(27748) | $— |
|  Non-operating income |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 6 |  |
|  Equity in earnings of subsidiaries | 4215907 | 3276338 |
|  Net income | 4188165 | 3276338 |
|  Foreign currency translation adjustment | (407467) | (186847) |
|  Comprehensive income attribute to the Company | $3780698 | $3089491 |

---

#### UNITREND ENTERTAINMENT GROUP LIMITED<br>PARENT COMPANY STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Net income | $4188165 | $3276338 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Equity in earnings of subsidiaries | (4215907) | (3276338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (27742) |  |
|  Cash flows from investing activity: |  |  |
| &nbsp;&nbsp;&nbsp; Cash lent to subsidiary | (4203) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activity | (4203) |  |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from amount due to a related party | 210000 |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of Class A Ordinary Share | 1336 |  |
| &nbsp;&nbsp;&nbsp; Payments made for deferred offering costs | (93854) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 117482 |  |
|  Change in cash and cash equivalents | 85537 |  |
|  Cash and cash equivalents, beginning of year |  |  |
|  Cash and cash equivalents, end of year | $85537 | $— |

---

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#### Unitrend Entertainment Group Limited
***3,750,000* Class A Ordinary Shares**

**________________________**

#### Prospectus
**________________________**

January 22, 2026

Until and including [•] (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer's obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

No dealers, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

---

| | |
|:---|:---|
|  ![](tcathay_logo.jpg) | ![](trevere_logo.jpg) |

---

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
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:

&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 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

&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 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.

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

Pursuant to indemnification agreements, the form of which is filed as Exhibit 10.1 to this Registration Statement, we will agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES.
During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of Issuance** | **Number of Ordinary Shares** | **Consideration** | **Consideration** |
|  Sun Knight Limited | December 26, 2023 | 8,965,669 Class B ordinary shares | US$ | 3952551.00 |
|  MTN Entertainment Limited | December 26, 2023 | 4,529,331 Class A ordinary shares | US$ | 951739.00 |
|  Charmwell Investment Holding Limited | December 26, 2023 | 1,825,000 Class A ordinary shares | US$ | 182.50 |
|  Jetsen Holdings Ltd. | December 26, 2023 | 13,140,000 Class A ordinary shares | US$ | 2758663.00 |
|  YL Management Limited | December 26, 2023 | 1,806,750 Class A ordinary shares | US$ | 180.68 |
|  GJJ Management Limited | December 26, 2023 | 821,250 Class A ordinary shares | US$ | 82.13 |
|  WC Management Limited | December 26, 2023 | 1,799,450 Class A ordinary shares | US$ | 179.95 |
|  HLLJ International Holding <br>Limited | December 26, 2023 | 1,814,050 Class A ordinary shares | US$ | 181.41 |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of Issuance** | **Number of Ordinary Shares** | **Consideration** | **Consideration** |
|  HYJ Management Limited | December 26, 2023 | 1,788,500 Class A ordinary shares | US$ | 178.85 |
|  Mercurity Fintech Holding Inc. | December 26, 2023 | 400,000 Class A ordinary shares | US$ | 40.00 |
|  IMCT Inc. | December 26, 2023 | 600,000 Class A ordinary shares | US$ | 60.00 |
|  Kai Electronic Enterprise, Inc. | December 26, 2023 | 1,100,000 Class A ordinary shares | US$ | 110.00 |
|  Meet Fresh Inc. | December 26, 2023 | 168,000 Class A ordinary shares | US$ | 16.80 |
|  Sunrise Commercial Trading, Inc. | December 26, 2023 | 1,232,000 Class A ordinary shares | US$ | 123.20 |

---

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
**(a) Exhibits**

See 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 is shown in the Consolidated Financial Statements or the Notes thereto.

#### ITEM 9. UNDERTAKINGS.
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the 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.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the offering price may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (17 CFR 249.220f)" 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 of the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That, for the purpose of determining liability under the Securities Act to any purchaser:

Each prospectus filed by the Registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the small business issuer pursuant to the foregoing provisions, or otherwise, the small business issuer has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the small business issuer of expenses incurred or paid by a director, officer or controlling person of the small business issuer 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 small business issuer 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 Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) For the purposes of determining liability under the Securities Act of 1933 to any purchaser in the initial distributions 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;&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) 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.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Beijing, People's Republic of China, on January 22, 2026.

---

| | |
|:---|:---|
|  By: | */s/ Bin Feng* |
|  Name: | Bin Feng |
|  Title: | Chief Executive Officer (Principal Executive Officer) |
|  By: | */s/ Xiaoyun He* |
|  Name: | Xiaoyun He |
|  Title: | Executive Director |

---

---

| | |
|:---|:---|
|  By: | */s/ Yachun Wang* |
|  Name: | Yachun Wang |
|  Title: | Chief Financial Officer (Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Capacity** | **Date** |
|  */s/ Bin Feng* | Chief Executive Officer and Chairman of the Board | January 22, 2026 |
|  Bin Feng | (Principal Executive Officer) |  |
|  */s/ Xiaoyun He* | Executive Director | January 22, 2026 |
|  Xiaoyun He |  |  |
|  */s/ Yachun Wang* | Chief Financial Officer | January 22, 2026 |
|  Yachun Wang | (Principal Financial and Accounting Officer) |  |

---

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#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on January 22, 2026.

---

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

---

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of Exhibit** |
|  1.1\* | [Form of Underwriting Agreement](ea027368901ex1-1_unitrend.htm) |
|  3.1\* | [Second Amended and Restated Memorandum and Articles of Association of the Registrant](ea027368901ex3-1_unitrend.htm) |
|  3.2\* | [Amended and Restated Memorandum and Articles of Association of the Registrant, as adopted by special resolution on April 24, 2025](ea027368901ex3-2_unitrend.htm) |
|  4.1\* | [Registrant's Specimen Certificate for Class A ordinary share](ea027368901ex4-1_unitrend.htm) |
|  4.2\* | [Form of Underwriters' Warrant](ea027368901ex4-2_unitrend.htm) |
|  5.1\* | [Form of Opinion of Ogier (Cayman) LLP regarding the validity of the Class A ordinary shares being registered](ea027368901ex5-1_unitrend.htm) |
|  5.2\* | [Opinion of VCL Law LLP regarding the enforceability of Underwriters' Warrants](ea027368901ex5-2_unitrend.htm) |
|  8.1\* | [Opinion of Ogier (Cayman) LLP regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea027368901ex5-1_unitrend.htm) |
|  8.2\* | [Opinion of East & Concord Partners regarding certain PRC Tax matters](ea027368901ex8-2_unitrend.htm) |
|  10.1\* | [Form of Employment Agreement between the Registrant and each of its executive officers](ea027368901ex10-1_unitrend.htm) |
|  10.2\* | [Form of Director Agreement between the Registrant and each of its directors](ea027368901ex10-2_unitrend.htm) |
|  10.3\* | [Form of Indemnification Agreement with the Registrant's directors and officers](ea027368901ex10-3_unitrend.htm) |
|  10.4\* | [Form of Director Offer Letter between the Registrant and each of its independent directors](ea027368901ex10-4_unitrend.htm) |
|  10.5\* | [Exclusive Operations and Consulting Services Agreement, dated December 20, 2022, among WFOE, VIE, and Shareholders of the Company](ea027368901ex10-5_unitrend.htm) |
|  10.6\* | [Exclusive Option Agreements, among WFOE, VIE, and Shareholders of the Company](ea027368901ex10-6_unitrend.htm) |
|  10.7\* | [Equity Interest Pledge Agreements, dated December 12, 2022, among WFOE, VIE, and Shareholders of the Company](ea027368901ex10-7_unitrend.htm) |
|  10.8\* | [Entrustment Agreement from each of the Individual Registered Shareholders](ea027368901ex10-8_unitrend.htm) |
|  10.9\* | [Form of Distribution Agreement](ea027368901ex10-9_unitrend.htm) |
|  21.1\* | [Principal subsidiaries and consolidated affiliated entities of the Registrant](ea027368901ex21-1_unitrend.htm) |
|  23.1\* | [Consent of Onestop Assurance PAC, Independent Registered Public Accounting Firm](ea027368901ex23-1_unitrend.htm) |
|  23.2\* | [Consent of Ogier (Cayman) LLP, Cayman Island counsel (included in Exhibit 5.1)](ea027368901ex5-1_unitrend.htm) |
|  23.3\* | [Consent of East & Concord Partners, PRC counsel](ea027368901ex23-3_unitrend.htm) |
|  24.1\* | [Power of Attorney (on page II-5)](#T123) |
|  99.1\* | [Code of Business Conduct and Ethics of the Registrant](ea027368901ex99-1_unitrend.htm) |
|  99.2\* | [Consent of Frost & Sullivan](ea027368901ex99-2_unitrend.htm) |
|  99.3\* | [Consent of Jason Chia-Lun Wang, independent director nominee](ea027368901ex99-3_unitrend.htm) |
|  99.4\* | [Consent of Shui Yeung Wong, independent director nominee](ea027368901ex99-4_unitrend.htm) |
|  99.5\* | [Consent of Haining Wang, independent director nominee](ea027368901ex99-5_unitrend.htm) |
|  99.6\* | [Consent of Xiaoyun He, executive director nominee](ea027368901ex99-6_unitrend.htm) |
|  107\* | [Filing Fee Table](ea027368901ex-fee_unitrend.htm) |

---

____________

\* Filed herewithin.

## Exhibit 1.1

**Exhibit 1.1**

**UNITREND ENTERTAINMENT GROUP LIMITED**

**UNDERWRITING AGREEMENT**

**, 2026**

**Cathay Securities, Inc.**

40 Wall Street Suite 3600

NY, NY 10005 USA

*As Representatives of the Underwriters*

*named on <u>Schedule A</u> hereto*

Ladies and Gentlemen:

The undersigned, **Unitrend Entertainment Group Limited**, a Cayman Islands Exempted company (collectively with its subsidiaries and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being subsidiaries or affiliates of the Company, the "**Company**"), hereby confirms its agreement (this "**Agreement**") with the several underwriters (such underwriters, including the Representative (as defined below), the "**Underwriters**" and each an "**Underwriter**") named in <u>Schedule A</u> hereto for which Cathay Securities, Inc. is acting as the representative (in such capacity, the "**Representative**") to issue and sell an aggregate of 3,750,000 Class A ordinary shares ("**Firm Shares**"), par value US$0.0000002 per share ("**Class A Ordinary Shares**"). The Company has also granted to the several Underwriters an option to purchase up to 562,500 additional Class A Ordinary Shares, on the terms and for the purposes set forth in <u>Section 2(c)</u> 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 (File No. 333-280248), 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 (collectively, 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 Offered Securities included in the Registration Statement at the effective date of the Registration Statement ("**Effective Date**"), is called the "**Prospectus**." All references in this Agreement to the Registration Statement, the Rule 462(b) 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.

&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) "**Applicable Time**" means [●] p.m., Eastern Time, on the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Compliance with Registration Requirements*. The Registration Statement has been declared effective by the Commission under the Securities Act and the Securities Act Regulations on [\*]. 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 or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the best 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 offer and sale of the Offered Securities, other than with respect to any artwork and graphics that were not filed. Each of the Registration Statement, any Rule 462(b) Registration Statement, and any post-effective amendment to either the Registration Statement or the Rule 462(b) 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 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 Rule 462(b) Registration Statement, or any post-effective amendment to either the Registration Statement or the Rule 462(b) 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 Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Electronic Offer, Sale, and Distribution" and "Price Stabilization, Short Positions and Penalty Bids" in each case under the caption "Underwriting" in the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in 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;(d) *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 in order to make the statements therein, in 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;(e) *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 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;(f) *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;(g) *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;(h) *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 Underwriters' purchase of the Offered Securities, 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;(i) *The 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;(j) *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 (as defined in sub-section (r)) imposed by the Company. The Company has sufficient Class A 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;(k) *No Applicable Registration or Other Similar Rights*. There are no persons with registration or other similar rights to have any securities of the Company registered for sale under the Registration Statement and included 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;(l) *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**"); (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 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) *Independent Accountant*. Onestop Assurance PAC (the "**Accountant**"), which has expressed its opinions 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;(n) *Preparation of the Financial Statements*. Each of the historical financial statements of the Company, respectively, filed with the Commission as a part of the Registration Statement and included in the Disclosure Package and the Prospectus, presents fairly the information provided as of and at the dates and for the periods indicated. 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 generally accepted accounting principles 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. 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 in 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;(o) *Incorporation and Good Standing*. The Company has been duly incorporated or formed and is validly existing and in good standing as a company limited by shares under the laws of the jurisdiction of its formation 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, except to the extent that the failure to be so qualified or be in good standing would not result in a Material Adverse Change. 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;(p) *Capitalization and Other Share Capital Matters*. The authorized, issued and outstanding share capital 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 Class A 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 Class A 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 Class A 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. 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 Nasdaq or authorization of any shareholder, the 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 Class A 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;(q) *Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required*. The Company is not in violation of its certificate of incorporation or amended and restated memorandum and articles of association 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 and restated, (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;(r) *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, British Virgin Islands and the PRC, as the case may be, 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 directly or indirectly by the Company, are fully paid in accordance with its articles of association, memorandum of association or charter documents and non-assessable and are free and clear of all liens, encumbrances, equities or claims ("**Liens**"). 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 U.S. GAAP 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;(s) *No Material Actions or Proceedings*. Except as otherwise disclosed in the 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 threatened (i) against the Company or any of its Subsidiaries, (ii) to the Company's knowledge, which have as the subject thereof any officer or director (in such capacities) of, or property owned or leased by, the Company or any of its 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 Disclosure Package and the Prospectus, no material labor dispute with the employees of the Company 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, 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 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. Neither the Company or any Subsidiary, nor any director or officer thereof, 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. There has not been, and to the knowledge of the Company, there is not 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;(t) *Intellectual Property Rights*. The Company 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**") 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) the Company has not received any written notice of infringement or conflict with asserted Intellectual Property Rights of others; (ii) the Company is 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 has been obtained or is being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, in violation of the rights of any persons; and (iv) the Company is not 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;(u) *All Necessary Permits, etc*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, each of the Company and its Subsidiaries possesses such valid and current certificates, authorizations or permits ("Licenses") issued by the applicable regulatory agencies or bodies necessary to conduct its 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 business as described in the Registration Statement, the Disclosure Package and the Prospectus, except where 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, or non-compliance with, 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 their respective business 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;(v) *Title to Properties*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company has 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(n)</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 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.

&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) *Tax Law Compliance*. (i) The Company and its Subsidiaries have each filed income tax returns required to be filed by the applicable jurisdictions 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 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(n)</u> above in respect of income taxes in the applicable jurisdictions for all periods as to which the tax liability of the Company has not been finally determined; and (iv) All Hong Kong, PRC, British Virgin Islands or Cayman Islands governmental tax credit, exemptions, waivers, financial subsidies, and other Hong Kong, PRC, British Virgin Islands or Cayman Islands 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 Hong Kong, PRC, British Virgin Islands or Cayman Islands .

&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) *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 (the "**Investment Company 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;(y) *FINRA Affiliation*. No officer, director or any beneficial owner of 10% or more of the Company's unregistered securities has any direct or indirect affiliation or association with any Participating Member (as defined under FINRA rules). The Company will advise the Representative and Loeb & Loeb LLP if it learns that any officer, director or owner of 10% or more of the Company's outstanding Class A ordinary shares is or becomes an affiliate or registered person of a Participating Member.

&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) *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;(aa) *Related Party Transactions*. There are no 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;(bb) *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 materially 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;(cc) *Company's Accounting System*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, 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 generally accepted accounting principles 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;(dd) *Money Laundering Law Compliance*. The operations of the Company are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements 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;(ee) *OFAC*. (i) Neither the Company, any of its Subsidiaries nor, to the knowledge of the Company, any director, officer, employee or affiliate of the Company or any Subsidiary, of any other person authorized to act on behalf of the Company, 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**") 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, 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 or affiliated entity, 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 nor any of its Subsidiaries, to the best of the Company's knowledge, any director, officer, employee or affiliate of the Company, any Subsidiary or any other person authorized to act 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 (the "**FCPA**") 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 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, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications of the Sarbanes-Oxley Act and all applicable rule of the listing exchanges. 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 that comply with all 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 the listing exchanges.

&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 Class A ordinary shares has been filed on Form 8-A pursuant to Section 12(b) of the Exchange Act, which registration statement complies in all material respects with the Exchange Act, 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 Class A 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, 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) *Reserved.*

&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) *Reserved.*

&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) *Compliance with PRC Oversea Investment and Listing Rules and Regulations*. Except as otherwise disclosed in Disclosure Package and the Prospectus, the Company and its Subsidiaries have taken reasonable steps to cause the Company's principal shareholders, directors and officers that is, or directly or indirectly controlled by, a PRC resident or citizen, to comply with any applicable rules and regulations of relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National Development and Reform Commission, the China Securities Regulatory Commission ("**CSRC**") , and the State Administration of Foreign Exchange ("**SAFE**") relating to overseas investment by PRC residents and citizens (collectively, the "**PRC Oversea Investment and Listing Rules and Regulations"**), including, without limitation, taking reasonable steps to require each such person that is, or is directly or indirectly owned or controlled by, a PRC resident or citizen to complete any registration, to timely report material changes, and other procedures required under any applicable PRC Oversea Investment and Listing 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;(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 and officers 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.

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 Section 5 hereof, counsel to the Company, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.

&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 each 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 each 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 U.S. GAAP. 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 Underwriter 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 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 Test the Waters Communication) through the date hereof, the Company has been and is an "emerging growth company", as defined in Section 2(a) of the 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 Act. The Company (a) has not alone engaged in any Testing-the-Waters Communication other than Testing-the-Waters Communications with the consent of the Underwriters 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 (b) has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriters have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed any Written Testing-the-Waters Communications.

&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) *Reserved.*

&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) *Reserved.*

&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) *Reserved.*

&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) *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;(vv) *No Fiduciary Duties*. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges that the Underwriters may have financial interests in the success of the Offering that are not limited to the difference between the price to the public and the purchase price paid to the Company by the Underwriters for the Offered Securities and the Underwriters have no obligation to disclose, or account to the Company for, any of such additional financial interests. 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 fiduciary duty.

&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) *No Accounting Issues.* The Company has not received any notice, oral or written, from its Board of Directors stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Board of Directors 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; or (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.

&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) *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 contain in any amendments and supplements thereof, has been made or reaffirmed, or will be made, without a reasonable basis, or has been disclosed or will be disclosed other than in good faith.

&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) *Insurance*. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; neither the Company nor any of its Subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that 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;(zz) *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;(aaa) *Operating and Other Data*. All operating and other data pertaining to the Disclosure Package and the Prospectus are true and accurate in all materials 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;(bbb) *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;(ccc) *Reserved.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) *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;(eee) *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;(fff) The Company acknowledges that the Underwriters and, for purposes of the opinions to be delivered pursuant to Section 6 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; Underwriter's Warrants.*

&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*. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriters an aggregate of 3,750,000 Class A ordinary shares at a purchase price (net of discounts)<sup>1</sup> of $4.00 per Share. The Underwriters agree to purchase from the Company 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;(b) *Delivery of and Payment for Firm Shares*. Delivery of and payment for the Firm Shares shall be made at [10:00 A.M., Eastern time, on the third (3<sup>rd</sup>) Business Day] following the Applicable Time, or at such time as shall be agreed upon by the Underwriters and the Company, at the offices of the Representative's counsel or at such other place as shall be agreed upon by the Underwriters and the Company. The hour and date of delivery of and payment for the Firm Shares is called the "**Closing Date**." The closing of the payment of the purchase price for is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriters of certificates (in form and substance reasonably satisfactory to the Underwriters) representing the Firm Shares (or if uncertificated through the full fast transfer facilities of the Depository Trust Company (the "**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such names and in such denominations as the Underwriters may request in writing at least two Business Days prior to the Closing Date. If certificated, the Company will permit the Underwriters to examine and package the Firm Shares for delivery at least one full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Underwriters for all the Firm Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**") to purchase up to an additional [\*]<sup>2</sup> Class A 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 Underwriters' sole discretion, for Additional Shares.

<sup>1</sup> 7%

<sup>2</sup> 15% of 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;(d) *Exercise of Over-allotment Option*. The Over-allotment Option granted pursuant to <u>Section 2(c)</u> hereof may be exercised by the Underwriters within 45 days of 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 oral notice to the Company from the Underwriters, which shall be confirmed in writing via overnight 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 not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriters, 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 Underwriters. 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. The Underwriters may cancel any exercise of the Over-allotment Option at any time prior to the Closing Date or the applicable Option Closing Date, as the case may be, by giving written notice of such cancellation to 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;(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 Underwriters of certificates (in form and substance satisfactory to the Underwriters) representing the Additional Shares (or through the facilities of DTC or via DWAC transfer) for the account of the Underwriters. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Underwriters may request in writing 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) *Underwriting Discount*. In consideration of the services to be provided for hereunder, the Underwriters shall receive a seven percent (7.5%) underwriting discount.

&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) *Underwriter's Warrants.* The Company hereby agrees to issue to the Underwriters (and/or its designees) on the Closing Date and Option Closing Date warrants ("Underwriter's Warrants") to purchase such number of Class A Ordinary Shares representing five percent (5.0%) of the firm shares. The Underwriter's Warrants, in the form attached hereto as Exhibit B, shall be exercisable at any time, and from time to time, in whole or in part, commencing from the date of issuance and expiring on the three year anniversary of the commencement of sales of the Offering at an initial exercise price per share of $[●], which is equal to 120% of the offering price of the Firm Shares. The Underwriters understands and agrees that there are significant restrictions pursuant to FINRA Rule 5110 against transferring the Underwriter's Warrants and the Warrant Shares during the one hundred eighty (180) days beginning on the date of commencement of sales of the Offering and by its acceptance thereof shall agree that it will not sell, transfer, assign, pledge or hypothecate the Underwriter's Warrants, or any portion thereof, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities for a period of one hundred eighty (180) days beginning on the date of commencement of sales of the Offering to anyone other than (i) an Underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such Underwriter or selected dealer; and only if any such transferee agrees to the foregoing lock-up restrictions. The Underwriter's Warrants shall also have customary anti-dilution provisions for stock dividends, splits, mergers, and any future stock issuance, etc., at a price(s) below said exercise price per share and shall provide for automatic exercise immediately prior to expiration. The Underwriter's Warrants will contain such other terms and conditions no less favorable to Underwriter than the term and conditions generally available to an unaffiliated third party under the same or similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Delivery of the Underwriter's Warrants.* Delivery of the Underwriter's Warrants shall be made on the Closing Date and Option Closing Date, and shall be issued in the name or names and in such authorized denominations as the Underwriters may request.

SECTION 3. *Covenants of the Company*.

The Company covenants and agrees with 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) *Underwriters' 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 Representative's counsel, 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 objects.

&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 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 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 prospectuses 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 sale of the Offered Securities sold by it 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 U.S. GAAP 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 (the "**Audit Committee**") of the Board 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 Class A ordinary shares have been duly authorized for listing on the Nasdaq Capital Market, 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, the Closing Date or the Option Closing Date; 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 Capital Market.

&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) *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 at [ ], Attention: [ ]: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report on Form 20-F of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, stockholders' 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, quarterly 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;(l) *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;(m) *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 security holders that prohibit the sale, transfer, assignment, pledge or hypothecation of any of the Company's securities. The Company will direct the transfer agent to place stop transfer restrictions upon the securities 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;(n) *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) The Company will not, without the prior written consent of the Representative, for a period of three months from the closing of the offering (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 Class A ordinary shares or any securities convertible into or exercisable or exchangeable for Class A 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 Class A 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 Class A 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(n)(i)</u> hereof shall not apply to: (A) the Offered Securities, (B) any Class A ordinary shares issued under Company Stock Plans or warrants issued by the Company, in each case, described as outstanding in the Registration Statement, the Disclosure Package or the Prospectus, (C) any options and other awards granted under a Company Stock Plan or Class A ordinary shares issued pursuant to an employee stock purchase plan, in each case, as described in the Registration Statement, the Disclosure Package or the Prospectus, and (D) Class A ordinary shares or other securities issued in connection with a transaction with an unaffiliated third party that includes a bona fide commercial relationship (including joint ventures, marketing or distribution arrangements, collaboration agreements or intellectual property license agreements) or any acquisition of assets or acquisition of not less than a majority or controlling portion of the equity of another entity; provided that (x) the aggregate number of Class A ordinary shares issued pursuant to clause (D) shall not exceed five percent (5%) of the total number of outstanding Class A ordinary shares immediately following the issuance and sale of the Offered Securities pursuant hereto and (y) the recipient of any such Class A ordinary shares or other securities issued or granted pursuant to clause (D) during the Lock-Up Period shall enter into an agreement substantially in the form of <u>Exhibit A</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;(o) *Restriction on Continuous Offerings*. Notwithstanding the restrictions contained in <u>Section 3(n),</u> the Company, on behalf of itself and any successor entity, agrees that, without the prior written notice to the Underwriters, it will not, for a period of twelve months from the commencement of the Company's first day of trading, directly or indirectly in any "at-the-market" or continuous equity transaction, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of the Company or any securities convertible into or exercisable or exchangeable for shares 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;(p) *Reserved.*

&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) *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, and 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. 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.

SECTION 4. *Payment of Fees and Expenses*. Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay all costs, fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation (i) all of the reasonable and documented out-of-pocket expenses (including, but not limited to, due diligence expenses, reasonable fees and expenses of its legal counsel, background check on the Company's principals incurred by the Underwriters in an aggregate amount not to exceed $300,000 (inclusive of the Advance), provided that any expense over $5,000 shall require prior written or email approval of the Company, (ii) all expenses incident to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any), (iii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities, (iv) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Offered Securities, (v) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors, (vi) all 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, and (vii) all filing fees, attorneys' fees and expenses incurred by the Company, or the Underwriters, in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the Offered Securities for offer and sale under the state securities or blue sky laws, and, if requested by the Representative, preparing and printing a "Blue Sky Survey" or memorandum, and any supplements thereto, advising the Representative of such qualifications, registrations and exemptions. The Company has advanced [\*] to the Underwriters to cover its out-of-pocket expenses (the "**Advance**"). The Advance will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g). The Company also agrees to pay to the Underwriters a non-accountable expense allowance of one percent (1%) of the gross proceeds of the Offering.

SECTION 5. *Conditions of the Obligations of the Underwriters*. The obligations of the Underwriters to purchase the Offered Securities as provided herein on the Closing Date or the 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 or the Option Closing Date as though then made; (2) the timely performance by the Company of its covenants and other obligations hereunder; and (3) 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 the 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 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;(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 time 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 or the Option Closing Date, 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 Date 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 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;(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 and this Agreement, to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Class A ordinary shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Class A ordinary shares of the Company); (e) any dividend or distribution of any kind declared, paid or made on Class A ordinary shares of the Company; 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) *Secretary's Certificate*. On the Closing Date and/or the Option Closing Date, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated such Closing Date, certifying: (i) that each of the Company's certificate of incorporation and memorandum and articles of association 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 and/or the Option Closing Date, 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 5</u>, except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Date and/or the Option Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Lock-Up Agreements*. 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 holders of more than five percent (5%) of the Class A ordinary shares or securities convertible into or exercisable for Class A ordinary shares listed on <u>Schedule D</u> hereto (excluding any resale shares to be registered by any directors, officers, substantial shareholder(s) and/or affiliates of the Company (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;(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 Capital Market, 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, 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;(i) the favorable opinion of VCL Law LLP, counsel to the Company, including, without limitation, a negative
assurance letter, addressed to the Underwriters, 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;(ii) the favorable opinion of Ogier (Cayman) LLP, Cayman Islands counsel to the Company, addressed to the Underwriters,
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;(iii) the favorable opinion of East & Concord Partners , PRC counsel to the Company, addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative;

The Underwriters shall rely on the opinions of (i) the Company's Cayman Islands counsel, Ogier (Cayman) LLP, 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 and (ii) the Company's PRC counsel, East & Concord Partners, filed as Exhibit 8.2 to 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) *Additional Documents*. On or before the Closing Date and/or the Option Closing Date, 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 5</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, 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 7</u> shall at all times be effective and shall survive such termination.

SECTION 6. *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 7. *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 Underwriters, their respective affiliates and each of their 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 of or Section 20 of the Exchange Act (collectively the "**Underwriter Indemnified Parties**," and each a "**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 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 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 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, any 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 7(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 (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 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 Underwriters 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. Notwithstanding the provisions of this <u>Section 7(b)</u>, in no event shall any indemnity by the Underwriters under <u>this Section 7(b)</u> exceed the total discounts received by the Underwriters in connection with the Offering. The indemnification obligations under this <u>Section 7(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 7</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 7</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 Section 7 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 7</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 7(a)</u> or <u>7(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 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 7(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 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 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 7</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 7</u> is a Company Indemnified Party. Subject to this <u>Section 7(c)</u>, the amount payable by an indemnifying party under <u>Section 7</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 7</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 forty-five (45) 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 thirty (30) 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 7</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 7(a)</u> or <u>Section 7(b)</u>, 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 or parties on the one hand and the indemnified parry or parties on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 7(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 7(d)</u> but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party or parties 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. The relative benefits received by the Company on the one hand and the Underwriters on the other with respect to such Offering shall be deemed to be in the same proportion as the total proceeds from the Offering (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, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this <u>Section 7(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 7(d)</u> shall be deemed to include, for purposes of this <u>Section 7(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 7(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 by the Underwriters. 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 8. *Termination of this Agreement*. Prior to the Closing Date, 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 any of the Company's securities 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 or Cayman Islands authorities; (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 securities, (iv) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's opinion, make it inadvisable to proceed with the delivery of the Offered Securities, (v) if the Company is in material breach of any of its representations, warranties or covenants hereunder, (vi) 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 Representative to proceed with the Offering or to enforce contracts for the sale of the Securities, or (vii) if the Representative shall have become aware after the date hereof of such a material adverse change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the Offering or to enforce contracts made by the Underwriters for the sale of the Offered Securities. Any termination pursuant to this <u>Section 8</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 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, less any amounts previously paid by the Company; *provided, however,* that all such expenses shall not exceed $125,000 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 7</u> shall at all times be effective and shall survive such termination.

SECTION 9. *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 10. *Representations and Indemnities to Survive Delivery*. 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 11. *Taxes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any sum payable by the Company under this Agreement is subject to tax in the hands of an Underwriter or Representative (each a "**Taxable Entity**") or taken into account as a receipt in computing the taxable income of that Taxable Entity (excluding net income taxes on underwriting commissions payable hereunder), the Company shall pay such additional amount as will ensure that the Taxable Entities shall be left with the sum it would have had in the absence of such tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 or duties, unless the deduction or withholding is required by law, in which case the Company shall pay such additional amount as will result in the receipt by each Taxable Entity of the full amount that would have been received had no deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All sums payable to a Taxable Entity shall be considered exclusive of any value added or similar taxes. Where the Company is obliged to pay value added or similar tax on any amount payable hereunder to a Taxable Entity, the Company shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of the foregoing, if a Taxable Entity is required by any PRC government authority to pay any taxes imposed by the PRC government or any administrative subdivision or taxing authority thereof or therein ("**PRC Taxes**") as a result of this Agreement, the Company will pay an additional amount to such Taxable Entity so that the full amount of such payments as agreed herein to be paid to such Taxable Entity is received by such Taxable Entity and will further, if requested by such Taxable Entity, use commercially reasonable efforts to give such assistance as such Taxable Entity may reasonably request to assist such Taxable Entity in discharging its obligations in respect of such PRC Taxes, including by making filings and submissions on such basis and such terms as such Taxable Entity may reasonably request, promptly making available to such Taxable Entity notices received from any PRC governmental authority and, subject to the receipt of funds from such Taxable Entity, by making payment of such funds on behalf of such Taxable Entity to the relevant PRC government authority in settlement of such PRC Taxes. In the event the Company must pay any such PRC Taxes to a relevant taxing authority, the Company shall forward to such Taxable Entity an official receipt or a copy of the official receipt issued by the taxing authority or other document evidencing such payment.

SECTION 12. *Notices*. All communications hereunder shall be in writing and shall be mailed, hand delivered or emailed to the parties hereto as follows:

**If to the Representative:**

Cathay Securities, Inc.

40 Wall Street Suite 3600,

NY, NY 10005 USA

Attention: Shell Li<br> Email: shell.li@cathaysecurities.com

**With a copy (*which shall not constitute notice*) to:**

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place, Central

Hong Kong SAR<br> Attn: Lawrence S. Venick, Esq.

Email: lvenick@loeb.com

**If to the Company:**

Unitrend Entertainment Group Limited

Suite 1508, Tower Bm Wentelai Center,

1 Xidawang Road, Chaoyang District,

Beijing 100026,

People's Republic of China

Attn: Bin Feng

Email: 13501239468@163.com

**With a copy (*which shall not constitute notice*) to:**

VCL Law LLP

1945 Old Gallow road, Suite 260,

Vienna, VA 22182

Attn: Fang Liu, Esq.

Email: fliu@vcllegal.com

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 13. *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 7</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 14. *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 15. *Governing Law Provisions*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to conflict of laws principles thereof.

SECTION 16. *Consent to Jurisdiction*. No legal suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby (each, a "**Related Proceeding**") may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts (collectively, the "**Specified Courts**") shall have jurisdiction over the adjudication of any Related Proceeding, and the parties to this Agreement hereby irrevocably consent to the exclusive jurisdiction the Specified Courts and personal service of process with respect thereto. The parties to this Agreement hereby irrevocably waive any objection to the laying of venue of any Related Proceeding in the Specified Courts and irrevocably waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been brought in an inconvenient forum.

SECTION 17. *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, except for those specific provisions of the Engagement Letter between the Company and the Representative, dated as of July 10, 2023 (the "**Engagement Letter**") that are not related to the Offering, each of which provisions shall remain in full force and effect for the term of the Engagement Letter. 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.

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 7</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 7</u> hereto fairly allocate the risks in 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.

Except as otherwise provided, this Agreement has been and is made solely for the benefit of and shall be binding upon the Company, the Underwriters, the Underwriters' officers and employees, any controlling persons referred to herein, the Company's directors and the Company's officers who sign the Registration Statement and their respective successors and assigns, all as and to the extent provided in this Agreement, and no other person shall acquire or have any right under or by virtue of this Agreement. The term "**successors and assigns**" shall not include a purchaser of any of the Offered Securities from the Underwriters merely because of such purchase.

[*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, |
| **Unitrend Entertainment Group Limited** | **Unitrend Entertainment Group Limited** |
| By: |  |
|  | Name: Bin Feng |
|  | Title: CEO and Chairman of the Board |

---

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 Schedule A hereto

---

| | |
|:---|:---|
| **Cathay Securities, Inc.** | **Cathay Securities, Inc.** |
| By: |  |
| Name: | Shell Li |
| Title: | Chief Executive Officer |

---

**SCHEDULE A**

---

| | | |
|:---|:---|:---|
| | **Firm Shares** | **Firm Shares** |
| <br>**Underwriter** | **Number** | **Percentage** |
|  |  | % |
| **Total** |  |  |

---

**SCHEDULE B**

**<u>Issuer Free Writing Prospectus(es)</u>**

Issuer Free Writing Prospectus filed with the Commission on January 22, 2026;

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: 3,750,000

Number of Additional Shares: 562,500

Public Offering Price per one Share: $4.00

Underwriting Discount per one Share: $0.30

Proceeds to Company per one Share (before expenses): $3.70

**SCHEDULE D**

**Lock-Up Parties**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title |

---

**SCHEDULE E**

**Subsidiaries**

---

| | |
|:---|:---|
| Name of Subsidiary | Jurisdiction of Incorporation or<br> Organization |

---

**EXHIBIT A**

**Form of Lock-Up Agreement**

As attached.

**EXHIBIT B**

**Underwriter's Warrant**

------

## Exhibit 3.1

**Exhibit 3.1**

**Companies Act (Revised)**

**Company Limited By Shares** 

**AMENDED AND RESTATED<br> articles of association<br> of<br> Unitrend Entertainment Group Limited <br> 環球時尚娛樂集團有限公司** 

(Adopted by special resolution passed on 28 March 2025)

![](ex3-1_001.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** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 5 |
| Trusts not recognised | Trusts not recognised | 6 |
| Security interests | Security interests | 6 |
| Power to vary class rights | Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | No bearer Shares or warrants | 7 |
| Treasury Shares | Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | Register of Members | 8 |
| Annual Return | Annual Return | 8 |
| **3** | **Share certificates** | **8** |
| Issue of share certificates | Issue of share certificates | 8 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 9 |
| **4** | **Lien on Shares** | **9** |
| Nature and scope of lien | Nature and scope of lien | 9 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 9 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 10 |
| Application of proceeds of sale | Application of proceeds of sale | 10 |
| **5** | **Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 11 |
| Time when call made | Time when call made | 11 |
| Liability of joint holders | Liability of joint holders | 11 |
| Interest on unpaid calls | Interest on unpaid calls | 11 |
| Deemed calls | Deemed calls | 11 |
| Power to accept early payment | Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 12 |
| Notice of default | Notice of default | 12 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 12 |
| 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 | 12 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 13 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 13 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 13 |
| **6** | **Transfer of Shares** | **14** |
| Right to transfer | Right to transfer | 14 |
| Suspension of transfers | Suspension of transfers | 14 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 15 |
| Notice of refusal to register | Notice of refusal to register | 15 |
| **7** | **Transmission of Shares** | **15** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 15 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 15 |
| Indemnity | Indemnity | 16 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 16 |

---

i

---

| | | |
|:---|:---|:---|
| **8** | **Alteration of capital** | **16** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 16 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 17 |
| Reducing share capital | Reducing share capital | 17 |
| **9** | **Conversion, redemption and purchase of own Shares** | **17** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 17 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 18 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 18 |
| Conversion Rights | Conversion Rights | 18 |
| Share Conversions | Share Conversions | 19 |
| **10** | **Meetings of Members** | **19** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 19 |
| Power to call meetings | Power to call meetings | 19 |
| Content of notice | Content of notice | 20 |
| Period of notice | Period of notice | 20 |
| Persons entitled to receive notice | Persons entitled to receive notice | 21 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 21 |
| **11** | **Proceedings at meetings of Members** | **21** |
| Quorum | Quorum | 21 |
| Lack of quorum | Lack of quorum | 22 |
| Chairman | Chairman | 22 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 22 |
| Accommodation of Members attending meeting virtually | Accommodation of Members attending meeting virtually | 22 |
| Security | Security | 22 |
| Adjournment | Adjournment | 23 |
| Method of voting | Method of voting | 23 |
| Outcome of vote by show of hands | Outcome of vote by show of hands | 23 |
| Withdrawal of demand for a poll | Withdrawal of demand for a poll | 23 |
| Taking of a poll | Taking of a poll | 24 |
| Chairman's casting vote | Chairman's casting vote | 24 |
| Written resolutions | Written resolutions | 24 |
| Sole-Member Company | Sole-Member Company | 25 |
| **12** | **Voting rights of Members** | **25** |
| Right to vote | Right to vote | 25 |
| Voting Rights | Voting Rights | 26 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 26 |
| Member with mental disorder | Member with mental disorder | 27 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 27 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 28 |
| Voting by proxy | Voting by proxy | 29 |
| **13** | **Number of Directors** | **30** |

---

ii

---

| | | |
|:---|:---|:---|
| **14** | **Appointment, disqualification and removal of Directors** | **30** |
| First Directors | First Directors | 30 |
| No age limit | No age limit | 30 |
| Corporate Directors | Corporate Directors | 30 |
| No shareholding qualification | No shareholding qualification | 30 |
| Appointment of Directors | Appointment of Directors | 30 |
| Board's power to appoint Directors | Board's power to appoint Directors | 30 |
| Eligibility | Eligibility | 31 |
| Appointment at annual general meeting | Appointment at annual general meeting | 31 |
| Removal of Directors | Removal of Directors | 31 |
| Resignation of Directors | Resignation of Directors | 31 |
| Termination of the office of Director | Termination of the office of Director | 31 |
| **15** | **Alternate Directors** | **31** |
| Appointment and removal | Appointment and removal | 31 |
| Notices | Notices | 32 |
| Rights of alternate Director | Rights of alternate Director | 32 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 32 |
| Status of alternate Director | Status of alternate Director | 32 |
| Status of the Director making the appointment | Status of the Director making the appointment | 33 |
| **16** | **Powers of Directors** | **33** |
| Powers of Directors | Powers of Directors | 33 |
| Directors below the minimum number | Directors below the minimum number | 33 |
| Appointments to office | Appointments to office | 33 |
| Provisions for employees | Provisions for employees | 34 |
| Exercise of voting rights | Exercise of voting rights | 34 |
| Remuneration | Remuneration | 34 |
| Disclosure of information | Disclosure of information | 35 |
| **17** | **Delegation of powers** | **35** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 35 |
| Local boards | Local boards | 36 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 36 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 36 |
| Borrowing Powers | Borrowing Powers | 37 |
| Corporate Governance | Corporate Governance | 37 |
| **18** | **Meetings of Directors** | **37** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 37 |
| Calling meetings | Calling meetings | 37 |
| Notice of meetings | Notice of meetings | 37 |
| Use of technology | Use of technology | 38 |
| Quorum | Quorum | 38 |
| Chairman or deputy to preside | Chairman or deputy to preside | 38 |
| Voting | Voting | 38 |
| Recording of dissent | Recording of dissent | 38 |
| Written resolutions | Written resolutions | 39 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 39 |
| **19** | **Permissible Directors' interests and disclosure** | **39** |
| **20** | **Minutes** | **40** |
| **21** | **Accounts and audit** | **41** |
| Auditors | Auditors | 41 |

---

iii

---

| | | |
|:---|:---|:---|
| **22** | **Record dates** | **41** |
| **23** | **Dividends** | **42** |
| Source of dividends | Source of dividends | 42 |
| Declaration of dividends by Members | Declaration of dividends by Members | 42 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 42 |
| Apportionment of dividends | Apportionment of dividends | 43 |
| Right of set off | Right of set off | 43 |
| Power to pay other than in cash | Power to pay other than in cash | 43 |
| How payments may be made | How payments may be made | 43 |
| 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 | 44 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 44 |
| **24** | **Capitalisation of profits** | **44** |
| 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; | 44 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 45 |
| **25** | **Share Premium Account** | **45** |
| Directors to maintain share premium account | Directors to maintain share premium account | 45 |
| Debits to share premium account | Debits to share premium account | 45 |
| **26** | **Seal** | **46** |
| Company seal | Company seal | 46 |
| Duplicate seal | Duplicate seal | 46 |
| When and how seal is to be used | When and how seal is to be used | 46 |
| If no seal is adopted or used | If no seal is adopted or used | 46 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | Validity of execution | 47 |
| **27** | **Indemnity** | **47** |
| Release | Release | 47 |
| Insurance | Insurance | 48 |
| **28** | **Notices** | **48** |
| Form of notices | Form of notices | 48 |
| Electronic communications | Electronic communications | 48 |
| Persons entitled to notices | Persons entitled to notices | 49 |
| Persons authorised to give notices | Persons authorised to give notices | 50 |
| Delivery of written notices | Delivery of written notices | 50 |
| Joint holders | Joint holders | 50 |
| Signatures | Signatures | 50 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 50 |
| Date of giving notices | Date of giving notices | 51 |
| Saving provision | Saving provision | 51 |
| **29** | **Authentication of Electronic Records** | **51** |
| Application of Articles | Application of Articles | 51 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 52 |
| 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 | 52 |
| Manner of signing | Manner of signing | 52 |
| Saving provision | Saving provision | 53 |
| **30** | **Transfer by way of continuation** | **53** |
| **31** | **Winding up** | **53** |
| Distribution of assets in specie | Distribution of assets in specie | 53 |
| No obligation to accept liability | No obligation to accept liability | 54 |
| **32** | **Amendment of Memorandum and Articles** | **54** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 54 |
| Power to amend these Articles | Power to amend these Articles | 54 |

---

iv

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**Unitrend Entertainment Group Limited**

**環球時尚娛樂集團有限公司**

(Adopted by special resolution passed on 28 March 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**ADS** means an American depository share representing an Ordinary Share;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

**Class A Ordinary Share** means an Ordinary Share designated as a class A ordinary share of the Company of par value of US$0.0001 and having the rights attached to such share and being subject to the restrictions specified in these Articles;

**Class B Ordinary Share** means an Ordinary Share designated as a class B ordinary share of the Company of par value of US$0.0001 and having the rights attached to such share and being subject to the restrictions specified in these Articles;

**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;

**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 in the United States of America for so long as the Company's Shares or ADSs are there listed and any other stock exchange on which the Company's Shares or ADSs 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 or ADSs 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 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

&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;

**Law** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**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 votes cast by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression also includes a written resolution passed by simple majority of votes in accordance with Article 11.19;

**Ordinary Share** means an ordinary share in the capital of the Company having the rights set out in these Articles and issued as either a Class A Ordinary Share or as a Class B Ordinary Share. In these Articles the term Ordinary Share shall embrace all classes of Ordinary Share except where reference is made to a specific class;

**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

&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 not been
fully paid or credited as paid in money or money's worth;

**Register of Members** means the register of Members maintained in accordance with the Law and includes (except where otherwise stated) any branch or duplicate register of the Members;

**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 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

&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 votes cast by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution;

**Treasury Shares** means Shares held in treasury pursuant to the Law and Article 2.13; and

**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.

**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;&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;&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 Law of the Cayman Islands is taken to be a reference to the revision of that Law 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes, as appropriate, a company, trust, partnership, joint venture,
association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

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 Law 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 Law 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 Law.

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

&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.

2.3 Without limitation to the two preceding Articles, 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 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. 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.

2.5 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**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.

**Security interests**

2.7 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**

2.8 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

&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.

2.9 For the purpose of Article 2.8(b), 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.

2.10 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 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**

2.11 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**

2.12 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.13 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Law
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 Law are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.14 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.

2.15 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

&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 Law.

2.16 Nothing in Article 2.15 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.

2.17 Treasury Shares may be disposed of by the Company in accordance with the Law and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.18 The Directors shall keep or cause to be kept a register of Members as required by the Law and may cause
the Company to maintain one or more branch registers as contemplated by the Law, 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
Law.

**Annual Return**

2.19 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 Law 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

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&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;(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.

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 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

&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;

&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;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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.

**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;(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 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.

**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 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

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; 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) 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.

6 Transfer of Shares

**Right to transfer**

6.1 The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or Partly Paid Up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Member until the name of the transferee is
entered in the register of Members in respect of the relevant Shares.

6.2 The Directors may in their absolute discretion decline to register any transfer of Shares which are not
Fully Paid Up or on which the Company has a lien.

6.3 The Directors may also, but are not required to, decline to register any transfer of any Share unless:

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 days' notice being given by advertisement in such one or
more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as 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 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, they shall within three 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;(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.

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 Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Law, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Law, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Law 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 Conversion, redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Law 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Law, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares.

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; 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) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**Conversion Rights**

9.5 Each Class B Ordinary Share shall be convertible, at the option of the holder thereof, at any time after
the date of issuance of such Share, at the office of the Company or any transfer agent for such Shares, into one fully paid and non-assessable
Class A Ordinary Share.

9.6 The Directors shall at all times reserve and keep available out of the Company's authorised but unissued
Class A Ordinary Shares, solely for the purpose of effecting the conversion of the Class B Ordinary Shares, such number of its Class A
Ordinary Shares as shall from time to time be sufficient to effect the conversion of all outstanding Class B Ordinary Shares; and if at
any time the number of authorised but unissued Class A Ordinary Shares shall not be sufficient to effect the conversion of all then outstanding
Class B Ordinary Shares, in addition to such other remedies as shall be available to the holders of such Class B Ordinary Shares, the
Directors will take such action as may be necessary to increase its authorised but unissued Class A Ordinary Shares to such number of
Shares as shall be sufficient for such purposes.

**Share Conversions**

9.7 All conversions of Class B Ordinary Shares to Class A Ordinary Shares shall be effected by way of redemption
or repurchase by the Company of the relevant Class B Ordinary Shares and the simultaneous issue of Class A Ordinary Shares in consideration
for such redemption or repurchase. The Members and the Company will procure that any and all necessary corporate actions are taken to
effect such conversion.

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.

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>whether the meeting will be held virtually, at a physical place or both;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>if the meeting is to be held in any part at a physical place, the address of such place;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places or in any part virtually, the technology that will
be used to facilitate the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least twenty-one Clear Days' notice of an annual general meeting must be given to Members. For any
other general meeting, at least fourteen Clear Days' notice must be given to Members.

10.14 Subject to the Law, a meeting may be convened on shorter notice, subject to the Law 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors.

10.16 The Board may determine that the Members entitled to receive notice of 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&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.

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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 fifteen minutes of the time appointed for
the adjourned meeting, then the Members present in person or by proxy shall constitute a quorum.

**Chairman**

11.3 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 fifteen
minutes of the time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting.

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 attending meeting virtually**

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) participate in the business for which the meeting has been convened, including by voting and asking questions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hear all that happens at the 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**

11.8 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.

11.9 Should a meeting be adjourned for more than 7 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 show of hands unless before, or on,
the declaration of the result of the show of hands, a poll is duly demanded. Subject to the Law, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by at least two Members having the right to vote on the resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any Member or Members present who, individually or collectively, hold at least ten per cent of the
voting rights of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

11.11 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.

**Withdrawal of demand for a poll**

11.12 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**

11.13 A poll demanded on the question of adjournment shall be taken immediately.

11.14 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 thirty Clear Days after the poll was demanded.

11.15 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.

11.16 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 virtually
or in more than one place, the chairman may appoint scrutineers virtually or 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**

11.17 In the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the meeting
at which the show of hands takes place or at which the poll is demanded shall be entitled to a second or casting vote.

**Written resolutions**

11.18 Without limitation to section 60(1) of the Law, 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;(b) all Members entitled so to vote:

&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) sign a document; 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) 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.

11.19 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at an extraordinary general meeting
of Members; 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) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; 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) 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 conclusion of the notice period described in Article 11.9.

11.20 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.

**Sole-Member Company**

11.21 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 Subject to the following, 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.

**Voting Rights**

12.2 The holder of an Ordinary Share shall (in respect of such Ordinary Share) have the right to receive notice
of, attend at and vote as a Member at any general meeting of the Company.

12.3 Each holder of Ordinary Shares shall, on a poll, be entitled to one vote for each Share he or she holds
save that each holder of Class B Ordinary Shares shall, on a poll, be entitled to exercise thirty (30) votes for each Class B Ordinary
Share he or she holds on any and all matters.

12.4 Members may vote in person or by proxy.

12.5 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.

12.6 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 before the commencement
of the meeting at which it is first used.

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 Cayman
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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

12.19 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 Article 12.18.

12.21 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.20 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**

12.22 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; 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) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; 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) in any form of appointment of a proxy sent out by the Company in relation to the meeting; 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) 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 12.22(a) and Article 12.22(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.

12.23 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 in accordance with Article 12.22 before the time appointed
for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 delivered in accordance with Article 12.22 before the time appointed
for the taking of the poll.

12.24 If the form of appointment of proxy is not delivered on time, it is invalid.

12.25 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. lf
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.

12.26 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. lf 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**

12.27 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.

12.28 The instrument appointing a proxy to vote at a meeting shall be deemed also to confer authority to demand
or join in demanding a poll and, for the purposes of Article 11.11, a demand by a person as proxy for a Member shall be the same as a
demand by a Member. Such appointment 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.

**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 or ADSs 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 Any Director so appointed shall, if still a Director, retire at the next annual general meeting after
his appointment and be eligible to stand for election as a Director at such meeting.

**Eligibility**

14.11 No person (other than a Director retiring in accordance with these Articles) shall be appointed or re-appointed
a Director at any general meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is recommended by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not less than seven nor more than forty-two Clear Days before the date appointed for the meeting, a Member
(other than the person to be proposed) entitled to vote at the meeting has given to the Company notice of his intention to propose a resolution
for the appointment of that person, stating the particulars which would, if he were so appointed, be required to be included in the Company's
register of Directors and a notice executed by that person of his willingness to be appointed.

**Appointment at annual general meeting**

14.12 Unless re-appointed pursuant to the provisions of Article 14.5 or removed from office pursuant to the
provisions of Article 14.13, each Director shall be appointed for a term expiring at the next-following annual general meeting of the
Company. At any such annual general meeting, Directors will be elected by Ordinary Resolution. At each annual general meeting of the Company,
each Director elected at such meeting shall be elected to hold office for a one-year term and until the election of their respective successors
in office or removal pursuant to Articles 14.5 and 14.13.

**Removal of Directors**

14.13 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.14 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.

14.15 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**

14.16 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.

14.17 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&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.

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;

&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 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;

&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 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

&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**

15.4 All notices of meetings of Directors shall continue to be given to the appointing Director and not to
the alternate.

**Rights of alternate Director**

15.5 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Law, 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 Law, 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 lf 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. lf 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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 Law, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. 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 The Board shall 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 majority of the committee members on each of the compensation committee and nominating and corporate governance committee
shall be Independent Directors. The audit 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.

**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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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**

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.

**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 or unless the Company has only one Director.

**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:

&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**

18.11 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**

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 shall not, as a Director, vote in respect of any contract, transaction, arrangement or proposal
in which he has an interest which (together with any interest of any person connected with him) is a material interest (otherwise then
by virtue of his interests, direct or indirect, in Shares or debentures or other securities of, or otherwise in or through, the Company)
and if he shall do so his vote shall not be counted, nor in relation thereto shall he be counted in the quorum present at the meeting,
but (in the absence of some other material interest than is mentioned below) none of these prohibitions shall apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the giving of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money lent or obligations incurred by him or by any other person for the benefit of the Company or any
of its subsidiaries; 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) a debt or obligation of the Company or any of its subsidiaries for which the Director himself has assumed
responsibility in whole or in part and whether alone or jointly with others under a guarantee or indemnity or by the giving of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Company or any of its subsidiaries is offering securities in which offer the Director is or
may be entitled to participate as a holder of securities or in the underwriting or sub-underwriting of which the Director is to or may
participate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any contract, transaction, arrangement or proposal affecting any other body corporate in which he is interested,
directly or indirectly and whether as an officer, shareholder, creditor or otherwise howsoever, provided that he (together with persons
connected with him) does not to his knowledge hold an interest representing one per cent or more of any class of the equity share capital
of such body corporate (or of any third body corporate through which his interest is derived) or of the voting rights available to members
of the relevant body corporate (any such interest being deemed for the purposes of this Article 19.1 to be a material interest in all
circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any act or thing done or to be done in respect of any arrangement for the benefit of the employees of
the Company or any of its subsidiaries under which he is not accorded as a Director any privilege or advantage not generally accorded
to the employees to whom such arrangement relates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any matter connected with the purchase or maintenance for any Director of insurance against any liability
or (to the extent permitted by the Law) indemnities in favour of Directors, the funding of expenditure by one or more Directors in defending
proceedings against him or them or the doing of any thing to enable such Director or Directors to avoid incurring such expenditure.

19.2 A Director may, as a Director, vote (and be counted in the quorum) in respect of any contract, transaction,
arrangement or proposal in which he has an interest which is not a material interest or which falls within Article 19.1.

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| | |
|:---|:---|
| 20 | Minutes |

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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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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 Law.

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 Law 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 December in
each year and begin on 1 January 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.

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 Law 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 Law, 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**

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 Law, 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 dividend

&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.

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.

&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**

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.

**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;

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&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.

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.

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

&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.

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**

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

&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.

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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Law, 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 Law. 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 Law.

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Law.

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 Law, 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 Law, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&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 Law.

**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;

&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**

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:

&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 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

&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 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.

27.2 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 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.

**Release**

27.3 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**

27.4 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;&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;&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;&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.

---

| | |
|:---|:---|
| 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

&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.

28.2 Subject to the Designated Stock Exchange Rules, a notice may be given by the Company to any person entitled
to receive notice of a general meeting by making the notice available on the Company's website.

**Electronic communications**

28.3 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.

28.4 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.

28.5 Subject to the Law, 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Law 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&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 address of that website; 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;(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.

**Persons entitled to notices**

28.6 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**

28.7 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**

28.8 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**

28.9 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**

28.10 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.

28.11 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.12 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.

28.13 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.

28.14 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**

28.15 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.

28.16 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** 

28.17 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Method for giving notices** | &nbsp;&nbsp;**When taken to be given** |
| &nbsp;&nbsp;(A) Personally | &nbsp;&nbsp;At the time and date of delivery |
| &nbsp;&nbsp;(B) By leaving it at the Member's registered address | &nbsp;&nbsp;At the time and date it was left |
| &nbsp;&nbsp;(C) By posting it by prepaid post to the street or postal address of that recipient | &nbsp;&nbsp;48 hours after the date it was posted |
| &nbsp;&nbsp;(D) By Electronic Record (other than publication on a website), to recipient's Electronic address | &nbsp;&nbsp;48 hours after the date it was sent |
| &nbsp;&nbsp;(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 website; or, with respect to Article 28.2, 24 hours after the notice is published on the website |

---

**Saving provision**

28.18 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**

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

&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 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 28.7 applies.

**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:

&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 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.

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

&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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&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.

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 Law, 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

&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**

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 Law, 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**

32.2 Subject to the Law and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

## Exhibit 3.2

**Exhibit 3.2**

---

| | |
|:---|:---|
| **Companies Act (Revised)**<br> **Company Limited by Shares** | **Companies Act (Revised)**<br> **Company Limited by Shares** |
|  | ****<br>**amended and restated** <br> **memorandum of association<br> OF<br> Unitrend Entertainment Group Limited**<br> **環球時尚娛樂集團有限公司**<br>|
| (Adopted by special resolution on April 24, 2025) | (Adopted by special resolution on April 24, 2025) |

---

![](ex3-2_001.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**Unitrend Entertainment Group Limited**

**環球時尚娛樂集團有限公司**

(Adopted by special resolution on April 24, 2025)

---

| | |
|:---|:---|
| 1 | The name of the Company is **Unitrend Entertainment Group Limited**. |

---

---

| | |
|:---|:---|
| 2 | The dual foreign name of the Company is **環球時尚娛樂集團有限公司**. |

---

3 The Company's registered office will be situated at the office of Osiris International Cayman Limited, Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

4 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.

5 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.

6 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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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).

---

| | |
|:---|:---|
| 7 | 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. |

---

---

| | |
|:---|:---|
| 8 | 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. |

---

---

| | |
|:---|:---|
| 9 | The share capital of the Company is US$50,000 divided into 225,000,000,000 Class A Ordinary Shares of par value US$0.0000002 each and 25,000,000,000 Class B Ordinary Shares of par value US$0.0000002. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; 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) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) alter any of those rights, privileges, conditions, limitations or restrictions.

10 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.

## Exhibit 4.1

**<br> Exhibit 4.1** 

- Class A Ordinary - [Number]- Unitrend Entertainment Group Limited 環球時尚娛樂集團有限公司 (the "Company") -[Share Number]-

INCORPORATED AND REGISTERED AS AN EXMPTED COMPANY IN THE CAYMANS ISLANDS

CLASS A ORDINARY SHARE CERTIFICATE

AUTHORISED CAPITAL: US$50,000 divided into 225,000,000,000 Class A ordinary shares with a par value of US$0.0000002 each and 25,000,000,000 Class B ordinary shares with a par value of US$0.0000002 each.

This is to certify that ____________ Of

_________________________________________________________________

is the registered holder of __________ fully paid and non-assessable Class A ordinary shares with a par value of US$0.0000002 each in the Capital of the Company,

subject to the Company's amended and restated memorandum and articles of association, as the same may be amended from time to time.

<br> Given this ___ day of _____

in the presence of

____________________ <br>Director

## Exhibit 4.2

**Exhibit 4.2**

**THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT, OR ANY OF THE UNDERLYING SECURITIES, EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT, OR ANY OF THE UNDERLYING SECURITIES, FOR A PERIOD ENDING ON, AND INCLUDING, THE DATE THAT IS ONE HUNDRED EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING TO ANYONE OTHER THAN (I) [\*]., OR A REPRESENTATIVE OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF [\*]., OR OF ANY SUCH UNDERWRITERS OR SELECTED DEALER.**

**THIS PURCHASE WARRANT IS VOID AFTER 5:00 P.M., EASTERN TIME,** [●]**.**

**UNDERWRITER'S WARRANT**

**FOR THE PURCHASE OF** [●] **CLASS A ORDINARY SHARES**

**OF**

**UNITREND ENTERTAINMENT GROUP LIMITED**

1. <u>Purchase Warrant</u>. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement by and between Unitrend Entertainment Group Limited, a Cayman Islands company (the "**Company**"), on one hand, and [\*]. (the "**Holder**"), on the other hand, dated [●] (the "**Underwriting Agreement**"), the Holder, as registered owner of this underwriter's warrant (this "**Purchase Warrant**"), is entitled, at any time or from time to time from [●] (the "**Commencement Date**")<sup>1</sup>, and at or before 5:00 p.m., Eastern Time, on [●] (the "**Expiration Date**")<sup>2</sup>, but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 187,500 Class A ordinary shares of the Company, par value $0.0000002 per share (the "**Class A Ordinary Shares**"), subject to adjustment as provided in <u>Section 6</u> hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $4.80 per share (120% of the price of the Class A Ordinary Shares sold in the Offering); *provided, however,* that upon the occurrence of any of the events specified in <u>Section 6</u> hereof, the rights granted by this Purchase Warrant, including the exercise price per share and the number of Class A Ordinary Shares to be received upon such exercise, shall be adjusted as therein specified. The term "**Exercise Price**" shall mean the initial exercise price of this Purchase Warrant as set forth above or the adjusted exercise price as a result of the events set forth in <u>Section 6</u> below, depending on the context. Capitalized terms not defined herein shall have the meaning ascribed to them in the Underwriting Agreement.

2. <u>Exercise</u>.

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

<sup>1</sup> Date of issuance (closing date)

<sup>2</sup> 3 years from commencement of sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Cashless Exercise</u>. The Holder may elect to receive the number of Class A Ordinary Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder, Shares in accordance with the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| X | = | Y(A-B) |  |  |
| X | = | A |  |  |
| Where, | Where, | X | = | The number of Class A Ordinary Shares to be issued to Holder; |
| | | Y | = | The number of Class A Ordinary Shares for which the Purchase Warrant is being exercised; |
| | | A | = | The fair market value of one share of Common Stock; and |
| | | B | = | The Exercise Price. |

---

For purposes of this <u>Section 2.2</u>, the "fair market value" of a Class A Ordinary Share is defined 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 the Class A Ordinary Shares are traded on a national securities exchange, the value shall be deemed
 to be the weighted average closing price on such exchange for the five consecutive trading days ending on the trading day immediately
 prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; 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) if the Class A Ordinary Shares are actively traded over-the-counter, the value shall be deemed to
 be the weighted average closing bid price of the Class A Ordinary Shares for the five consecutive trading days ending on the trading
 day immediately prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; 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) if there is no market for the Class A Ordinary Shares, the value shall be the fair market value thereof,
 as determined in good faith by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Legend</u>. Each certificate for the securities purchased under this Purchase Warrant shall bear the following legends unless such securities have been registered under the Securities Act of 1933, as amended (the "**Act**"), or are exempt from registration under the 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;(i) "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD ENDING ON, AND INCLUDING, THE DATE THAT IS ONE HUNDRED AND EIGHTY (180) DAYS BEGINNING ON THE DATE OF COMMENCEMENT OF SALES OF THE OFFERING PURSUANT TO THE REGISTRATION STATEMENT OF THE COMPANY'S SECURITIES (FILE NO. **333-280248**) AND MAY NOT BE (A) SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED TO ANYONE OTHER THAN [\*]., OR BONA FIDE OFFICERS OR PARTNERS OF [\*]., OR (B) CAUSED TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2)."

&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 legend required by the securities laws of any state to the extent such laws are applicable to the Shares represented by a certificate, instrument, or book entry so legended.

3. <u>Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Restrictions</u>. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or any of the Shares exercisable hereunder for a period ending on, and including, the date that is one hundred eighty (180) days beginning on the date of commencement of sales of the Offering (the "**Initial Transfer Date**") to anyone other than: (i) the Underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of the Underwriter or of any such selected dealer, in each case in accordance with FINRA Rule 5110(e)(2)(B), or (b) for a period of one hundred eighty (180) days beginning on Initial Transfer Date, cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after the Initial Transfer Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as <u>Exhibit B</u> duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new warrant or warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Class A Ordinary Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Restrictions Imposed by the Act</u>. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Company that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the offer and sale of such securities that has been declared effective by the Commission and includes a current prospectus or (iii) a registration statement, pursuant to which the Holder has exercised its registration rights pursuant to <u>Sections 4.1 and 4.2</u> herein, relating to the offer and sale of such securities has been filed and declared effective by the Commission and compliance with applicable state securities law has been established.

4. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Demand Registration</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;4.1.1 <u>Grant of Right</u>. Unless all of the Registrable Securities (as defined below) are included in an effective registration statement with a current prospectus or a qualified offering statement with a current registration statement, the Company, upon written demand (a "**Demand Notice**") of the Holder(s) of at least fifty-one percent (51%) of the Warrants and/or the underlying Class A Ordinary Shares ("**Majority Holders**"), agrees to register, on one occasion, all or any portion of the Class A Ordinary Shares underlying this Purchase Warrant that are permitted to be registered under the Act (collectively, the "**Registrable Securities**"). On such occasion, the Company will file a registration statement with the Commission (a "**Demand Registration Statement**") covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement; or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty days after such offering is consummated. The demand for registration may be made at any time during a period of three years beginning on the date of commencement of sales of 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;4.1.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to the Demand Registration Statement pursuant to <u>Section 4.1.1</u>, but the Holder(s) shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder(s) to represent the Holder(s)in connection with the sale of the Registrable Securities. The Company agrees to use its best efforts to cause the filing of a Demand Registration Statement required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their Class A Ordinary Shares of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under <u>Section 4.1.1</u> to remain effective for a period of at least 12 consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities. The Holder(s) shall only use the prospectuses provided by the Company to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder(s) that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this <u>Section 4.1.2</u>, the Holder(s) shall be entitled to a Demand Registration Statement under this <u>Section 4.1.2</u> on only one occasion and such demand registration right shall terminate on the fifth anniversary of the commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>"Piggy-Back" Registration.</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;4.2.1 <u>Grant of Right</u>. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus or a qualified offering statement with a current offering circular, the Holder shall have the right, for a period of three years commencing on the date of commencement of sales of the Offering, to include the remaining Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or pursuant to Form S-3 or any equivalent form).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 <u>Terms</u>. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to <u>Section 4.2.1</u> hereof, but the Holder(s) shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holder(s) to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than 30 days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holder(s) shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have been registered under an effective registration statement. The holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice, within ten days of the receipt of the Company's notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this <u>Section 4.2.2</u>. Notwithstanding the provisions of this <u>Section 4.2.2</u>, such piggyback registration rights shall terminate on the seventh anniversary of the commencement of sales of the Offering in accordance with FINRA Rule 5110(g)(8)(D).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Partial Exercise or Transfer</u>. Subject to the restrictions in <u>Section 3</u> hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to <u>Section 2.1</u> hereof, the Company shall cause to be delivered to the Holder without charge a new warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Class A Ordinary Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Lost Certificate</u>. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new warrant of like tenor and date. Any such new warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

6. <u>Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Adjustments to Exercise Price and Number of Class A Ordinary Shares</u>. The Exercise Price and the number of Class A Ordinary Shares underlying this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth, save that the Exercise Price shall at all times be equal to or greater than the par value of the Class A Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 <u>Share Dividends; Split Ups</u>. If, after the date hereof, and subject to the provisions of <u>Section 6.3</u> below, the number of outstanding Class A Ordinary Shares is increased by a stock dividend payable in Class A Ordinary Shares or by a split up of Class A Ordinary Shares or other similar event, then, on the effective day thereof, the number of Class A Ordinary Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Class A Ordinary Shares, and the Exercise Price shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 <u>Aggregation of Class A Ordinary Shares</u>. If, after the date hereof, and subject to the provisions of <u>Section 6.3</u> below, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date thereof, the number of Class A Ordinary Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be proportionately increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 <u>Replacement of Class A Ordinary Shares upon Reorganization, etc</u>. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares other than a change covered by <u>Section 6.1.1</u> or <u>Section 6.1.2</u> hereof or that solely affects the par value of such Class A Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Class A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of Class A Ordinary Shares or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Class A Ordinary Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Class A Ordinary Shares covered by <u>Section 6.1.1</u> or <u>Section 6.1.2</u>, then such adjustment shall be made pursuant to <u>Section 6.1.1</u>, <u>Section 6.1.2</u> and this <u>Section 6.1.3</u>. The provisions of this <u>Section 6.1.3</u> shall similarly apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 <u>Fundamental Transaction.</u> If, at any time while this Purchase Warrant is outstanding, the Company enters into the following transactions with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Class A Ordinary Shares (not including any Class A Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with, the other Persons making or party to such stock or share purchase agreement or other business combination): (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Class A Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Class A Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Class A Ordinary Shares or any compulsory share exchange pursuant to which the Class A Ordinary Shares is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spinoff or scheme of arrangement) with another Person or group of Persons (each a "**Fundamental Transaction**"), then, upon any subsequent exercise of this Purchase Warrant, the Holder shall have the right to receive, for each Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of Class A Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional or alternative consideration (the "**Alternative Consideration**") receivable as a result of such Fundamental Transaction by a holder of the number of Class A Ordinary Shares for which this Purchase Warrant is exercisable immediately prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternative Consideration based on the amount of Alternative Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternative Consideration in a reasonable manner reflecting the relative value of any different components of the Alternative Consideration. If holders of Class A Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternative Consideration it receives upon any exercise of this Purchase Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "**Successor Entity**") to assume in writing all of the obligations of the Company under this Purchase Warrant, and to deliver to the Holder in exchange for this Purchase Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Purchase Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Class A Ordinary Shares acquirable and receivable upon exercise of this Purchase Warrant immediately prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of the Class A Ordinary Shares pursuant to such Fundamental Transaction, the value of such shares of capital stock, the number of shares of such capital stock and the exercise price for such shares of capital stock for the purpose of protecting the economic value of this Purchase Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Purchase Warrant referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of, the Company and shall assume all of the obligations of the Company, under this Purchase Warrant with the same effect as if such Successor Entity had been named as the Company herein.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Substitute Purchase Warrant</u>. Except as otherwise provided in Section 6.1.5, in case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification or change of the outstanding Class A Ordinary Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental warrant providing that the holder of this Purchase Warrant shall have the right thereafter (until the stated expiration of this Purchase Warrant) to receive, upon exercise of such supplemental warrant, the kind and amount of Class A Ordinary Shares and other securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Class A Ordinary Shares of the Company for which this Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental warrant shall provide for adjustments which shall be substantially the same to the adjustments provided for in this <u>Section 6</u>. The above provisions of this <u>Section 6</u> shall similarly apply to successive consolidations or share reconstructions or amalgamations.

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

7. <u>Reservation and Listing</u>. The Company shall at all times reserve and keep available out of its authorized Class A Ordinary Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number of Class A Ordinary Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, unless this Purchase Warrant is exercised pursuant to a cashless exercise, as provided in <u>Section 2.2</u> hereof, in accordance with the terms hereby, all Class A Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of this Purchase Warrant and payment of the exercise price therefor, unless this Purchase Warrant is exercised pursuant to a cashless exercise, as provided in <u>Section 2.2</u> hereof, all Class A Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Class A Ordinary Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTCQB Market or any successor quotation system) on which the Class A Ordinary Shares are then listed and/or quoted (if at all).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Holder's Right to Receive Notice</u>. Nothing herein shall be construed as conferring upon the Holder the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of this Purchase Warrant and the exercise thereof, any of the events described in <u>Section 8.2</u> shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books (the "**Notice Date**") for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to the Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Notice of Change in Exercise Price</u>. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to <u>Section 6</u> hereof, send notice to the Holder of such event and change ("**Price Notice**"). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Transmittal of Notices</u>. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made if made in accordance with the notice provisions of the Underwriting Agreement to the addresses and contact information set forth below:

[\*].

Attention: [\*]<br> Email: [\*]

**With a copy (*which shall not constitute notice*) to:**

Loeb & Loeb LLP

2206-19 Jardine House

1 Connaught Place, Central

Hong Kong SAR<br> Attn: Lawrence S. Venick, Esq.

Email: lvenick@loeb.com

**If to the Company:**

Unitrend Entertainment Group Limited

Suite 1508, Tower Bm Wentelai Center,

1 Xidawang Road, Chaoyang District,

Beijing 100026,

People's Republic of China

Attn: Bin Feng, CEO

Email: 13501239468@163.com

**With a copy (*which shall not constitute notice*) to:**

VCL Law LLP

1945 Old Gallow road, Suite 260,

Vienna, VA 22182

Attn: Fang Liu, Esq.

Email: fliu@vcllegal.com

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Amendments</u>. The Company and the Underwriter may from time to time supplement or amend this Purchase Warrant without the approval of the Holder in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the Underwriter may deem necessary or desirable and that the Company and the Underwriter deem shall not adversely affect the interest of the Holder. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Governing Law; Submission to Jurisdiction; Trial by Jury</u>. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant 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, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company 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 8</u> hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Holder Not Deemed a Shareholder</u>. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Purchase Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Purchase Warrant be construed to confer upon the Holder, solely in its capacity as a holder of this Purchase Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares, reclassification of shares, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Shares which it is then entitled to receive upon the due exercise of this Purchase Warrant. In addition, nothing contained in this Purchase Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Purchase Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Restrictions</u>. The Holder acknowledges that the Shares acquired upon the exercise of this Purchase Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Severability</u>. Wherever possible, each provision of this Purchase Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Purchase Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Purchase Warrant.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the [●]<sup>th</sup> day of _______, 2026.

---

| | |
|:---|:---|
| **Unitrend Entertainment Group Limited** | **Unitrend Entertainment Group Limited** |
| By: |  |
| Name: | Bin Feng |
| Title: | CEO and Chairman of the Board |

---

**EXHIBIT A**

**Exercise Notice**

Form to be used to exercise Purchase Warrant:

Date: __________, 202_

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Class A Ordinary Shares of Unitrend Entertainment Group Limited, a Cayman Islands company (the "**Company**"), and hereby makes payment of $____ (at the rate of $____ per share) in payment of the Exercise Price pursuant thereto. Please issue the Class A Ordinary Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Class A Ordinary Shares for which this Purchase Warrant has not been exercised.

or

The undersigned hereby elects irrevocably to convert its right to purchase ___ Class A Ordinary Shares under the Purchase Warrant for ______ Class A Ordinary Shares, as determined in accordance with the following formula:

---

| | | |
|:---|:---|:---|
|  | X | Y(A-B) |
|  | X | A |
| Where, | X | The number of Class A Ordinary Shares to be issued to Holder; |
|  | Y | The number of Class A Ordinary Shares for which the Purchase Warrant is being exercised; |
|  | A | The fair market value (as defined in Section 2.2 of this Purchase Warrant) of one share of Common Stock which is equal to $_____; and |
|  | B | The Exercise Price which is equal to $______ per share |

---

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

Please issue the Class A Ordinary Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Class A Ordinary Shares for which this Purchase Warrant has not been converted.

Signature

Signature Guaranteed

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name:

(Print in Block Letters)

Address:

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

**EXHIBIT B**

**Assignment Notice**

Form to be used to assign Purchase Warrant:

ASSIGNMENT

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

FOR VALUE RECEIVED, does hereby sell, assign and transfer unto the right to purchase Class A Ordinary Shares of Unitrend Entertainment Group Limited, a Cayman Islands company (the "**Company**"), evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

Dated: , 202

Signature

Signature Guaranteed

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

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| Unitrend Entertainment Group Limited<br> c/o Ogier Global (Cayman) Limited, 89<br> Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | **D +1 345 815 1877** |
| Unitrend Entertainment Group Limited<br> c/o Ogier Global (Cayman) Limited, 89<br> Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | **E bradley.kruger@ogier.com** |
| Unitrend Entertainment Group Limited<br> c/o Ogier Global (Cayman) Limited, 89<br> Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands |  |
| Unitrend Entertainment Group Limited<br> c/o Ogier Global (Cayman) Limited, 89<br> Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands | Reference: 507375.00001/BKR |
| Unitrend Entertainment Group Limited<br> c/o Ogier Global (Cayman) Limited, 89<br> Nexus Way, Camana Bay, Grand<br> Cayman KY1-9009, Cayman Islands |  |
|  | 22 January 2026 |

---

**Unitrend Entertainment Group Limited (the Company)**

We have been requested to provide you with an opinion on matters of Cayman Islands law in connection with the Company's registration statement on Form F-1, including all amendments or preliminary or final supplements thereto, filed with the United States Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933 (the **Act**), as amended, (including its exhibits, the **Registration Statement**) related to the offering and sale by the Company of:

(a) up to 3,750,000 class A ordinary shares of the Company with a par value of US$0.0000002 each (the **Class A Ordinary Shares**);

(b) up to 562,500 class A ordinary shares of the Company with a par value of US$0.0000002 which several underwriters
(the **Underwriters**), for whom American Trust Investment Services, Inc. is acting as representative, will have a right to purchase
from the Company to cover over-allotments, if any (the **Over-Allotment Shares**); and

(c) up to 187,500 class A ordinary shares of the Company with a par value of US$0.0000002 (the **Warrant Shares** together with the Class A Ordinary Shares and the Over-Allotment Shares, the **Shares**) underlying the warrants to be issued
to the Underwriters (the **Warrants**).

---

| | |
|:---|:---|
| **Ogier (Cayman) LLP**<br> 89 Nexus Way<br> Camana Bay<br> Grand Cayman, KY1-9009<br> Cayman Islands<br>T +1 345 949 9876<br> F +1 345 949 9877<br> **ogier.com** | A list of Partners may be inspected on our website |

---

Unitrend Entertainment Group Limited

22 January 2026

This opinion is given in accordance with the terms of the "Legal Matters" section of the Registration Statement.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in Schedule 1. A reference to a Schedule is a reference to a schedule to this opinion and 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 the corporate and other documents and conducted the searches listed in Schedule 1. We have not made any searches or enquiries concerning, and have not examined any documents entered into by or affecting the Company or any other person, save for the searches, enquiries and examinations expressly referred to in Schedule 1.

2 Assumptions

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

---

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

---

On the basis of the examinations and assumptions referred to above and subject to the qualifications set forth in Schedule 3 and the limitations set forth below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 of Companies of the Cayman Islands (the **Registrar**).

**Corporate power**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has all requisite power under its Memorandum and Articles of Association to issue the Shares
(including the issuance of the Shares upon the exercise of the Warrants in accordance with the Documents), to execute and deliver the
Documents and to perform its obligations, and exercise its rights, under such documents.

Unitrend Entertainment Group Limited

22 January 2026

**Corporate authorisation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has taken all requisite corporate action to authorise:

&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 issuance of the Shares (including the issuance of the Shares upon the exercise of the Warrants in
accordance with the Documents; 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) the execution and delivery of the Documents and the performance of its obligations, and the exercise of
its rights, under such documents.

**Issue of Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Shares to be offered and issued by the Company as contemplated by the Registration Statement and the
Documents (including the issuance of the Shares upon the exercise of the Warrants in accordance with the Documents), when issued by the
Company upon:

&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) payment in full of the consideration as set out in the Registration Statement and the Documents in accordance
with the terms set out in the Registration Statement and the Documents (including the issuance of the Shares upon the exercise of the
Warrants in accordance with the Documents) and in accordance with the Memorandum and Articles of Association; 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) the entry of those Shares as fully paid on the register of members of the Company,

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

**Registration Statement – "Cayman Islands Taxation"**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The statements set forth in the Registration Statement under the
caption "Cayman Islands Taxation" are accurate in all material respects and such statements constitute our opinion.

4 Matters not covered

We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 M&A or Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 documents reviewed (or as to how the commercial terms of such documents reflect the intentions
of the parties), 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 documents and any other agreements into which the Company may have
entered or any other documents; or

Unitrend Entertainment Group Limited

22 January 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to whether the acceptance, execution or performance of the Company's obligations under the documents
reviewed by us will result in the breach of or infringe any other agreement, deed or document (other than, to the extent expressly provided
herein, the M&A) entered into by or binding on the Company.

5 Governing law of this opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | Consent |

---

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

Yours faithfully

/s/ Ogier (Cayman) LLP

**Ogier (Cayman) LLP**

Unitrend Entertainment Group Limited

22 January 2026

**Schedule 1**

Documents examined

Corporate and other documents

---

| | |
|:---|:---|
| 1 | The Certificate of Incorporation of the Company dated 23 March 2022 issued by the Registrar (**Certificate of Incorporation**). |

---

---

| | |
|:---|:---|
| 2 | The amended and restated memorandum of association of the Company adopted by special resolution passed on 24 April 2025 (the **Memorandum**). |

---

---

| | |
|:---|:---|
| 3 | The amended and restated articles of association of the Company adopted by special resolution passed on 27 March 2025 (the **Articles**, and together with the Memorandum, the **M&A**). |

---

---

| | |
|:---|:---|
| 4 | A Certificate of Good Standing dated 22 January 2026 (the **Good Standing Certificate**) issued by the Registrar in respect of the Company. |

---

---

| | |
|:---|:---|
| 5 | A certificate dated on the date hereof as to certain matters of fact signed by a director of the Company in the form annexed hereto (the **Director's Certificate**), having attached to it a copy of the written resolutions of all the directors of the Company passed on 22 January 2026 (the **Board Resolutions**). |

---

---

| | |
|:---|:---|
| 6 | The Register of Writs maintained by the office of the Clerk of Courts in the Cayman Islands as inspected by us on 16 January 2026 (the **Register of Writs**). |

---

7 The Registration Statement.

---

| | |
|:---|:---|
| 8 | A draft underwriting agreement between the Company and Cathay Securities, Inc., as representative of the underwriters named in Schedule A thereto (the **Underwriting Agreement**). |

---

---

| | |
|:---|:---|
| 9 | A draft specimen certificate for the Shares (the **Share Certificate**). |

---

---

| | |
|:---|:---|
| 10 | A draft specimen warrant certificate constituting the Warrants and being annexed to the Underwriting Agreement (the **Warrant Document** and, together with the Underwriting Agreement and the Share Certificate, the **Documents**). |

---

Unitrend Entertainment Group Limited

22 January 2026

**Schedule 2**

Assumptions

**Assumptions of general application**

1 All original documents examined by us are authentic and complete.

2 All copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals and those originals are authentic and complete.

3 All signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine.

4 Each of the Certificate of Incorporation, the M&A, the Good Standing Certificate, the Director's Certificate and the Board Resolutions is accurate and complete as at the date of this opinion.

---

| | |
|:---|:---|
| 5 | Where any Document has been provided to us in draft or undated form, that Document has been executed by all parties in materially the form provided to us and, where we have been provided with successive drafts of a Document marked to show changes from a previous draft, all such changes have been accurately marked. |

---

6 There will be no intervening circumstance relevant to this opinion between the date hereof and the date upon which the Class A Ordinary Shares are issued.

7 There is nothing in any law (other than the laws of the Cayman Islands) that would or might affect the opinions herein.

**Status, authorisation and execution**

8 Each of the parties to the Documents other than the Company is duly incorporated, formed or organised (as applicable), validly existing and in good standing under all relevant laws.

9 Each Document has been duly authorised, executed and unconditionally delivered by or on behalf of all parties to it (other than the Company) in accordance with all applicable laws.

---

| | |
|:---|:---|
| 10 | In authorising the execution and delivery of the Documents by the Company, the issue and allotment of Shares and Warrants, and the exercise of its rights and performance of its obligations under the Documents, each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her. |

---

11 Each Document that has not been executed as of the date of this opinion will be duly executed and unconditionally delivered by the Company in the manner authorised in the Resolutions.

Unitrend Entertainment Group Limited

22 January 2026

**Enforceability**

12 None of the opinions expressed herein will be adversely affected by the laws or public policies of any jurisdiction other than the Cayman Islands. In particular, but without limitation to the previous sentence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the laws or public policies of any jurisdiction other than the Cayman Islands will not adversely affect
the capacity or authority of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither the execution or delivery of the Documents nor the exercise by any party to the Documents of its
rights or the performance of its obligations under them contravene those laws or public policies.

**Share Issuance**

13 The Shares to be issued after the date of this opinion shall be issued at an issue price in excess of the par value thereof.

**Register of Writs**

14 The Register of Writs constitutes a complete and accurate record of the proceedings affecting the Company before the Grand Court of the Cayman Islands as at the time we conducted our investigation of such register.

Unitrend Entertainment Group Limited

22 January 2026

**Schedule 3**

Qualifications

**Good Standing**

---

| | |
|:---|:---|
| 1 | Under the Companies Act (Revised) of the Cayman Islands (**Companies Act**) annual returns in respect of the Company must be filed with the Registrar, together with payment of annual filing fees. A failure to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit of the public of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 2 | **In good standing** means only that as of the date of the Good Standing Certificate the Company is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company's good standing with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than the Companies Act. |

---

**Limited Liability**

---

| | |
|:---|:---|
| 3 | We are not aware of any Cayman Islands authority as to when the courts would set aside the limited liability of a shareholder in a Cayman Islands company. Our opinion on the subject is based on the Companies Act and English common law authorities, the latter of which are persuasive but not binding in the courts of the Cayman Islands. Under English authorities, circumstances in which a court would attribute personal liability to a shareholder are very limited, and include: (a) such shareholder expressly assuming direct liability (such as a guarantee); (b) the company acting as the agent of such shareholder; and (c) the company being incorporated by or at the behest of such shareholder for the purpose of committing or furthering such shareholder's fraud, or for a sham transaction otherwise carried out by such shareholder. In the absence of these circumstances, we are of the opinion that a Cayman Islands' court would have no grounds to set aside the limited liability of a shareholder. |

---

**Non-Assessable**

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| | |
|:---|:---|
| 4 | In this opinion, the phrase "non-assessable" means, with respect to the Shares in the Company, that shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls on the Shares by the Company or its creditors (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstance in which a court may be prepared to pierce or lift the corporate veil). |

---

**Register of Writs**

5 Our examination of the Register of Writs cannot conclusively reveal whether or not there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any current or pending litigation in the Cayman Islands against the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any application for the winding up or dissolution of the Company or the appointment of any liquidator,
trustee in bankruptcy or restructuring officer in respect of the Company or any of its assets,

as notice of these matters might not be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court. Claims in the summary court are limited to a maximum of CI $20,000.

## Exhibit 5.2

**Exhibit 5.2**

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| |
|:---|
| ![](ex5-2_001.jpg) |
| 1945 Old Gallows Road |
| Suite 260 |
| Vienna, VA 22182 |
| (703) 919-7285 |

---

January 22, 2026

**Unitrend Entertainment Group Limited**

Suite 1508, Tower B, Wentelai Center, 1 Xidawang Road

Chaoyang District, Beijing 100026

People's Republic of China

Ladies and Gentlemen:

We have acted as United States counsel to Unitrend Entertainment Group Limited, a company incorporated under the laws of the Cayman Islands (the "Company"), in connection with the registration statement on Form F-1 initially filed with the U.S. Securities and Exchange Commission (the "Commission") on June 14, 2024, as amended (the "Registration Statement"), under the Securities Act of 1933, as amended (the "Securities Act"). The Registration Statement relates to the following securities of the Company: (i) 3,750,000 shares (the "Firm Shares") of the Company's Class A ordinary shares, par value US$0.0000002 per share (the "Class A Ordinary Shares"), (ii) up to 562,500 Class A Ordinary Shares, issuable upon the exercise of an over-allotment option granted to the underwriter(s) named in the underwriting agreement (the "Over-Allotment Shares," and together with the "Firm Shares," the "Offered Shares"), and (iii) 187,500 Class A Ordinary Shares underlying the warrants, which are exercisable to purchase additional Class A Ordinary Shares equal to 5% of the Offered Shares (the "Warrant Shares"). The Firm Shares, Over-Allotment Shares, and Warrant Shares are collectively referred to herein as the "Securities." This opinion is being given in accordance with the Legal Matters section of the Registration Statement, as it pertains to the portions of New York law set forth below.

In rendering the opinions set forth below, we have assumed that (i) all information contained in all documents reviewed by us is true and correct; (ii) all signatures on all documents examined by us are genuine; (iii) all documents submitted to us as originals are authentic and all documents submitted to us as copies conform to the authentic originals of such documents; (iv) each natural person signing any document reviewed by us had the legal capacity to do so; and (v) the certificates representing the Securities will be duly executed and delivered.

We have also assumed that (i) the Company has been duly incorporated, and is validly existing and in good standing; (ii) the Company has requisite legal status and legal capacity under the laws of the jurisdiction of its incorporation, (iii) the Company has complied and will comply with all aspects of the laws of the jurisdiction of its incorporation, in connection with the transactions contemplated by, and the performance of its obligations under the Warrants; (iv) the Company has the corporate power and authority to execute, deliver and perform all its obligations under the Warrants; (v) the Warrants have been duly authorized by all requisite corporate action on the part of the Company; (vi) except to the extent expressly stated in the opinions contained herein, the opinions stated herein are limited to the agreements specifically identified in Exhibit 1.1 (Form of Underwriting Agreement) (the "Underwriting Agreement"), and Exhibit 4.2 (Form of Underwriter's Warrant) (the "Form of Warrant") to the Registration Statement without regard to any agreement or other document referenced in such agreement (including agreements or other documents incorporated by reference or attached or annexed thereto); (vii) as provided in Section 9 of the Form of Warrant, all questions concerning the construction, validity, enforcement and interpretation of the Warrants shall be governed by the internal laws of the State of New York, without regard to the principles of conflicts of law thereof; (viii) service of process will be effected in the manner and pursuant to the methods of the State of New York at the time such service is effected; and (ix) at the time of exercise of the Warrants, a sufficient number of Class A Ordinary Shares that have been reserved by the Company's board of directors or a duly authorized committee thereof will be authorized and available for issuance and that the consideration for the issuance and sale of the Warrants Shares in connection with such exercise is in an amount that is not less than the par value of such Class A Ordinary Shares.

In connection with this matter, we have examined the Registration Statement, including the exhibits thereto, and such other documents, corporate records, and instruments and have examined such laws and regulations as we have deemed necessary for purposes of rendering the opinions set forth herein.

We are members of the Bar of the State of New York. We do not hold ourselves out as being conversant with, or expressing any opinion with respect to, the laws of any jurisdiction other than the federal laws of the United States of America and the laws of the State of New York. Accordingly, the opinions expressed herein are expressly limited to the federal laws of the United States of America and the laws of the State of New York and are based on these laws as in effect on the date hereof. We are not rendering any opinion as to the compliance with any other federal or state law, rule or regulation relating to securities, or to the sale or issuance thereof.

Based upon and subject to the foregoing, we are of the opinion that when the Registration Statement becomes effective under the Securities Act of 1933, as amended, and when the Warrants have been duly executed and authenticated in accordance with the Underwriting Agreement and issued, delivered, as contemplated by the Registration Statement and the Underwriting Agreement, such Warrants will constitute valid and binding obligations of the Company in accordance with their terms under the laws of the State of New York.

Our opinions set forth above with respect to the validity or binding effect of any security or obligation may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, marshaling, moratorium or other similar laws affecting the enforcement generally of the rights and remedies of creditors and secured parties or the obligations of debtors, (ii) general principles of equity (whether considered in a proceeding in equity or at law), including, but not limited to, principles limiting the availability of specific performance or injunctive relief, and concepts of materiality, reasonableness, good faith and fair dealing, (iii) the possible unenforceability under certain circumstances of provisions providing for indemnification, contribution, exculpation, release or waiver that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, and (iv) the effect of course of dealing, course of performance, oral agreements or the like that would modify the terms of an agreement or the respective rights or obligations of the parties under an agreement.

This opinion letter speaks only as of the date hereof and we assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts, whether existing before or arising after the date hereof, that might change the opinions expressed above.

This opinion letter is furnished in connection with the Registration Statement and may not be relied upon for any other purpose without our prior written consent in each instance. Further, no portion of this letter may be quoted, circulated or referred to in any other document for any other purpose without our prior written consent.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name as it appears under the caption "Legal Matters" in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

---

| |
|:---|
| Very truly yours, |
| /s/ VCL Law LLP |
| **VCL LAW LLP** |

---

## Exhibit 8.2

**Exhibit 8.2**

![](ex8-2_001.jpg)

20,22-25/F Landmark Building Tower 1, 8 Dongsanhuan Beilu, Chaoyang District,

Beijing, P. R. China, 100004

Tel: +86 10 6590 6639 Fax: +86 10 6510 7030

http://www.east-concord.com

January 22, 2026

To: **Unitrend Entertainment Group Limited** (the "**Company**")

Dear Sir or Madam:

We are qualified lawyers of mainland China of the People's Republic of China (the "**PRC**", for the purposes of this opinion only, the PRC shall include the Hong Kong Special Administrative Region, and the Macau Special Administrative Region) and as such are qualified to issue this opinion on the laws and regulations of mainland China effective as of the date hereof.

We are acting as the PRC counsel to the Company in connection with (i) the proposed initial public offering (the "**Offering**") of 3,750,000 Class A ordinary shares (the "**Ordinary Shares**") of the Company, as set forth in the Company's registration statement on Form F-1 (File No.:333-280248), including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, (ii) up to 562,500 Ordinary Shares, issuable upon the exercise of an over-allotment option granted to the underwriter(s) named in the underwriting agreement, (iii) warrants exercisable to purchase additional Ordinary Shares in an amount equal to 5% of the shares to be issued in the Offering, and (iv) the Company's proposed listing of the Ordinary Shares on the NASDAQ Capital Market.

**A.** **DOCUMENTS AND ASSUMPTIONS** 

In rendering this opinion, we have examined copies of the due diligence documents provided to us by the Company and the PRC Companies (as defined below) and such other documents, corporate records and certificates issued by the Governmental Agencies (as defined below) (collectively, the "**Documents**"). Where certain facts were not independently established and verified by us, we have relied upon certificates or statements issued or made by the relevant Governmental Agencies and appropriate representatives of the Company and the PRC Companies.

In giving this opinion, we have made the following assumptions ("**Assumptions**"):

(i) All signatures, seals and chops are genuine, each signature on behalf of a party thereto is that of a person duly authorized by such party to execute the same, all Documents submitted to us as originals are authentic, and all Documents submitted to us as certified or photostatic copies conform to the originals;

(ii) Each of the parties of the Documents, other than the PRC Companies, (a) if a legal person or other entity, is duly organized and is validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation, or (b) if an individual, has full capacity for civil conduct, each of them, other than the PRC Companies, has full power and authority to execute, deliver and perform its, her or his obligations under the Documents to which it, she or he is a party in accordance with the laws of its jurisdiction of organization or incorporation or the laws that it/she/he is subject to;

(iii) The Documents that were presented to us remain in full force and effect on the date of this opinion and have not been revoked, amended or supplemented, and no amendments, revisions, supplements, modifications or other changes have been made, and no revocation or termination has occurred, with respect to any of the Documents after they were submitted to us for the purposes of this opinion;

(iv) The laws of jurisdictions other than mainland China which may be applicable to the execution, delivery, performance or enforcement of the Documents are complied with;

(v) All Governmental Authorizations (as defined below) and other official statements or documentation were obtained by the Company or any PRC Company from any Governmental Agency by lawful means in due course, and the Documents provided to us conform with those documents submitted to;

(vi) All requested Documents have been provided to us and all factual statements made to us by the Company and the PRC Companies in connection with this opinion are true, correct and complete, and none of the Company or the PRC Companies has withheld anything that, if disclosed to us, would reasonably cause us to alter this opinion in whole or in part;

(vii) All explanations and interpretations provided by government officials duly reflect the official position of the relevant Governmental Agencies and are complete, true and correct;

(viii) Each of the Documents is legal, valid, binding and enforceable in accordance with their respective governing laws in any and all respects;

(ix) All consents, licenses, permits, approvals, exemptions or authorizations required by, and all required registrations or filings with, any governmental authority or regulatory body of any jurisdiction other than mainland China in connection with the transaction contemplated under the Registration Statement and other Documents have been obtained or made, and are in full force and effect as of the date thereof.

**B.** **DEFINITIONS** 

In addition to the terms defined in the context of this opinion, the following capitalized terms used in this opinion are defined as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;"Governmental Agency" | &nbsp;&nbsp;any national, provincial or local governmental, regulatory or administrative authority, agency or commission in mainland China, or any court, tribunal or any other judicial or arbitral body in mainland China, or any body exercising, or entitled to exercise, any administrative, judicial, legislative, law enforcement, regulatory, or taxing authority or power of a similar nature in mainland China. "Governmental Agencies" shall be construed accordingly. |
| &nbsp;&nbsp;"Governmental Authorization" | &nbsp;&nbsp;means any approval, consent, permit, filing, registration, exemption, permission, endorsement, annual inspection, qualification, certification, sanction, declaration, clearance and license by, from or with any Governmental Agency pursuant to any PRC Laws. |
| &nbsp;&nbsp;"PRC Laws" | &nbsp;&nbsp;means all applicable national, provincial and local laws, regulations, rules, notices, orders, decrees and judicial interpretations of mainland China currently in effect and publicly available on the date of this opinion. |
| &nbsp;&nbsp;"M&A Rules" | &nbsp;&nbsp;means the *Provisions on Merging and Acquiring of Domestic Enterprises by Foreign Investors*, which was promulgated by six Governmental Agencies, namely, the Ministry of Commerce, the State-owned Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the China Securities Regulatory Commission (the "**CSRC**"), and the State Administration of Foreign Exchange, on August 8, 2006 and became effective on September 8, 2006, as amended on June 22, 2009 by the Ministry of Commerce. |
| &nbsp;&nbsp;"Trial Measure" | &nbsp;&nbsp;Means the *Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies*, and five supporting guidelines, which were promulgated by CSRC and came into effect on March 31, 2023. |
| &nbsp;&nbsp;"Cybersecurity Review" | &nbsp;&nbsp;means the *Measures for Cybersecurity Review* published by the Cyberspace Administration of China and other twelve Government Agencies on December 28, 2021, which became effective on February 15, 2022. |
| &nbsp;&nbsp;"PRC Companies" | &nbsp;&nbsp;means the WFOE, the PRC Operating Entities and VIE Entity, and "PRC Company" means any of them. |
| &nbsp;&nbsp;"PRC Operating Entities" | &nbsp;&nbsp;means Beijing INHI Culture Media Co., Ltd. (北京中喜合力文化传媒有限公司), and its subsidiaries, Beijing Zhongxi Culture Co., Ltd.(北京中喜文化有限公司), Horgos Kexi Culture Media Co., Ltd.(霍尔果斯可喜文化传媒有限公司), Shanghai Kexi Film and Television Culture Co., Ltd.,(上海可喜影视文化有限公司) incorporated under PRC Laws. |
| &nbsp;&nbsp;"VIE Entity" | &nbsp;&nbsp;Means Beijing Hexi Weiye Culture Media Co., Ltd. (北京合喜伟业文化传媒有限公司), a enterprise incorporated under PRC Laws. |
| &nbsp;&nbsp;"WFOE" | &nbsp;&nbsp;means Beijing Heli Fashion Technology Co., Ltd. (北京合力时尚科技有限公司), an enterprise incorporated under PRC Laws. |
| &nbsp;&nbsp;"VIE Agreements" | &nbsp;&nbsp;means the documents as set forth in Appendix A hereto. |

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**C.** **OPINIONS** 

Based on the Documents and subject to the Assumptions and the Qualifications (as defined below), we are of the opinion that, as of the date hereof, so far as PRC Laws are concerned:

(i) *VIE Structure*. Based on our understanding of the current PRC Laws, (a) the ownership structure of PRC Companies, both currently and immediately after giving effect to the Offering, will not result in any violation of PRC Laws currently in effect; (b) the contractual arrangements under the VIE Agreements, both currently and immediately after giving effect to the Offering, are valid, binding and enforceable, and will not result in any violation of PRC Laws currently in effect or any violation of the business license, article of association, approval certification or other constitutional documents (if any) of the PRC Companies; (c) the PRC Companies have obtained all requisite permissions and approvals from Governmental Agencies to conduct their current operations in mainland China as described in the Registration Statement. However, there are substantial uncertainties regarding the interpretation and application of current and future PRC Laws and there can be no assurance that the Governmental Agencies will ultimately take a view that is consistent with our opinion stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *M&A Rules.* The M&A Rules, among other things, purport to require an offshore special purpose vehicle controlled directly or indirectly by mainland China companies or individuals and formed for purposes of overseas listing through acquisition of interests in mainland China held by such mainland China companies or individuals, to obtain the approval of the CSRC prior to publicly listing and trading of such special purpose vehicle's securities on an overseas stock exchange. Based on the understanding of the current PRC Laws as of the date hereof (including the M&A Rules), a prior approval from the CSRC may not be required under the M&A Rules for the Offering, because (a) the CSRC currently has not issued by definitive rule or interpretation concerning whether the Offering is subject to the M&A Rules; (b) WFOE was incorporated as a wholly foreign-owned enterprise by means of direct investment rather than by merger or acquisition directly or indirectly of the equity interest or assets of a company in mainland China owned by mainland China companies or individuals as defined under the M&A Rules; and (c) no explicit provision in the M&A Rules clearly classified the contractual arrangements under the VIE Agreements as a type of transaction subject to the M&A Rules. However, there are substantial uncertainties regarding the interpretation and application of the M&A Rules, other PRC Laws and future PRC laws and regulations, and there can be no assurance that the relevant Governmental Agencies reach the same conclusion as we stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Trial* Measure. Trial Measures, and five supporting guidelines became effective on March 31, 2023. Pursuant to the Trail Measures, among other requirements, domestic companies that seek to offer and list securities overseas, both directly or indirectly, should fulfil the filing procedure with CSRC. The Company has submitted the filling documents to CSRS on January 23, 2024, and has obtained the notification on completion of the required filing procedures published by CSRS on February 26, 2025.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Cybersecurity Review.* Cybersecurity Review became effective on February 15, 2022, which requires that an online platform operator who possesses the personal information of more than one million users which seeks to list in a foreign stock exchange shall declare to the Office of Cybersecurity Review for cybersecurity review. Based on the understanding of Cybersecurity Review, cybersecurity review by Office of Cybersecurity Review may not be required for the Offering, given that the PRC Companies are not online platform operators.

(v) *Enforceability of Civil Procedures*. The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. Courts in mainland China may recognize and enforce foreign judgment in accordance with the requirements of PRC Civil Procedure Law and other applicable PRC Laws based either on treaties between mainland China and the country where the judgment is made or on reciprocity between jurisdictions. Mainland China does not have any treaties or other forms of written reciprocity with the United States or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to the PRC Civil Procedures Law, courts in mainland China will not enforce a foreign judgment against a company or its directors and officers if the courts decide that the judgment violates the basic principles of PRC Laws or national sovereignty, security or public interest. As a result, it is uncertain whether and on what basis a court in mainland China would enforce a judgment rendered by a court in the United States or the Cayman Islands.

(vi) *Taxation*. The statements made in the Registration Statement under the caption "MATERIAL INCOME TAX CONSIDERATION", to the extent that discussion states definitive legal conclusions under tax laws and regulations of mainland China, subject to the qualification therein, constitute our opinion on such matters.

(vii) PRC Laws. All statements set forth in the Registration Statement under the captions "Prospectus Summary", "Risk Factors", "Enforceability of Civil Liabilities", "Dividend Policy", "Business", "Regulations", "Material Income Tax Consideration", in each case insofar as such statements describe or summarize matters of the PRC Laws, are true and accurate in all material aspects, and nothing has come to our attention, insofar as the PRC Laws are concerned, that causes us to believe that there is any omission from such statements which causes such statements misleading in any material aspects.

**D.** **QUALIFICATIONS** 

Our opinions expressed above are subject to the following qualifications (the "**Qualifications**"):

(i) Our opinions are limited to PRC Laws of general application on the date hereof. We have made no investigation of, and do not express or imply any views on, the laws of any jurisdiction other than mainland China, and we have assumed that no such other laws would affect our opinions expressed above.

(ii) PRC Laws referred to herein are laws and regulations publicly available and currently in force on the date hereof in mainland China and there is no guarantee that any of such laws and regulations, or the interpretation or enforcement thereof, will not be changed, amended or revoked in the further with or without retrospective effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our opinions are subject to the effects of (a) certain legal or statutory principles affecting the enforceability of contractual rights generally under the concepts of public interests, social ethics, national security, good faith, fair dealing, and applicable statutes of limitation; (b) any circumstance in connection with the formulation, execution or performance of any legal documents that would be deemed materially mistaken, clearly unconscionable, fraudulent, coercionary or concealing illegal intentions with a lawful form; (c) judicial discretion with respect to the availability of specific performance, injunctive relief, remedies or defenses, or the calculation of damages; (d) applicable bankruptcy, insolvency, fraudulent transfer, moratorium or similar laws in mainland China affecting creditors' rights generally; and (e) the discretion of any competent mainland China legislative, administrative or judicial bodies in exercising their authority in mainland China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) This opinion is issued based on our understanding of PRC Laws. For matters not explicitly under PRC Laws, the interpretation, implementation and application of the specific requirement under PRC Laws, as well as their application to and effect on the legality, binding effect and enforceability or certain contracts, are subject to the final discretion of competent legislative, administrative and judicial authorities. Under PRC Laws, foreign investment is restricted in certain industries. The interpretation and implementation of these laws and regulations, and their application to and effect on the legality, biding effect and enforceability of contracts such as the VIE Agreements and transactions contemplated by the VIE Agreements, are subject to the discretion of the competent Governmental Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The term "enforceable" or "enforceability" as used in this opinion means that the obligations assumed by the relevant obligors under the relevant Documents are of a type with the courts of mainland China may enforce. It does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their respective terms and/or additional terms that may be imposed by the courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) We have not undertaken any independent investigation to determine the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company or rending of this opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) We may rely, as to matters of fact (but not as to legal conclusions), to the extent we deem proper, on certificates and confirmations of responsible officers of the Company, the PRC Companies and Governmental Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) This opinion is intended to be used in the context which is specifically referred to herein, and each section shall be construed as a whole and no part shall be extracted and referred to independently.

This opinion is strictly limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. The opinions expressed herein are rendered only as of the date hereof, and we assume no responsibility to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein.

We hereby consent to the use of this opinion in, and the filing hereof as an exhibit to, the Registration Statement, and to the reference to our name in such Registration Statement.

---

| |
|:---|
| **Yours faithfully,** |
| /s/ East & Concord Partners |
| **East & Concord Partners** |

---

**Appendix A**

**VIE Agreements**

1. Exclusive Operating and Consulting Service Agreement (独家运营和咨询服务协议) dated as of December 20<sup>th</sup> 2022 among the WFOE, the VIE Entity and the shareholders of the VIE Entity .

&nbsp;&nbsp;&nbsp;&nbsp;2. Exclusive Option Agreement (独家购买权合同) dated as of December 20<sup>th</sup> 2022 among the WFOE, the VIE Entity and the shareholders of the VIE Entity.

&nbsp;&nbsp;&nbsp;&nbsp;3. Equity Interest Pledge Agreement (股权质押协议) dated as of December 20<sup>th</sup> 2022 among the WFOE, the VIE Entity and the shareholders of the VIE Entity.

&nbsp;&nbsp;&nbsp;&nbsp;4. Delegated Agreement (授权协议) dated as of December 20<sup>th</sup> 2022 among the WFOE, the VIE Entity and the shareholders of the VIE Entity.

## Exhibit 10.1

**Exhibit 10.1**

**FORM OF EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "**Agreement**") is entered into as of by and between Unitrend Entertainment Group Limited (the "**Company**"), an exempted company duly incorporated and validly existing under the law of the Cayman Islands, and ([Passport/ID] Number), an individual (the "**Executive**"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "**Group**").

**RECITALS**

A. The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

B. The Executive desires to be employed by the Company during the term of Employment and under the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1. POSITION**

The Executive hereby accepts a position of (the "**Employment**") of the Company.

**2. TERM**

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be years, commencing on , 2024 (the "**Effective Date**"), until , 2024 unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the initial -year term, the Employment shall be automatically extended for successive one-year terms unless either party gives the other party hereto a prior written notice to terminate the Employment prior to the expiration of such one-year term or unless terminated earlier pursuant to the terms of this Agreement.

**3. DUTIES AND RESPONSIBILITIES** 

The Executive's duties at the Company will include all jobs assigned by the Company's Chief Executive Officer. If the Executive is the Chief Executive Officer of the Company, the Executive's duties will include all jobs assigned by the Board of Directors of the Company (the "**Board**").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement and the guidelines, policies and procedures of the Company approved from time to time by the Board.

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in the business or entity that competes with that carried on by the Company (any such business or entity, a "**Competitor**"), provided that nothing in this clause shall preclude the Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his/her interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

**4. NO BREACH OF CONTRACT**

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5. LOCATION**

The Executive will be based in , China or any other location as requested by the Company during the term of this Agreement.

**6. COMPENSATION AND BENEFITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **<u>Cash Compensation</u>.**The Executive's cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for the Executive under applicable law) shall be provided by the Company pursuant to <u>Schedule A</u> hereto, subject to annual review and adjustment by the Company or the compensation committee of the Board (or the Board itself, before the formation of the compensation committee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) **<u>Equity Incentives</u>.**To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible for participating in such plan pursuant to the terms thereof as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) **<u>Benefits</u>.** The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, and travel/holiday policy.

**7. TERMINATION OF THE AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) **<u>By the Company</u>.** The Company may terminate the Employment for cause, at any time, without advance notice or remuneration, if (i) the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement, (ii) the Executive has been negligent or acted dishonestly to the detriment of the Company, (iii) the Executive has engaged in actions amounting to misconduct or failed to perform his/her duties hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure, (iv) the Executive has died, or (v) the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his/her employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

In addition, the Company may terminate the Employment without cause, at any time, upon one-month prior written notice to the Executive. Upon termination without cause, the Company shall provide the Executive with a severance payment in cash in an amount equal to the Executive's 3-month salary at the then current rate. Under such circumstance, the Executive agrees not to make any further claims for compensation for loss of office, accrued remuneration, fees, wrongful dismissal or any other claim whatsoever against the Company or its subsidiaries or the respective officers or employees of any of them**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) **<u>By the Executive</u>.**If there is a material and substantial reduction in the Executive's existing authority and responsibilities, the Executive may resign upon one-month prior written notice to the Company. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) **<u>Notice of Termination</u>.** Any termination of the Executive's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

**8. CONFIDENTIALITY AND NONDISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) **<u>Confidentiality and Non-disclosure</u>.** In the course of the Executive's services, the Executive may have access to the Company and/or the Company's customer/supplier's and/or prospective customer/supplier's trade secrets and confidential information, including but not limited to those embodied in memoranda, manuals, letters or other documents, computer disks, tapes or other information storage devices, hardware, or other media or vehicles, pertaining to the Company and/or the Company's customer/supplier's and/or prospective customer/supplier's business. All such trade secrets and confidential information are considered confidential. All materials containing any such trade secret and confidential information are the property of the Company and/or the Company's customer/supplier and/or prospective customer/supplier, and shall be returned to the Company and/or the Company's customer/supplier and/or prospective customer/supplier upon expiration or earlier termination of this Agreement. The Executive shall not directly or indirectly disclose or use any such trade secret or confidential information, except as required in the performance of the Executive's duties in connection with the Employment, or pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) **<u>Trade Secrets</u>.** During and after the Employment, the Executive shall hold the Trade Secrets in strict confidence; the Executive shall not disclose these Trade Secrets to anyone except other employees of the Company who have a need to know the Trade Secrets in connection with the Company's business. The Executive shall not use the Trade Secrets other than for the benefits of the Company.

"<u>Trade Secrets</u>" means information deemed confidential by the Company, treated by the Company or which the Executive know or ought reasonably to have known to be confidential, and trade secrets, including without limitation designs, processes, pricing policies, methods, inventions, conceptions, technology, technical data, financial information, corporate structure and know-how, relating to the business and affairs of the Company and its subsidiaries, affiliates and business associates, whether embodied in memoranda, manuals, letters or other documents, computer disks, tapes or other information storage devices, hardware, or other media or vehicles. Trade Secrets do not include information generally known or released to public domain through no fault of yours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) **<u>Former Employer Information</u>.** The Executive agrees that he or she has not and will not, during the term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) **<u>Third Party Information</u>.** The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**9. INVENTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **<u>Inventions Retained and Licensed</u>.** The Executive has attached hereto, as <u>Schedule B</u>, a list describing all inventions, ideas, improvements, designs and discoveries, whether or not patentable and whether or not reduced to practice, original works of authorship and trade secrets made or conceived by or belonging to the Executive (whether made solely by the Executive or jointly with others) that (i) were developed by Executive prior to the Executive's employment by the Company (collectively, "**Prior Inventions**"), (ii) relate to the Company' actual or proposed business, products or research and development, and (iii) are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions. Except to the extent set forth in <u>Schedule B</u>, the Executive hereby acknowledges that, if in the course of his/her service for the Company, the Executive incorporates into a Company product, process or machine a Prior Invention owned by the Executive or in which he has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide right and license (which may be freely transferred by the Company to any other person or entity) to make, have made, modify, use, sell, sublicense and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) **<u>Disclosure and Assignment of Inventions</u>.** The Executive understands that the Company engages in research and development and other activities in connection with its business and that, as an essential part of the Employment, the Executive is expected to make new contributions to and create inventions of value for the Company.

From and after the Effective Date, the Executive shall disclose in confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer software programs, databases, mask works and trade secrets (collectively, the "**Inventions**"), which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of the Executive's Employment at the Company. The Executive acknowledges that copyrightable works prepared by the Executive within the scope of and during the period of the Executive's Employment with the Company are "works for hire" and that the Company will be considered the author thereof. The Executive agrees that all the Inventions shall be the sole and exclusive property of the Company and the Executive hereby assign all his/her right, title and interest in and to any and all of the Inventions to the Company or its successor in interest without further consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) **<u>Patent and Copyright Registration</u>.** The Executive agrees to assist the Company in every proper way to obtain for the Company and enforce patents, copyrights, mask work rights, trade secret rights, and other legal protection for the Inventions. The Executive will execute any documents that the Company may reasonably request for use in obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and other legal protections. The Executive's obligations under this paragraph will continue beyond the termination of the Employment with the Company, provided that the Company will reasonably compensate the Executive after such termination for time or expenses actually spent by the Executive at the Company's request on such assistance. The Executive appoints the Secretary of the Company as the Executive's attorney-in-fact to execute documents on the Executive's behalf for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) **<u>Return of Confidential Material</u>.** In the event of the Executive's termination of employment with the Company for any reason whatsoever, Executive agrees promptly to surrender and deliver to the Company all records, materials, equipment, drawings, documents and data of any nature pertaining to any confidential information or to his/her employment, and Executive will not retain or take with him or her any tangible materials or electronically stored data, containing or pertaining to any confidential information that Executive may produce, acquire or obtain access to during the course of his/her employment.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

**10. CONFLICTING EMPLOYMENT**

The Executive hereby agrees that, during the term of his/her employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his/her obligations to the Company without the prior written consent of the Company.

**11. NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the compensation provided to the Executive by the Company hereunder, the adequacy of which is hereby acknowledged by the parties hereto, the Executive agree that during the term of the Employment and for a period of *two* years following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) The Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive in the Executive's capacity as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) unless expressly consented to by the Company, the Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) unless expressly consented to by the Company, the Executive will not seek directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.

The provisions contained in Section 11 are considered reasonable by the Executive and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 11 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 11, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

**12. WITHHOLDING TAXES**

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**13. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**14. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**15. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**16. GOVERNING LAW**

This Agreement shall be governed by and construed in accordance with the law of the State of New York, USA, without regard to the conflicts of law principles.

**17. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**18. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**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) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party; or (iv) sent by e-mail with confirmation of receipt.

**20. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**21. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

 

*[Remainder of this page has been intentionally left blank.]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| |
|:---|
| **Unitrend Entertainment Group Limited** |
| By: |
| Name: |
| Title: |
| **Executive** |
| Signature: |
| Name: |

---

**<u>Schedule A</u>**

**Cash Compensation**

As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of [$] for each calendar year of service under this Agreement on a pro-rated basis, payable [ ] by Beijing INHI Culture Media Co., Ltd. in the amount of RMB obtained by converting such compensation into RMB at the base rate for the purchase of RMB with the applicable US dollars as quoted by The People's Bank of China on the date of determination.

**<u>Schedule B</u>**

**List of Prior Inventions**

## Exhibit 10.2

**Exhibit 10.2**

**DIRECTOR AGREEMENT**

This DIRECTOR AGREEMENT (the "Ag<u>reement"</u>), is entered into as of<u> </u>(the "<u>Effective Date</u>"), by and between Unitrend Entertainment Group Limited, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Compan</u>y"), and<u> </u>, an individual (the "<u>Director</u>") (individually, each a "<u>Party</u>" and collectively, the "Parties").

WHEREAS, the Company desires to employ the Director as its director of the Board to assure itself of the services of the Director during the term of Employment (as defined below).

WHEREAS, the Director desires to be employed by the Company as its director during the term of Employment and upon the terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:

**1. POSITION**

The Director hereby accepts the positions of a director of the Board of the Company (the "Employment").

**2. TERM**

Subject to the terms and conditions of this Agreement, the term shall commence on the Effective Date and until Director's earlier death, resignation or removal (the "<u>Term</u>").

**3. DUTIES AND RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Director's duties at the Company will include all jobs of a director customarily related to this function as may be determined and assigned by the Board and as may be required by the Memorandum and Articles of Association of the Company, as amended and restated from time to time (the "<u>Charter Documents</u>"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Director shall devote as much working time and attention as necessary to the perform [his/her] duties at the Company, including duties as a member of one or more committees of the Board, to which the Director may hereafter be appointed. The Director shall perform such duties described herein in accordance with the general fiduciary duty of directors.

**4. NO BREACH OF CONTRACT**

The Director hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Director and the performance by the Director of the Director's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Director is a party or otherwise bound, except for agreements entered into by and between the Director and the Company and its subsidiaries and affiliates (collectively, the "<u>Group</u>") pursuant to applicable law, if any; (ii) that the Director has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Director entering into this Agreement or carrying out his duties hereunder; (iii) that the Director is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5. RENUMERATION AND BENEFITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Remuneration. A monthly fee equal to the amount of US$<u> </u>, payable in accordance with the Company's regular payroll practices, [plus<u> </u> ordinary shares of the Company per year, subject to the Director's continuous service as a member of the Board] (the "Remuneration"). Such Remuneration is subject to annual review and adjustment by the Board. The Director shall be responsible for [his/her] own individual income tax payment on the Remuneration in jurisdictions where the Director resides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Bonus</u>. The Director shall be eligible for Bonuses determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) <u>Equity Incentives</u>. To the extent the Company adopts a share incentive plan, the Director will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) <u>Benefits</u>. The Director is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) <u>Reimbursements</u>. The Director shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Director in the performance of [his/her] duties under this Agreement; provided that [he/she] properly accounts for such expenses in accordance with the Company's policies and procedures.

**6. TERMINATION OF THE AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By <u>the Compan</u>y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>For Cause</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Director is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Director has been grossly negligent or acted dishonestly to the detriment of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Director has engaged in actions amounting to willful misconduct or failed to perform [his/her] duties hereunder and such failure continues after the Director is afforded a reasonable opportunity to cure such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Director violates Section 7 or 8 of this Agreement Upon termination for cause, the Director shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Director's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) <u>For death and disabilit</u>y. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Director has died, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Director has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Director unable to perform the essential functions of [his/her] employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Director shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Director will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Director's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Director: (1) a lump sum cash payment equal to 6 months of the Director's base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of [his/her] target annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months following the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Director.

Upon termination without, the Director shall be entitled to the amount of base salary earned and not paid prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) <u>Chan</u>g<u>e of Control Transaction</u>. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the "<u>Chan</u>g<u>e of Control Transaction</u>"), the Director shall be entitled to the following severance payments and benefits upon such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a lump sum cash payment equal to 6 months of the Director's base salary at a rate equal to the greater of [his/her] annual salary in effect immediately prior to the termination, or [his/her] then current annual salary as of the date of such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a lump sum cash payment equal to a pro-rated amount of [his/her] target annual bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months following the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Director</u>. The Director may terminate the Employment at any time with a one-month prior written notice to the Company, if (1) there is a material reduction in the Director's authority, duties and responsibilities, or (2) there is a material reduction in the Director's annual salary. Upon the Director's termination of the Employment due to either of the above reasons, the Company shall provide remuneration to the Director equivalent to 6 months of the Director's base salary that [he/she] is entitled to immediately prior to such termination. In addition, the Director may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) <u>Notice of Termination.</u> Any termination of the Director's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

**7. CONFIDENTIALITY AND NON-DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Confidentiality and Non-disclosure</u>. The Company and the Director each acknowledge that, in order for the intentions and purposes of this Agreement to be accomplished, the Director hereby agrees at all times during the Term and after [his/her] termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior written consent of the Company, any Confidential Information. The Director understands that "<u>Confidential Information</u>" means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Director by or obtained by the Director from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Company Property</u>. The Director understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with [his/her] work or using the facilities of the Company are property of the Company and subject to inspection by the Company at any time. Upon termination or at any other time when requested by the Company, the Director will promptly deliver to the Company all documents and materials of any nature pertaining to [his/her] work with the Company and will provide written certification of [his/her] compliance with this Agreement. Under no circumstances will the Director have, following [his/her] termination, in [his/her] possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) <u>Employer Information</u>. The Director agrees that [he/she] has not and will not, during the Term, improperly use or disclose any proprietary information or trade secrets of any current or former employers or other persons or entities with which the Director has an agreement or duty to keep in confidence information acquired by Director, if any. The Director will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) <u>Third Party Information</u>. The Director recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Director agrees that the Director owes the Company and such third parties, during the Term and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

This Section 7 shall survive the termination of this Agreement for any reason. In the event the Director breaches this Section 7, the Company shall have right to seek remedies permissible under applicable law.

**8. DIRECTOR COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Non-Solicitation</u>. During the Term and for a period of [one (1) year] thereafter, the Director shall not interfere with the Company's relationship with, or endeavor to entice away from the Company, any person who, on the date of the termination of the Term, was an employee or customer of the Company or otherwise had a material business relationship with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Disparaging Statements</u>. At all times during and after the period in which the Director is a member of the Board and at all times thereafter, the Director shall not either verbally, in writing, electronically or otherwise: (i) make any derogatory or disparaging statements about the Company, any of its affiliates, any of their respective officers, directors, shareholder(s), employees and agents, or any of the Company's current or past customers or employees, or (ii) make any public statement or perform or do any other act prejudicial or injurious to the reputation or goodwill of the Company or any of its affiliates or otherwise interfere with the business of the Company or any of its affiliates; provided, however, that nothing in this paragraph shall preclude the Director from complying with all obligations imposed by law or legal compulsion, and provided, further, however, that nothing in this paragraph shall be deemed applicable to any testimony given by the Director in any legal or administrative proceedings.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Director breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**9. INDEMNIFICATION**

The Company agrees to indemnify the Director for [his/her] activities as a director of the Company to the fullest extent permitted by law, and to cover the Director under any directors and officers liability insurance obtained by the Company. Further, the Company and the Director agree to enter into an indemnification agreement substantially in the form of agreement entered into by the Company and its other Board members.

**10. ASSIGNMENT**

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**11. SEVERABILITY**

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**12. ENTIRE AGREEMENT**

This Agreement constitutes the entire agreement and understanding between the Director and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Director and a member of the Group. The Director acknowledges that [he/she] has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Director and the Company.

**13. GOVERNING LAW; JURISDICTION**

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in any Cayman court and the parties hereto hereby consent to the jurisdiction of such courts in any such action or proceeding; provided, however, that neither party shall commence any such action or proceeding unless prior thereto the parties have in good faith attempted to resolve the claim, dispute or cause of action which is the subject of such action or proceeding through mediation by an independent third party.

**14. AMENDMENT**

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**15. WAIVER**

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**16. 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, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**17. COUNTERPARTS**

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**18. NO INTERPRETATION AGAINST DRAFTER**

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of this page has been left intentionally blank]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

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| | |
|:---|:---|
| <u>COMPANY:</u> | <u>COMPANY:</u> |
| **Unitrend Entertainment Group Limited** | **Unitrend Entertainment Group Limited** |
| By: |  |
| Name: | Bin Feng |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| <u>DIRECTOR:</u> |
| By: |
| Name: |

---

[*Signature Page to Director Agreement*]

## Exhibit 10.3

**Exhibit 10.3**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "<u>Agreement</u>") is entered into as of by and between Unitrend Entertainment Group Limited, a Cayman Islands exempted company (the "<u>Compan</u>y"), and the undersigned, a director and/or an officer of the Company ("<u>Indemnitee</u>"), as applicable.

**RECITALS**

The board of directors of the Company (the "<u>Board of Directors</u>") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

 ****

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

1. <u>General A</u>g<u>reement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify the Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

2. <u>Indemnification of Expenses of Successful Part</u>y. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify the Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

4. <u>No Emplo</u>y<u>ment Ri</u>g<u>hts</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by the Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

1. <u>Notice and Cooperation b</u>y <u>Indemnitee</u>. Indemnitee shall, as a condition precedent to his/her right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable action to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

2. <u>Indemnification Pa</u>y<u>ment.</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Advancement of Expenses*. Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Reimbursement of Expenses*. To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c) Determination by the Reviewing Party*. If the Company reasonably believes that it is not obligated under this Agreement to indemnify the Indemnitee, the Company shall, within [10 days] after the Indemnitee's written request for an advancement or reimbursement of Expenses, notify the Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within [30 days] after the Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; <u>provided, however</u>, that Indemnitee may bring a suit to enforce his/her indemnification right in accordance with Section C.3 below.

3. <u>Suit to Enforce Ri</u>g<u>hts</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within [30 days] after making a written demand in accordance with Section C.2 above or [50 days] if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

5. <u>Defense to Indemnification, Burden of Proof and Presumptions</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

7. <u>Compan</u>y <u>Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

8. <u>Reviewing Part</u>y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of the Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "<u>Disinterested</u> Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within [10 days] after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, 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 meet the requirements of "<u>Independent Counsel</u>" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel 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. If, within [20 days] after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his/her conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<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 is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding 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. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

1. <u>Good Faith Determination</u>. 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 with reputable insurance companies 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.

2. <u>Covera</u>g<u>e of Indemnitee</u>. 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.

3. <u>No Obli</u>g<u>ation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

1. <u>Non-Exclusivit</u>y. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he/she may have ceased to serve in any such capacity at the time of any Proceeding.

2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the U.S. Securities and Exchange Commission (the "<u>SEC</u>")'s prohibition on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

3. <u>Duration of A</u>g<u>reement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of his/her former or current capacity at the Company, whether or not he/she is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

1. <u>Amendment of this A</u>g<u>reement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

2. <u>Subro</u>g<u>ation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

3. <u>Assignment; Binding Effect</u>. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

6. <u>Governin</u>g <u>Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

Unitrend Entertainment Group Limited

Attention: Chief Executive Officer

and to Indemnitee at his/her address last known to the Company.

8. <u>Entire A</u>g<u>reement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

 

*(Signature page follows)*

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

---

| |
|:---|
| **Unitrend Entertainment Group Limited** |
| By: |
| Name: |
| Title: |
| **Indemnitee** |
| Signature: |
| Name: |

---

[Signature Page to Indemnification Agreement]

## Exhibit 10.4

**Exhibit 10.4**

UNITREND ENTERTAINMENT GROUP LIMITED

[ ], 2026

Dear [Mr./Ms.] [ ],

Following our recent discussions, I am pleased to confirm my invitation to you to join the board of directors (the "Board") of Unitrend Entertainment Group Limited (the "Company") as an independent director with effect from [ ], 2026. In addition to your acceptance and acknowledgment of this appointment letter, please complete and return the attached Directors', Officers' and 5% or Greater Shareholder's Questionnaire (the "D&O Questionnaire").

In completing the D&O Questionnaire, you consent to serve as a director of the Company and you consent to the Company's use of the information in the D&O Questionnaire in the Company's filings with the United States Securities and Exchange Commission ("SEC"), the NASDAQ Stock Market LLC, state governments and other regulatory authorities.

You agree to perform your responsibilities as an independent director and/or a member of the committees of the Board in good faith and in accordance with applicable law, the organizational documents of the Company and other policies and procedures applicable to such services. The Company's Board will appoint you as an independent director effective immediately upon the SEC's declaration of effectiveness of the Company's Registration Statement on Form F-1 (the "Effective Date").

You will not be employed by the Company and will be free to pursue your other interests. We ask that you to please disclose these interests to us, so that the Company can identify any conflict of interest arising from our activities that may in the future intersect with yours. We expect that you will be considered to be an independent director and will be identified as such in any registration statement, annual report and/or other documentation. If circumstances change, and you believe that your independence may be in doubt, please discuss this with us. For the purpose of clarity, under the Nasdaq listing rules, an independent director is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company's board of directors would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director.

**Confidentiality**

In your role as independent director, you will have access to confidential information about the Company and its clients and you agree to apply the highest standards of confidentiality and, except in the proper performance of your services, not to use or disclose to any person confidential information during your appointment or thereafter. In addition, you agree to comply with those provisions of the Company's Code of Business Conduct and Ethics and other policies applicable to independent directors and all applicable laws and regulations relating to independent directors of a public company.

On termination of your appointment, you will deliver to the Company all books, documents, papers and other property of or relating to the business of the Company which are in your possession, custody or power by virtue of your position as an independent director of the Company.

**Committees**

In connection with your appointment, you and the Board have agreed that you will serve as a member of the Audit Committee, Compensation Committee and Governance and Nominating Committee and chairman of one of the aforementioned committees. Compensation associated with committee service is addressed in the Remuneration section of this appointment letter.

**Remuneration**

The Company's independent director compensation program is described generally below. The Board or the applicable committee reserves the right to adjust the remuneration of directors from time to time.

In consideration of your services and in accordance with the Company's compensation arrangements for independent directors, you will receive annual cash compensation of $[ ] payable quarterly in advance on the first business day of each calendar quarter. Your first cash compensation payment on the Effective Date will likely comprise a pro-rata amount from the Effective Date through to the end of the relevant calendar quarter and thereafter quarterly payments in advance of each calendar quarter.

Further, in addition to cash compensation, you may be entitled to receive restricted ordinary shares of the Company and/or options to purchase to same on such terms and conditions as may be determined at a later date.

**Expenses**

The Company will reimburse you for reasonable and properly documented expenses incurred in performing your duties provided such expenses are pre-approved by the Company.

**Non-Competition**

You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination of this Agreement for whatever reason, directly or indirectly as owner, partner, stockholder, employee, broker, agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates; provided however that you may own securities of any public corporation which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities of such company, so long as you have no active role in the publicly owned company as director, employee, consultant or otherwise.

We look forward to your participation on the Board of Untrend Entertainment Group Limited.

Sincerely,

Bin Feng

Founder, Chief Executive Officer, Chairman of the Board of Directors

I, [ ], accept the offer as stated above.

---

| |
|:---|
| Signature: |
| Date: [ ], 2026 |

---

## Exhibit 10.5

**Exhibit 10.5**

**Exclusive Operations and Consulting Services Agreement**

This Exclusive Operations and Consulting Services Agreement (the "Agreement") is entered into by and between the following parties on December 20, 2022

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Registered address: 1508, 12th Floor Apartment, No. 1 Xidawang Road, Chaoyang District, Beijing

**Party B: Beijing Hexi Weiye Culture Media Co., Ltd**

Registered address: Room 802, 8th Floor, Binhe Building, No. 115 Binhe Road, Mentougou District, Beijing

**Party C1: Bin Feng**

ID Number: [National ID]

**Party C2: Xiaoyun He**

ID Number: [National ID]

(Party C1 and Party C2 are collectively referred to as "Party C" or "Registered Shareholder").

In this Agreement, Party A, Party B and Party C shall be referred to as a "**Party"** and collectively referred to as the "**Parties**".

**Whereas,**

(1) Party A is a limited liability company incorporated in accordance with the laws of the People's Republic of China (hereinafter referred to as "PRC", for the purposes of this Agreement, excluding the Hong Kong Special Administrative Region, the Macao Special Administrative Region and the Taiwan Region). Mainly engaged in technical services, technology development, technical consulting, technical exchanges, technology transfer, technology promotion, software development, organization of cultural and artistic exchange activities, advertising design and agency, advertising production, advertising release, conference and exhibition services, etc., and has strong experience and resources in related fields.

(2) Party B is a limited liability company incorporated in accordance with the laws of the PRC, mainly engaged in the business of advertising agency, copyright purchase and sales, radio and television program production and operation, etc.

(3) As of the date of this Agreement, the registered shareholders hold a total of 100% of the equity of Party B, of which Party C1 holds 60.31% of the equity of Party B and Party C2 holds 39.69% of the equity of Party B.

(4) Each party agrees that Party A will provide Party B with exclusive operations and consulting services in accordance with the terms and conditions of this Agreement.

**Now, therefore, through mutual discussion, the Parties have reached the following agreements:**

**1.** **Exclusive operations and consulting services; Exclusive and Exclusive Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. During
 the term of this Agreement, Party A agrees to provide Party B with relevant operation and
 consulting services as the exclusive operation and consulting service provider of Party B
 in accordance with the terms and conditions of this Agreement (see Appendix 1 for specific
 services).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Party
 B and the Registered Shareholders agree to engage Party A to provide exclusive operation
 and consulting services to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. Party
 B and the Registered Shareholders further agree that, except with the prior written consent
 of Party A, during the term of this Agreement, Party B will not accept the same or similar
 operational and consulting services provided by any third party in connection with Party
 B's business and will not enter into a similar partnership with any third party. Party
 A has the right to appoint any third party to provide any or all of the Services under this
 Agreement or to perform its obligations under this Agreement.

**2.** **Fees, payment methods and guarantees for operation and consulting services ("Service Fees").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Each
 party agrees that the Service Fees under this Agreement shall be determined and paid in the
 manner set out in Appendix II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. The
 Registered shareholder shall ensure that Party B pays the Service Fees to Party A in accordance
 with the provisions of this Agreement. The Registered Shareholders shall provide Party A
 with a pledge guarantee of all the equity interests of Party B held by it for all obligations,
 liabilities, representations, warranties and undertakings of Party B and the Registered Shareholders
 under this Agreement.

**3.** **Intellectual Property** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The
 intellectual property rights and any rights derived therefrom all research and development
 results resulting from the performance of this Agreement and/or jointly signed agreements
 shall be owned by Party A, and Party A shall have exclusive ownership, rights and interests
 in such intellectual property rights. The above rights include, but are not limited to, the
 right to apply for patents, copyrights or other intellectual property rights of software,documents
 and materials as carriers, and the rights to license others to use or transfer such intellectual
 property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. During
 the execution of this Agreement, if Party B needs to use Party A's intellectual property
 rights, the Parties shall separately agree on the scope, method and licensing fee of the
 relevant intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. During
 the execution of this Agreement, Party A has the right to use Party B's intellectual
 property rights free of charge and unconditionally.

**4.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Party
 A and Party B hereby represent and warrant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1. It
is a limited liability company legally incorporated and validly existing in accordance with the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. its
 execution and performance of this Agreement is within its corporate capacity and scope of
 its business operations; it has taken the necessary corporate actions and given appropriate
 authorization and has obtained the consent and approval from third parties and government
 authorities, and will not violate any restrictions in law or otherwisebinding or having an
 impact on it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3. Once
 this Agreement is signed and takes effect, it shall constitute its legal, valid, and binding
 and enforceable obligation in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Party
 C hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. They
 are Chinese citizens with full capacity for civil conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. He/she
 has the complete and appropriate capacity to execute, deliver and perform this Agreement
 and has obtained the necessary consents and approvals from third parties and government authorities,
 and will not violate any restrictions in law or otherwise binding or having an impact on
 him/her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. Once
 this Agreement is signed and takes effect, it shall constitute his/her legal, valid, binding
 and enforceable obligation in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. Party
 B and Party C hereby represent and warrant as follows: If there is a potential conflict of
 interest among Party A, Party B and Party C, or between any Parties, Party B and Party C
 will give priority to protecting and will not harm the interests of Party A or its direct
 or indirect holding company.

**5.** **Commitments and Obligations of Party B** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Party
 B and the Registered Shareholders hereby undertake that, without the prior written consent
 of Party A, no entity of Party B shall carry out any activity (other than transactions entered
 into in the ordinary course of business) that may affect its assets, liabilities, rights
 or operations, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. enter
 into a transaction outside the ordinary course of business or a transaction that is unusual
 than previously practiced, or conduct or cause to be carried out any act/omission that may
 affect the business, employees, business conditions, asset value, goodwill, liabilities or
 rights of any of Party B' entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. supplementing,
 altering or amending Party B's articles of association in any form, adjusting Party
 B's business scope, increasing or decreasing its registered capital, or otherwise changing
 its registered capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3. Change
 or remove Party B's legal representative, directors, supervisors, managers, chief financial
 officer or other senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4. sell,
 transfer, assign, pledge or otherwise dispose of any assets (including but not limited to
 intellectual property rights), business or interest of a Registered Shareholder in Party
 B of any entity, provide guarantee to any third party, or permit any other encumbrances to
 be placed on Party B at any time from the effective date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5. incurring,
 inheriting, guaranteeing or permitting the existence of any debt except (i) debts inccured
 in the ordinary course of business rather than borrowing money; and (ii) debts that have
 been disclosed to Party B and with written consent of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6. change
 day-to-day business procedures or revise any material internal policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.7. make
 material changes to the business model, marketing strategy, business policies or customer
 relationships of any of Party B's entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.8. enter
 into any material contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.9. to
 give a loan or credit to any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.10. merge
 or unite with any person, or acquire or invest in any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.11. distribution
 of dividends or payment of any amount in any form to shareholders of Party B; However, upon
 Party A's request, all its distributable profits shall be immediately distributed to
 the Registered Shareholders in whole or in part according to the proportion of the shares
 held by the Registered Shareholders in Party B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.12. Dissolution
 or liquidation and distribution of assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Party
 B and the Registered Shareholders each agree to abide by the following commitments and obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1. Accept
 Party A's recommendations on employee appointment and dismissal, day-to-day operation
 and management, and financial system management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2. Party
 A has the right to nominatate, elect, appoint and replace Party B's legal representative,
 directors, supervisors, managers, chief financial officer and other senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3. Party
 A has the right to collect or inspect Party B's accounts on a regular basis, and Party
 B and the Registered Shareholders shall provide Party B with information about Party B's
 operation and financial status at the request of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4. Maintain
 the existence of Party B in accordance with sound financial and business standards and practices,
 obtain and maintain all government permits and licenses (including but not limited to the
 Radio and Television Program Production and Business License) necessary for Party B to engage
 in business, and operate its business and conduct affairs prudently and effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5. Conduct
 all operations in the ordinary course of business at all times to maintain the value of Party
 B's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6. Purchase
 and hold insurance from an insurance company accepted by Party A, and maintain the same amount
 and type of insurance as a company that operates a similar business and owns similar property
 or assets in the same territory as Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7. Notify
 Party A immediately of any litigation, arbitration or administrative proceeding that has
 occurred or may occur in relation to Party B's assets, business and income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.8. to
 maintain Party B' ownership of all of its assets, to execute all necessary or appropriate
 documents, to take all necessary or appropriate actions and to assert all necessary or appropriate
 claims or to defend all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.9. Party
 A has the right to require Party B to submit to Party A its respective licenses and seals
 that are essential for daily operations (including but not limited to business licenses,
 Radio and Television Program Production and Business Licenses, company seals and financial
 seals) for proper safekeeping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.10. In
 the event that Party B is dissolved or liquidated in accordance with the laws of the PRC
 or upon the written request of Party A, (i) the Registered Shareholders and Party B shall
 establish a liquidation committee composed of members appointed by Party A to manage Party
 B's assets to the extent permitted by the laws and regulations of PRC, and (ii) all
 remaining assets of Party B attributable to the Registered Shareholders shall be transferred
 to Party A and/or its desginee at zero consideration or the lowest price permitted by the
 laws and regulations of the PRC, or the liquidation committee diposed the aforesaid remaining
 assets on the basis that to protect the interests of Party A's direct or indirect shareholders
 and/or creditors, and if Party A and/or its desginee fails to purchase the aforesaid remaining
 assets from the Registered Shareholders and Party B for zero consideration, the Registered
 Shareholders and Party B shall refund the amount to Party A and/or its designee in full in
 the manner required by Party A as soon as possible after receiving the corresponding purchase
 price (provided that the Registered Shareholders and Party B incur taxes (if any) arising
 from the transfer of such assets may be deducted from such amounts) notwithstanding the completion
 of aforesaid (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.11. In
 the event of any change in the equity interest of Party B directly or indirectly held by
 the Registered Shareholders as a result of any event, the Registered Shareholders shall ensure,
 and Party B shall procure that the successor or successor who directly or indirectly holds
 the equity interest in Party B, must be bound by the arrangements of this Agreement as if
 such successor or successor were a party to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.12. During
 the period the Registered Shareholders hold any equity interest in Party B, and as parties
 in this Agreement, and the Exclusive Option Agreement, Share Pledge Agreement and Entrustment
 Agreement signed by the Registered Shareholders and other relevant parties on the date of
 this Agreement(and the agreements supplementing and amending the foregoing agreements, and
 such other agreements, contracts or legal documents signed or issued by one party or parties
 from time to time to ensure the performance of the foregoing agreements and other agreements,
 contracts or legal documents signed or agreed by Party A) During the validity period of such
 agreements, the Registered Shareholders undertake to the other parties and ensure that they
 will always maintain their Chinese citizenship and shall be domiciled in China, and that
 they have not and will not seek, apply for or acquire any other country or territory (including
 the Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan
 Region), nationality, long-term or permanent residence, long-term legal residence, or other
 similar or equivalent rights, qualifications or status, which have not and will not reside
 abroad.

**6.** **Subordinate entities accede to this Agreement** 

Party B and the Registered Shareholders agree that with respect to any Subsidiary Entity acquired, invested in or established by Party B individually or jointly with other parties after the Effective Date of this Agreement (with respect to any entity, "**Subsidiary Entity**" means a Subordinate Entity in which it directly or indirectly holds more than 50% ownership or voting rights represented by shares, and any entity that directly or indirectly has the right to appoint a majority of directors or similar control or which has the power to determine its management or policies through a scheme of arrangement), Party B and the Nominee Shareholders shall, and/or shall ensure that such Subordinate Entities are included in this Agreement as one of the Entities of Party B in any of the following ways as determined by Party A in its sole discretion at that time: (i) the parties and their Subsidiaries under this Agreement jointly enter into a Supplemental Agreement to this Agreement, or (ii) Party A and Subsidiaries jointly execute a Supplemental Agreement to this Agreement, and such Subsidiaries are agreed in the foregoing relevant agreementsParty B will enjoy/assume all the corresponding rights, representations, warranties, obligations, undertakings and liabilities as a subordinate entity of Party B under this Agreement (for the avoidance of doubt, the service fee payable by the Subordinate Entity under this Agreement shall be converted accordingly on the basis of the amount of the service fee specified in Appendix II according to the proportion of the equity directly or indirectly held by Party B of the Subordinate Entity or the proportion of the shareholder rights of the Subordinate Entity), and Party A will have/assume all the corresponding rights and responsibilities of the Subordinate Entity to the Subordinate Entity of Party B under this Agreement, Representations, Warranties, Obligations, Undertakings and Responsibilities. Each party hereby expressly agrees to make the Subordinate Entity join this Agreement as one of the entities of Party B by any of the above methods as determined by Party A, and if Party A decides to join the Subsidiary Entity in the manner set forth in paragraph (ii), no additional written consent of Party B and the Registered Shareholders shall be required at that time, and the Supplemental Agreement to this Agreement signed by Party A and the Subsidiary Entity at that time shall be complete and fully effective upon signing. Party B and the Nominee Shareholder agree to cooperate with Party A to sign all necessary documents and take all necessary actions in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Party
 B and the Nominee Shareholder agree to be responsible for Party B's access to or access
 to Party A's confidential materials and information ()"**Confidential Information** ")
 as a result of Party B's acceptance of Party A's exclusive operations and consulting
 services. We will endeavour to maintain the confidentiality of the information by all reasonable
 measures. Without the prior written consent of Party A, Party B or the registered shareholder
 shall not disclose, give or transfer such confidential information to any third party. Upon
 termination of this Agreement, Party B shall, and the Registered Shareholder, ensure that
 Party B returns any documents, materials or software containing Confidential Information
 to Party A at your request or destroys it at its own discretion and deletes any Confidential
 Information from all relevant memory devices and shall not continue to use such Confidential
 Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The
 parties to this Agreement acknowledge and confirm that any oral or written information exchanged
 between them in connection with this Agreement is confidential. Each party shall keep all
 such information confidential and shall not disclose any such information to any third party
 without the prior written consent of the party to whom the information belongs, except in
 the following circumstances: (a) the public knows or will become aware of such information
 (but it is not disclosed to the public by the party to whom the information is received).；
 (b) information required to be disclosed under applicable laws or stock exchange rules or
 regulations; or (c) information that either party is required to disclose to its legal or
 financial advisers in connection with the transactions described in this Agreement, and such
 legal or financial advisers are subject to confidentiality obligations similar to those contained
 herein. The leakage of the confidentiality of the staff of either party or the employing
 agency shall be deemed to be the disclosure of the confidentiality of that party, and the
 party shall be liable for breach of contract in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Each
 party agrees that this Section 7 will remain in effect regardless of whether this Agreement
 is invalid, varied, rescinded, terminated or inoperable.

**8.** **Indemnification** 

Party B shall indemnify and hold Party A harmless from and against any losses, damages, obligations and expenses arising out of or arising out of any action, demand or other demand against Party A arising out of or arising out of the content of the exclusive operation and consulting services requested by Party B.

**9.** **Expiration Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. This
 Agreement shall enter into force on the date set forth in the Memorandum upon its signature
 and seal by the parties (and their respective authorized representatives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. This
 Agreement shall be effective for a period of ten (10) years unless terminated earlier pursuant
 to the terms of this Agreement or a separate agreement entered into by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. This
 Agreement shall automatically renew for a period of ten (10) years upon expiration (including
 the expiration of any renewal thereof) unless Party A notifies it in writing prior to its
 expiration of term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. If,
 within the period specified in Clauses 9.2 and 9.3, the term of operation of either Party
 A and Party B expires or terminates for other reasons, such Party shall promptly renew its
 term of operation and use its best efforts to obtain approval and registration of the renewal
 from the competent authority so that this Agreement can continue to be valid and enforceable,
 unless such party has assigned its rights and obligations in accordance with Clause 15 of
 this Agreement.

**10.** **Pull the plug** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. **Terminate on the expiration date.** This Agreement shall terminate on the expiration date unless
 renewed in accordance with the relevant provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. **Early Termination.** Except as otherwise expressly provided by applicable laws and regulations,
 this Agreement may only be terminated if: (i) continued performance of its obligations and
 obligations under this Agreement would result in a breach or non-compliance with applicable
 laws and regulations, the Listing Rules or the requirements of any stock exchange; (ii) all
 of Party C's equity interests in Party B are transferred to Party A or its designee
 in accordance with applicable laws and regulations; (iii)All assets of Party B attributable
 to Party C shall be transferred to Party A or its designee in accordance with applicable
 laws and regulations; or (iv) Party A unilaterally terminates this Agreement at any time
 by giving fifteen (15) days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. **Terms after Termination.** Upon termination of this Agreement, the rights and obligations of
 the parties under Sections 7, 11, 12 and 14 will survive termination.

**11.** **Governing Law** 

The performance, interpretation and enforcement of this Agreement shall be governed by the laws of PRC.

**12.** **Dispute Resolution** 

In the event of a dispute between the parties regarding the interpretation and performance of the terms of this Agreement, the parties shall negotiate in good faith to resolve the dispute. If the parties fail to reach an agreement, either party may submit the dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration rules in force at the time. The place of arbitration is in Beijing; The language of the arbitration shall be Chinese. The arbitral award shall be final and binding on all parties. The Arbitration Commission shall have the right to award compensation or satisfaction for the losses suffered by Party A due to the breach of contract by the other parties to this Agreement, to award compulsory relief for the relevant business or compulsory asset transfer, or to order Party B or Party B's subordinate entities to go bankrupt, dissolve or liquidate Party B or Party B's subordinate entities for the equity interest of Party B held by the Registered Shareholders, the assets or property interests of any entity of Party B (if applicable). After the arbitral award enters into force, either party shall have the right to apply to a court of competent jurisdiction for enforcement of the arbitral award.

At the request of one of the parties to the dispute, the court of competent jurisdiction shall have the power to grant interim relief in support of the arbitration, such as the seizure or freezing of a judgment or award on the equity interest, property interest (if applicable) or other assets of the defaulting party, pending the constitution of the arbitral tribunal in accordance with law, or where appropriate. In addition to the Chinese courts, the courts of Hong Kong, the courts of the Cayman Islands, and the company to be listed (referring to Unitrend Entertainment Group Limited, a company incorporated under the laws of the Cayman IslandsThe court where the principal assets are located and the court where the principal assets of any entity of Party B are located shall also be deemed to have jurisdiction for the purposes described above. During the arbitration, the parties to this Agreement shall continue to perform their other obligations under this Agreement except for the disputed matters submitted to arbitration.

**13.** **Force Majeure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. "**Force Majeure**" means any event beyond the reasonable control of a party that is unavoidable
 with the reasonable care of the affected party, including, but not limited to, acts of government,
 natural forces, fire, explosion, storm, flood, earthquake, tide, lightning or war. However,
 the lack of creditworthiness, funds or financing shall not be deemed to be beyond the reasonable
 control of a party. A party seeking to be exempted from performance under this Agreement
 due to force majeure shall notify the other party of such release as soon as possible and
 inform it of the steps to be taken to complete the performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. When
 the performance of this Agreement is delayed or hindered due to force majeure as defined
 above, the party affected by the force majeure shall not be liable under this Agreement to
 the extent that it is delayed or hindered. The affected party shall take appropriate measures
 to reduce or eliminate the effects of force majeure and shall endeavour to restore the performance
 of obligations delayed or hindered by force majeure. Once the force majeure is eliminated,
 the parties agree to use their best efforts to resume performance under this Agreement.

**14.** **Notice** 

Notices or other communications to be given by either party in accordance with this Agreement shall be in writing in Chinese and may be sent by hand, registered mail, postage prepaid, or approved courier service or graphic facsimile to the address of the relevant party at the following address or such other address as notified by the relevant party from time to time to the first party or to the address of such other person designated by the relevant party. The date on which a notice is deemed to have been physically served shall be determined as follows: (a) a notice delivered by hand, which shall be deemed to have been actually served on the day of personal delivery; (b) notices given by letter shall be deemed to have been actually given on the tenth (10th) day after the date of dispatch of the postage paid by registered airmail (as indicated on the postmark) or on the fourth (4th) day after delivery to an internationally recognized courier service; and (c) notices sent by facsimile, the time of receipt shown on the acknowledgement of transmission of the document in question shall be deemed to have been actually delivered.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing]

To: [Yujie Cui].

Telephone: [Phone Number]

E-mail: [Email]

**Party B: Beijing Hexi Weiye Culture Media Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing]

Recipient: [Yujie Cui]

Telephone: [Phone Number]

E-mail: [Email]

**Party C 1: Bin Feng**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

E-mail: [Email]

**Party C 2: Xiaoyun He**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

E-mail: [Email]

**15.** **Assignment of Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. Party
 B and the Registered Shareholders shall not assign their rights and obligations under this
 Agreement to any third party without Party A's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. Party
 B and the Registered Shareholders hereby agree that Party A may transfer its rights and obligations
 under this Agreement to other third parties when it needs to. Party A is only required to
 give written notice to the other Parties at the time of such transfer and is no longer required
 to obtain the consent of Party B or any of the Registered Shareholders in respect of such
 transfer.

**16.** **Integrity of the Agreement** 

Each party acknowledges that this Agreement, once in force, constitutes the entire agreement and understanding of the parties with respect to the contents of this Agreement, and completely supersedes all oral and/or written agreements and understandings reached by the parties prior to this Agreement with respect to the contents of this Agreement.

**17.** **Severability of the Agreement** 

If any provision of this Agreement is invalid or unenforceable due to inconsistency with applicable law, such provision shall be deemed invalid only to the extent of the relevant jurisdiction and will not affect the legal effect of the other provisions of this Agreement.

**18.** **Modifications and Additions to the Agreement** 

Each party shall make amendments and additions to this Agreement by written agreement. The amended and supplemental agreements relating to this Agreement duly signed by all parties shall be an integral part of this Agreement and shall have the same legal effect as this Agreement.

**19.** **Successor** 

Each party acknowledges that this Agreement shall be binding upon each party's respective successors, successors and permitted assignees, and that such successors, successors or assigns shall abide by the provisions of this Agreement, assume their responsibilities and obligations hereunder, and enjoy the rights hereunder, as if they were a party to this Agreement.

Party C undertakes to Party A that in the event of Party C's death, incapacity or limited capacity, divorce or other circumstances that may affect the exercise of its direct or indirect equity interests in Party B, Party C's obligations and responsibilities under this Agreement and the rights enjoyed by Party C shall be borne and enjoyed by its successors or successors. No will, divorce agreement, debt settlement agreement, or legal document of any kind shall impair or hinder the execution of this Agreement unless the prior written consent of Party A is obtained.

**20.** **Counterparts** 

The original of this Agreement shall be executed in four copies, each Party having one copy with equal legal validity.

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this contract in person on the date set out in the foreground for the purpose of keeping this contract.

**Party A: Beijing Heli Fashion Technology Co., Ltd. (official seal).**

---

| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Exclusive Operations and Consulting Services Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this contract in person on the date set out in the foreground for the purpose of keeping this contract.

**Party B: Beijing Hexi Weiye Culture Media Co., Ltd. (official seal).**

---

| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Exclusive Operations and Consulting Services Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this contract in person on the date set out in the foreground for the purpose of keeping this contract.

**Party C 1: Bin Feng**

---

| | |
|:---|:---|
| Signature: | /s/ Bin Feng |

---

Signature page of the Exclusive Operations and Consulting Services Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this contract in person on the date set out in the foreground for the purpose of keeping this contract.

**Party C 2: Xiaoyun He**

---

| | |
|:---|:---|
| Signature: | /s/ Xiaoyun He |

---

Signature page of the Exclusive Operations and Consulting Services Agreement

**Appendix 1: List of operations and consulting services**

During the term of this Agreement, Party B and the Nominee Shareholders agree to hereby appoint Party A to provide the following operational and advisory services to each of Party B's entities in accordance with the terms and conditions of this Agreement:

(1) Advice
 on business activities, financing, investments;

(2) Consultants
 related to radio and television program production, copyright purchase and sales, advertising
 production and agency;

(3) human
 resource management;

(4) market
 research;

(5) marketing
 and business development strategies;

(6) business
 management consulting;

(7) development
 and monitoring of operational and marketing strategies;

(8) internal
 management; and

(9) Other
 services relating to management and shareholder rights.

Annex I of the Exclusive Operations and Advisory Services Agreement

**Appendix II: Fees and payment methods for exclusive operation and consulting services**

1. Fees:

The parties agree that Party B shall pay Party A a service fee for the exclusive operation and consulting services provided by Party A under this Agreement, and the amount of the service fee payable for each financial year shall be equal to 100% of Party B's total pre-tax profit for that financial year without calculating the service fee under this Agreement after Party B has made up for the losses of the previous year (if necessary) and deducted the necessary costs, expenses and taxes required for the operation of the business。 For the avoidance of doubt, the first billing period under this Agreement shall be from the Effective Date of this Agreement to the end of the fiscal year in which the Effective Date of this Agreement shall be, and the last billing period under this Agreement shall be from the beginning of the financial year in which the effective date of this Agreement is to the date of termination of this Agreement; The amount of the Service Fee corresponding to the aforesaid two billing periods shall be converted accordingly according to the proportion of the number of days in the relevant billing period to the number of days in the relevant financial year.

The service fee paid by Party B to Party A under this Agreement shall not be subject to any deduction (such as bank charges, etc.), and all such deductions shall be borne by Party B.

Party B shall provide you with all financial information necessary to calculate the fees for the Services for the preceding fiscal year (or the first billing period, the last billing period, as the case may be) within thirty (30) days after the end of each fiscal year (or the date of termination of this Agreement, as the case may be). Party A may, at its sole discretion, issue a payment notice to Party B at any time after calculating the amount of the service fee for the previous financial year (or the first billing period or the last billing period, as the case may be) (see Appendix III for the format of the payment notice).

If Party A questions the financial information provided by Party B, it may appoint an independent accountant in good standing to audit the relevant information. The audit shall be conducted during normal business hours and shall not affect the normal business of Party B's Relevant Entities, in which case Party B's Relevant Entities shall cooperate. In the event of any discrepancy in the amount of service fees approved by Party A and Party B, the amount determined by Party A's authorized representative shall prevail.

Appendix II to the Exclusive Operations and Advisory Services Agreement

Party A and Party B hereby confirm that the Service Fee is only the remuneration that Party A shall receive for providing services. All expenses and expenses incurred by Party A in providing such services, such as travel expenses, transportation expenses, postage expenses, and advance payment ("**Other Expenses**"), shall be borne separately by Party B.

If Party A believes that the service fee agreed in this Appendix II cannot adapt to the changes in objective circumstances and needs to be adjusted, Party B shall actively and in good faith negotiate with Party A within seven (7) working days after the date of Party A's written request for fee adjustment to determine the new fee standard or mechanism. If Party B does not reply within seven (7) working days after receiving the above adjustment notice or if Party B and Party A do not agree on a new fee standard or mechanism within seven (7) business days, the new fee standard or mechanism requested by Party A shall apply.

2. Payment Methods

Party B shall pay the service fee and other fees specified in the payment notice to the account designated by Party A within seven (7) working days after receiving the payment notice from Party A (postponed accordingly in case of statutory holidays or rest days). If Party B fails to pay the service fee and other fees in full and on time in accordance with the provisions of this Agreement, Party B shall pay Party A the default interest on the loan interest rate of the People's Bank of China for the same period according to the amount in arrears, and the calculation period shall be from the date of payment to the date of actual payment.

Appendix II to the Exclusive Operations and Advisory Services Agreement

Annex III:

**Sample "Service Fee Payment Notice".**

To: Beijing Hexi Weiye Culture Media Co., Ltd

Service Fee Payment Notice

According to the Exclusive Operation and Consulting Services Agreement signed between us and you, Bin Feng and Xiaoyun He on ___ ___, as consideration for the services we provide to you during the period from [Fill in Date] to [Fill in Date], the service fee payable by you to us is RMB [Fill in Amount]; Other fees are in RMB.

Before [fill in date], please arrange for the service fee and other charges to be remitted to the following bank account:

Account Name:[ ]

Bank:[ ]

Account number:[ ]

Best regards!

————————

(Signature of the legal representative)

**Beijing Heli Fashion Technology Co., Ltd. (official seal).**

**Date:** 

Annex III of the Exclusive Operations and Advisory Services Agreement

## Exhibit 10.6

**Exhibit 10.6**

**Exclusive Option Agreement**

This Exclusive Option Agreement (the "**Agreement**") is entered into on December 20, 2022.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Registered address: 1508, 12th Floor Apartment, No. 1 Xidawang Road, Chaoyang District, Beijing

**Party B 1: Bin Feng**

ID number: [National ID]

**Party 2: Xiaoyun He**

ID number: [National ID].

(Party B 1 and Party B 2 are collectively referred to as "**Party B**").

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Registered address: Room 802, 8th Floor, Binhe Building, No. 115 Binhe Road, Mentougou District, Beijing

In this Agreement, Party A, Party B and Party C are hereinafter referred to as "**a Party**" and collectively referred to as the "**Parties**".

**Whereas:**

1. Party A and Party C are each a limited liability company incorporated in China in accordance with the
laws of the People's Republic of China (hereinafter referred to as "**China** "). Party B is a Chinese citizen with full capacity
for civil conduct, and as of the date of signing this Agreement, Party B holds a total of 100% of the equity of Party C, of which Party
B 1 holds 60.31% of the equity of Party C and Party B 2 holds 39.69% of the equity of Party C.

2. Party A, Party B and Party C shall enter into an Exclusive Operation and Consulting Services Agreement
on the date of signing this Agreement. Pursuant to the above agreement, Party A will provide exclusive operation and consulting services
to Party C.

3. Party A , Party B and Party C shall
enter into an Equity Pledge Agreement (hereinafter referred to as the "Equity Pledge Agreement") at the same time on the date
of signing this Agreement. According to the Agreement, Party B pledged all its equity interests in Party C to Party A;

4. Party A, Party B and Party C shall enter into an Entrustment Agreement (hereinafter referred to as the
" **Entrustment Agreement**") at the same time on the date of this Agreement. Pursuant to the Agreement, Party B entrusts
Party A or its designee to exercise all shareholders' voting rights and all shareholders' rights of Party B at Party C's shareholders'
meeting.

**In view of the above**, the parties have agreed to this Agreement as follows, in good faith:

**Chapter 1 Equity/Asset Sales**

1.1 Grant of Rights

Party B hereby irrevocably grants Party A a purchase right , allowing Party A and/or one or more individuals designated by Party A (hereinafter referred to as "Designee") to, under the premise permitted by PRC laws, carry out, at the discretion of Party A, the procedures for the purchase of shares, and at any time purchase either (i) purchase all or part of Party B's shares held by Party B and/or (ii) purchase all or part of the assets held by Party C, at the price specified in Article 1.3 of this Agreement (the "Exclusive Purchase Option"). Except for Party A and/or the Designee(s), no other person shall be entitled to the Exclusive Purchase Option. Party C hereby agrees to the grant by Party B of the Exclusive Purchase Option to Party A and/or the Designee(s). The term "person" as used herein shall refer to individual, corporation, joint venture, partnership, enterprises, trust or unincorporated organization.

1.2 Steps for Exercise of Equity Purchase Option

Subject to the provision of PRC laws and regulations, Party A and/or the Designee may exercise the Exercise of Equity Purchase Option by issuing a written notice to Party B and Party C (the "**Exclusive Purchase Notice**") , specifying the share of equity interests in Party C that Party A will purchase from Party B (the "**Underlying Equity**") and/or the share of assets Party A will purchase from Party C (the "**Subject Assets**"), the underlying equity and the **Subject Assets** are collectively referred to as the "**Subject Matter to be purchased**", and the corresponding seller is hereinafter referred to as the "**Subject Seller**") and the method of purchase.

1.3 Equity/asset purchase price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 When Party A and/or the Designee(s) exercise the Exclusive Purchase Option, the purchase price of the
purchased equity/asset (hereinafter referred to as the "**Subject Purchase Price**") shall be the lowest price (including
zero consideration) permitted by the laws and regulations of PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 The parties further agree that in the event that Party A and/or the Designee(s) are unable to purchase
all or any of the equity interest in Party C from Party B and/or purchase all or any of its assets from Party C at zero consideration
due to the requirements of the applicable PRC laws and regulations or other restrictive provisions on the price of the equity and/or assets
required by the applicable PRC laws and regulations at the time to be appraised or other restrictive provisions on the price of the equity
and/or assets, then (i) Party B shall refund to Party A and/or its Designee(s) in full amount of the actual equity purchase price in the
manner required by Party A upon exercising the Exclusive Purchase Option (provided that the taxes (if any) arising from the transaction
contemplated by Party B under the assignment contract may be deducted from such amount), and (ii) Party C shall refund to Party A and/or
its Nominee shall refund to Party A and/or its Designee(s) in full amount of the actual equity purchase price in the manner required by
Party A upon exercising the Exclusive Purchase Option (provided that the taxes (if any) arising from the transaction contemplated by Party
C under the assignment contract may be deducted from such amount) . In respect of the foregoing matters, Party B or Party C committed
that it has been fully compensated by Party A and will not raise any objection or claim in this regard.

1.4 Transfer of the subject matter of the purchase

For each exercise of the Exclusive Purchase Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 Party B shall cause Party C, and Party C shall promptly convene a Shareholder meeting and/or meeting of
the Board of Directors (if necessary), at which Party B and Party C shall ensure that a resolution approving the transfer of the Subject
Matter to Party A and/or the its Designee is approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 The Seller of the Subject shall enter into an equity transfer contract or asset transfer contract (as
the case may be) with Party A and/or the Nominee (as applicable) in accordance with the provisions of this Agreement and the exclusive
notice of purchase in respect of the subject matter to be purchased, and the content and format of each transfer shall be satisfied by
Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3 Party B and Party C shall enter into all other required contracts, agreements or documents, obtain all
required governmental approvals and consents, and take all actions required to transfer valid ownership of the Subject Matter to be purchased
to Party A and/or its Designee(s), unencumbered by any security interest and without any condition, and cause Party A and/or its Designee(s)
to become the registered owner(s) of the Subject Matter to be purchased. For purposes of this paragraph and this Agreement, "security
interest" includes, but not limited to, guarantees, mortgages, pledges, liens, third party rights or interests, any share options,
acquisition rights, pre-emptive rights, rights of set-off, title retention or other security arrangements, but does not include any security
interest arising under the Share Pledge Agreement.

1.5 Payment

The method of payment of the Subject Purchase Price shall be determined through negotiation among Party A and/or its Designee and the Subject Seller in accordance with the requirements of the legal provisions applicable at the time of the exercise of the exclusive purchase right.

**Chapter 2 Commitments Regarding the Subject Matter**

2.1 Party B and Party C hereby undertake to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Without prior written consent from Party A, at any time after the effective date of this agreement, no
sale, transfer, pledge, or disposition in any manner of any equity interest, legal or beneficial, directly or indirectly held by any Party
C or its subsidiaries (as referenced in any form in this agreement as "**Subsidiaries of Party C**" shall mean entities acquired,
invested in, or established by Party C alone or together with others after the effective date of this agreement; for any entity, "**Subsidiary** "
shall mean an entity in which it directly or indirectly holds more than 50% of the ownership or voting rights represented by shares, and
has the right to appoint a majority of directors or similar control rights directly or indirectly, or any entity having the right to determine
its management or policies through agreement arrangements) shall be allowed, or any other encumbrances be placed upon it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Without the prior written consent of Party A, at any time after the effective date of this Agreement,
it shall not vote in favor, support, or sign any shareholder resolutions approving the sale, transfer, pledge, or disposition in any manner
of any legal or beneficial equity interest held by Party C or its subsidiaries, or allow any other encumbrances to be placed upon it at
any shareholder meetings of Party C or its subsidiaries, except as otherwise directed by Party A or its designated individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Without the prior written consent of Party A, at any time after the effective date of this Agreement,
neither it nor any authorized, delegated, or designated individuals shall vote in favor, support, or sign any shareholder or board resolutions
approving the sale, transfer, pledge, or disposition in any manner of all or part of the assets of Party C or its subsidiaries, or allow
any other encumbrances to be placed upon them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 Without the prior written consent of Party A, at any time after the effective date of this Agreement,
Party C or its Subsidiaries will not vote to approve or endorse or sign any resolution of the shareholders' meeting of Party C or its
Subsidiaries to merge or unite with any person, or acquire or invest in any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 Promptly notify Party A of any litigation, arbitration or administrative proceeding arising out of or
likely to occur with respect to the equity interests of Party C or its Subsidiaries, and the assets of Party C or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 To maintain its ownership of the equity and assets of Party C and its Subsidiaries, execute all necessary
or appropriate documents, take all necessary or appropriate actions and assert all necessary or appropriate claims or defend all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 Upon Party A's request from time to time, unconditionally and immediately transfer to Party A or its desgineethe
equity interest in Party C and waive its right of first refusal to purchase any equity in respect of any equity transfer made by other
shareholders of Party C to Party A or its designated person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 Strictly abide by the provisions of this Agreement and other contracts jointly or separately signed by
Party B, Party C and Party A, earnestly perform all obligations under such contracts, and do not take any acts/omissions that may affect
the validity and enforceability of such contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 Upon Party A's request from time to time, all dividends and any payments paid to Party C or its subsidiaries
shall be remitted to Party A.

2.2 Other conventions:

Party A unconditionally and irrevocably undertakes to providing financial support to Party C in proportion to the equity held by Party B, within the legally feasible scope, upon request from Party C, should there be any need for loan or other financial assistance in the operation of Party C's business operation.

**Chapter 3 Representations and Warranties**

Party B and Party C hereby represent and warrant to Party A on the effective date of this Agreement and each assignment date as follows:

3.1 It shall have the power to execute and deliver this Agreement and any equity transfer agreements and/or
asset transfer agreements (collectively referred to as "Transfer Agreements") entered into as a party and signed for each
transfer purchased under this Agreement, as well as the power to fulfill its obligations under this Agreement and any Transfer Agreements.
Once this Agreement and each transfer agreement entered into as a party becomes signed and effective, they shall constitute legal, valid,
and binding obligations upon it and may be enforced against it in accordance with their terms.

3.2 Party B and Party C have obtained the consent and approval (if necessary) of third parties and government
departments to sign, deliver and perform this Agreement;

3.3 he signing and delivery of this Agreement or any transfer agreement, as well as the performance of its
obligations under this Agreement or any transfer agreement, shall not: (i) violate any relevant laws and regulations of China; (ii) conflict
with the articles of association or other organizational documents of both parties; (iii) breach any contract or document to which it
is a party or by which it is bound, or constitute a default under any contract or document to which it is a party or by which it is bound;
(iv) violate any conditions for the grant and/or continuation of any licenses or approvals issued to it; or (v) result in the suspension,
revocation, or imposition of conditions on any licenses or approvals granted to it.

3.4 Party C has good and saleable ownership of all assets. Party C does not have any security interest in
the above assets;

3.5 Party C does not have any outstanding debts other than (i) debts incurred in the ordinary course of its
business, and (ii) debts that have been disclosed to you and agreed to in writing by Party A;

3.6 Party C complies with all PRC laws and regulations;

3.7 There are no ongoing or pending or potential litigation, arbitration or administrative proceedings relating
to or relating to Party C's equity interest in Party B or Party C and adversely affecting Party B's equity interest in Party B and/or
Party C's assets; and

3.8 Party B is the legal owner of the registered equity owned by Party B, and has legal, good, complete and
saleable ownership of such equity, and no security interest is created in the equity, except for the security interest agreed in the Share
Pledge Agreement and the restrictions stipulated in the Entrustment Agreement and this Agreement.

**Chapter 4 Assignment of Agreement**

4.1 Party B and Party C shall not transfer their rights and obligations under this Agreement to any third
party without the prior written consent of Party A.

4.2 Party B and Party C hereby agree that Party A has the right to transfer all of its rights and obligations
under this Agreement to other third parties when i necessary. Party A shall only be required to provide written notice to Party B and
Party C when such transfer occurs, and shall not be required to obtain the consent of Party B and Party C for such transfer.

**Chapter 5 Effectiveness and Validity**

5.1 This Agreement shall enter into force on the date set forth in the beginning of the document upon being
stamped and signed by the Parties (and their respective authorized representatives). As long as Party B holds any equity interest in Party
C, this Agreement shall remain in effect. During the validity period of this Agreement, Party B shall not revok, terminate or rescind
this Agreement in advance under any circumstances, unless otherwise provided by law. Notwithstanding the foregoing, this Agreement may
be terminated prematurely in the following circumstances:: (i) Continuing to fulfill the obligations and duties under this Agreement would
result in a violation or non-compliance with applicable laws and regulations, listing rules or the requirements of any stock exchange;
(ii) all equity interests held by Party B in Party C are transferred to Party A or its designee in accordance with applicable laws and
regulations; (iii) all assets belonging to Party C that are attributable to Party B are transferred to Party A or its designee in accordance
with applicable laws and regulations; or (iv) terminate this Agreement at any time by giving Party B fifteen (15) days' prior written
notice.

5.2 If, within the period specified in Clause 5.1, Party A or Party C's operating term (including any extension
period) expires or is terminated for any other reason, the respective party shall promptly renew its operating term and make every effort
to obtain approval from the relevant authorities for the renewal and complete the registration to ensure the continued validity and enforcement
of this Agreement. However, this provision shall not apply if the respective party has transferred its rights or obligations in accordance
with clause 4.1 or clause 4.2 of this Agreement.

**Chapter 6 Governing Law and Dispute Resolution**

6.1 Governing Law

The conclusion, validity, interpretation and performance of this Agreement, as well as the resolution of disputes under this Agreement, shall be protected and governed by the laws of the People's Republic of China.

6.2 Dispute Resolution

In the event of a dispute between the parties regarding the interpretation and performance of the terms of this Agreement, the parties shall negotiate in good faith to resolve the dispute. If within thirty (30) days after a party requests a negotiated settlement of the dispute, the parties remain: If no agreement is reached to resolve the dispute, either party may submit the dispute to the China International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules in force at that time. The place of arbitration is in Beijing; The language of the arbitration shall be Chinese. The arbitral award shall be final and binding on all parties. CIETAC has the right to award compensation or satisfaction for Party A's losses suffered by Party A due to the breach of contract by the other parties to this Agreement, to award compulsory relief for the relevant business or compulsory asset transfer, or to order Party C or Party C's subordinate entities to go bankrupt, dissolve or liquidate Party C or Party C's subordinate entities for the equity interest of Party C or the assets or property interests of Party C or Party C's subordinate entities (if applicable). After the arbitral award enters into force, either party shall have the right to apply to a court of competent jurisdiction for enforcement of the arbitral award.

At the request of one of the parties to the dispute, the court of competent jurisdiction shall have the power to grant interim relief in support of the arbitration, such as the seizure or freezing of a judgment or award on the equity interest, property interest (if applicable) or other assets of the defaulting party, pending the constitution of the arbitral tribunal in accordance with law, or where appropriate. In addition to the Chinese courts, the courts of Hong Kong, the courts of the Cayman Islands, and the company to be listed (referring to Unitrend Entertainment Group Limited, a company incorporated under the laws of the Cayman Islands. The court where the principal assets are located, and the court where the principal assets of Party C or Party C's subordinate entities are located shall also be deemed to have jurisdiction for the purposes described above. During the arbitration, the parties to this Agreement shall continue to perform their other obligations under this Agreement except for the disputed matters submitted to arbitration.

**Chapter 7 Taxes, fees**

Party A shall be responsible for any and all taxes, costs and expenses incurred in connection with the preparation and execution of this Agreement and the assignment and the completion of the transactions contemplated by this Agreement and the assignment contracts. If the law stipulates that the other party shall pay the relevant fees, Party A shall compensate the other party in full for the fees paid.

**Chapter 8 notice**

This Agreement requires that notices or other communications from either party be in writing in Chinese and sent by hand, letter or fax to the other party at the address below or to such other designated address as notified by the other party from time to time. The date on which a notice is deemed to have been physically served shall be determined as follows: (i) a notice delivered by hand shall be deemed to have been actually served on the day of personal delivery; (ii) notices given by letter shall be deemed to have been actually delivered on the tenth (10th) day after the date of despatch of the postage paid registered air mail (as indicated on the postmark) or on the fourth (4th) day after delivery to an internationally recognized courier service; (iii) notices sent by facsimile shall be deemed to have been actually served at the time of receipt shown on the confirmation of transmission of the relevant document; (iv) If the notice is sent by e-mail, the date on which the e-mail is successfully delivered shall be the date on which the sender receives a system message indicating that the e-mail was successfully dispatched or does not receive within 24 hours a system message indicating that the e-mail was not delivered or returned.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing]

To: [Yujie Cui].

Telephone: [Phone Number]

E-mail:[Email]

**Party B 1: Bin Feng**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

E-mail:[Email]

**Party B2: Xiaoyun He**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

E-mail:[Email]

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing]

Recipient: [Yujie Cui]

Telephone: [Phone Number]

E-mail:[Email]

**Chapter 9 Duty of Confidentiality**

The parties acknowledge and confirm that any oral or written information exchanged between them in connection with this Agreement is confidential. Each party shall keep all such information confidential and shall not disclose any such information to any third party without the written consent of the other party, except in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the public knows or will know the information (but it is not disclosed to the public by the party to whom the data is received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed under applicable laws or stock exchange rules or regulations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Information that is required to be disclosed by either party to its legal or financial advisers in connection with the transactions described in this Agreement, and such legal or financial advisers are subject to confidentiality obligations similar to those contained in this clause.

Any leak by a staff member or an employee of either party shall be deemed to be a leak by that party and shall be liable for breach of contract in accordance with this Agreement. This Agreement shall remain invalid, rescinded, terminated or inoperable for any reason, but this provision shall remain in effect.

**Chapter 10 Further warranties**

Each party agrees to promptly execute such documents as may reasonably be necessary for or in favor of the provisions and purposes of this Agreement, and to take such further actions as may reasonably be necessary or beneficial to the implementation of the provisions and purposes of this Agreement.

**Chapter 11 Liability for breach of contract**

11.1 If Party B or Party C materially violates any of the provisions made under this Agreement, Party A has
the right to terminate this Agreement and/or require Party B or Party C to compensate for damages. This Clause 11.1 shall not be without
prejudice to any other rights of Party A under this Agreement.

11.2 Unless otherwise provided by law, neither Party B nor Party C has the right to terminate or rescind this Agreement under any circumstances.

**Chapter 12 Other**

12.1 Amendments, Modifications and Additions

Each party shall make amendments and additions to this Agreement by written agreement. The amended and supplemental agreements relating to this Agreement duly signed by all parties shall be an integral part of this Agreement and shall have the same legal effect as this Agreement.

12.2 Integrity of the Agreement

Each party acknowledges that this Agreement, once in force, constitutes the entire agreement and understanding of the parties with respect to the contents of this Agreement, and completely supersedes all oral and/or written agreements and understandings reached by the parties prior to this Agreement with respect to the contents of this Agreement.

12.3 Severability of the Agreement

If any one or more provisions of this Agreement are held to be invalid, illegal or unenforceable in any respect under any law or regulation, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or impaired in any way thereby. The parties shall, through good faith consultations, seek to replace invalid, illegal or unenforceable provisions with effective provisions whose economic effects are as similar as those of invalid, illegal or unenforceable provisions.

12.4 title

The headings in this Agreement are for convenience only and should not be used to construe, illustrate, or otherwise affect the meaning of the provisions of this Agreement.

12.5 Number of languages and texts

This Agreement shall be written in Chinese, and the original shall be in quadruplicate, one copy for each party, and shall have the same legal effect.

12.6 successor

Each party acknowledges that this Agreement shall be binding upon each party's respective successors, successors and permitted assignees, and that such successors, successors or assigns shall abide by the provisions of this Agreement, assume their responsibilities and obligations hereunder, and enjoy the rights hereunder, as if they were a party to this Agreement.

Party B undertakes to Party A that in the event of Party B's death, incapacity or limited capacity, divorce or other circumstances that may affect the exercise of its direct or indirect equity interests in Party C, Party B's obligations and responsibilities under this Agreement and its rights shall be borne and enjoyed by its successors or successors. No will, divorce agreement, debt settlement agreement, or legal document of any kind shall impair or hinder the execution of this Agreement unless the prior written consent of Party A is obtained.

12.7 Survival

Any obligations arising out of or due to this Agreement prior to the expiration or early termination of this Agreement shall survive the expiration or early termination of this Agreement. The provisions of Chapters VI, VIII, IX and this Section 12.7 of this Agreement shall survive the termination of this Agreement.

12.8 abstention

Either party may waive the terms and conditions of this Agreement in writing and signed by each party. A waiver by a party in respect of a breach by another party in one instance shall not be deemed to have been waived by that party in respect of a similar breach in other circumstances.

[No text below]

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this Agreement in good faith by themselves on the date set forth at the beginning of this document.

**Party A: Beijing Heli Fashion Technology Co., Ltd**. (official seal).

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| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Exclusive Rights Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this Agreement in good faith by themselves on the date set forth at the beginning of this document.

---

| | |
|:---|:---|
| **Party B 1: Bin Feng** | **Party B 1: Bin Feng** |
| Signature: | /s/ Bin Feng |

---

Signature page of the Exclusive Rights Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this Agreement in good faith by themselves on the date set forth at the beginning of this document.

---

| | |
|:---|:---|
| **Party 2: Xiaoyun He** | **Party 2: Xiaoyun He** |
| Signature: | /s/ Xiaoyun He |

---

Signature page of the Exclusive Rights Agreement

[No text on this page]

**Accordingly**, each party has instructed its respective legal representatives or authorized representatives to sign this Agreement in good faith by themselves on the date set forth at the beginning of this document.

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd.** (official seal).

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| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Exclusive Rights Agreement

## Exhibit 10.7

**Exhibit 10.7**

**Equity Interest Pledge Agreement**

This Equity Interest Pledge Agreement (the "**Agreement**") is entered into by and between the following parties on December 20, 2022.

**Pledgee:**

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Registered address: 1508, 12th Floor Apartment, No. 1 Xidawang Road, Chaoyang District, Beijing

**Pledgor:**

**Party B 1: Bin Feng**

ID number: [National ID]

**Party 2: Xiaoyun He**

ID number: [National ID].

(Party B 1 and Party B 2 are collectively referred to as "**Party B**").

**The company:**

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Registered address: Room 802, 8th Floor, Binhe Building, No. 115 Binhe Road, Mentougou District, Beijing

**Whereas:**

1. Party A and Party C are each a limited liability company
registered in the People's Republic of China (hereinafter referred to as "**China** "). Party B are Chinese citizens
with full capacity for civil conduct.

2. As of the date of signing this Agreement, Party B holds a
total of 100% equity interest in Party C, of which Party B 1 holds 60.31% of Party C's equity and Party B 2 holds 39.69% of Party
C's equity.

3. Party A, Party B and Party C enter into an Exclusive Operation
and Consulting Services Agreement (hereinafter referred to as the "**Service Agreement") at the same time on the date of this Agreement**. Pursuant to the Agreement, Party C shall pay Party A the operating and consulting services fees (the "Service
Fees") for the exclusive operation and consulting services provided by Party A.

4. Party A, Party B and Party C shall sign an Entrustment Agreement
(hereinafter referred to as the "**Entrustment Agreement") at the same time on the date of this Agreement**. Pursuant
to the Agreement, Party B entrusts Party A or its designee to exercise all shareholders' voting rights and all shareholders'
rights of Party B at Party C's shareholders' meeting.

5. Party A, Party B and Party C enter into an Exclusive Option
Agreement (the "**Exclusive Option Agreement**" and together with the Service Agreement and the Engagement Agreement,
the "**Master Agreement**") on the date of this Agreement. Pursuant to the Agreement, Party B irrevocably grants Party
A the right to purchase all or part of the equity interest in Party C held by Party B and all or part of its assets from Party C.

6. Party B is willing to pledge all its equity interests in
Party C (i.e., the amount of the registered capital of the pledged equity is RMB 50 million, corresponding to 100% of the equity of Party
C) owned by Party C as of the date of signing this Agreement, to guarantee the compliance and performance of all obligations, liabilities,
representations, warranties and undertakings of Party C and its subordinate entities under the Master Agreement. To this end, Party A
(hereinafter referred to as the "**Pledgee** "), Party B (hereinafter referred to as the "**Pledgor** ")
and Party C (hereinafter referred to as the "Party" for the Pledgee, the Pledgor and Party C) This Agreement is intended
to set forth the respective rights and obligations.

**In view of** this, the parties have entered into this Agreement by friendly agreement in accordance with the following terms.

**1.** **Definition** 

Except as otherwise provided in this Agreement, the following words shall have the meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 "**Pledge** ": means all of the elements listed
in Clause 2 of this Agreement.

1.2 "**Pledged equity** ": refers to all the equity
interests in Party C legally held by the pledgee.

1.3 "**Staking Period**" means the period specified
in Clause 3.2.1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 "**Event** of Default": means any of the circumstances
set out in Clause 7.1 of this Agreement.

**2.** **Pledge** 

The Pledgor pledges all of its equity interests in Party C (i.e., the registered capital of the pledged equity of RMB 50 million, corresponding to 100% of the equity of Party C) to the Pledgee as security for the fulfillment of all obligations, responsibilities, statements, warranties, and commitments under the agreement by the pledgee and Party C and its subordinate entities (any reference to "**Party C's subordinate entities" in this Agreement** means that Party C individually or jointly with other parties acquires, invests in, or establishes after the effective date of this Agreement. For any such entity, **Subordinate Entity**" means any entity that directly or indirectly holds more than 50% ownership or voting rights represented by shares, and any entity that directly or indirectly has the right to appoint a majority of directors or similar control or that it has the power to determine its management or policies through a scheme of arrangement). **"Pledge**" refers to the right enjoyed by the pledgee to be compensated in priority with the price of the pledged equity pledged by the pledgor to the pledgee at a discount, auction or sale of the pledged equity.

**3.** **The scope and amount of the guarantee and the term of the pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Scope and amount of guarantees

The scope of security for the pledged equity pledge under this Agreement includes all fees (including legal fees), expenses and losses to be borne by Party C and the pledgor (collectively, the "**Guarantor**") to the pledgee under each master agreement, including but not limited to service fees, other fees and default interest under the Service Agreement, as well as the failure of the guaranteed party to perform any of its obligations and liabilities under the Master Agreement. or if the secured party breaches any of its representations, warranties and undertakings under the Master Agreement, Party C and/or the pledgor shall be liable to the pledgee (including all reasonable fees such as attorney's fees, agency fees, litigation costs, etc.) for engaging lawyers and other professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Pledged period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 The pledge under this Agreement shall commenced upon the registeration of the pledged shares in the shareholder
register of both parties, and shall be established at the time of registration of the pledge with the competent market supervision and
administration department (hereinafter referred to as the "**registration authority** "). The pledge shall remainvalid until
the date on which all obligations, liabilities, representations, warranties and undertakings of the guarantor under the Master Agreement
are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 During the pledge period, if the secured party fails to perform any of its obligations and responsibilities
under the Master Agreement, or the guaranteed party violates any of its representations, warranties and undertakings under the Master
Agreement, the pledgee has the right to dispose of the pledge in accordance with the provisions of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 Waiver by the pledgee of any default by the pledgor, any grace period granted by the pledgee, or any delay
by the pledgee in exercising its rights under the relevant agreement shall not affect the pledgee's rights under this agreement,
applicable Chinese law, and other relevant agreements to demand strict performance by the pledgor of the relevant agreement at any time
thereafter, or the rights enjoyed by the pledgee due to the pledgor's subsequent breach of the relevant agreement.

**4.** **Storage of pledge certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 During the pledge period specified in this Agreement, the
pledgor shall, within three (3) days from the date of completion of the pledge registration in Article 4.3 below, deliver the original
certificate of its equity contribution to Party C and the register of shareholders (as well as other documents reasonably required by
the pledgee, including but not limited to the notice of pledge registration issued by the registration authority) to the pledgee for
safekeeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The pledgee has the right to receive the dividends generated
by the pledged equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Pledgor and Party C agree and undertake that after the
signing of this Agreement, Party C shall immediately, and the Pledgor shall promptly procure Party C to submit an application for registration
of the establishment (or change) of equity pledge to the registration authority in accordance with applicable laws and regulations. The
Pledgor and Party C further agree and undertake to complete the registration procedures for equity pledge within five (5) working days
from the date of formal acceptance of the application for equity pledge registration by the registration authority, so that the information
system of the registration authority will show 60.31% of the equity of Party C held by Party B 1 and 39.69% of Party C held by Party
B 2The equity has been fully pledged to the pledgee, and the pledge registration notice issued by the registration authority has been
obtained. To this end, the pledgor and Party C shall cooperate with the pledgee to sign all necessary documents and take all necessary
actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 During the validity period of this Agreement, the capital
contribution increased by the pledgor in the registered capital of Party C due to the capital increase of Party C is also a pledged equity.
If there is any change in the pledged equity due to the capital increase, Party C shall immediately and the pledgor shall cause Party
C to immediately record the changed equity pledge in Party C's register of shareholders on the date of change, and immediately
submit an application for registration of the change of equity pledge to the registration authority in accordance with applicable laws
and regulations, and complete the registration within five (5) days from the date on which the registration authority formally accepts
the application, and obtain the pledge registration notice issued by the registration authority.

**5.** **Representations and Warranties of the Pledgor and Party C** 

The Pledgor and Party C hereby jointly and severally represent and warrant to Party A as follows on the effective date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The pledgor is the legal owner of the pledged equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Both the pledgor and Party C have full power, capacity, and
authority to enter into and deliver this Agreement and to perform their obligations under this Agreement. Once this Agreement is signed
and takes effect, it shall constitute the legal, valid and binding obligations of the pledgor and Party C, and shall be enforceable in
accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Except for the benefit of the pledgee, the pledgor does not
set up other pledges or other rights on the pledged equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Pledgor and Party C have obtained the consent and approval
from government authorities and third parties for the signing, delivery and performance of this Agreement (if necessary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Neither the execution, delivery nor performance of this Agreement:
(i) will result in a breach of any relevant PRC law; (ii) is in conflict with Party C's Articles of Association or other constitutive
documents; (iii) results in breach or , or constitutes a breach of any contract or document to which it is a party or is bound; (iv)
results in a breach of any condition of the grant and/or continuation of any license or approval issued to any party; or (v) results
in the suspension or revocation or imposition of any license or approval issued to any party.

**6.** **Commitment of the pledgor and Party C** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 During the term of this Agreement, the Pledgor and Party
C undertake to the Pledgee for the benefit of the Pledgee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 Without the prior written consent of the pledgee, the pledgor shall not transfer any or all of the pledged
equity, nor establish or allow any pledge that may affect the rights and interests of the pledgee, and Party C shall not agree to or assist
in the aforesaid acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 To comply with and enforce all relevant laws and regulations on the pledge of rights, and immediately
produce the notices, instructions or suggestions issued or formulated by the relevant competent authorities in respect of the pledge to
the pledgee, and at the same time comply with the above notices, instructions or suggestions, or raise objections and statements on the
above matters in accordance with the pledgee's reasonable requirements or with the consent of the pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 promptly notify the Pledgee of any event or notice received that may affect the Pledgor's
 rights to the Pledged Equity or any part thereof, as well as any changes to the warranties, obligations, or any event or notice
 received that may affect the Pledgor under this Agreementt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 Party C shall complete the registration procedures for the extension of the business term as soon as
 possible before the expiration of the business term, so as to ensure the effectiveness of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Pledgee agrees that the Pledgee's acquisition and
exercise of the pledge in accordance with the terms of this Agreement shall not be interrupted or interfered with by the Pledgee or any
of the Pledgee's successors, principals or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The pledgor undertakes to the pledgee that, in order to protect
or improve this agreement as a guarantee for the guaranteed party to comply with and perform its obligations, responsibilities, representations,
warranties and undertakings under the Master Agreement, the pledgor shall sign in good faith and cause other parties with an interest
in the pledgee to sign all the certificates of rights, deeds, and/or perform and cause other interested parties to perform the acts required
by the pledgee, and give facilitation of the pledgee rights and the exercise of entrustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The pledgor undertakes to sign all the change documents relating
to the share certificate with the pledgee or its designated person (natural person/legal person) (if applicable and necessary), and to
provide the pledgee with all notices, orders and decisions regarding the pledge that it deems necessary within a reasonable period of
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The pledgor and Party C undertake to the pledgee that they
shall not engage in or induce any activities or transactions that may have a material impact on the ability of the obligor to perform
any obligations, responsibilities, or commitments listed in the Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The pledgor undertakes to the pledgee that, for the benefit
of the pledgee, the pledgor will comply with and fulfill all warranties, undertakings, agreements, statements, and conditions. If the
pledgor fails to perform or incompletely performs its guarantees, undertakings, agreements, statements, and conditions, the pledgor shall
compensate the pledgee for all losses suffered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 During the term of this agreement, the pledgor shall not
take any action or inaction that may affect the value of the pledged shares, to maintain or increase the value of the pledged shares.
In the event of any event that may affect the decrease in value of the pledged shares or the pledgor's performance of obligations
under this agreement, the pledgee shall be promptly notified, and upon request of the pledgee, provide additional satisfactory property
guarantees for the difference in the decrease in value of the pledged shares.

**7.** **Event of Default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The following are considered to be Events of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 the Pledgor's failure to perform or breach any of its obligations, liabilities, representations,
warranties or undertakings under the Master Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 any failure by Party C or any of its subsidiaries to perform or breach any of its obligations, obligations,
representations, warranties or undertakings under the Master Agreement, including but not limited to the failure of Party C or any of
its subsidiaries to pay the Service Fees or other fees under the Service Agreement in full and on time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 any representation or warranty made by the Pledgor and/or Party C in Clause 5 of this Agreement is materially
misleading or erroneous, and/or the Pledgor and/or Party C is in breach of the warranties in Clause 5 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 The pledgor and/or Party C breaches the commitments in Clause 6 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 Breach of any other term of this Agreement by the Pledgor and/or Party C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 The pledgor abandons the pledged equity or transfers the pledged equity without the written consent of
the pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.7 Any loan, guarantee, compensation, undertaking or other debt repayment liability of the pledgor itself
(1) is required to be repaid or performed in advance due to default; or (2) is due but cannot be repaid or performed as due, causing the
pledgee to believe that the pledgee's ability to perform its obligations under this Agreement has been impaired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.8 Party C or any of its subsidiaries is unable to pay its general or other debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.9 This Agreement is illegal or the Pledgor cannot continue to perform its obligations under this Agreement
for any reason other than force majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.10 The pledgor has an adverse change in its property that causes the pledgee to believe that the pledgor's
ability to perform its obligations under this Agreement has been affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.11 The successor or escrow of Party C or any of its subordinate entities may only partially or refuse to
perform the payment obligations under the Service Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.12 Breach this Agreement caused by an act or omission of the pledgor in violation of other provisions of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 If any of the matters referred to in clause 7.1 or events
that may give rise to the foregoing have occurred, the party who knows or discovers it shall immediately notify the other party in writing
(" **Notice of Default** "). For the purposes of this Article, the pledgor, Party C and its subsidiaries shall be deemed
to be one party, and the pledgee shall be deemed to be the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Unless the breach set forth in Clause 7.1 has been satisfactorily
settled to the Pledgee's satisfaction, the Pledgee may, at any time after receipt or dispatch of the Notice of Default referred
to in Clause 7.2, send a notice of exercise (the "**Exercise Notice")** in writing to the Pledgor requiring Party C and
its subsidiaries to immediately pay the Service Fees and other amounts due under the Service Agreement and/ or dispose of the pledge
in accordance with the provisions of Article 8 of this Agreement.

**8.** **Exercise of pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Before the obligations of the guaranteed party under the
Master Agreement are fully performed, the Pledgor shall not transfer any or all of the pledged equity without the written consent of
the Pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 When exercising the pledge, the Pledgee shall issue a notice
of exercise to the Pledgor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Subject to the provisions of Clause 7.3, the Pledgee may
exercise the right to dispose of the Pledge at the same time as the Exercise Notice is given in accordance with Clause 7.3 or at any
time after the Exercise Notice is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Pledgee shall have the right to be compensated in priority
by discounting all or part of the pledged equity under this Agreement, or by auction or selling the pledged equity in accordance with
legal procedures, until all losses incurred by the Pledgee due to the Pledgee's failure to perform or breach its obligations, liabilities,
representations, warranties and/or undertakings under the Master Agreement are fully compensated, including but not limited to the unpaid
service fees and other payables of Party C and its subsidiaries under the Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 When the Pledgee disposes of the pledge in accordance with
this Agreement, the Pledgor and Party C shall not set up obstacles and shall provide necessary assistance (including but not limited
to the pledgee waiving its right of first refusal to other shareholders of Party C in the transfer of Party C's equity).

**9.** **Assignment of Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Unless the Pledgee agrees in writing in advance, neither
the Pledgor nor Party C has the right to grant or transfer its rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Each party acknowledges that this Agreement shall be binding
upon each party's respective successors and permitted assignees, and that such successors or assigns shall abide by the provisions
of this Agreement, assume their responsibilities and obligations hereunder, and enjoy the rights hereunder, as if they were a party to
this Agreement.

The pledgor undertakes to the Pledgee that in the event of the Pledgor's death, incapacity or limited capacity, divorce or other circumstances that may affect the exercise of its direct or indirect equity rights and interests in Party C, the obligations and liabilities assumed by the Pledgor under this Agreement and the rights enjoyed by the Pledgor shall be borne and enjoyed by its successors. No will, divorce agreement, debt settlement agreement, or legal document of any kind shall impair or hinder the execution of this Agreement unless the prior written consent of the Pledgee is obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Pledgee may, at any time and to the extent permitted
by law, assign all or any of its rights and obligations under the Master Agreement to a person designated by it (natural person/legal
person), in which case the Transferee shall enjoy and assume the rights and obligations enjoyed and assumed by the Pledgee under this
Agreement as if it were a party to this Agreement. When the pledgee transfers its rights and obligations under the Master Agreement,
it is only necessary for the pledgee to give written notice to the Pledgee, and the Pledgee shall sign the agreement and/or documents
related to the transfer at the request of the Pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 After the change of Pledgee due to the transfer, the new
Pledge parties shall re-sign the pledge agreement and register it with the registration authority.

**10.** **Effectiveness and Validity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 This Agreement shall enter into force on the date set forth
in the non-operative part upon its signature and seal by the parties (and their respective authorized representatives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 As long as Party B holds any equity interest in Party C,
this Agreement shall remain in effect. During the validity period of this Agreement, Party B shall not revoke, terminate or rescind this
Agreement in advance under any circumstances, unless otherwise provided by law. Notwithstanding the foregoing, this Agreement may be
terminated early if: (i) continued performance of its responsibilities and obligations under this Agreement would result in a breach
or non-compliance with applicable laws and regulations, the listing rules or the requirements of any stock exchange; (ii) all equity
interests held by Party B in Party C are transferred to Party A or its designee in accordance with applicable laws and regulations; (iii)
all assets attributable to Party B in Party C are transferred to Party A or its designee in accordance with applicable laws and regulations;
or (iv) terminate this Agreement at any time by giving fifteen (15) days' written notice to Party B from Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 If, within the time limit specified in Clause 10.2, the term
of operation of Party A or Party C (including any extension period) expires or is terminated for other reasons, such Party shall renew
its term of operation in a timely manner and use its best efforts to obtain the approval of the renewal and complete the registration
of the renewal so that this Agreement can continue to be valid and enforceable, unless such Party has transferred its rights and obligations
in accordance with Clause 9.3 of this Agreement.

**11.** **Pull the plug** 

This Agreement shall be terminated upon payment of the Service Fee and other amounts payable under the Service Agreement and the Secured Person shall no longer assume all and any of its obligations and liabilities under the Master Agreement, the Pledgee shall cancel or discharge the registration related to the equity pledge under this Agreement as soon as reasonably practicable.

**12.** **Handling Fees and Other Charges** 

All costs and actual expenses related to this Agreement, including but not limited to legal fees, production costs, stamp duty and any other taxes and expenses, shall be borne by the Pledgee. If the law stipulates that the Pledgor shall pay the relevant taxes, the Pledgee shall compensate the Pledgor in full for the taxes and fees paid.

**13.** **Force Majeure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 "**Force Majeure**" means any event beyond
the reasonable control of a party that cannot be avoided with the reasonable care of the affected party, including, but not limited to,
acts of government, changes in law, forces of nature, fire, explosion, storm, flood, earthquake, tide, lightning or war. However, the
lack of creditworthiness, funds or financing shall not be deemed to be beyond the reasonable control of a party. The party affected by
the force majeure shall notify the other party of such exemption as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 When the performance of this Agreement is delayed or hindered
due to force majeure as defined above, the party affected by the force majeure shall not be liable under this Agreement to the extent
that it is delayed or hindered. The affected party shall take appropriate measures to reduce or eliminate the effects of force majeure
and shall endeavour to restore the performance of obligations delayed or hindered by force majeure. Once the force majeure is eliminated,
the parties agree to use their best efforts to resume performance under this Agreement.

**14.** **Duty of Confidentiality** 

The parties to this Agreement acknowledge and confirm that any oral or written information exchanged between them in connection with this Agreement is confidential. Each party shall keep all such information confidential and shall not disclose any such information to any third party without the prior written consent of the other party, except in the following circumstances: (a) the public knows or will know such information (but not to the public without unauthorised disclosure by the party to whom the information is received).； (b) information required to be disclosed under applicable laws or stock exchange rules or regulations; or (c) information that either party is required to disclose to its legal or financial advisers in connection with the transactions described in this Agreement, and such legal or financial advisers are subject to confidentiality obligations similar to those contained herein. The leakage of the confidentiality of the staff of either party or the employing agency shall be deemed to be the disclosure of the confidentiality of that party, and the party shall be liable for breach of contract in accordance with this Agreement.

**15.** **Dispute Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 This Agreement shall be governed by and construed in accordance
with the laws of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 In the event of a dispute between the parties regarding the
interpretation and performance of the terms of this Agreement, the parties shall settle the dispute through negotiation in good faith.
If the negotiation fails, either party may submit the dispute to the China International Economic and Trade Arbitration Commission for
arbitration in accordance with the arbitration rules in force at that time. The place of arbitration is in Beijing; The language to be
used in the arbitration shall be Chinese. The arbitral award shall be final and binding on all parties. The arbitration commission shall
have the right to award compensation or compensate the pledgee for the losses caused to the pledgee due to the breach of contract by
the other parties to this Agreement, to award compulsory relief for the relevant business or compulsory asset transfer, or to order Party
C or Party C's subordinate entities to go bankrupt, dissolve or liquidate in respect of the equity interest of Party C or Party
C's subordinate entities (if applicable). After the arbitral award enters into force, either party shall have the right to apply
to a court of competent jurisdiction for enforcement of the arbitral award.

At the request of one of the parties to the dispute, the court of competent jurisdiction shall have the power to grant interim relief in support of the arbitration, such as the seizure or freezing of a judgment or award on the equity interest, property interest (if applicable) or other assets of the defaulting party, pending the constitution of the arbitral tribunal in accordance with law, or where appropriate. In addition to the Chinese courts, the courts of Hong Kong, the courts of the Cayman Islands, and the company to be listed (referring to Unitrend Entertainment Group Limited, a company incorporated under the laws of the Cayman Islands. The court where the principal assets are located, and the court where the principal assets of Party C or Party C's subordinate entities are located shall also be deemed to have jurisdiction for the purposes described above. During the arbitration, the parties to this Agreement shall continue to perform their other obligations under this Agreement except for the disputed matters submitted to arbitration.

**16.** **Notice** 

Notices given by the parties to this Agreement for the performance of their rights and obligations under this Agreement shall be in writing to the address below. If it is delivered by hand, the actual service shall prevail; In the case of service by telex or facsimile, the date of dispatch shall prevail, and if the date of delivery is not a business day or the service is made after business hours, the next consecutive business day on that day shall be the date of delivery. Place of service means the address of the parties to this Agreement on the first page of this Agreement or at any time thereafter notified in writing. Written includes fax and telex.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Recipient: [Yujie Cui]

Telephone: [Phone Number]

Email：[Email]

**Party B 1: Bin Feng**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

Email：[Email]

**Party 2: Xiaoyun He**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

Email：[Email]

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Recipient: [Yujie Cui]

Telephone: [Phone Number]

Email：[Email]

**17.** **Integrity of the Agreement** 

Each party acknowledges that this Agreement, once in force, constitutes the entire agreement and understanding of the parties with respect to the contents of this Agreement, and completely supersedes all oral and/or written agreements and understandings reached by the parties prior to this Agreement with respect to the contents of this Agreement.

**18.** **Severability of the Agreement** 

If any provision of this Agreement is invalid or unenforceable due to inconsistency with applicable law, such provision shall be deemed invalid only to the extent of the relevant jurisdiction and will not affect the legal effect of the other provisions of this Agreement.

**19.** **Attachment to the Agreement** 

The annexes listed in this Agreement are an integral part of this Agreement.

**20.** **Modifications and Additions to the Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 Each party shall make amendments and additions to this Agreement
by written agreement. The amended and supplemental agreements relating to this Agreement duly signed by all parties shall be an integral
part of this Agreement and shall have the same legal effect as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 This Agreement and any amendments, supplements or changes
thereto shall be in writing and shall be signed and sealed by all parties to take effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3 For the purpose of handling the registration of the equity
pledge, the parties agree that the equity pledge contract (if necessary) will be signed separately in accordance with the requirements
of the equity pledge registration authority, and the content of such format text that is not agreed upon or inconsistent with the agreement
shall be subject to the provisions of this agreement.

**21.** **Counterparts** 

This Agreement iswritten in Chinese in five (5) copies, one (1) copy for each party and one (1) copy for submission to government departments. Each copy of this Agreement shall has equal legal validity.

[No text below]

[No text on this page]

**Accordingly**, each party has entered into this Agreement in good faith either personally or by its legal representative or authorized representative on the date stated at the beginning of this document.

**Pledgor: Bin Feng**

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| | |
|:---|:---|
| Sign: | /s/ Bin Feng |

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Signature page of the Equity Pledge Agreement

[No text on this page]

**Accordingly**, each party has entered into this Agreement in good faith either personally or by its legal representative or authorized representative on the date stated at the beginning of this document.

**Pledgorized: Xiaoyun He**

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| | |
|:---|:---|
| Sign: | <u>/s/ Xiaoyun He</u> |

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Signature page of the Equity Pledge Agreement

[No text on this page]

**Accordingly**, each party has entered into this Agreement in good faith either personally or by its legal representative or authorized representative on the date stated at the beginning of this document.

**Company: Beijing Hexi Weiye Culture Media Co., Ltd. (official seal).**

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| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Equity Pledge Agreement

**Annex I**

**Register of shareholders of Beijing Hexi Weiye Culture Media Co., Ltd**

Shareholder's Name: Bin Feng

ID number: [National ID]

Subscribed capital contribution: RMB 30.155 million

Investment ratio: 60.31%.

Certificate of Capital Contribution No.: [1].

Bin Feng owns 60.31% of the equity of Beijing Hexi Weiye Culture Media Co., Ltd., and the 60.31% equity has been fully pledged to Beijing Heli Fashion Technology Co., Ltd.

Name of shareholder: Xiaoyun He

ID number: [National ID].

Subscribed capital contribution: RMB 30.155 million

Investment ratio: 39.69%.

Certificate of Capital Contribution No.: [2].

Xiaoyun He owns 39.69% of the equity of Beijing Hexi Weiye Culture Media Co., Ltd., and the 39.69% equity has been fully pledged to Beijing Heli Fashion Technology Co., Ltd.

Beijing Heli Fashion Technology Co., Ltd. has a pledge of 100% of the total equity of Beijing Hexi Weiye Culture Media Co., Ltd.

**Beijing Hexi Weiye Culture Media Co., Ltd.** (official seal).

---

| | |
|:---|:---|
| Signature: | <u>/s/ Bin Feng</u> |

---

Name: Bin Feng

Position: Legal representative

December 20, 2022

Annex I of the Share Pledge Agreement

## Exhibit 10.8

**Exhibit 10.8**

**Entrustment Agreement**

This Entrustment Agreement (the "**Agreement**") is entered into by and among the following parties on December 20, 2022.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Registered address: 1508, 12th Floor Apartment, No. 1 Xidawang Road, Chaoyang District, Beijing

**Party B 1: Bin Feng**

ID number: [National ID].

**Party B 2: Xiaoyun He**

ID number: [National ID].

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Registered address: Room 802, 8th Floor, Binhe Building, No. 115 Binhe Road, Mentougou District, Beijing

In this Agreement, Party A, Party B and Party C are hereinafter referred to as "**a Party**" and collectively referred to as the "**Parties**".

**Whereas:**

1. Party A and Party C are each a limited liability company incorporated in accordance with the laws of the
People's Republic of China (hereinafter referred to as "**China** ", excluding Hong Kong, Macau and Taiwan for the purposes
of this Agreement); Party B are Chinese citizens with full capacity for civil conduct.

2. As of the date of signing this Agreement, Party B holds a total of 100% equity interest in Party C, of
which Party B 1 holds 60.31% of Party C's equity and Party B 2 holds 39.69% of Party C's equity.

3. Party B agrees to entrust Party A to exercise its shareholder rights in Party C in accordance with the
terms and conditions agreed in this Agreement, and Party A agrees to accept such entrustment in accordance with the terms and conditions
agreed in this Agreement.

The parties agreed as follows:

1. Party B hereby agrees to unconditionally and irrevocably undertake **to** sign the power of attorney
as set out in Annex I to this Agreement ("Power of Attorney")as of the date of this Agreement, authorize Party A, or Party
A's directors and their successors appointed by Party A in accordance with Party A's instructions (including liquidators who replace Party
A's directors) (for the avoidance of doubt, it also includes the directors of the company to be listed and their successors, as well as
the liquidators who replace the directors of the company to be listed on the stock market (collectively, the "**Trustees** "),
to exercise all the voting rights of shareholders and all other shareholder rights ()"**Proxy Rights**") enjoyed by Party
B in accordance with the law and the Articles of Association at the shareholders' meeting of Party C, including but not limited to: sell,
transfer, pledge or dispose of all or any part of the equity interest held by Party B in Party C and all or any part of Party C's assets
attributable to Party B; Convene, attend and preside over the shareholders' meeting as the authorized representative of the shareholders
of Party C; nominating, electing, appointing and replacing legal representatives, executive directors, directors, supervisors, managers
and other senior management personnel; deliberate and approve Party C's profit distribution plan and loss recovery plan; resolve Party
C's merger, division, liquidation or change of corporate form, and take over Party C's remaining property upon dissolution or liquidation;
sign documents (including minutes of shareholders' meetings) and submit to the competent market supervision and administration department
for filing; determine Party C's business policy and investment plan; amend any shareholder rights under the Articles of Association and
other applicable PRC laws and the Articles of Association of Party C (as amended from time to time).

The premise of the above authorization and entrustment is that Party A agrees to the above authorization and entrustment. In addition to satisfying the requirements of applicable PRC laws and the relevant requirements of the U.S. Securities and Exchange Commission, the qualification of the trustee shall be determined by Party A at its sole discretion.

For the purpose of this agreement, "Pre-IPO Company" refers to Unitrend Entertainment Group Limited, a company incorporated under the law of the Cayman Islands.

2. Party B hereby undertakes and warrants that during the term of this Agreement, it shall not do or omit
to do any act that may cause an actual or potential conflict of interest between Party A, the Trustee and/or the Pre-IPO Company. In the
event of any conflict of interest, Party A shall have the right to determine how to deal with such conflict of interest in accordance
with applicable laws in China at its sole discretion. Party B shall act unconditionally in accordance with Party A's instructions to eliminate
such conflict of interest.

3. The Trustee and/or Party A shall exercise the power of entrustment in the same way as if Party B personally
exercised the rights of the shareholder. When Party A sends Party B a written notice of the removal of the trustee, Party B shall immediately
designate other entities or individuals designated by Party A at that time to exercise the above power of attorney, and sign a power of
attorney in the content and format of Annex I to this Agreement, and the new power of attorney will replace the original power of attorney
once it is made; At the same time, Party B shall also announce or explain the revocation of the original power of attorney by issuing
a notice to relevant persons or other forms of publicity; In addition, to the extent permitted by applicable law, Party B shall not revoke
the entrustment and authorization made to the Trustee and/or Party A.

4. All actions of the Trustee and/or Party A in relation to Party B's holding of Party C's equity interest
and/or the exercise of the power of entrustment shall be deemed to be Party B's own actions, and all documents signed by Party B shall
be deemed to be signed by Party B. The Trustee and/or Party A may act according to its own will in doing the above without the prior consent
of Party C, provided that the Trustee and/or Party A shall promptly notify Party B of the resolutions of Party C. Party B hereby acknowledges
and approves such acts and/or documents of the Trustee and/or Party A.

5. Party B and Party C shall sign all necessary documents and resolutions and take all necessary actions
to give full effect to any resolutions and decisions made by the Trustee and/or Party A under any rights granted under this Agreement
and to complete the registration/filing with the relevant government authorities (if applicable).

6. During the term of this Agreement, Party B hereby waives all rights granted to the Trustee and/or Party
A through this Agreement with respect to all or any part of the equity interest held by Party B in Party C, and shall not exercise such
rights on its own.

7. This Agreement shall come into force on the date contained herein when it is sealed and signed by the
parties (and their respective authorized representatives).

8. As long as Party B holds any equity interest in Party C, this Agreement shall remain in effect. During
the validity period of this Agreement, Party B shall not revoke, terminate or rescind this Agreement in advance under any circumstances,
unless otherwise provided by law. Notwithstanding the foregoing, this Agreement may be terminated early if: (i) continued performance
of its responsibilities and obligations under this Agreement would result in a breach or non-compliance with applicable laws and regulations,
the listing rules or the requirements of any stock exchange; (ii) all equity interests held by Party B in Party C are transferred to Party
A or its designee in accordance with applicable laws and regulations; (iii) all assets attributable to Party B in Party C are transferred
to Party A or its designee in accordance with applicable laws and regulations; or (iv) terminate this Agreement at any time by giving
fifteen (15) days' written notice to Party B from Party A. If, during the validity period of this Agreement, Party A's business term expires,
Party A shall promptly renew its business term so that this Agreement can continue to be valid and enforced. If Party A's application
for renewal of the business term is not approved or agreed by any competent authority, this Agreement shall be terminated upon the expiration
of Party A's business term, unless Party A has transferred its rights and obligations in accordance with Article 12 of this Agreement.

9. Modifications to this Agreement must be agreed to in writing by all Parties. The amended and supplemental
agreements relating to this Agreement duly signed by all Parties shall be an integral part of this Agreement and shall have the same legal
effect as this Agreement.

10. If any provision of this Agreement is invalid or unenforceable due to inconsistency with applicable law,
such provision shall be deemed invalid only to the extent of the relevant jurisdiction and will not affect the legal effect of the other
provisions of this Agreement.

11. This Agreement requires that notices or other communications from either Party be in writing in Chinese
and sent by hand, letter or fax to the other Party at the address below or to such other designated address as notified by the other Party
from time to time. The date on which a notice is deemed to have been actually served shall be determined as follows: (a) a notice delivered
by hand shall be deemed to have been actually served on the day of personal delivery; (b) notices given by letter shall be deemed to have
been actually given on the tenth (10th) day after the date of dispatch of the postage paid by registered airmail (as indicated on the
postmark) or on the fourth (4th) day after delivery to an internationally recognized courier service; (c) notices sent by facsimile shall
be deemed to have been actually served at the time of receipt shown on the confirmation of transmission of the document in question; and
(d) if the notice is sent by e-mail, the date on which the e-mail is successfully delivered is the date on which the sender receives a
system message indicating that the e-mail was successfully dispatched or does not receive within twenty-four (24) hours of the system
message indicating that the e-mail was not delivered or returned.

**Party A: Beijing Heli Fashion Technology Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Recipient: [Yujie Cui]

Telephone: [Phone Number]

Email：[Email]

**Party B 1: Bin Feng**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

Email：[Email]

**Party 2: Xiaoyun He**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Telephone: [Phone Number]

Email：[Email]

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd**

Address: [1508, Block B, Winterless Center, No. 1 West Dawang Road, Chaoyang District, Beijing].

Recipient: [Yujie Cui]

Telephone: [Phone Number]

Email：[Email]

12. Without Party A's prior written consent, Party B shall not assign its rights and obligations under
this Agreement to any third party. Party B hereby agrees that Party A may assign its rights and obligations under this Agreement to other
third parties when it needs to. Party A will only need to give Party B written notice at the time of such assignment and will no longer
be required to obtain Party B' consent to such assignment.

13. Each party acknowledges and certifies that any oral or written information exchanged between them in connection
with this Agreement and that the trade secrets, proprietary information, customer information and other related materials shared by the
other party and the parties are made available in the course of the performance of this Agreement, as well as any other non-public information
of the other party, are confidential. Each party shall keep all such information confidential and shall not disclose any such information
to any third party without the prior written consent of the other party, except in the following circumstances: (a) the public knows or
will know such information (but not to the public without unauthorised disclosure by one of the parties to whom the information is made);
(b) information required to be disclosed under applicable law or the rules or regulations of the stock exchange in which the shares of
any party or its affiliates are traded; or (c) information that either party is required to disclose to its legal or financial advisers
in connection with the transactions described in this Agreement, and such legal or financial advisers are subject to confidentiality obligations
similar to those contained herein. The leakage of the confidentiality of the staff of either party or the employing agency shall be deemed
to be the disclosure of the confidentiality of that party, and the party shall be liable for breach of contract in accordance with this
Agreement. This Agreement shall remain in full force and effect regardless of the invalidity, variation, rescission, termination or inoperability
of this Agreement for any reason.

14. Governing Law and Dispute Resolution

&nbsp;&nbsp;&nbsp;&nbsp;(1) The conclusion, validity, interpretation, performance, modification
and termination of this Agreement and the resolution of disputes shall be governed by the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event of a dispute between the parties to this Agreement
regarding the interpretation and performance of the terms of this Agreement, the parties shall negotiate in good faith to resolve the
dispute. If the negotiation fails, either party may submit the dispute to the China International Economic and Trade Arbitration Commission
for arbitration in accordance with the arbitration rules in force at that time. The place of arbitration is in Beijing; The language
of the arbitration shall be Chinese. The arbitral award shall be final and binding on all parties. CIETAC has the right to award compensation
or satisfaction for Party A's losses suffered by Party A due to the breach of contract by the other parties to this Agreement, to award
compulsory relief for the relevant business or compulsory asset transfer, or to order Party C or Party C's subordinate entities to go
bankrupt, dissolve or liquidate Party C or Party C's subordinate entities for the equity interest of Party C or the assets or property
interests of Party C or Party C's subordinate entities (if applicable). After the arbitral award enters into force, either party shall
have the right to apply to a court of competent jurisdiction for enforcement of the arbitral award. At the request of one of the parties
to the dispute, the court of competent jurisdiction shall have the power to grant interim relief in support of the arbitration, such
as the seizure or freezing of a judgment or award on the equity interest, property interest (if applicable) or other assets of the defaulting
party, pending the constitution of the arbitral tribunal in accordance with law, or where appropriate. In addition to the PRC courts,
the courts of Hong Kong, the Cayman Islands, the courts where the main assets of the company to be listed are located, and the courts
where the principal assets of Party C or its subsidiaries are located shall also be deemed to have jurisdiction for the above purposes.
During the arbitration, the parties to this Agreement shall continue to perform their other obligations under this Agreement except for
the disputed matters submitted to arbitration.

15. Once this Agreement comes into effect, it constitutes the entire agreement and consensus reached by the
parties to this Agreement on the contents of this Agreement, and completely supersedes all oral and written agreements and understandings
reached by the parties before this Agreement and related to the contents of this Agreement.

16. Each party acknowledges that this Agreement shall be binding upon each party's respective successors,
successors and permitted assignees, and that such successors, successors or assigns shall abide by the provisions of this Agreement, assume
their responsibilities and obligations hereunder, and enjoy the rights hereunder, as if they were a party to this Agreement.

Party B undertakes to Party A that in the event of Party B's death, incapacity or limited capacity, divorce or other circumstances that may affect the exercise of its direct or indirect equity interests in Party C, Party B's obligations and responsibilities under this Agreement and its rights shall be borne and enjoyed by its successors or successors. No will, divorce agreement, debt settlement agreement or legal document of any kind shall impair or hinder the execution of this Agreement unless the prior consent of Party A is obtained.

17. The original of this Agreement shall be executed in four copies, one copy for each party to this Agreement,
and each original shall have the same legal effect.

[No text below]

[No text on this page]

**Accordingly**, this Agreement is signed by the parties on the date of the first letter of the Memorandum for the purpose of compliance.

**Party A: Beijing Heli Fashion Technology Co., Ltd**. (official seal).

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| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Entrustment Agreement

[No text on this page]

**Accordingly**, this Agreement is signed by the parties on the date of the first letter of the Memorandum for the purpose of compliance.

**Party B 1: Bin Feng**

---

| | |
|:---|:---|
| Signature: | /s/ Bin Feng |

---

Signature page of the Entrustment Agreement

[No text on this page]

**Accordingly**, this Agreement is signed by the parties on the date of the first letter of the Memorandum for the purpose of compliance.

**Party 2: Xiaoyun He**

---

| | |
|:---|:---|
| Signature: | /s/ Xiaoyun He |

---

Signature page of the Entrustment Agreement

[No text on this page]

**Accordingly**, this Agreement is signed by the parties on the date of the first letter of the Memorandum for the purpose of compliance.

**Party C: Beijing Hexi Weiye Culture Media Co., Ltd.** (official seal).

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| | |
|:---|:---|
| Signature: | /s/ Bin Feng |
| Name: | Bin Feng |
| Position: | Legal representative |

---

Signature page of the Entrustment Agreement

**Appendix I: Power of Attorney**

Date:

Shareholder Bin Feng ("**Shareholder 1**") is registered to hold 60.31% of the equity of **Beijing Hexi Weiye Culture Media Co., Ltd.** (the "Company"), and shareholder Xiaoyun He ("**). Shareholder 2**", together with Shareholder 1, referred to as "**Shareholder**") registered to hold 39.69% of the company's equity. The Shareholder hereby irrevocably authorizes Bin Feng appointed by Beijing Heli Fashion Technology Co., Ltd. (the "**Attorney"**) to exercise the Entrustment Agreement (hereinafter referred to as the "Entrustment Agreement") **signed by the Shareholder, the Company and the Authorized Person on** ___ ")The right to delegate.

The trustee may act according to his or her own will in doing so, without the need to seek his or her consent in advance or after the fact. I shall not exercise such rights on my own during the term of this Power of Attorney and hereby waive all rights granted to the Trustee under this Power of Attorney.

This Power of Attorney and the Power of Attorney Agreement shall be effective and irrevocable at the same time, and shall be valid from the effective date to the date of termination of the Power of Attorney Agreement.

This Power of Attorney shall also apply to the confidentiality obligations, application of law and dispute resolution provisions of the Entrustment Agreement.

Shareholder's Signature: _____________

_____________

Appendix I: Power of Attorney

## Exhibit 10.9

**Exhibit 10.9**

Form of Distribution Agreement

Contract Number:_____

Party A:

Address:

Party B:

Address:

After friendly negotiation between Party A and Party B, Party B is to grant Party A "____________"(hereinafter referred to as "the Program") broadcast rights license. The details of the Program Broadcast Rights Licensing Agreement (hereinafter referred to as "Contract") are as follows.

**Article 1 Overview of the Program**

1. The Program subject matter:_____, Producer_____, Screenwriter_____, Director_____, Host_____, Main actors/guests_____, etc.

2. The Program has been approved by the corresponding departments of the National Radio and Television Administration, and the Program (including but not limited to

television dramas, cartoons, etc.) has received the "Publication License" of No._____. The total number of episodes is _____, and each episode is _____minutes.

**Article 2 Scope, Duration and disposition of the broadcast rights**

1. Scope of the broadcast rights: (√ in the ☐ to confirm)

☐ 1.Wireless, cable exclusive television broadcast rights within the province of (Except_____).

☐ 2. Sole Prime-Time First Round satellite broadcast rights.

☐ 3. (one of two) Sole Prime-Time First Round satellite broadcast rights.

☐ 4. Prime-Time 1.5 Round satellite broadcast rights.

☐ 5. Sole Prime-Time Second Round satellite broadcast rights.

☐ 6. Sole daytime First Round satellite broadcast rights.

☐ 7. Sole daytime Second Round satellite broadcast rights.

☐ 8. Sole nighttime (10PM) First Round satellite broadcast rights.

☐ 9. Sole nighttime (10PM) Second Round satellite broadcast rights.

☐ 10. (one of two) Sole Non-Prime-Time First Round satellite broadcast rights.

☐ 11. Exclusive China (Mainland) broadcast rights.

☐ 12. Sole First Round Satellite broadcast rights.

☐ 13. Grant (with no additional charge) information network dissemination right on party A's own website (if there is any change, it shall be subject to Party A's written notice).

☐ 14. Grant (with no additional charge) information network dissemination right to Party A's IPTV.

☐ 15. Grant (with no additional charge) (After First Round and Second Round) satellite broadcast rights.

☐ 16. Others:_____.

2. License term: _____Years, from___ /___ /___ to ___ /___ /___(Year/Month/Day.)

(The available satellite broadcast time of First Round on [satellite station] is set on___ /___ /___.(Year/Month/Day)).

3. Broadcast Arrangements: When Party B grants Party A the exclusive broadcast right of the Program, Party B shall guarantee Party A to be the first TV broadcasting organization to run the Program in the licensed areas before other TV broadcasting organizations.

The time of First Run shall be decided by both parties. If Party B has not agreed or notified the broadcasting six months before the termination of the broadcast right purchased by Party A, [satellite station] can broadcast on its own.

4. Re-licensing of broadcast rights: Party A has the right to license a third party to broadcast the Program within the scope of this Contract.

**Article 3 Payment of broadcast rights licensing fee**

1. The broadcast rights licensing fee of the Program shall be paid at the rate of ¥(RMB)___ yuan per episode (part), totaling of the entire program ¥(RMB)___ yuan; the Program is paid by advertisement posting in ___ seconds per episode and time slot ___, totaling ___ seconds.

2. Party A shall pay Party B for tape fee, re-recording fee and mailing fee of the Program (hereinafter referred to as "three tape fee"), totaling ¥(RMB)___ yuan.

3. Party A shall pay Party B the total amount of above-mentioned items of ¥(RMB)___ yuan. (Capital Letters:___)

4. Party A shall pay Party B ___ % (¥(RMB)___ yuan) of the total amount of the Contract within ___ days from the date when Party A confirms that the master tape of the Program is free from any defects.

5. After the Program is broadcast, Party A will pay the final payment to Party B with the approval of both parties in accordance with the broadcast results.

6. When Party A receives the corresponding VAT invoices provided by Party B, Party A shall make payment according to the following account specified by Party B:

Account name:___

Bank of account:___

Account No:___

**Article 4 Delivery of master tapes**

1. Party B shall deliver to Party A the complete set of Program master tapes before ___ / ___ / ___ (Year/Month/Day), counting ___ boxes. If Party B is late in providing standard broadcast tapes, Party B shall compensate Party A with ___% of the total Contract amount per day.

2. The master tapes of the Program provided by Party B are in the form of ___, the production of master tapes shall comply with Party A's TV broadcast technical quality standards and requirements.

In order to ensure Party A's scheduling requirements, Party B undertakes that the duration of each episode of the TV Program (excluding the opening and closing credits) shall not be less than 41 minutes. Each tape shall have the Program name logo labeled on the front and side of the outer box and core. (labels shall include program title, total number of episodes, episode number, sound type, etc.)

3. If Party A finds that the master tapes provided by Party B have missing quantity, defective quality or other problems that do not conform to this Contract, Party B shall provide the missing tapes, substitute tapes or provide a new set of tapes that conform to the standards and requirements within 10 days after Party B is notified.

Party B shall provide the broadcast tapes that meet Party A's broadcasting standards, if Party B's tape is withdrawn twice, Party A shall have the right to deduct half of the Program's three tape fee, if Party B's tape is withdrawn three times or more (including three times), Party A shall have the right to deduct all of the Program's three tape fee.

4. Party B agrees and guarantees that it has obtained the approval of the relevant copyright owners to allow Party A to make reasonable editing to the Program for broadcasting.

**Article 5 Legitimacy Warranty**

1. Party B is the production unit stated in the Program production license, or has obtained the irrevocable notarized authorization from the production unit or the copyright owner, Party B guarantees that it has the legal rights to license Party A to use the Program according to this Contract, and promises that Party A will not cause any third party to claim rights against Party A when exercising the rights under this Contract. If any dispute arises from the Program or other materials of the Program provided by Party B (including but not limited to brochures, stage photos, promotional footage, etc.), Party B shall bear full responsibility, and shall be liable to Party A for compensation if any loss is incurred as a result. The above relevant documents are attached to this Contract.

2. Party B guarantees that Party B legally has the rights to use and license all the elements of the Program (including but not limited to script, actors, director, camera, music, subtitles, art, costumes, make-up, etc.). All disputes between Party B and any third party during the production, promotion and broadcast of the Program shall be solely handled by Party B, and have nothing to do with Party A. Party B guarantees that the disputes will not affect the broadcast and use of the Program according to the Contract, otherwise, Party A has the right to terminate the contract and require Party B to bear the responsibility for breach of contract according to the agreement of Article 6 (2).

3. If any third party violates Party A's rights under this Contract, Party B shall actively safeguard Party A's lawful rights and interests according to Party A's requests, otherwise Party B shall bear damages in accordance with ___ % of the total amount of the contract .

**Article 6 Breach and Contract Termination**

1. Party B has the right to terminate the contract if Party A has caused any of the following circumstances, and requires Party A to make compensation according to the law:

(1) Party A uses the Program beyond the scope of the contract license and fails to correct the situation after receiving written notice from Party B;

(2) Party A fails to raise a written objection to Party B's breach of contract and refuses to pay fee for more than ___ days without any reason.

2. When Party B has one of the following circumstances, Party A has the right to terminate the contract, and Party B shall return the full amount of the payment that Party A has already paid, and at the same time, Party B shall pay damages according to ___% of the total amount:

(1) Party B is found to have no right to sign the contract or such right is incomplete;

(2) Party B grants the licensing rights agreed in the Contract to another party excluded from this contract;

(3) Party B fails to provide master tapes or licenses conforming to the Contract for more than 15 days;

(4) Party B fails to notify the satellite broadcast on time or affects Party A's interests in satellite broadcast the Program due to Party B;

(5) Any other serious impact on Party A's normal broadcast of the Program.

3. If the hosts, guests, lead actors, directors and other creators of the Program have violated the laws and regulations, Public Security Administration Punishment Law of the People's Republic of China or seriously violated the social morality (including but not limited to drug abuse, solicitation, extramarital affairs, etc.) and the Program can not be aired normally, Party A has the right to unilaterally terminate the contract. Party B shall return the payment made by Party A within 10 working days from the date of receipt of Party A's written notice.

4, Party B shall ensure the safety and confidentiality of the licensed Program media, if the Program is leaked before broadcast due to Party B's reasons (including and not limited to Party B's staff behavior), Party A has the right to request Party B to bear the corresponding losses.

5. If the contract cannot be performed or the purpose of the contract cannot be realized due to reasons unrelated to Party A and Party B, Party A has the right to terminate the contract, and Party B shall return the full amount of the payment made by Party A within 15 days from the date of receipt of the notice of termination of the contract.

**Article 7 Attached Obligations**

1. Party B shall provide Party A with the master tapes of the Program and at the same time provide the publicity materials of the Program (including but not limited to synopsis, episode descriptions, stage photos, brochures and related electronic files, etc.).

2. If Party A requests, Party B guarantees to organize no fewer than ___ creators of the Program (director, lead actor, lead actress, etc.) to go to no fewer than ___ city within the broadcasting area approved by Party A to participate in promotional activities for the Program.

3. If Party A requests Party B to organize the creators of the licensed Program (host, regular guests, director, male and female No.1 and No.2 lead actors, etc.) to participate in the promotional activities for the Program, Party B shall organize the creators to participate in accordance with the proposed schedule, provided that Party A notify Party B of the contents and schedule of the relevant promotional activities ___ working days in advance.

4. If Party B fails to fulfill any of the obligations attached to paragraphs 1, 2 and 3 above, Party B shall compensate Party A at 5% of the total amount of this contract.

**Article 8 Duty of confidentiality**

Both parties shall bear the duty of confidentiality with respect to the commercial secrets of the other party obtained in the course of the conclusion and performance of this contract, including but not limited to the information on the price, issuance and payment of the Program, and shall not disclose to any third party except for complying with the law or with the written consent of the other party.

**Article 9 Other Agreements**

1. Notices from either party to the other shall be given in writing. The notice can be delivered by hand or by registered mail or express mail. A notice delivered by hand shall be deemed to have been served on the day it is delivered; by registered mail or by express mail, it shall be deemed to have been served on the third day after it is sent. Delivery of the notice shall be based on the correspondence address recorded in this contract.

2、The contents not included in this contract can be separately signed in other relevant supplemental contracts, the supplemental contracts shall prevail if it is inconsistent with this contract.

3. If there is any disagreement regarding the this contract, the two sides shall approach with friendly discussions first, and shall reach the people's court that has jurisdiction over the location of Party A if discussions are ineffective.

4、This contract shall enter into force after both parties sign and stamp the official seals or special contract seals, and shall be executed in one copy, with three copies for each part. (all copies shall have the same legal effects)

**Article 10 Supplementary Provisions**

The "broadcast rights" referred to in this contract include the broadcasting rights and screening rights stipulated in the Copyright Law.

Party A:

Correspondence address:

Authorized organization:

Authorized representative:

Contact telephone:

Postal Code: 310005

Party B: (seal)

Correspondence Address:

Authorized Representative:

Contact Telephone:

Postal Code:

Date of Signing:

## Exhibit 21.1

**Exhibit 21.1**

**List of Significant Subsidiaries and Variable Interest Entity of Unitrend**

**Entertainment Group Limited**

---

| | |
|:---|:---|
| **Significant Subsidiaries** | **Place of Incorporation** |
| Infinity Soul Limited | British Virgin Islands |
| Charming Empire Limited | Hong Kong |
| Beijing Heli Fashion Technology Co., Ltd. | People's Republic of China |
| Beijing INHI Culture Media Co., Ltd. | People's Republic of China |
| Beijing Zhongxi Culture Co., Ltd | People's Republic of China |
| Shanghai Kexi Film and Television Culture Co., Ltd. | People's Republic of China |
| Horgos Kexi Culture Media Co., Ltd. | People's Republic of China |
| Hangzhou Deep Immersion Culture Communication Co., Ltd. (60%) | People's Republic of China |
| Beijing Zhongxi Culture Media Co., Ltd. Hangzhou Branch | People's Republic of China |

---

---

| | |
|:---|:---|
| **Variable Interest Entity and Its Subsidiaries** | **Place of Incorporation** |
| Beijing Hexi Weiye Culture Media Co., Ltd | People's Republic of China |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Onestop Assurance PAC** |
| ![](ex23-1_001.jpg) | **10 Anson Road** |
| ![](ex23-1_001.jpg) | **#21-14 International Plaza** |
| ![](ex23-1_001.jpg) | **Singapore 079903** |
| ![](ex23-1_001.jpg) | **Email:contact@onestop-audit.com <br> Website: www.onestop-audit.com**<br> **Office Number: 6883 5647** |

---

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the use in this Registration Statement on Form F-1 of Unitrend Entertainment Group Limited of our report dated March 31, 2025, relating to the consolidated financial statements of Unitrend Entertainment Group Limited, which appears in this Registration Statement.

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

/s/ Onestop Assurance PAC

Singapore

January 22, 2026

## Exhibit 23.3

**Exhibit 23.3**

![](ex23-3_001.jpg)

20,22-25/F Landmark Building Tower 1, 8 Dongsanhuan Beilu, Chaoyang District,

Beijing, P. R. China, 100004

Tel: +86 10 6590 6639 Fax: +86 10 6510 7030

http://www.east-concord.com

January 22, 2026

To: **Unitrend Entertainment Group Limited** (the "**Company**")

Dear Sir or Madam:

We are qualified lawyers of mainland China of the People's Republic of China (the "**PRC**", for the purposes of this opinion only, the PRC shall include the Hong Kong Special Administrative Region, and the Macau Special Administrative Region) and as such are qualified to issue this opinion on the laws and regulations of mainland China effective as of the date hereof.

We are acting as the PRC counsel to the Company in connection with (i) the proposed initial public offering (the "**Offering**") of 3,750,000 Class A ordinary shares (the "**Ordinary Shares**") of the Company, as set forth in the Company's registration statement on Form F-1 (File No. 333-280248), including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, (ii) up to 562,500 Ordinary Shares, issuable upon the exercise of an over-allotment option granted to the underwriter(s) named in the underwriting agreement, (iii) warrants exercisable to purchase additional Ordinary Shares in an amount equal to 5% of the shares to be issued in the Offering, and (iv) the Company's proposed listing of the Ordinary Shares on the NASDAQ Capital Market.

We hereby consent to the inclusion of our opinion and reference to our firm in the Registration Statement. This letter shall only be used for purpose of this Offering.

---

| |
|:---|
| **Yours faithfully,** |
| /s/ East & Concord Partners |
| **East & Concord Partners** |

---

## Exhibit 99.1

**Exhibit 99.1**

**Unitrend Entertainment Group Limited**

**Code of Ethics and Business Conduct**

1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Board of Directors (the "**Board**") of Unitrend Entertainment Group Limited (the "**Company**") has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ensure accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer or their family members are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material nonpublic information regarding the Company or any other company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain profit for himself or herself; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 All Company assets should be used only for legitimate business purposes. Any suspected incident of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members). In addition, no director, officer or employee may compete with the Company.

8. <u>Confidentiality</u>. Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse or privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Reporting and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions prohibited by this Code involving anyone other than a director or executive officer must be reported to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of a determination that there has been a violation of this Code, the Board will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, in its discretion, waive any violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any waiver for a director or an executive officer shall be disclosed as required by SEC and Nasdaq rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Prohibition on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 99.2

**Exhibit 99.2**

CONSENT OF FROST & SULLIVAN (BEIJING), INC., SHANGHAI BRANCH CO.

January 22, 2026

**Unitrend Entertainment Group Limited**

Suite 1508, Tower B, Wentelai Center,

1 Xidawang Road,

Chaoyang District, Beijing 100026

People's Republic of China

Ladies and Gentlemen:

Frost & Sullivan (Beijing), Inc., Shanghai Branch Co. hereby consents to references to its name in the registration statement on Form F-1 (together with any amendments thereto, the "**Registration Statement**") in relation to the initial public offering of Unitrend Entertainment Group Limited (the "**Company**") filed with the United States Securities and Exchange Commission (the "**SEC**") under the Securities Act of 1933, as amended, and any other future filings with the SEC, including filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "**SEC Filings**").

Frost & Sullivan (Beijing), Inc., Shanghai Branch Co. further consents to inclusion of information, data and statements from the report entitled "Independent Market Study on China's Film and TV Content, and Advertising Markets" (the "**Report**") in the Company's Registration Statement and SEC Filings, and citation of the Report in the Company's Registration Statement and SEC Filings.

Frost & Sullivan (Beijing), Inc., Shanghai Branch Co. also hereby consents to the filing of this letter as an exhibit to the Registration Statement.

---

| |
|:---|
| Yours sincerely, |
| <u>/s/ Frost & Sullivan (Beijing), Inc., Shanghai Branch Co.</u> |
| Frost & Sullivan (Beijing), Inc., Shanghai Branch Co. |

---

## Exhibit 99.3

**Exhibit 99.3**

CONSENT OF JASON CHIA-LUN WANG

Unitrend entertainment group limited (the "Company") intends to file a Registration Statement on Form F-l (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| Dated: January 22, 2026 | Dated: January 22, 2026 |
| By: | /s/ Jason Chia-Lun Wang |
|  | Jason Chia-Lun Wang |

---

## Exhibit 99.4

**Exhibit 99.4**

CONSENT OF SHUI YEUNG WONG

Unitrend entertainment group limited (the "Company") intends to file a Registration Statement on Form F-l (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

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| | |
|:---|:---|
| Dated: January 22, 2026 | Dated: January 22, 2026 |
| By: | /s/ Shui Yeung Wong |
|  | Shui Yeung Wong |

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## Exhibit 99.5

**Exhibit 99.5**

CONSENT OF HAINING WANG

Unitrend entertainment group limited (the "Company") intends to file a Registration Statement on Form F-l (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

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| | |
|:---|:---|
| Dated: January 22, 2026 | Dated: January 22, 2026 |
| By: | /s/ Haining Wang |
|  | Haining Wang |

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## Exhibit 99.6

**Exhibit 99.6**

CONSENT OF XIAOYUN HE

UNITREND ENTERTAINMENT GROUP LIMITED (the "Company") intends to file a Registration Statement on Form F-l (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as the Executive Director.

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| | |
|:---|:---|
| Dated: January 22, 2026 | Dated: January 22, 2026 |
| By: | /s/ Xiaoyun He |
|  | Xiaoyun He |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Unitrend Entertainment Group Limited**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Underwritten Offering - Class A ordinary shares, $0.0000002 par value | (1) | 457(o) | 4312500 | $5.00 | $21562500.00 | 0.0001381 | $2977.78 |
| Fees to be Paid | Equity | Class A ordinary shares, $0.0000002 par value, issuable upon exercise of Underwriter Warrants | (2) | 457(o) | 187500 | $4.80 | $900000.00 | 0.0001381 | $124.29 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $22462500.00 |  | 3102.07 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 3334.52 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes the Class A ordinary shares that the underwriter has the option to purchase to cover any over-allotments. Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), there is also being registered hereby such indeterminate number of additional Class A ordinary shares of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) We have agreed to issue the Representative's warrants to the representative to purchase up to an aggregate number of Class A ordinary shares equal to 5% of the firm-commitment initial public offering prior to and excluding any exercise of any over-allotment. Such warrants shall have an exercise price equal to 120% of the initial public offering price of the Class A ordinary shares sold in this offering.

**Table 2: Fee Offset Claims and Sources**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **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)* | *Rules 457(b) and 0-11(a)(2)* |
| *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)* | *Rule 457(p)* |
| Fee Offset Claims | Unitrend Entertainment Group Ltd | (1) | F-1 | 333-280248 | 06/17/2024 |  | $3334.52 | Equity | Ordinary Shares | 4500000 | $21780000.00 | $— |
| Fee Offset Sources | Unitrend Entertainment Group Ltd |  | F-1 | 333-280248 |  | 03/31/2025 |  |  |  |  |  | 3334.52 |

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**__________________________________________ Rule 457(p) Statement of Withdrawal, Termination, or Completion:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Registration Statement on Form F-1 (Registration No. 333-280248) was initially filed on June 17, 2024 and was declared effective on November 25, 2025. 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 January 21, 2026.