# EDGAR Filing Document

**Accession Number:** 0001992092
**File Stem:** 0001683168-25-004840
**Filing Date:** 2025-6
**Character Count:** 1737344
**Document Hash:** 3f1c649036ca5efd338d5d5b65df42f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-004840.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001683168-25-004840

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 91

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zerolimit Technology Holding Co. Ltd.
- **CENTRAL INDEX KEY:** 0001992092
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288438
- **FILM NUMBER:** 251093404

**BUSINESS ADDRESS:**
- **STREET 1:** 20F, HAOWEI TECHNOLOGY BUILDING NO.8
- **STREET 2:** KEJI SOUTH ROAD
- **CITY:** SHENZHEN
- **STATE:** F4
- **ZIP:** 518051
- **BUSINESS PHONE:** 86-0755-8653-8929

**MAIL ADDRESS:**
- **STREET 1:** 20F, HAOWEI TECHNOLOGY BUILDING NO.8
- **STREET 2:** KEJI SOUTH ROAD
- **CITY:** SHENZHEN
- **STATE:** F4
- **ZIP:** 518051

[**Table of Contents**](#a_001)

**As filed with the U.S. Securities and Exchange Commission on June 30, 2025.**

**Registration No. 333-[·]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**___________________________**

**Zerolimit Technology Holding Co. Ltd.**

(Exact name of Registrant as specified in its charter)

**___________________________**

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7372** | **Not Applicable** |
| (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| incorporation or organization) | Classification Code Number) | Identification Number) |

---

**20F, Haowei Technology Building No. 8** 

**Keji South Road, High-tech Industrial Park South District, Nanshan District**

**Shenzhen 518051, People's Republic of China**

**Telephone: 86-0755-8653-8929**

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

**___________________________**

**c/o Cogency Global Inc.**

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

**New York, NY 10168**

**Telephone: (800) 221-0102**

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

**___________________________**

***Copies to:***

---

| | |
|:---|:---|
| **Gerald Lau, Esq.**<br>**Ashley Duran, Esq.**<br>**Keith Lorenze, Esq.**<br>**Prudentia Law Corporation**<br> **533 Airport Blvd., Suite 400**<br> **Burlingame, CA 94010**<br> **Telephone: (650) 268-8128** | **Anthony Basch, Esq.**<br> **Alexander Powell, Esq.**<br> **Chunyan Shuai, Esq.**<br> **Kaufman & Canoles, P.C.**<br> **Two James Center, 14th Floor**<br> **1021 East Cary Street**<br> **Richmond, Virginia 23219**<br> **Telephone: (804) 771-5700** |

---

**___________________________**

**Approximate date of commencement of proposed sale to the public:** 

**As soon as practicable after the effective date of this registration statement.**

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

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

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

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

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

Emerging growth company 🗹

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

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

**___________________________**

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

**SUBJECT TO COMPLETION**

**PRELIMINARY PROSPECTUS DATED [·], 2025**

![?????? 6@2x](image_001.jpg)

**Zerolimit Technology Holding Co. Ltd.**

**Up to 2,000,000 Ordinary Shares**

This is an initial public offering of 2,000,000 ordinary shares, par value US $0.0001 per share (each, an "Ordinary Share," and, collectively, the "Ordinary Shares") of Zerolimit Technology Holding Co. Ltd., a Cayman Islands exempted company with limited liability.

Prior to this offering, there has been no public market for our Ordinary Shares. We anticipate the initial offering price per Ordinary Share will be $4 per Ordinary Share. The offering is being made on a "firm commitment" basis by Prime Number Capital LLC, the underwriter (the "Underwriter"). See "[Underwriting](#a_021)." We plan to list our Ordinary Shares on the Nasdaq Capital Market ("Nasdaq") under the symbol "ZDAN." We cannot guarantee that we will be successful in listing our Ordinary Shares on Nasdaq. This offering is conditioned upon the successful listing of our Ordinary Shares on Nasdaq. If Nasdaq does not approve our listing application, this initial public offering will be terminated.

Throughout this prospectus, unless the context indicates otherwise, the terms "Zerolimit Cayman," "we," "our," and "our Company," only refers to Zerolimit Technology Holding Co. Ltd., the Cayman Islands holding company; the term "HK Zerolimit", refers to Zerolimit Technology Holding Co. Limited, a limited liability company incorporated in Hong Kong, which is 100% owned by our Company; the term "WFOE" refers to Zerolimit Holdings (Shenzhen) Co., Ltd, a limited liability company organized under the laws of the People's Republic of China (the "PRC"), which is 100% owned by HK Zerolimit, and the term "Zhenglian Shenzhen" or "the VIE" refers to Zhenglian Technology (Shenzhen) Co., Ltd., a limited liability company organized under the laws of the PRC, which is 100% owned by the VIE shareholders. For details on Zerolimit Cayman's corporate structure, see "[Corporate History and Structure.](#a_011)"

Our Company is not a Chinese operating company, but rather a Cayman Islands holding company with no material operations of its own. Our Company conducts its operations through its subsidiaries through a series of contractual arrangements with the VIE incorporated in the PRC. Our corporate structure involves unique risks to investors as they are purchasing equity securities in a Cayman Islands holding company, and not equity securities of the VIE based in China. However, due to our indirect relationship with the VIE through the VIE Agreements, we are regarded as the primary beneficiary of the VIE for accounting purposes under the United States generally accepted accounting principles ("U.S. GAAP"). Our PRC counsel has advised us that as of the date of this prospectus, there are substantial uncertainties regarding the interpretation and application of the current and future PRC Laws, rules and regulations related to VIE Agreements. See sections entitled "[Corporate Structure and History](#a_011)" and "The VIE Agreements" for additional information related to our VIE structure and related matters.

The VIE Agreements have not been tested in a court of law in China as of the date of this prospectus. Such risks exist throughout the period in which we intend to operate certain portions of our business through contractual arrangements with the VIE in accordance with the VIE Agreements. The VIE Agreements may not be as effective in providing operational control. For example, the VIE and the VIE Shareholders could breach their contractual arrangements with us by, among other things, failing to conduct the VIE's operations in an acceptable manner or taking other actions that are detrimental to our interests. If we had direct ownership of the VIE, we would be able to exercise our rights as a shareholder to effect changes in the board of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements, we rely on the VIE and the VIE Shareholders to perform their obligations under such contractual arrangements so that we can exercise operational control for accounting purposes. The VIE Shareholders may not act in the best interests of our Company or may not perform their obligations under these contracts. We are also subject to the risk that the PRC government could disallow the VIE structure, which would likely result in a material change in our operations and, as a result, the value of our Ordinary Shares may depreciate significantly or become worthless.

**Investing in our Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. See "[Risk Factors](#a_004)" beginning on page 23 to read about factors you should consider before buying our Ordinary Shares.**

Pursuant to the Holding Foreign Companies Accountable Act (the "HFCAA"), which was enacted on December 18, 2020 and amended by the Consolidated Appropriations Act, 2023 enacted on December 29, 2022, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC shall prohibit our shares from being traded on any U.S. stock exchange. The Consolidated Appropriations Act, 2023 reduced the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two years. On December 16, 2021, the PCAOB issued its report notifying the SEC of its determination that it was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong. On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms. Our auditor, TPS Thayer, LLC ("TPS"), is an independent registered public accounting firm headquartered in Sugar Land, Texas, and has been inspected by the PCAOB on a regular basis, with the last inspection in September of 2022. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions. If the PCAOB determines in the future that it no longer has full access to inspect and investigate completely accounting firms in mainland China and Hong Kong and we use an accounting firm headquartered in one of these jurisdictions to issue an audit report on our financial statements filed with the SEC, we would be identified as a "Commission-Identified Issuer" following the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as a "Commission-Identified Issuer" for any future fiscal year, and if we were so identified for two consecutive years, we would become subject to the prohibition on trading under the HFCAA. The delisting of our securities, or the threat of being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our securities, which may significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For more details, see "[Risk Factors](#a_004) – Risks Related to Doing Business in the PRC– *If it is later determined that the PCAOB is unable to inspect and investigate completely our auditor, our securities will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act (the HFCAA). The delisting of and prohibition from trading our securities, or the threat of their being delisted and prohibited from trading, may cause the value of our securities to significantly decline or become worthless.*"

**We are an "emerging growth company" and a "foreign private issuer" as defined under U.S. federal securities laws and are eligible for reduced public company reporting requirements. See "[Prospectus Summary](#a_003) — Implications of Being an Emerging Growth Company and a Foreign Private Issuer" and "[Risk Factors](#a_004)."**

We face various legal and operational risks and uncertainties related to our subsidiaries and VIE's operations in China. Our subsidiaries and the VIE have substantial business operation located in China and are subject to evolving PRC laws and regulations. Our subsidiaries and the VIE expect to be subject to the approval, filing or other requirements of the China Securities Regulatory Commission, or the CSRC, or other PRC governmental authorities in connection with this offering under current PRC laws, regulations and rules. We may also be subject to cybersecurity review by the Cyberspace Administration of China. Because these statements and regulatory actions are new and subject to change, it is uncertain as to how quickly the legislative or administrative regulation making bodies in China will respond to companies, or what existing or new laws or regulations will be amended or promulgated, if any, or the potential impact such amended or new legislation will have on our business operations or our ability to list on a U.S. stock exchange. Although PRC regulations only apply directly to our subsidiaries and the VIE, we are nevertheless indirectly impacted as a result, and therefore disclose these PRC regulations as affecting us.

We are not a Chinese operating company, but rather a Cayman Islands holding company with operations conducted by subsidiaries and through contractual arrangements with a variable interest entity (VIE) based in China. This structure involves unique risks to investors. 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 operating companies. Investors may never hold equity interests in the Chinese operating company. Chinese regulatory authorities could disallow this structure, which would likely result in a material change in our operations and/or pose a material change in the value of the securities we are seeking to registering for sale in this offering. The value of our securities could significantly decline or become worthless.

We currently have not maintained any cash management policies that dictate the purpose, amount and procedure of fund transfers among our Cayman Islands holding company, our subsidiaries, the VIE, and investors. Rather the funds can be transferred in accordance with the applicable laws and regulations. See "Prospectus Summary – Cash Transfers and Dividend Distribution." See also the consolidated financial statements of Zerolimit Technology Holding Co. Ltd. and Subsidiaries attached to this prospectus. 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. See "[Risk Factors](#a_004) – Risks Related to Doing Business in the PRC – *Governmental control of currency conversion may limit our ability to utilize our revenues, transfer or distribute cash to and from our subsidiaries and to and from WFOE and the VIE effectively and affect the value your investment*."

In the last several years, the Securities and Exchange Commission has issued guidance regarding the obligations of companies based in, or with a majority of their operations in, the PRC. Recently, in the context of rules applicable under the HFCAA, we may additional compliance and disclosure requirements. We are not owned or controlled by any foreign government entities; nor are any of our shares held or controlled by any such entities. Our governing and organizational documents, such as an articles of incorporation or the equivalent, do not contain any charters or mandates on behalf of the Chinese Communist Party. We have disclosed throughout this prospectus material risks related to the role of the government of the PRC in the operations of PRC-based companies and operations, including disclosures about any material impacts that intervention or control by the PRC could have with respect to our operations, our business or the value of our securities. To the extent relevant or applicable to us, we have disclosed throughout this prospectus the material impacts of PRC statutes. We do not believe the Uyghur Forced Labor Prevention Act ("UFLPA"), which among other things prohibits the import of goods from the Xinjiang Uyghur Autonomous Region of the PRC, applies to our business or operations. Thus, we do not expect the UFLPA to materially impacts our business or operations. We have also set forth in the prospectus any material compliance risks and material supply chain disruptions that we may face as a result of our connection to the PRC. See "[Risk Factors](#a_004)" for more information.

Additionally, upon the completion of this offering, we will be a "controlled company" as defined under corporate governance rules of Nasdaq, because Guangqing Hu, the Chairman of our board of directors ("Board of Directors") and Chief Technology Officer, is currently the beneficial owner (as that term is defined under Rule 13d-3 promulgated pursuant to the Exchange Act) of 73.01% of our outstanding Ordinary Shares, which is directly held by Zerolimit Digital Technology Limited, a British Virgin Islands exempted company with limited liability, whereby Guangqing Hu is the holder of 100% of the ordinary shares of Zerolimit Digital Technology Limited. See "[Principal Shareholders](#a_016)." Our controlling shareholder will have substantial control over corporate matters after this offering. For so long as we remain a controlled company under Nasdaq's corporate governance standards, we are eligible to utilize certain exemptions from the corporate governance requirements of Nasdaq. For more information, see "[Risk Factors](#a_004) — Risks Related to this Offering and the Ordinary Shares — *We will be a "controlled company" within the meaning of the Nasdaq listing rules, and as such may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.*"

**Neither the Securities and Exchange 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.** 

---

| | | |
|:---|:---|:---|
|  | | **Total With**<br> **Over-Allotment**<br> **Option** |
| Initial public offering price | US$ – US$ – US$ |  |
| Underwriting discounts <sup>(1)</sup> | US$ – US$ – US$ |  |
| Proceeds to our Company before expenses <sup>(2)</sup> | US$ – US$ – US$ |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents underwriting discounts equal to seven percent (7.00%) per
 Ordinary Share. See " [Underwriting](#a_021) " in this prospectus for more information regarding the Underwriter
 compensation and offering expenses.

(2) In addition to the underwriting discounts listed above, we have agreed
 to issue, upon closing of this offering, warrants to Prime Number Capital LLC, the Underwriter, exercisable during the four-year
 and six-month period after the commencement of sale of securities in this offering, entitling the Underwriter to purchase five percent
 (5%) of the total number of Ordinary Shares sold in this offering (including any Ordinary Share sold as a result of the exercise
 of the Underwriter's over-allotment option) at a per share price equal to 125% of the public offering price (the "Underwriter's
 Warrants"). The registration statement of which this prospectus is a part also covers the Underwriter's Warrants and
 the Ordinary Shares issuable upon the exercise thereof. See " [Underwriting](#a_021) " for additional information
 regarding total underwriting compensation.

We have granted the Underwriter an option for a period of [45] days after the closing of this offering to purchase up to fifteen percent (15%) of the total number of Ordinary Shares to be offered by us pursuant to this offering (excluding Ordinary Shares subject to this option), solely for the purpose of covering over-allotments, if any, at the public offering price less the underwriting discounts. If the Underwriter exercises the option in full, the total underwriting discounts payable will be $[·], based on an assumed public offering price of $4 per Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and the total gross proceeds to us, before underwriting discounts and expenses, will be $[·].

The Underwriter expects to deliver the Ordinary Shares against payment in U.S. dollars to purchasers on or about [·], 2025.

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

![](image_002.jpg)

Prospectus dated [·], 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_002) | 1 |
| [PROSPECTUS SUMMARY](#a_003) | 2 |
| [RISK FACTORS](#a_004) | 23 |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_005) | 67 |
| [USE OF PROCEEDS](#a_006) | 69 |
| [DIVIDEND POLICY](#a_007) | 70 |
| [CAPITALIZATION](#a_008) | 71 |
| [DILUTION](#a_009) | 73 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_010) | 74 |
| [CORPORATE HISTORY AND STRUCTURE](#a_011) | 76 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_012) | 80 |
| [BUSINESS](#a_013) | 97 |
| [REGULATION](#a_014) | 117 |
| [MANAGEMENT](#a_015) | 127 |
| [PRINCIPAL SHAREHOLDERS](#a_016) | 133 |
| [RELATED PARTY TRANSACTIONS](#a_017) | 135 |
| [DESCRIPTION OF SHARE CAPITAL](#a_018) | 138 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_019) | 155 |
| [TAXATION](#a_020) | 156 |
| [UNDERWRITING](#a_021) | 166 |
| [EXPENSES RELATING TO THIS OFFERING](#a_022) | 173 |
| [LEGAL MATTERS](#a_023) | 173 |
| [EXPERTS](#a_024) | 173 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_025) | 173 |
| [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#a_026) | F-1 |

---

i

**ABOUT THIS PROSPECTUS**

Except where the context otherwise requires or where otherwise indicated, the terms "we," "us," "Company," "our" or "Zerolimit Cayman" refer to Zerolimit Technology Holding Co. Ltd. and where appropriate its consolidated subsidiaries. We conduct substantially all of our operations through Zhenglian Shenzhen, the VIE, in PRC.

You should rely only on the information contained in this prospectus or in any free writing prospectus that we authorize to be delivered to you. Neither we nor the Underwriter has authorized anyone to provide you with additional or different information. If anyone provides you with additional, different or inconsistent information, you should not rely on it. This prospectus is an offer to sell only the Ordinary Shares offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not permitted to make such offer or sale. For the avoidance of doubt, no offer or invitation to subscribe for Ordinary Shares is made to the public in the Cayman Islands. The information contained in this prospectus is current only as of the date on the front cover of the prospectus. Our business, financial condition, results of operations, and prospects may have changed since that date.

References to "RMB" are to Renminbi, the legal currency of PRC. References to "$," "U.S. dollars" and "USD" are to United States dollars, the legal currency of the United States. Our business is conducted by the VIE in PRC using RMB. Our consolidated financial statements are presented in U.S. dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in U.S. dollars. These dollar references are based on the exchange rate of RMB to U.S. dollars, determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars). Unless otherwise noted, all conversions from RMB to U.S. dollars are based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System dated September 30, 2024 and 2023, which was RMB7.0176 to US$1.00 and RMB7.2960 to US$1.00, respectively. We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Certain amounts shown in this prospectus or derived from the U.S. GAAP financial statements have been rounded or truncated as deemed appropriate by the management of Zerolimit Cayman. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

Neither we nor the Underwriter has taken any action to permit a public offering of the Ordinary Shares outside the United States or to permit the possession or distribution of this prospectus or any filed free-writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Ordinary Shares and the distribution of this prospectus or any filed free-writing prospectus outside the United States.

**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 appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in the Ordinary Shares discussed under "Risk Factors" before deciding whether to invest in the Ordinary Shares. Unless the context otherwise requires, references to "we," "us," "our," or the "Company" in this section are to the business and operations of Zerolimit Cayman, its consolidated subsidiaries and the consolidated VIE. See "[Corporate History and Structure](#a_011) — The VIE Agreements" for a summary of the contractual arrangements and "Risk Factors — Risks Related to Our Corporate Structure" for certain risks related to the contractual arrangements.*

**Our Mission**

Driving continuous advancement in internet technology through our subsidiaries and the VIE incorporated in China.

**Overview** 

We are a Cayman company with operations conducted through our subsidiaries and the VIE incorporated in China. Our subsidiaries and the VIE are dedicated to providing a comprehensive solution for global users in the transition to the new generation of the internet. Our subsidiaries and the VIE's distributed network infrastructure software products enable users to efficiently set up distributed networks or migrate existing centralized applications to distributed networks.

As the internet continues to develop, we believe certain problems with the traditional and current networks (which can informally be referred to as Web 2.0) will become more and more pronounced. Among them are: (1) security concerns; (2) centralization concerns, for example, certain companies have full control over personal data stored on their centralized servers; and (3) resource limitation concerns, for example, as virtual or augmented reality and AI become more ubiquitous, the processing power, bandwidth, and storage resources required for such data increases, and consequently, there is an increase in the demand for processing power, bandwidth, and storage resources for the data associated with these technologies.

Therefore, companies and individuals find the need to upgrade to more advanced equipment to meet the continually increasing demands for resources. We believe that distributed networks can address the limitations of traditional networks. Leveraging secure and decentralized distributed technologies, with relatively modest infrastructure investment, companies or individuals can obtain sufficient processing power, bandwidth, and storage resources at a comparatively lower cost. This allows them to meet the growing demands of the next generation internet.

The VIE's network infrastructure software products can build a unique proprietary distributed network that can be easily deployed across a multitude of devices, from servers to personal computers, tablets, and mobile phones (meeting the minimum hardware requirements). These devices can simultaneously serve as nodes on the distributed network. Deployment is typically achieved by simply running a software installation package on hardware that meets the specified configuration. Security is ensured through innovative authentication methods, utilizing public and private key pairs, along with other relevant security measures.

In order to propel the development of distributed networks and encourage more developers or network platform operators to engage in the utilization of decentralized applications, we not only offer efficient network infrastructure tools but also provides complementary software development kits for decentralized applications. The development tools facilitate the entire process of decentralized application development, including coding, debugging, testing, and deployment, within an integrated environment.

Our goal is to become a leading provider of distributed network solutions. We hope to continue to increase our investment in the research and development of distributed networks and to continuously educate and spread awareness of the solutions we can provide to the issues encountered by both traditional and current networks. Additionally, we will enhance the commercial value delivered to our end-users through the dealer channel network of our subsidiaries and the VIE. We believe that by leveraging the proprietary technology, research and development capabilities of the VIE and our subsidiaries, and accumulating valuable expertise through investments in relevant technological research, we can maintain a competitive advantage in the industry.

We aim to stay up-to-date on technical innovations by maintaining a large talent pool and will continue to invest in research and development to upgrade the software solutions of our subsidiaries and the VIE. In 2022, the VIE and our subsidiaries obtained the national high-tech enterprise certification in PRC. As of September 30, 2024, the VIE's research and development team consisted of 23 researchers, programmers, and engineers, accounting for approximately 55% of the total number of employees.

The VIE has historically derived its revenue mainly from software product sales through distributors and related post-contract services. As of September 30, 2024 and 2023, we had 35 and 28 distributors in China, respectively. We consider these distributors to be our customers. Through this distribution network channel penetration, sales have extended to cover 9 provinces and 11 municipalities in China as of September 30, 2024.

We capitalized $0.012 million and $0.59 million of research and development expenditure for the fiscal years ended September 30, 2024 and 2023, respectively. We also incurred research and development expenses of $0.048 million and $0.124 million for the fiscal years ended September 30, 2024 and 2023, respectively. Our allocation of resources towards innovation has fostered our growth, as a combined company including the VIE and our subsidiaries. For the fiscal year ended September 30, 2024 and 2023, total revenue reached approximately $5.91 million and $5.68 million, respectively, and net income was approximately $2.71 million and $2.52 million, respectively.

**Our Technology Advantages**

We place significant emphasis on the innovation and research and development of the underlying infrastructure of the next generation of the internet. Through continuous investment, we have achieved outstanding results, including obtaining the national high-tech enterprise certification, jointly issued by the Shenzhen Science and Technology Innovation Committee, Shenzhen Finance Bureau, and the Shenzhen Tax Service of State Taxation Administration, and the specialized and sophisticated small and medium sized enterprise ("SME") recognition, issued by Shenzhen Small and Medium-sized Enterprises Service Bureau, and securing 2 registered trademarks, 38 registered computer software copyrights, 11 registered patents and 1 license in China as of September 30, 2024.

Based on our software component tools, the distributed network we construct can achieve functionalities such as distributed storage, peer-to-peer transmission, consensus mechanisms, and cryptographic algorithms. The independently developed Zerolimit Virtual Routing Protocol ('ZVR Protocol') enables distributed networking from a small-scale to an extremely large-scale node count, facilitating rapid node allocation and resource location in distributed computing and storage. By incorporating digital signature algorithms resistant to quantum computing attacks, our distributed network achieves scalability, reliability, efficiency and security:

*Scalability:* The distributed network can accommodate more users and data by increasing the number of nodes. This means that as demand grows, more nodes can be added to expand the network's capacity and processing power. This ability for horizontal scalability ensures that the network can handle high traffic, adapt to a growing user base, while maintaining stability and performance.

 

*Reliability:* The distributed network can improve reliability by distributing data and tasks across multiple nodes. Even if one node fails or becomes unavailable, other nodes can continue to operate, ensuring uninterrupted service. This backup mechanism reduces the risk of a single point of failure and provides a relatively reliable network service.

*Efficiency:* In the distributed network, the processing of data transitions from centralized to distributed, with multiple nodes across the network handling the storage and computational requirements of a single node. All nodes can both generate and process data simultaneously. Data generation and processing occur concurrently, and this concurrency scales with the number of nodes. As the number of nodes increases, and the network expands, the overall processing capacity of the entire network continually strengthens.

*Security:* Our patented technologies provide assurance that data managed by the distributed network is secure and tamper-proof. Using a large integer hash and an improved one-time signature scheme of multiple trapdoor permutations with permanent and dynamic private keys that are secure against key leaks, the innovative digital signature algorithm is designed to withstand attacks from quantum computers. Each piece of data is sliced into multiple parts and distributed for storage across various nodes, and it can be encrypted to allow access only with authorization. Due to the redundant backup nature of nodes, the abnormality or attack on some nodes will not impact the system's operation, provided the system has a sufficient amount of nodes.

**Our Products**

Our primary products encompass Cloud Data Base Station Node Software and other software products and complementary solutions designed for constructing distributed networks. We believe that with our products, end-users from diverse industries can efficiently establish the distributed networks they require and develop the decentralized applications they need based on these distributed networks.

We offer four different software products and related complementary solutions to assist end-users in the commercial deployment of distributed networks during the fiscal years ended September 30, 2024 and 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Cloud Data Base Station Node Software*

Cloud Data Base Station Node Software is a basic component tool for building distributed application networks. It is a software package that effectively allows devices to become nodes on the distributed network. It is considered as a prime building block that can be used in multiple programs to perform a specific task or function and can also be integrated with other software products we have developed or will develop. Each cloud data station node is equivalent to an underlying server that provides general-purpose storage and computing capabilities, enabling users to engage in the development of related distributed networks.

During the fiscal years ended September 30, 2024 and 2023, we derived approximately 89.90% and 86.30% of our revenue from this product, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Smart Metaverse Box*

Smart Metaverse Box went on sale in April 2023. It is an embedded integrated hardware and software device designed for ordinary household users, serving as a distributed lightweight node within the home. As a crucial node in the distributed application network, it contributes computing power, storage, and bandwidth to the entire distributed network.

During the fiscal year ended September 30, 2024 and 2023, we derived approximately 0.60% and 2.52% of our revenue from this product, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Decentralization Application Software*

 

Several Decentralization Application Software tools were developed based on our Company's independent networking software and development software tools. After the customer purchases the right to use the tools, they can be deployed on to the customer's distributed network to meet the various needs of end users. Decentralization Application Software includes distributed domain name software, distributed cloud disk software, Huashengren (e-commerce) software, and Rushu Jiazhen (digital collection) software.

During the fiscal year ended September 30, 2024 and 2023, we derived approximately 7.40% and 11.18% of our revenue from this product line, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4. Enterprise Data Base Station Node Software and Hardware*

Enterprise Data Base Station Node Software and Hardware is a device capable of running multiple nodes and designed for enterprise users, combining the functionality of server. It is a critical facility for distributing and miniaturizing traditional large data centers, as it can be flexibly deployed in general office environments without requiring significant upfront infrastructure investment. It serves as the initial networking tool for carrying local distributed digital applications.

During the fiscal years ended September 30, 2024 and 2023, we derived approximately 2.10% and nil of the revenue from this product, respectively.

The following tables set forth our revenue breakdown by type of products for the related periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** |
| <br>**Net Revenue** | **2024** | **2024** | **2023** | **2023** |
| Cloud Data Base Station Node Software | $5311916 | 89.90% | $4902503 | 86.30% |
| Enterprise Data Base Station Node Software and Hardware | 122853 | 2.10% |  |  |
| Smart Metaverse Box | 37024 | 0.60% | 143118 | 2.52% |
| Decentralization Application Software | 434369 | 7.40% | 635046 | 11.18% |
| **Total** | $**5906162** | **100.00%** | $**5680667** | **100.00%** |

---

**Our Business Model**

We currently generate our revenue primarily from software sales and related post-contract services, along with a portion from sales of complementary embedded hardware-software integrated products.

As of the date of this prospectus, we rely completely on our distribution network to promote and sell, and its distribution footprint is concentrated only in China. We sold 100% of our software products through distributors during fiscal years 2024 and 2023.

**Distributors and End-Users**

Our distributors refer to those individuals or entities who purchase our products at the specified price stipulated in their purchase agreements with us and distribute the products in the designated region where they are located or through their offline and online channels to resell the products to end-users.

While we do not possess all of the details regarding the end-users or the particular projects utilizing our software products, we generally categorize our end-users as individuals or enterprises who seek access to the distributed network and leverage our software products to create the decentralized applications for their specific needs.

Adopting a distribution model is advantageous for rapidly reaching end-users through the sales network of distributors, creating sales scale, and concurrently establishing firewall between the Company and end-user data through the distributor channel.

We typically enter into purchase agreements with our distributors, which specify the cooperation scope, payment terms, rights and obligations of both parties, restrictive covenants, delivery terms, refunds or replacements, breach and termination, and dispute resolutions. The distributors make payment to us in accordance with the agreed-upon terms and then leverage their sales networks to sell our software products to end-users. After the payment has been received from the distributors, our software products are delivered in accordance with the contractual obligations in the purchase agreements to the distributors through an activation code. The distributors subsequently deliver the software products to end-users by sharing this activation code. We do not deliver software products directly to any end-user.

Our distributors are considered our customers. As of September 30, 2024, we had 35 distributors in China. These distributors cover 9 provinces and 11 municipalities in China, including Guangdong, Chongqing, Zhejiang, Hainan, Hubei, Liaoning, Shandong, Sichuan, and Hebei.

Our distributors normally do not disclose to us the detailed information of the end-users or any specific project the software products are being used in. Additionally, we work together with distributors to provide after-sales support and maintenance services.

**Customer Relationships**

The top 3 customers for the fiscal year ended September 30, 2024 are the following: (1) Guangdong Lightning Cat New Energy Technology Co., Ltd ("Guangdong Lightning"), (2) Chongqing Shenghong Technology Co., Ltd ("Chongqing Shenghong"), and (3) Shenzhen Huawang Supply Chain Co., Ltd ("Shenzhen Huawang"), accounting for 11%, 11% and 10% of the total revenue for the fiscal year, respectively. Among these customers, none of them are related parties of our Company, its subsidiaries or the VIE.

Guangdong Lightning, Chongqing Shenghong and Shenzhen Huawang are distributors which have signed master sales agreements with the VIE, the form of which will be filed as Exhibit 10.1 to this registration statement. Important terms of the agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon receipt of the software payment into the designated account of the VIE ("Party B"), Party B shall be responsible for configuring the software and delivering the software activation code along with the installation manual to the distributor ("Party A"). Party A shall confirm the successful activation of the software and then issue an acceptance confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license provided is a permanent license, allowing Party A to operate the software at any time and place, within an independent third-party environment, following delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B is committed to providing one year of after-sales service, which includes technical support, maintenance, and automatic background updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales services exceeding one year, the service fees shall be separately negotiated and agreed upon by both Party A and Party B based on necessity.

The top 3 customers for the fiscal year ended September 30, 2023 are the following: (1) Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd. ("Liaoning Pulian"), (2) Shenzhen Jisu Distributed Network Technology Co., Ltd. ("Shenzhen Jisu"), and (3) Zerolimit Digital Technology Co., Ltd. ("Zerolimit Digital"), accounting for 22%, 15% and 10% of the total revenue for the fiscal year, respectively. Of these customers, only Zerolimit Digital is a related party of the Company, its subsidiaries and the VIE.

Liaoning Pulian and Shenzhen Jisu are distributors which have signed master sales contracts with the VIE. Important terms of the agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon receipt of the software payment into the designated account of the VIE ("Party A"), Party A shall be responsible for configuring the software and delivering the software activation code along with the installation manual to the distributor ("Party B"). Party B shall confirm the successful activation of the software and then issue an acceptance confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license provided is a permanent license, allowing Party B to operate the software at any time and place, within an independent third-party environment, following delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A is committed to providing one year of after-sales service, which includes technical support, maintenance, and automatic background updates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales services exceeding one year, the service fees shall be separately negotiated and agreed upon by both Party A and Party B based on necessity.

This product guarantee constitutes Party A's commitment to Party B. During its agency period, Party B shall assume the product guarantee obligations towards the end-users, which are transferred to Party B concurrently with the delivery of Party A's products.

Zerolimit Digital is the VIE's domestic parent company which has signed software authorization agreements for the use of four software products developed by the VIE. Please refer to the discussion starting on page 136 for "[Material Transactions with Related Parties](#drsa5_003)" for more details.

**Suppliers**

When developing software component tools, we require support for the development and testing networks for distributed development. This involves the procurement of hardware devices and the purchase of data center services for online operations. Additionally, for the nodes we develop (such as the Smart Metaverse Box), we rely on hardware suppliers for components like mainboards, storage devices, computing equipment, and software components.

As of September 30, 2024 and 2023, we had 1 and 14 suppliers in China, respectively, and we have maintained good relationships and contact with most of these suppliers to ensure adequate and timely supply of its software products. We typically purchase these devices and services on a purchase-order basis.

For the fiscal year ended September 30, 2024, the VIE's sole supplier was China Mobile Jilin Co., Ltd. Tonghua Branch, which was providing us the data center services for online operations, including cabinet service of RMB5,000 per month per cabinet and IDC network service of RMB5,400 per month per Gbps.

**Software Support and Maintenance**

We work with our distributors to offer software support and maintenance services.

Currently, we do not have any customer service representatives to provide support directly to end-users. Instead, we rely on our network of distributors' customer service representatives to carry out the after-sales service, which typically starts with the end-users submitting their issues to the distributors' customer service representatives. Once distributors collect the issues, they forward them to us for review and processing. We handle the issues and provide online technical support or necessary software upgrades. The revenue from software support and maintenance is immaterial.

**Corporate Development**

We commenced our commercial operations in 2017 in China. In the early stages of our establishment, we focused on building the overall technological framework to expedite the development process of the distributed network. From 2018 to 2019, we made breakthroughs in the technological framework, including the development of mobile deployment, peer-to-peer networking, and distributed storage. We also launched successive versions of our distributed network infrastructure software, including a demo version, internal test version, and public test version. In September 2021, we officially launched the Cloud Base Station Node Software, which marked a milestone in our business operations. Since 2021, we have begun generating revenue from software products developed based on distributed networks. In 2022, we obtained the national high-tech enterprise certification in China. In April 2023, we achieved the recognition as a specialized and sophisticated SME.

We are constantly investing in research and development to improve the existing software products and create new ones. We maintain a talent pool and will continue to invest to enhance our technology. As of September 30, 2024 and 2023, our research and development team consisted of 23 and 31 researchers, programmers, and engineers, accounting for approximately 55% and 57% of the total number of employees, respectively.

**Competitive Strengths** 

We believe that we possess the following strengths, which give us a competitive advantage in our industry:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***We were an early entrant into the decentralized distributed technology industry;*** 

Our founder, Chief Technology Officer and Chairman of our Board of Directors, Mr. Guangqing Hu, has been developing our proprietary technology to address the need for secure, decentralized, distributed networks since 2017 and has taken steps to safeguard such technology. Since inception, our research and development team has continued to innovate its proprietary technology to be competitive in the industry.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Intellectual property protection of our critical technologies;*** 

As of the date of this prospectus, we have 2 registered trademarks, 38 registered computer software copyrights, 11 registered patents and 1 license in China.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Our accumulation of valuable know-how through our investment in research and development;*** 

Our research and development team consisted of 23 and 31 talented researchers, programmers, and engineers, representing approximately 55% and 57% of its total workforce as of September 30, 2024 and 2023, respectively. Our team of experts includes individuals with a range of backgrounds and expertise.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Positive Reputational Inertia; and*** 

We have some inertia and goodwill generated by virtue of our having been in and being known in the industry and a technological leader pertaining to decentralized network technologies. For example, we have been asked to speak at various seminars and have been asked to provide our expertise in a variety of contexts which has increased our recognition over the years in the industry. This provides us with a competitive advantage over other newer entrants or other competitors that are perhaps not as established or known in the industry. In addition, we believe that, over time, our proprietary technology will perpetuate our growth within the industry as we continue to rapidly develop products tailored to user needs.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Good relationships with distributors, suppliers and local government agencies.*** 

We have established good relationships with its distributors through various means, such as understanding their needs to improve products, establishing effective communication channels, providing training and support, adjusting marketing strategies in a timely manner, and signing strategic agreements. We also maintain long-term and positive cooperation with our suppliers through means such as making timely payments and signing strategic agreements. We have fostered good relationships with various levels of government through measures which include developing technology in line with policy advocacy, actively applying for corporate qualifications and research projects, proactively engaging in discussions for government-enterprise cooperation, and conducting legal and compliant tax operations.

 

**Vision & Strategy**

Our goal is to improve the world by resolving the issues it faces by limitations and flaws existing with networks (including the internet) as we know them today. We will continue to innovate and propagate our solutions to retain our competitive advantages in the provision of secure, decentralized, distributed network solutions. We will also continue to educate and spread awareness of the solutions we can provide to the issues facing traditional and current networks. We will continue to support our users and maintain our relationships with our distributors, and form new relationships with suppliers, distributors, customers, governments, and others in the industry. We intend to execute the following strategies to achieve this goal.

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Continue to invest in research and development*.** 

As we grow our industry and service area expertise, we intend to leverage the knowledge accumulated in our work to more effectively address business-specific needs. In addition, we plan to continue investing in research and development.

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Continue to improve our products and develop new products and solution.*** 

We are constantly innovating and learning of new ways to improve our products and develop new solutions to address issues users face.

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Expand our sales and distribution network.*** 

We intend to expand our distribution network to penetrate new geographic markets and gain market share in existing markets.

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Enhance our ability to attract, incentivize and retain talented professionals.*** 

We believe our success greatly depends on our ability to attract, incentivize, and retain talented professionals. With a view toward improving our competitive advantage in the market, we plan to implement a series of initiatives to attract additional and retain mid- to high-level personnel, including formulating a market-oriented employee compensation structure and implementing a standardized multilevel performance review mechanism.

**Recent PRC Regulatory Developments**

On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (the "Trial Measures") and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, among other requirements, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures with the CSRC; if a domestic company fails to complete the filing procedures, such domestic company may be subject to administrative penalties; (2) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and such filings shall be submitted to the CSRC within three business days after the submission of the overseas offering and listing application. 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 (1) 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; (2) a six-month transition period will 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, but have not completed the indirect overseas listing; if domestic companies fail to complete the overseas listing within such six-month transition period, they shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions from relevant regulatory authorities and complete the filing of the overseas listing of companies with contractual arrangements which duly meet the compliance requirements, and support the development and growth of these companies. Base on the foregoing, we are required to complete necessary filing procedures with the CSRC pursuant to the Trial Measures.

Furthermore, PRC counsel has advised that on February 24, 2023, the CSRC revised the Provisions on Strengthening the Management of Confidentiality and Archives Related to the Overseas Issuance of Securities and Overseas Listing by Domestic Companies which were issued in 2009. The revised Archives Rules came into effect on March 31, 2023 together with the Trial Measures. As is consistent with the Trial Measures, the revised Archives Rules will expand their application to cover indirect overseas offering and listing, by stipulating that a domestic company which plans to publicly disclose or provide to relevant individuals or entities, including securities companies, securities service providers and overseas regulators, any documents and materials containing state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level.

In addition, on December 28, 2021, the Cyberspace Administration of China published the Measures for Cybersecurity Review, or Cybersecurity Review Measures, which took effect on February 15, 2022, replacing the old Measures for Cybersecurity Review which took effect on 1 June 2020. According to the Cybersecurity Review Measures, there are three scenarios that require cybersecurity review : (1) where a critical information infrastructure operator purchases network products and services that may impact or potentially impact national security; (2) where a network platform operator conducts data processing activities that may affect or potentially affect national security; and (3) where a network platform operator, which holds personal information of over one million users, seeks to list abroad.

Given the aforementioned, as well as the fact that (i) we are not in possession of more than one million users' personal information, and (ii)we are not a network platform operator that conducts data processing activities, we do not fall under the second and third scenarios described above. Regarding the first scenario, according to the Regulation on the Protection of Critical Information Infrastructure Security, which became effective on September 1, 2021, 'critical information infrastructure' refers to crucial networks, systems, and other facilities in vital industries and sectors such as public communication and information services, energy, transportation, water conservancy, finance, public services, e-government, defense technology industry, etc., where any disruption, loss of function, or data leak could severely endanger national security, national economic lifelines, or public interests. According to the Cybersecurity Review Measures, 'network products and services' mainly include core network equipment, key communication products, high-performance computers and servers, large-capacity storage devices, major databases and application software, cybersecurity equipment, cloud computing services, and other products and services that have a significant impact on the security of critical information infrastructure, cybersecurity, and data security. We do not believe we are among the 'operator of critical information infrastructure', but in practice, the applicability of existing cybersecurity review regulations is broad, and without explicit determination by relevant authorities, it is typically challenging for a company such as ours to accurately self-assess whether it needs to undergo a cybersecurity review. As of the date of this prospectus, neither we nor any of our PRC subsidiaries has been required by any PRC governmental authority to apply for cybersecurity review, nor have we or any of our PRC subsidiaries received any inquiry, notice, warning, sanction in such respect or been denied permission from any PRC regulatory authority to list on U.S. exchanges.

As advised by our PRC counsel, (1) PRC governmental authorities have significant discretion in interpreting and implementing statutory provisions. If our or VIE's business is identified by the PRC government authorities as falling under the category of "critical information infrastructure operators purchasing network products and services that may impact or potentially impact national security", then we need to comply with the obligations regarding cybersecurity review. In that case, 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 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; (2) we are subject to the Trial Measures for filing procedures with the CSRC; and (3) since these statements and regulatory actions by the PRC government are newly published and there exists uncertainty with respect to their requirements and implementation, it is uncertain what the potential impact such modified or new laws and regulations will have on our or the VIE's daily business operation, the ability to accept foreign investments and listing on U.S. stock exchanges. As of the date of this prospectus, we have prepared the filing application materials required by the Trial Measures, however, we cannot assure you that we will be able to complete such filings with the CSRC pursuant to the Trial Measures 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 continue to offer our securities.

The Standing Committee of the National People's Congress (the "SCNPC") or other PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require our Company, or the VIE to obtain regulatory approval from Chinese authorities before listing in the U.S. Although as of the date of this prospectus, the Company and the VIE have not been involved in any investigations on cybersecurity review initiated by any PRC regulatory authority, nor has any of them received any inquiry, notice or sanction in such respect, it is uncertain whether or when we might be required to obtain permission from any PRC governmental authority to list our shares overseas, and even if such permission is obtained, whether it will be later denied or rescinded, which could significantly limit or completely hinder our ability to offer or continue to offer our Ordinary Shares to investors and could cause the value of our Ordinary Shares to significantly decline or be worthless. See "[Risk Factors](#a_004) — Risks Related to Our Corporate Structure."

**Corporate Structure and History**

We are a holding company incorporated in the Cayman Islands and not a Chinese operating company. As a holding company with no material operations of our own, the majority of our operations are conducted through the VIE in China pursuant to the VIE Agreements (described in more detail below). For a description of the VIE Agreements, see "[Corporate History and Structure](#a_011) — VIE Agreements." See also "[Risk Factors](#a_004) – Risks Related to Our Corporate Structure."

Our holding company Zerolimit Technology Holding Co. Ltd, or Zerolimit Cayman, was incorporated under the laws of the Cayman Islands on February 2, 2023 to facilitate off-shore financing activities, and our daily operations are conducted primarily through the VIE in China. On August 28, 2017, Zhenglian Technology (Shenzhen) Co., Ltd., or Zhenglian Shenzhen, the VIE, was incorporated pursuant to PRC laws. Zerolimit Technology Holding Co., Limited, or HK Zerolimit, our wholly-owned Hong Kong subsidiary, was established on March 13, 2023. Finally, on May 22, 2023, Zerolimit Holdings (Shenzhen) Co., Ltd was incorporated pursuant to PRC laws as a wholly foreign-owned enterprise, WFOE, and a wholly owned subsidiary of HK Zerolimit. The VIE Agreements by and between WFOE, the VIE and the VIE Shareholders are described in more detail below.

The shareholders of Zerolimit Technology Holding Co. Ltd. are as follows:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Shares Held** | **Percentage Interest (%)** |
| Zerolimit Digital Technology Limited (a) | 36505000 | 73.01% |
| Zerolimit Excellence Limited (b) | 5500000 | 11% |
| Zerolimit Power Limited (c) | 5500000 | 11% |
| Zerolimit Virtue Limited (d) | 2495000 | 4.99% |
| **Total** | 50000000 | 100% |

---

Beneficial owners of the above are as follows: (a) represents 36,505,000 ordinary shares held by Zerolimit Digital Technology Limited, a British Virgin Islands limited company, which is 100% owned by Guangqing Hu, the Company's Chief Technology Officer and Chairman of the Board of Directors, as of the date of this prospectus; Guangqing Hu beneficially owns 100% of these shares on behalf of Zerolimit Digital Technology Limited; (b) represents 5,500,000 ordinary shares held by Zerolimit Excellence Limited, a British Virgin Islands limited company, which is 100% owned by Kai Hu, our former director and the nephew of the Chief Technology Officer, Guangqing Hu, and the Company's former director and an employee of the VIE, as of the date of this prospectus; Kai Hu beneficially owns 100% of these shares on behalf of Zerolimit Excellence Limited; (c) represents 5,500,000 ordinary shares held by Zerolimit Power Limited, a British Virgin Islands limited company, which is 100% owned by Jian Gang, the Company's former director, as of the date of this prospectus; Jian Gang beneficially owns 100% of these shares on behalf of Zerolimit Power Limited; and (d) represents 2,495,000 ordinary shares held by Zerolimit Virtue Limited, a British Virgin Islands limited company, which is 100% owned by Baifen Le, our former director and the wife of the Chief Technology Officer, Guangqing Hu, and the Company's former director and an employee of the VIE, as of the date of this prospectus; Baifen Le, beneficially owns 100% of these shares on behalf of Zerolimit Virtue Limited.

The VIE equity interest holders include ZeroLimit Digital Technology Co., Ltd, Kai Hu, Jian Gang and Baifen Le, which hold 73%, 11%, 11% and 5% of the equity interests in the VIE, respectively; ZeroLimit Digital Technology Co., Ltd equity interest holders include Guangqing Hu and Zerolimit Origin Technology (Shenzhen) Co., Ltd, which hold 10% and 90% of the equity interests in ZeroLimit Digital Technology Co., Ltd, respectively; Zerolimit Origin Technology (Shenzhen) Co., Ltd equity interest holders include Guangqing Hu and Kai Hu, who hold 90% and 10% of the equity interests in the Zerolimit Origin Technology (Shenzhen) Co., Ltd, respectively.

Our Ordinary Shares in this offering are shares of our offshore holding company in the Cayman Islands instead of shares of the VIE.

The following diagram illustrates our corporate structure, including our subsidiary and the VIE, as of the date of this prospectus. For more detail on our corporate history, please refer to "Corporate History and Structure."

![?????????????????????????????????3](image_003.jpg)

Notes: All percentages reflect the equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents 36,505,000 ordinary shares held by Zerolimit Digital Technology
 Limited, a British Virgin Islands limited company, which is 100% owned by Guangqing Hu, the Company's Chief Technology Officer
 and Chairman of the Board of Directors, as of the date of this prospectus.

(2) Represents 5,500,000 ordinary shares held by Zerolimit Excellence Limited,
 a British Virgin Islands limited company, which is 100% owned by Kai Hu, our former director and the nephew of the Chief Technology
 Officer, Guangqing Hu, and the Company's former director and an employee of the VIE, as of the date of this prospectus.

(3) Represents 5,500,000 ordinary shares held by Zerolimit Power Limited,
 a British Virgin Islands limited company, which is 100% owned by Jian Gang, the Company's former director, as of the date of
 this prospectus.

(4) Represents 2,495,000 ordinary shares held by Zerolimit Virtue Limited,
 a British Virgin Islands limited company, which is 100% owned by Baifen Le, our former director and the wife of the Chief Technology
 Officer, Guangqing Hu, and the Company's former director and an employee of the VIE, as of the date of this prospectus.

The VIE commenced its business in China in 2017. In the early stages of our establishment, we focused on building the overall technological framework to expedite the development process of the distributed network. From 2018 to 2019, we made breakthroughs in the technological framework, including the development of mobile deployment, peer-to-peer networking, and distributed storage. We also launched successive versions of our distributed network configuration tool software, including a demo version, internal test version, and public test version. In September 2021, we officially launched the Cloud Base Station Node Software, which marked a milestone in our business operations. Since 2021, we have begun generating revenue from software products developed based on distributed networks. In 2022, we obtained the national high-tech enterprise certification in China. In April 2023, we achieved the recognition as a specialized and sophisticated SME.

**The VIE Agreements** 

We are a holding company incorporated in the Cayman Islands and not a Chinese operating company. As a holding company with no material operations of our own, the majority of our operations are conducted through the VIE in China pursuant to the VIE Agreements. The VIE Agreements were entered into by and among WFOE, the VIE, and the VIE's Shareholders and include the Powers of Attorney, an Equity Interest Pledge Agreement, an Exclusive Consulting and Services Agreement, an Exclusive Option Agreement, and Spousal Consent Letters. Due to PRC legal restrictions on foreign ownership in certain internet-related businesses we may explore and operate in the future. We control and receive the economic benefits of the VIE's business operations through the VIE Agreements, and we consolidate the VIE for accounting purposes only because we met the conditions under U.S. GAAP to consolidate the VIE. Pursuant to the VIE Agreements, the VIE shall pay service fees in an amount equivalent to all of its net income to WFOE, while WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance, has the obligation to absorb the expected losses of the VIE, and has the right to receive substantially all of the economic benefits of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of WFOE and ultimately, the Company. As such, under the U.S. GAAP, the Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes and must consolidate the VIE. We are also subject to the risk that the PRC government could disallow the VIE structure, which would likely result in a material change in our operations and, as a result, the value of our Ordinary Shares may depreciate significantly or become worthless. For a description of our corporate structure and VIE contractual arrangements, see "[Corporate History and Structure.](#a_011)" See also "[Risk Factors](#a_004) – Risks Related to Our Corporate Structure."

In the opinion of Global Law Office, our PRC legal counsel, the VIE Agreements are not in violation of any prohibitive provisions of the current applicable PRC Laws, however, the relevant PRC regulatory authorities have broad discretion in determining whether the VIE structure violates PRC laws. Accordingly, the PRC regulatory authorities may take a view that is contrary to, or otherwise different from, the above opinion of our PRC legal counsel. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard that could disallow the VIE structure, which would likely result in a material change in our operations and a complete hindrance of our ability to offer or continue to offer our securities to investors and the value of our Ordinary Shares may depreciate significantly or become worthless. See "[Risk Factors](#a_004) — Risks Related to Our Corporate Structure — We rely on contractual arrangements with the VIE and the VIE Shareholders for a large portion of our business operations. And "[Risk Factors — Risks Related to Our Corporate Structure](#drsa5_001) — *If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations, or if these regulations change or are interpreted differently in the future, we may be unable to assert our contractual rights over the assets of the VIE and its subsidiary, and our Ordinary Shares may decline in value or become worthless."*

**Summary of Risk Factors**

We face various legal and operation risks and uncertainties as we have substantial operations in China. The PRC government has significant authority to exert influence on the ability of a China-based company, like the VIE, to conduct its business, accept foreign investments or list on U.S. stock exchanges. For example, we face risks associated with regulatory approvals of offshore offerings, anti-monopoly regulatory actions, cybersecurity and data privacy, as well as issues that can arise if the PCAOB is unable to perform an inspection on our registered public accounting firm. Any such action, once taken by the PRC government, could cause the value of our securities to significantly decline or in extreme circumstances, become worthless. The operational risks associated with being based in and having operations in China also apply to operations in Hong Kong. With respect to the legal risks associated with being based in and having operations in China, the laws, regulations and discretion of the governmental authorities in China discussed in this prospectus are expected to apply to entities and businesses in mainland China, rather than to entities or businesses in Hong Kong which operate under a different set of laws from those of mainland China.

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

 ****

**Risks Related to Our Corporate Structure**

&nbsp;&nbsp;&nbsp;&nbsp;· We rely on contractual arrangements by and between WFOE, the VIE and
 the VIE Shareholders for our business operations. (see page 23 of this prospectus);

· Numerous uncertainties exist regarding the status of the rights of the Cayman Islands holding companies,
 including with respect to our Company's contractual arrangements with the VIE, its founders and owners, and accordingly, we
 face significant challenges in enforcing these contractual agreements due to legal uncertainties and jurisdictional limits.

· If the PRC government determines that the contractual arrangements
 constituting part of the VIE structure do not comply with PRC regulations, or if these regulations change or are interpreted differently
 in the future, we may be unable to assert our contractual rights over the assets of the VIE, and our Ordinary Shares may decline
 in value or become worthless (see page 23 of this prospectus);

· The VIE Shareholders may have actual or potential conflicts of interest
 with us, which may materially and adversely affect our business and financial condition (see page 23 of this prospectus);

· We may lose the ability to use and enjoy 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
 (see page 25 of this prospectus);

· Contractual arrangements in relation to the VIE may be subject to scrutiny
 by the PRC tax authorities and they may determine that we or the VIE owe additional taxes, which could negatively affect our financial
 condition and the value of your investment (see page 25 of this prospectus);

· Certain judgments obtained against us by our shareholders may not be
 enforceable (see page 26 of this prospectus);

· PRC regulatory authorities may in the future promulgate laws, regulations
 or implementing rules that require us, our subsidiaries, or the VIE to obtain regulatory approval from PRC authorities before or
 after listing in U.S. (see page 26 of this prospectus); and

· Opinions recently issued by the General Office of the Central Committee
 of the Chinese Communist Party, the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC
 may subject us to additional compliance requirements in the future (see page 27 of this prospectus);

· We may also be subject to cybersecurity review by the Cyberspace Administration of China (see page
 28 of this prospectus); and

· Government control of currency conversion and transfers of funds may limit our ability to utilize
 revenues, remit dividends, make distributions or otherwise transfer cash among our subsidiaries and the VIE effectively, which may
 affect the value of your investment (see page 29 of this prospectus).

**Risks Related to Our Business**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The VIE's operating history may not be indicative of its future
 growth or financial results and the VIE may not be able to sustain its historical growth rates, which may adversely affect the market
 price of our Ordinary Shares (see page 30 of this prospectus);

· The VIE depends on its proprietary technology, and our future results
 may be impacted if the VIE cannot maintain technological superiority in its industry (see page 30 of this prospectus);

· The further development and acceptance of decentralized distributed
 technologies, which are part of a new and rapidly changing industry, are subject to a variety of factors that are difficult to evaluate.
 The slowing or stopping of the development or acceptance of decentralized distributed technologies would have a material adverse
 effect on our business (see page 31 of this prospectus);

· Changes in other technologies and related industries could have a material
 adverse effect: (i) changes in hardware technology and performance networks and (ii) changes in software technology and other related
 industries and technologies which affect us (see page 31 of this prospectus);

· The VIE depends on its largest 5 distributors, the loss of any of which
 could cause a significant decline in our consolidated revenues (see page 31 of this prospectus);

· We are subject to concentration risks of suppliers
 and customers.

· Although the VIE enters into distributor agreements with its customers,
 and thereby the parties agree to a specific quantity of products and services, the consequences of breach of any such agreement is
 only the termination of the applicable distributor agreement. If customers reduce the quantities of products and services or cease
 purchasing products and services from the VIE, such reductions or terminations would cause a significant decline in our consolidated
 revenues (see page 33 of this prospectus);

· The success of a network created using our proprietary technology depends
 on maintaining a minimum user base, which translates to a minimum number of nodes; for instance, if the number of users and nodes
 decreases below 160, application failures on the distributed network are more likely, however the minimum number of nodes to run
 a network with only one application is three nodes. There is also a requirement for a minimum number of nodes. As for the user base,
 because can expand the user base according to the demands in different scenarios and has the business to have flexible scalability,
 it may have minimum requirement for the user base to make it profitable. For us, we only focus on the minimum nodes. (see page 33
 of this prospectus);

· The distributed network may face scalability challenges as it expands
 to a greater number of users (see page 34 of this prospectus);

· Issues with the VIE's programming code and damage to nodes could
 hurt users' ability to effectively establish and maintain networks resulting in an inability to provide applications on such
 networks, which could damage the VIE's reputation and harm our results of operations (see page 34 of this prospectus)

· If the VIE continues to sell hardware products, a significant interruption
 in the VIE's suppliers could potentially disrupt the VIE's operations (see page 34 of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The VIE does not have long-term contracts with its hardware product
 suppliers and the suppliers can reduce order quantities or terminate their sales to the VIE (see page 35 of this prospectus);

· If the VIE is unable to build and maintain a sufficient sales and distribution
 network to meet increasing demand of its products, the VIE's ability to execute on its business plan as outlined in this prospectus
 will be impaired (see page 35 of this prospectus);

· The VIE may not be able to prevent others from unauthorized use of
 its intellectual property, which could harm its business and competitive position (see page 39 of this prospectus);

· Pandemics and epidemics, natural disasters, terrorist activities, political
 unrest, and other outbreaks could disrupt the VIE's delivery and operations, which could materially and adversely affect the
 VIE's business, financial condition, and results of operations (see page 40 of this prospectus);

· If the VIE is not able to maintain and enhance its brands and increase
 market awareness of the VIE, or effectively develop and expand its marketing and sales capabilities, then the VIE's ability
 to attract new customers may be harmed and our business, results of operations and financial condition may be adversely affected
 (see page 42 of this prospectus);

· The VIE's failure to comply with data protection laws and regulations
 could lead to government enforcement actions and significant penalties against the VIE, and adversely impact its operating results
 (see page 44 of this prospectus);

· Changes in laws and regulations related to the internet or changes
 in the internet infrastructure itself may diminish demand for the VIE's products and solutions, and could adversely affect
 our business, results of operations and financial condition (see page 45 of this prospectus);

· We are exposed to the risks of litigation and arbitration in the course
 of our operations (see page 46 of this prospectus); and

· We may face tax liabilities for historical reporting errors (see page
 46 of this prospectus).

**Risks Related to Doing Business in the PRC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in the PRC's economic, political or social conditions,
 as well as government policies, could have an adverse effect on our business and operations and the value of our Ordinary Shares
 (see page 47 of this prospectus);

· There are uncertainties regarding the interpretation and enforcement
 of PRC laws, rules and regulations (see page 47 of this prospectus);

· If it is later determined that the PCAOB is unable to inspect and investigate
 completely our auditor, our securities will be prohibited from trading in the United States under the Holding Foreign Companies Accountable
 Act (the HFCAA). The delisting of and prohibition from trading our securities, or the threat of their being delisted and prohibited
 from trading, may cause the value of our securities to significantly decline or become worthless (see page 48 of this prospectus);

· Under the PRC laws, the approval of and the filing with the CSRC or
 other PRC government authorities may be required in connection with this offering and our listing with Nasdaq as well as any of our
 future offering and listing in an overseas market, and, if required, we cannot predict whether or for how long we will be able to
 obtain such approval or complete such filing (see page 49 of this prospectus);

· Uncertainties exist with respect to the interpretation and implementation
 of newly enacted PRC Foreign Investment Law and its Implementation Rules and how they may impact the viability of our current corporate
 structure, corporate governance, and operations (see page 51 of this prospectus);

· We may rely on dividends and other distributions on equity paid by
 WFOE to fund any cash and financing requirements we may have, and any limitation on the ability of WFOE to make payments to us and
 any tax we are required to pay could have a material adverse effect on our ability to conduct our business (see page 51 of this prospectus);

· Fluctuations in exchange rates could have a material adverse impact
 on our results of operations and the value of your investment (see page 52 of this prospectus);

· Governmental control of currency conversion may limit our ability to
 utilize our revenues effectively and affect the value of your investment (see page 53 of this prospectus);

· PRC regulation of loans to and direct investment in the VIE by offshore
 holding companies and governmental control of currency conversion may delay us from using the proceeds of this offering, to make
 loans or additional capital contributions to WFOE, which could materially and adversely affect our liquidity and our ability to fund
 and expand our business (see page 53 of this prospectus);

· PRC regulations relating to the establishment of offshore special purpose
 companies by PRC residents may subject our PRC resident beneficial owners or WFOE to liability or penalties, limit our ability to
 inject capital into WFOE, limit WFOE's ability to increase its registered capital or distribute profits to us, or may otherwise
 adversely affect us (see page 54 of this prospectus);

· It may be difficult for overseas regulators to conduct investigations
 or collect evidence within China (see page 55 of this prospectus);

· The M&A Rules and certain other PRC regulations establish complex
 procedures for some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth
 through acquisitions in China (see page 55 of this prospectus);

· Our PRC counsel has advised that you may experience difficulties in effecting service of legal
 process, enforcing foreign judgments or bringing actions in China against us or our management named in the prospectus based on foreign
 laws (see page 56 of this prospectus); and

· Increases in labor costs in the PRC may adversely affect the VIE's
 business and profitability and failure to comply with PRC labor laws may subject the VIE to penalties (see page 56 of this prospectus).

**Risks Related to this Offering and the Ordinary Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The initial public offering price of our Ordinary Shares may not be
 indicative of the market price of our Ordinary Shares after this offering. In addition, an active, liquid and orderly trading market
 for our Ordinary Shares may not develop or be maintained, and our share price may be volatile (see page 57 of this prospectus);

· Our Ordinary Shares have never been publicly traded, and, as such,
 the price of our Ordinary Shares may fluctuate substantially (see page 58 of this prospectus);

· You will experience immediate and substantial dilution (see page 61
 of this prospectus);

· Because we do not expect to pay dividends in the foreseeable future
 after this offering, you must rely on a price appreciation of the Ordinary Shares for a return on your investment (see page 59 of
 this prospectus);

· A sale or perceived sale of a substantial number of our Ordinary Shares
 may cause the price of our Ordinary Shares to decline (see page 60 of this prospectus);

· We may be subject to penny stock regulations and restrictions, and
 you may have difficulty selling our Ordinary Shares (see page 60 of this prospectus);

· If securities or industry analysts do not publish research or reports
 about our business, or if they adversely change their recommendations regarding the Ordinary Shares, the market price for the Ordinary
 Shares and trading volume could decline (see page 60 of this prospectus);

· If our stock becomes publicly traded, techniques employed by short
 sellers may drive down the market price of our Ordinary Shares (see page 60 of this prospectus);

· There can be no assurance that we will not be a passive foreign investment
 company ("PFIC") for United States federal income tax purposes for any taxable year, which could subject United States
 holders of our Ordinary Shares to significant adverse United States federal income tax consequences (see page 61 of this prospectus);

· For as long as we are an emerging growth company, we will not be required
 to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive
 compensation, that apply to other public companies (see page 61 of this prospectus);

· If we fail to implement and maintain an effective system of internal
 controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified,
 we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor
 confidence and the market price of our Ordinary Shares may be materially and adversely affected (see page 62 of this prospectus);

· As a foreign private issuer, we are not subject to certain U.S. securities
 law disclosure requirements that apply to a U.S. domestic issuer, which may limit the information publicly available to our shareholders
 (see page 63 of this prospectus);

· We will be a "controlled company" within the meaning of
 the Nasdaq listing rules, and as such may follow certain exemptions from certain corporate governance requirements that could adversely
 affect our public shareholders (see page 64 of this prospectus);

· Because we are a foreign private issuer and are exempt from certain
 Nasdaq corporate governance requirements, we may follow certain exemptions from certain corporate governance requirements that could
 adversely affect our public shareholders (see page 64 of this prospectus);

· As a foreign private issuer, we are permitted to adopt certain home
 country practices in relation to corporate governance matters that differ significantly from the Nasdaq listing standards. These
 practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing
 standards (see page 64 of this prospectus);

· 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 the law of the Cayman Islands (see page
 65 of this prospectus);

· We may lose our foreign private issuer status in the future, which
 could result in significant additional costs and expenses (see page 65 of this prospectus);

· You must rely on the judgment of our management as to the use of the
 net proceeds from this offering, and such use may not produce income or increase the price of our Ordinary Shares (see page 66 of
 this prospectus);

· Some members of our management team lacks experience in managing a
 U.S. publicly-listed company and complying with laws applicable to such company, the failure of which may adversely affect our business,
 financial conditions, and results of operations (see page 66 of this prospectus);

· The obligation to disclose information publicly may put us at a disadvantage
 to competitors that are private companies (see page 66 of this prospectus); and

· Cayman Islands economic substance requirements may have an effect on
 our business and operations (see page 66 of this prospectus).

In addition, we face risks and uncertainties related to our corporate structure, including risks associated with our contractual relationship with the VIE, which is based on contractual arrangements rather than equity ownership.

We also face other challenges, risks and uncertainties that may materially adversely affect our business, financial condition, results of operations and prospects. You should consider the risks discussed in "Risk Factors" and elsewhere in this prospectus before investing in our Ordinary Shares.

As a "controlled company" under Nasdaq rules, our controlling shareholder will have substantial control over corporate matters after this offering.

**Transfer of Cash or Assets**

As of the date of this prospectus, no cash transfer or transfer of other assets have occurred between our Company, our subsidiaries, and the VIE. As of the date of this prospectus, none of our subsidiaries or the VIE have distributed any dividends or made any other distributions to our Company. As of the date of this prospectus, neither we nor any of our subsidiaries have ever paid dividends or made distributions to U.S. investors. We intend to retain most, if not all, of our available funds and any future earnings after this offering to the development and growth of our business. We do not expect to pay dividends in the foreseeable future after this offering. In the future, cash proceeds raised from overseas financing activities, including this offering, may be transferred by us to WFOE via capital contribution or shareholder loans, as the case may be.

While we have no current intention of paying dividends, should we decide in the future to do so, as a holding company, our ability to pay dividends and meet other obligations depend upon the receipt of dividends or other payments from our operating subsidiaries or the VIE. In addition, our operating subsidiaries and the VIE, from time to time, may be subject to restrictions on their ability to make distributions to us, including as a result of restrictive covenants in loan agreements, restrictions on the conversion of local currency into U.S. dollars or other hard currency and other regulatory restrictions as discussed below. If future dividends are paid in RMB, fluctuations in the exchange rate for the conversion of RMB into U.S. dollars may reduce the amount received by U.S. stockholders upon conversion of the dividend payment into U.S. dollars.

Chinese regulations currently permit the payment of dividends only out of accumulated profits as determined in accordance with Chinese accounting standards and regulations. Our subsidiaries and VIE in China are also required to set aside a portion of their after tax profits according to Chinese accounting standards and regulations to fund certain reserve funds. Currently, our subsidiaries and VIE in China are the only sources of revenues or investment holdings for the payment of dividends. If they do not accumulate sufficient profits under Chinese accounting standards and regulations to first fund certain reserve funds as required by Chinese accounting standards, we will be unable to pay any dividends.

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 rely on dividends and other distributions on equity from the VIE to WFOE in accordance with the VIE agreements for cash requirements, including the funds necessary to pay dividends and other cash contributions to our shareholders.

According to the Foreign Investment Law of the PRC and its implementing rules, which jointly established the legal framework for the administration of foreign-invested companies, a foreign investor may, in accordance with other applicable laws, freely transfer into or out of China its contributions, profits, capital earnings, income from asset disposal, intellectual property rights, royalties acquired, compensation or indemnity legally obtained, and income from liquidation, made or derived within the territory of China in RMB or any foreign currency, and any entity or individual shall not illegally restrict such transfer in terms of the currency, amount and frequency. According to the Company Law of the PRC and other Chinese laws and regulations, WFOE may pay dividends only out of its respective accumulated profits as determined in accordance with Chinese accounting standards and regulations. In addition, WFOE is required to set aside at least 10% of its accumulated after-tax profits, if any, each year to fund a certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital. Where the statutory reserve fund is insufficient to cover any loss WFOE incurred in the previous financial year, its current financial year's accumulated after-tax profits shall first be used to cover the loss before any statutory reserve fund is drawn therefrom. Such statutory reserve funds and the accumulated after-tax profits that are used for covering the loss cannot be distributed to us as dividends. At its discretion, WFOE may allocate a portion of its after-tax profits based on Chinese accounting standards to a discretionary reserve fund. Any limitation on the ability of WFOE to distribute dividends or other payments to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business.

Renminbi is not freely convertible into other currencies. As result, any restriction on currency exchange may limit the ability of WFOE to use its potential future renminbi revenues to pay dividends to us. The Chinese government imposes controls on the convertibility of renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in availability of foreign currency may then restrict the ability of WFOE to remit sufficient foreign currency to our offshore entities for our offshore entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. The renminbi is currently convertible under the "current account," which includes dividends and trade and service-related foreign exchange transactions, but not under the "capital account," which includes foreign direct investment and foreign currency debt, including loans we may secure for our onshore subsidiary. Currently, WFOE may purchase foreign currency for settlement of "current account transactions,", without the approval of the State Administration of Foreign Exchange of China ("SAFE") by complying with certain procedural requirements. However, the relevant Chinese governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. The Chinese government may continue to strengthen its capital controls, and additional restrictions and substantial vetting processes may be instituted by SAFE for cross-border transactions falling under both the current account and the capital account. Any existing and future restrictions on currency exchange may limit our ability to utilize revenues generated in renminbi to fund our business activities outside of China or pay dividends in foreign currencies to holders of our securities. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, SAFE and other relevant Chinese governmental authorities. This could affect our ability to obtain foreign currency through debt or equity financing for our subsidiaries. See "[Risk Factors](#a_004) — Risks Related to Doing Business in the PRC — *We may rely on dividends and other distributions on equity paid by WFOE to fund any cash and financing requirements we may have, and any limitation on the ability of WFOE to make payments to us and any tax we are required to pay could have a material adverse effect on our ability to conduct our business*." For a detailed discussion of the Chinese legal restrictions on the payment of dividends and our ability to transfer cash within our organization. In addition, 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 at a rate of up to 10.0%.

In order for us to pay dividends to our shareholders, we will rely on payments made from the VIE to WFOE in accordance with the VIE Agreements, and the distribution of payments from WFOE to HK Zerolimit, and finally to the Company as dividends. Certain payments from the VIE to WFOE are subject to PRC taxes, including VAT.

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 lowered to 5% if a Hong Kong resident enterprise owns no less than 25% of a mainland China project. However, the 5% withholding tax rate does not automatically apply and certain requirements must be satisfied, including without limitation that (a) the Hong Kong project must be the beneficial owner of the relevant dividends; and (b) the Hong Kong project must directly hold no less than 25% share ownership in mainland China project during the 12 consecutive months preceding its receipt of the dividends. In current practice, a Hong Kong project 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 assure you 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 dividends to be paid by WFOE to HK Zerolimit. As of the date of this prospectus, we have not applied for the tax resident certificate from the relevant Hong Kong tax authority. HK Zerolimit intends to apply for the tax resident certificate when WFOE plans to declare and pay dividends to HK Zerolimit. See "[Risk Factors](#a_004) — Risks Related to Doing Business in the PRC *— We may rely on dividends and other distributions on equity paid by WFOE to fund any cash and financing requirements we may have, and any limitation on the ability of WFOE to make payments to us and any tax we are required to pay could have a material adverse effect on our ability to conduct our business*."

*Further Description Cash Transfers*

 

The Company's management team monitors the cash position of each entity within its organization on a regular basis and also prepares budgets on a monthly basis to ensure that each entity has the necessary funds to fulfill its obligation for the foreseeable future and to ensure adequate liquidity. As a holding company, the Company may also rely on dividends and other distributions on equity paid by its subsidiary in Hong Kong, Zerolimit HK, and the consolidated VIE in China, Zhenglian Shenzhen, for its cash and financing requirements.

 

 

 

 

 

Current PRC regulations permit the Company's indirect PRC subsidiaries to pay dividends to the Company only out of their accumulated profits, if any, as determined in accordance with Chinese accounting standards and regulations. In addition, each of the Company's subsidiaries in China is required to set aside at least 10% of their respective after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. 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, the Company may experience difficulties in completing the administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from profits, if any. Furthermore, if the Company's subsidiaries in the PRC incur debt on their own accord in the future, the instruments governing the debt may restrict the Company's ability to pay dividends or to make other payments. If the Company or its subsidiaries are unable to receive all of the revenues from their operations through the current VIE Agreements, the Company may be unable to pay dividends on the Ordinary Shares.

 

In order for the Company to pay dividends to its shareholders, the Company will rely on payments made from Zhenglian Shenzhen to WFOE, pursuant to VIE Agreements between them, and the distribution of such payments to Zerolimit HK as dividends from WFOE. Dividends from WFOE to its foreign non-resident enterprise are subject to a 10% withholding tax, unless the foreign enterprise investor's jurisdiction of incorporation has a tax treaty with China that provides for a reduced rate of withholding tax.

 

The Company intends to keep any future earnings to re-invest in and finance the expansion of its business. Thus, the Company does not currently anticipate that any cash dividends will be paid or any assets will be transferred in the foreseeable future. As of the date of the prospectus, there has been no distribution of dividends or assets among the holding company, the subsidiary or the consolidated VIE.

 

In the future, cash proceeds raised from overseas financing activities, including this instant public offering, may be transferred by the Company to the consolidated VIE via capital contribution or shareholder loans, as the case may be. Other than the above, the Company did not adopt or maintain any cash management policies and procedures as of the date of the prospectus.

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

As a company with less than US$1.235 billion in revenues during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As long as we remain an emerging growth company, we may rely on exemptions from some of the reporting requirements applicable to public companies that are not emerging growth companies. In particular, as an emerging growth company, we:

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

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

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

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

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

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

· will not be required to conduct an evaluation of our internal control
 over financial reporting until our second annual report on Form 20-F following the effectiveness of our initial public offering.

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

We will remain an emerging growth company until the earliest of (a) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (b) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (c) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (d) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would occur if the market value of our Ordinary Shares that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

We are also considered a "foreign private issuer." Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

· the requirement to comply with Regulation FD, which restricts selective
 disclosure of material information;

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

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

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer. As a result, we do not know if some investors will find our shares less attractive, which may result in a less active trading market for our shares or more volatility in the price of our shares.

**Corporate Information**

The VIE's principal executive offices are located at 20F, Haowei Technology Building, No.8 Keji South Road, High-tech Industrial Park South District, Nanshan District, Shenzhen, China. Our telephone number at this address is +86-0755-8653-8929. Our registered office in the Cayman Islands is situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands.

Investors should submit any inquiries to the address and telephone number of our principal executive offices. Our corporate website is currently under construction and will be located at https://www.zerolimit.group/. The information contained on our website is not a part of this prospectus. Our agent for service of process in the United States is Prudentia Law Corporation.

**Conventions that Apply to this Prospectus**

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

&nbsp;&nbsp;&nbsp;&nbsp;· "Cayman Islands" are to the Cayman Islands;

· "China" or the "PRC" refers to the People's
 Republic of China; in this prospectus, any PRC laws, rules, regulations, statutes, notices, circulars and judicial interpretations
 or the like refer to those PRC laws, rules, regulations, statutes, notices, circulars and judicial interpretations or the like currently
 in force, published for comments (if specifically stated) or being promulgated but have not come into effect (if specifically stated)
 and publicly available in mainland China as of the date of this prospectus;

· "Hong Kong" are to the Hong Kong Special Administrative
 Region of the People's Republic of China;

· "HK Zerolimit" are to Zerolimit Technology Holding Co.
 Limited, a limited liability company incorporated in Hong Kong on March 13, 2023;

· "HK$" and "Hong Kong dollars" are to the legal
 currency of Hong Kong;

· "mainland China" are to the People's Republic of
 China, geographically. For the purposes of this prospectus only, we exclude the Hong Kong Special Administrative Region and the Macau
 Special Administrative Region;

· "the VIE" or "Zhenglian Shenzhen" are to Zhenglian
 Technology (Shenzhen) Co., Ltd., a limited liability company incorporated in the PRC on August 28, 2017;

· "RMB" and "Renminbi" are to the legal currency
 of China;

· "SCNPC" are to Standing Committee of the National People's
 Congress;

· "shares," "Shares," or "Ordinary Shares"
 are to the ordinary shares of the Company, par value US$0.0001 per share;

· "US$," "$" and "U.S. dollars" are
 to the legal currency of the United States;

· "we," "us," "Company," "our"
 or "Zerolimit Cayman" are to Zerolimit Technology Holding Co. Ltd., a Cayman Islands exempted company incorporated in
 the Cayman Islands on February 2, 2023; and

· "WFOE," are to Zerolimit Holdings (Shenzhen) Co., Ltd,
 a limited liability company incorporated in the PRC on May 22, 2023.

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

**THE OFFERING**

The following assumes that the Underwriter will not exercise their option to purchase additional Ordinary Shares in the offering, unless otherwise indicated.

---

| | |
|:---|:---|
| Securities being Offered: | 2,000,000 Ordinary Shares on a firm commitment basis. |
| Offering Price | We currently estimate that the initial public offering price will be US$4 per Ordinary Share. |
| Number of Ordinary Shares Outstanding before the Offering: | 50,000,000 Ordinary Shares. |
| Number of Ordinary Shares Outstanding after the Offering: | 52,000,000 Ordinary Shares, (or 52,300,000 Ordinary Shares if the Underwriter exercises its option to purchase additional shares in full). |
| Use of Proceeds | We expect that we will receive net proceeds of approximately US$8,000,000 from this offering, assuming an initial public offering price of US$4 per Ordinary Share, which is the midpoint of the estimated range of the initial public offering price, after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.<br>We intend to use approximately 40% of the net proceeds for research and development, approximately 25% of the net proceeds for new product production, approximately 20% of the net proceeds for marketing and sales, and the remaining 15% for working capital and general corporate purposes. See "[Use of Proceeds](#a_006)" for more information. |
| Lock-up Agreements | We, our directors and executive officers, and our existing beneficial owners of 5% or more of our outstanding Ordinary Shares have agreed with the Underwriter, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of our Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares for a period of [six months] from the effective date of the registration statement of which this prospectus forms a part. See "[Shares Eligible for Future Sale](#a_019)" and "[Underwriting](#a_021)" for more information. |
| Controlled Company | We are a "controlled company" within the meaning of the corporate governance rules of the Nasdaq Stock Market. See "[Risk Factors](#a_004) — Risks Relating to Our Corporate Structure and Governance."<br>Our controlling shareholder will have substantial control over corporate matters after this offering. |
| Over-Allotment Option | We have granted to the Underwriter an option, exercisable within 45 days from the date of this prospectus, to purchase up to an aggregate of 15% additional Ordinary Shares at the initial public offering price. |
| Underwriter's Warrants | We have agreed to sell to the Underwriter warrants (the "Underwriter's Warrants") to purchase up to a total of 115,000 Ordinary Shares (equal to five percent (5%) of the aggregate number of Ordinary Shares sold in the offering, including shares issued pursuant to the exercise of the over-allotment option) at a price equal to 125% of the price of our Ordinary Shares offered hereby. |
| Risk Factors | See "[Risk Factors](#a_004)" beginning on page 23 or a discussion of factors that you should consider carefully before deciding whether to purchase shares of our Ordinary Shares. |
| Listing | We intend to apply to have our Ordinary Shares listed on the Nasdaq Capital Market under the symbol "ZDAN." This offering is conditioned upon the successful listing of our Ordinary Shares on Nasdaq. If Nasdaq does not approve our listing application this initial public offering will be terminated. |

---

**RISK FACTORS**

*Investing in our Ordinary Shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this prospectus, before deciding to invest in our Ordinary Shares. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect our business. If any of the following risks occur, our business, operating results, financial condition and future prospects could be materially and adversely affected. In that event the market price of our Ordinary Shares could decline, and you could lose part or all of your investment.* 

**Risks Related to Our Corporate Structure**

*We do not hold direct equity interest in the VIE. We control and receive the economic benefits of the business operations of the VIE through the VIE Agreements among WFOE, the VIE and the VIE Shareholders. We have evaluated the guidance of FASB ASC 810 and determined that WFOE is the primary beneficiary of the VIE, for accounting purposes, based upon such contractual arrangements. Our Company has indirect beneficial ownership in 100% of the equity in WFOE. Accordingly, we consolidate the financial results of the VIE into our consolidated financial statements under U.S. GAAP. See "[Corporate History and Structure](#a_011) – VIE Agreements" for further details. In the opinion of Global Law Office, our PRC legal counsel, The VIE Agreements are not in violation of any prohibitive provisions of the current applicable PRC Laws, however, the relevant PRC regulatory authorities have broad discretion in determining whether the VIE structure violates PRC laws and regulations, therefore there are substantial uncertainties regarding the interpretation and application of the current and future PRC Laws, rules and regulations related to the validity and enforcement of VIE Agreements.* 

***We rely on contractual arrangements by and between WFOE, the VIE and the VIE Shareholders for our business operations.***

We are a Cayman Islands exempted company and our China subsidiary, WFOE, is a foreign-invested enterprise. We have relied, and expect to continue relying, on contractual arrangements by and between WFOE, the VIE and the VIE Shareholders to operate our business in China. We conduct our operations in the PRC through the VIE pursuant to the VIE Agreements. The VIE Agreements are designed so that the operations of the VIE are solely for the benefit of WFOE and, ultimately, the Company. As such, under U.S. GAAP, our Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes only and is required to consolidate the financial results of the VIE in our consolidated financial statements. For a description of the VIE Agreements, see "[Corporate History and Structure — VIE Agreements](#a_011)." The revenues contributed by the VIE constituted all of our net revenues for the fiscal years ended September 30, 2024 and 2023.

If the VIE or the VIE Shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur substantial costs and expend additional resources to enforce such arrangements. For example, if the VIE Shareholders refuse to transfer their equity interest in the VIE to us or our designee if we exercise the purchase option pursuant to the VIE Agreements, or if they otherwise act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations. In addition, if any third parties claim any interest in such shareholders' equity interests in the VIE, our ability to exercise shareholders' rights or foreclose the share pledge according to the contractual arrangements may be impaired. If these events or other disputes between the VIE Shareholders and third parties were to impair our contractual relationship with the VIE, our ability to consolidate the financial results of the VIE for accounting purposes would be affected, which would in turn result in a material adverse effect on our business, operations and financial condition.

All of the VIE Agreements are governed by and interpreted in accordance with PRC law, and disputes arising from the VIE Agreements between us and the VIE will be resolved through arbitration in China. These disputes do not include claims arising under United States federal securities law and thus the arbitration provisions do not prevent our shareholders from pursuing claims under United States federal securities law. The relevant PRC regulatory authorities have broad discretion in determining whether the VIE structure violates PRC laws and regulations, therefore there are substantial uncertainties regarding the interpretation and application of the current and future PRC Laws, rules and regulations related to the validity and enforcement of VIE Agreements. As a result, uncertainties in the legal system could limit our ability to enforce the VIE Agreements. There remain significant uncertainties regarding the ultimate outcome of such arbitration should legal action become necessary. In addition, under PRC law, as long as the award does not violate the Arbitration Law, the award is final, which means parties cannot appeal the arbitration results in courts, and if the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award enforcement proceedings, which would require additional expenses and delay. In the event we are unable to enforce the VIE Agreements, or if we suffer significant delays or other obstacles in the process of enforcing the VIE Agreements, our ability to conduct business may be negatively affected.

***Numerous uncertainties exist regarding the status of the rights of the Cayman Islands holding companies, including with respect to our Company's contractual arrangements with the VIE, its founders and owners, and accordingly, we face significant challenges in enforcing these contractual agreements due to legal uncertainties and jurisdictional limits.***

We have been advised by our Cayman Islands legal counsel, Ogier, that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and (ii) entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

Contractual agreements and arranges with the VIE, its founders and owners, also represented an untested area of law within the Cayman Islands. As such, we are unaware as to the ability to enforce such contract matters in applicable courts and jurisdictions. Thus, we face many challenges in enforcing our arrangements, due to the vast uncertainties and potential jurisdictional limitations.

There is also no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment meets certain requirements. See "Enforceability of Civil Liabilities" later in this prospectus for additional information.

***If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations, or if these regulations change or are interpreted differently in the future, we may be unable to assert our contractual rights over the assets of the VIE, and our Ordinary Shares may decline in value or become worthless.***

According to our PRC counsel, the VIE Agreements are not in violation of any prohibitive provisions of the current applicable PRC Laws, however, the relevant PRC regulatory authorities have broad discretion in determining whether the VIE structure violates PRC laws. Accordingly, the PRC regulatory authorities may take a view that is contrary to, or otherwise different from, the above opinion of our PRC legal counsel.

If our corporate structure and contractual arrangements are deemed by the relevant regulators that have competent authority, to be illegal, either in whole or in part, we may lose the consolidated VIE, which conducts our business operations, holds significant intellectual property assets and accounts for all of our revenues to date, and have to modify such structure to comply with regulatory requirements. 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, the relevant regulatory authorities would have broad discretion in dealing with such violations, including:

&nbsp;&nbsp;&nbsp;&nbsp;· revoking our business and operating licenses for the VIE and WFOE;

&nbsp;&nbsp;&nbsp;&nbsp;· levying fines on the VIE and WFOE;

&nbsp;&nbsp;&nbsp;&nbsp;· confiscating income that they deem to be obtained through illegal operations;

&nbsp;&nbsp;&nbsp;&nbsp;· discontinuing or restricting business operations in China;

&nbsp;&nbsp;&nbsp;&nbsp;· imposing conditions or requirements with which we may not be able to
 comply;

&nbsp;&nbsp;&nbsp;&nbsp;· requiring us to change our corporate structure and contractual arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· restricting or prohibiting our use of the proceeds from the overseas
 offering to finance our consolidated VIE's business and operations in China; and or

&nbsp;&nbsp;&nbsp;&nbsp;· taking other regulatory or enforcement actions that could be harmful
 to our business.

Furthermore, new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure and contractual arrangements. The occurrence of any of these events could materially and adversely affect our business, financial condition and results of operations and the market price of our Ordinary Shares. In addition, if the imposition of any of these penalties or a requirement to restructure our corporate structure causes us to lose the rights to direct the activities of the VIE or our right to receive their economic benefits for accounting purposes, we would no longer be able to consolidate the financial results of the VIE into our consolidated financial statements for accounting purposes, which may cause the value of our securities to significantly decline or even become worthless.

***The VIE Shareholders may have actual or potential conflicts of interest with us, which may materially and adversely affect our business and financial condition.***

 ****

Pursuant to the VIE Agreements, the VIE shall pay service fees in an amount equivalent to all of its net income to WFOE, and WFOE has the power to direct the activities of the VIE, which can significantly impact the VIE's economic performance, and WFOE has the right to receive substantially all of the economic benefits of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of WFOE and, ultimately, our Company. As such, under U.S. GAAP, our Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes and is required to consolidate the VIE. We refer to the VIE Shareholders as its nominee shareholders because, although they remain the holders of equity interests on record in the VIE, pursuant to the terms of the Powers of Attorney, each such VIE Shareholder has irrevocably authorized our Company to exercise his, her or its rights as a shareholder of the VIE. As of the date of this prospectus, we are not aware of any conflicts between the VIE Shareholders and us. However, the VIE Shareholders may have actual or potential conflicts of interest with us in the future. These VIE Shareholders may refuse to sign or breach, or cause the VIE to breach, or refuse to renew, the existing contractual arrangements we have with them and the VIE, which would have a material and adverse effect on our ability to receive economic benefits from it for accounting purposes. For example, these VIE Shareholders may be able to cause our agreements with the VIE to be performed in a manner adverse to us by, among other things, failing to remit payments due under the contractual arrangements to us on a timely basis. We cannot assure you that when conflicts of interest arise any or all of these VIE Shareholders will act in the best interests of our Company or such conflicts will be resolved in our favor. Currently, we do not have any arrangements to address potential conflicts of interest between these VIE Shareholders and our Company. If we cannot resolve any conflict of interest or dispute between us and these VIE Shareholders, we would have to rely on legal proceedings, which could result in disruption to our business and subject us to substantial uncertainty as to the outcome of any such legal proceedings.

***We may lose the ability to use and enjoy 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.***

If the VIE goes bankrupt and all or part of its assets become subject to liens or rights of third-party creditors, we may be unable to continue our business activities, which could materially and adversely affect our business, financial condition and results of operations. Under the contractual arrangements, the VIE may not, in any manner, sell, transfer, mortgage or dispose of its assets or legal or beneficial interests in the business without our prior consent. If the VIE undergoes a voluntary or involuntary liquidation proceeding, any independent third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business, which could materially and adversely affect our business, financial condition and results of operations.

***Contractual arrangements in relation to the VIE may be subject to scrutiny by the PRC tax authorities and they may determine that WFOE or the VIE owe additional taxes, which could negatively affect our financial condition and the value of your investment.***

Under the applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the PRC tax authorities. We could face material and adverse tax consequences if the PRC tax authorities determine that the VIE contractual arrangements 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, rules and regulations, and adjust the income of the VIE in the form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in a reduction of expense deductions recorded by the VIE for PRC tax purposes, which could in turn increase their tax liabilities without reducing WFOE's tax expenses for accounting purposes. In addition, the PRC tax authorities may impose late payment fees and other penalties on the VIE for the adjusted but unpaid taxes according to the applicable regulations. Our financial position could be materially and adversely affected if the tax liabilities of the VIE increase or if it is required to pay late payment fees and other penalties.

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

We are a Cayman Islands exempted company and the majority of our assets are located in the PRC and held by the VIE. All of our current operations are conducted in the PRC. In addition, all of our current officers and directors are nationals and residents of China and all of them are currently located in China, with the exception of one nominee independent director who resides in the United States and will be appointed upon effectiveness of the registration statement. The majority of the assets of these persons are located in China. The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. 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 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 PRC court would enforce a judgment rendered by a court in the United States. As a result, it may be difficult or impossible for you to bring an action against us or against these individuals in the United States in the event that you believe that your rights have been infringed under the U.S. federal securities laws or otherwise. Since our officers and directors reside in China, it may make it difficult to enforce any judgments obtained from foreign courts against such persons. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and of the PRC may render you unable to seek recognition and/or 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 and the PRC, see "Enforceability of Civil Liabilities."

***PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that require us, our subsidiaries, or the VIE to obtain regulatory approval from PRC authorities before or after listing in the U.S.***

We are subject to certain legal and operational risks associated with being based in China. PRC laws and regulations governing our current business operations may change in substance and may also change in interpretation and may be subject to various interpretations, and as a result these risks may result in material changes in the operations of the VIE, significant depreciation of the value of our Ordinary Shares, or a complete hindrance of our ability to offer or continue to offer our securities to investors. The PRC government adopted a series of regulatory actions and issued statements to regulate business operations in China.

On August 8, 2006, six governmental agencies, namely, the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, the CSRC and the SAFE, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which became effective on September 8, 2006 and were amended on June 22, 2009. The M&A Rules require that among other things, that the Ministry of Commerce, or MOFCOM, be notified in advance of any change of control transaction in which a foreign investor acquires control of a PRC domestic enterprise and involves the following circumstances: (i) any important industry is concerned; (ii) such transaction involves factors that impact or may impact national economic security; or (iii) such transaction will lead to a change of control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. The M&A Rules also requires offshore special purpose vehicles that are controlled by PRC companies or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interest held by such PRC companies or individuals, to obtain the approval of CSRC prior to publicly listing their securities on an overseas stock exchange.

Under the current PRC laws and regulations, we do not expect that this offering will trigger MOFCOM pre-notification under the above-mentioned circumstances. However, the application of the M&A Rules remains unclear. If CSRC approval is required, it is uncertain whether it would be possible for us to obtain the approval, and any failure to obtain or delay in obtaining CSRC approval for this offering would subject us to sanctions imposed by the CSRC and other PRC regulatory agencies. According to our PRC counsel, Global Law Office, based on their understanding of the current PRC laws, rules and regulations that the CSRC's approval under the M&A Rules may not be required for our proposed initial public offering and proposed listing on Nasdaq, given that: (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours in this prospectus are subject to this regulation, and (ii) we did not establish our China subsidiary through merger with or acquisition of PRC domestic companies as defined in the M&A Rules.

However, our PRC counsel has further advised us that there remains some uncertainty as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above are subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A Rules. We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion that we do.

In addition, with respect to foreign investments that affect or may affect the national security, a security review shall be carried out in accordance with the Measures for the Security Review of Foreign Investments promulgated by the NDRC on December 19, 2020, and implemented as of January 18, 2021. According to the Measures, an office of the working mechanism for the security review of foreign investments, or working mechanism office shall be established to undertake the routine work of the security review of foreign investments. In addition, foreign investment in military industry and related fields of national defense and security, or foreign investment in areas around military facilities and military industry facilities, may lead to foreign investment in obtaining actual control of enterprises in several important fields, such as important agricultural products, important energy and resources, major equipment manufacturing, important Infrastructure, important transportation services, important cultural products and services, important information technology and Internet products and services, important financial services and key technology fields. Foreign investors or domestic parties involved in the aforesaid foreign investment shall voluntarily report to the working mechanism office before implementing the investment, and shall not implement the investment until the working mechanism office decides whether a safety review is necessary. Violators of the provisions may be ordered to make declaration within a specified time limit, dispose equities or assets and take other necessary measures to restore the equities or assets to the status before the implementation of the investment and eliminate impact on national security.

On February 17, 2023, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023 and subjects us to additional compliance requirement in the future. See "[Risk Factors](#a_004) **—** The Most Material Risks Related to Our Corporate Structure *— The Opinions recently issued by the General Office of the Central Committee of the Chinese Communist Party, the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future.*"

Furthermore, our Company, the VIE, and our investors may face uncertainty about future actions by the government of China that could significantly affect the VIE's financial performance and operations, including the enforceability of the contractual arrangements constituting the VIE Agreements. We cannot assure you that the PRC government will not initiate governmental actions against us or scrutinize us, which could substantially affect our operation and the value of our Ordinary Shares may depreciate as a result. As of the date of this prospectus, neither our Company nor the VIE has received nor was denied permission from Chinese authorities to list on U.S. stock exchanges under the PRC laws and regulations currently in effect. However, there is no guarantee that our Company or the VIE will receive, or not be denied, permission from Chinese authorities to list on U.S. stock exchanges in the future. China's economic, political and social conditions, as well as interventions and influences of any government policies, laws and regulations are uncertain and could have a material adverse effect on our business.

***The Opinions recently issued by the General Office of the Central Committee of the Chinese Communist Party, the General Office of the State Council and the New Overseas Listing Rules promulgated by the CSRC may subject us to additional compliance requirements in the future.***

On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, (1) domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC; if a domestic company fails to complete the filing procedures or conceals any material fact or falsifies any major content in its filing documents, such domestic company may be subject to administrative penalties, such as an order to rectify, warnings, fines, and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject to administrative penalties, such as warnings and fines; (2) if the issuer meets both of the following conditions, the overseas offering and listing shall be determined as an indirect overseas offering and listing by a domestic company: (i) any of the total assets, net assets, revenues or profits of the domestic operating entities of the issuer in the most recent accounting year accounts for more than 50% of the corresponding figure in the issuer's audited consolidated financial statements for the same period; (ii) its major operational activities are carried out in China or its main places of business are located in China, or the senior managers in charge of operation and management of the issuer are mostly Chinese citizens or are domiciled in China; and (3) where a domestic company seeks to indirectly offer and list securities in an overseas market, the issuer shall designate a major domestic operating entity responsible for all filing procedures with the CSRC, and where an issuer makes an application for an initial public offering in an overseas market, the issuer shall submit filings with the CSRC within three business days after such application is submitted. 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, among others, clarifies that (1) 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; (2) a six-month transition period will 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, but have not completed the indirect overseas listing; if domestic companies fail to complete the overseas listing within such six-month transition period, they shall file with the CSRC according to the requirements; and (3) the CSRC will solicit opinions from relevant regulatory authorities and complete the filing of the overseas listing of companies with contractual arrangements which duly meet the compliance requirements, and support the development and growth of these companies. Based on the foregoing, we are required to complete necessary filing procedures with the CSRC pursuant to the Trial Measures.

On February 24, 2023, the CSRC revised the Archives Rules issued in 2009. The revised Archives Rules came into effect on March 31, 2023. In the overseas listing activities of domestic companies, domestic companies, as well as securities companies and securities service institutions providing relevant securities services thereof, should establish a sound system of confidentiality and archival work, shall not disclose state secrets, or harm the state and public interests. Where a domestic company provides or publicly discloses to the relevant securities companies, securities service institutions, overseas regulatory authorities and other entities and individuals, or provides or publicly discloses through its overseas listing entity, any document or material involving any state secret or any work secret of any governmental agency, it shall report to the competent authority for approval in accordance with the law, and submit to the secrecy administration department for filing. Securities companies and securities service organizations shall comply with the confidentiality and archive management requirements, and keep the documents and materials properly. Securities companies and securities service institutions that provide domestic enterprises with relevant securities services for overseas issuance and listing of securities shall keep the working papers they compile (such as the records of working plan and procedure, evidence and supporting materials related to the services which are obtained and prepared by the aforementioned service providers) within the territory of the PRC. If such working papers need to be taken abroad, approval shall be obtained in accordance with relevant provisions.

As of the date of this prospectus, we have prepared the filling application materials required by the Trial Measures. However, 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 by us to fully comply with new regulatory requirements, including but limited to the failure to complete the filing procedures with the CSRC if required, 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.

***We may also be subject to cybersecurity review by the Cyberspace Administration of China.***

On December 28, 2021, the Cyberspace Administration of China published the Measures for Cybersecurity Review, or Cybersecurity Review Measures, which took effect on 15 February 2022, replacing the old Measures for Cybersecurity Review which took effect on 1 June 2020. According to the Cybersecurity Review Measures, there are three scenarios that require cybersecurity review : (1) where a critical information infrastructure operator purchases network products and services that may impact or potentially impact national security; (2) where a network platform operator conducts data processing activities that may affect or potentially affect national security; and (3) where a network platform operator, which holds personal information of over one million users, seeks to list abroad.

Given the aforementioned, as well as the fact that (i) we are not in possession of more than one million users' personal information, and (ii)we are not a network platform operator that conducts data processing activities, we do not fall under the second and third scenarios described above. Regarding the first scenario, according to the Regulation on the Protection of Critical Information Infrastructure Security, which became effective on September 1, 2021, 'critical information infrastructure' refers to crucial networks, systems, and other facilities in vital industries and sectors such as public communication and information services, energy, transportation, water conservancy, finance, public services, e-government, defense technology industry, etc., where any disruption, loss of function, or data leak could severely endanger national security, national economic lifelines, or public interests. According to the Cybersecurity Review Measures, 'network products and services' mainly include core network equipment, key communication products, high-performance computers and servers, large-capacity storage devices, major databases and application software, cybersecurity equipment, cloud computing services, and other products and services that have a significant impact on the security of critical information infrastructure, cybersecurity, and data security. We do not believe we are among the 'operator of critical information infrastructure', but in practice, the applicability of existing cybersecurity review regulations is broad, and without explicit determination by relevant authorities, it is typically challenging for a company such as ours to accurately self-assess whether it needs to undergo a cybersecurity review. As of the date of this prospectus, neither we nor any of our PRC subsidiaries has been required by any PRC governmental authority to apply for cybersecurity review, nor have we or any of our PRC subsidiaries received any inquiry, notice, warning, sanction in such respect or been denied permission from any PRC regulatory authority to list on U.S. exchanges.

As advised by our PRC counsel, PRC governmental authorities have significant discretion in interpreting and implementing statutory provisions. If our or VIE's business is identified by the PRC government authorities as falling under the category of "critical information infrastructure" operators purchasing network products and services that may impact or potentially impact national security, then we need to comply with the obligations regarding cybersecurity review. In that case, 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 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.

***Government control of currency conversion and transfers of funds may limit our ability to utilize revenues, remit dividends, make distributions or otherwise transfer cash among our subsidiaries and the VIE effectively, which may affect the value of your investment.***

Government control of currency conversion and transfers of funds may limit our ability to utilize revenues, remit dividends, make distributions or otherwise transfer cash among our subsidiaries and the VIE effectively, which may affect the value of your investment.

The PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and the remittance of currency out of mainland China. Under our current corporate structure, our Cayman Islands holding company may rely on dividend payments from our subsidiaries to fund any cash and financing requirements we may have. The ability of our subsidiaries to remit dividends to us may be restricted by the laws and regulations imposed by the PRC.

The majority of our and the VIE's income is received in Renminbi and our inability to obtain foreign currency or remit currency out of mainland China 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 the State Administration of Foreign Exchange 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 the PRC 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. See "[Risk Factors](#a_004) — Risks Related to Doing Business in the PRC *— Governmental control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment*."

As of the date of this prospectus, there are no restrictions or limitations imposed by the Hong Kong government nor under laws in Hong Kong on the transfer of capital within, into, and out of Hong Kong (including funds from Hong Kong to mainland China), except for the transfer of funds involving money laundering, terrorist financing or criminal activities. However, there is no guarantee that the Hong Kong government will not promulgate new laws or regulations that may impose such restrictions in the future. Pursuant to the Basic Law, the PRC laws and regulations shall not be applied in Hong Kong except for those listed in Annex III of the Basic Law (which is confined to laws relating to national defense, foreign affairs, and other matters that are not within the scope of autonomy of Hong Kong). While the National People's Congress of the PRC has the power to amend the Basic Law, the Basic Law also expressly provides that no amendment to the Basic Law shall contravene the established basic policies of the PRC regarding Hong Kong. As a result, national laws of the PRC not listed in Annex III of the Basic Law do not apply to our Hong Kong subsidiary. However, there is no assurance that our Hong Kong subsidiary will not become subject to PRC laws or regulations as a result of any significant change in the current political arrangements between mainland China and Hong Kong or any other unforeseeable reasons, in which event our Hong Kong subsidiary could be subject to similar government controls on the convertibility of foreign currency and the remittance of currency out of Hong Kong as described above.

As a result of the above, to the extent cash in the business is in mainland China or Hong Kong or business may be conducted by a mainland China or Hong Kong entity, such funds or assets may not be available to fund operations or for other use outside of mainland China or Hong Kong, as applicable, due to interventions in or the imposition of restrictions and limitations on the ability of us, our subsidiaries, or the VIE by the competent government to the transfer of cash.

**Risks Related to Our Business**

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***The VIE's operating history may not be indicative of its future growth or financial results and the VIE may not be able to sustain its historical growth rates, which may adversely affect the market price of our Ordinary Shares.***

The VIE's operating history may not be indicative of its future growth or financial results. There is no assurance that the VIE will be able to grow its revenues in future periods. The VIE's growth rates may decline for any number of possible reasons, and some of them are beyond its control, including decreasing demand for its software and hardware solutions, increasing competition, declining growth of the decentralized distributed technology industry in general, emergence of alternative business models, or changes in government policies or general economic conditions. The VIE expects that its distributors will continue to expand their sales networks to increase its users and provide service and convenience to them. However, the execution of the VIE's expansion plan is subject to uncertainty and the VIE may not grow at the rate management of the VIE expects for the reasons stated above. If the VIE's growth rates decline, investors' perceptions of our business and prospects may be adversely affected and the market price of our Ordinary Shares could decline accordingly.

***The VIE depends on its proprietary technology, and our future results may be impacted if the VIE cannot maintain technological superiority in its industry.***

The VIE's success in the past has largely been attributable to its sophisticated proprietary technology. The VIE has benefited from the fact that the type of proprietary technology employed by the VIE has not been widely available to its competitors. This is largely because Mr. Guangqing Hu, our founder, Chairman of our Board of Directors and CTO has been developing the distributed network configuration tool software since 2017 using the VIE's proprietary technology and has taken steps to safeguard such technology. If technology equivalent to the proprietary technology the VIE employs becomes more widely available to its current or future competitors for any reason, including, but not limited to, loss of intellectual property protection, challenges to our intellectual property rights, unenforceability of such rights, or even industry innovation or industry divergence from our technological philosophy and roadmap, our operating results may be adversely affected.

Additionally, to keep pace with changing technologies and client demands, the VIE must correctly interpret and address market trends and enhance the features and functionality of its technology in response to these trends, which management expects will lead to significant research and development costs. The VIE may be unable to accurately determine the needs of clients, developers and end-users or the trends in the decentralized distributed technology industry or to design and implement the appropriate features and functionality of the VIE's technology in a timely and cost-effective manner, which could result in decreased demand for the VIE's network, products, and service offerings and a corresponding decrease in our revenue. Also, any adoption or development of similar or more advanced technologies by the VIE's competitors may require that the VIE devotes substantial resources to the development of more advanced technology to remain competitive. The markets in which the VIE competes are characterized by rapidly changing technology, evolving industry standards, practices and techniques. Also, the VIE may not be able to keep up with these rapid changes in the future, develop new technology, realize a return on its research and development expenditures or remain competitive in the future.

In addition, although the VIE's network is decentralized and less susceptible to the following as a result of its decentralized nature, the VIE must still protect its systems against physical damage from fire, earthquakes, power loss, telecommunications failures, computer viruses, hacker attacks, physical break-ins and similar events. Any software or hardware damage or failure that causes interruption or an increase in response time of the VIE's proprietary technology could reduce client satisfaction and decrease usage of the VIE's products and network. This would also likely result in reputational damage to the VIE and consequently negatively affect its future performance.

***The further development and acceptance of decentralized distributed technologies, which are part of a new and rapidly changing industry, are subject to a variety of factors that are difficult to evaluate. The slowing or stopping of the development or acceptance of decentralized distributed technologies would have a material adverse effect on our business.***

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The growth of the distributed technology industry in general, as well as the network on which our technologies rely, is subject to a high degree of uncertainty. The factors affecting the further development of the distributed technology industry and networks, include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· worldwide
 growth in the adoption and use of decentralized distributed technologies;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 maintenance and development of protocols and standards for decentralized networks;

&nbsp;&nbsp;&nbsp;&nbsp;· innovation
 and the development of new technologies and the obsolescence of older technologies, technologies
 including both hardware and software;

&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in consumer demographics and public tastes and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in the popularity or acceptance of decentralized distributed technologies; and

&nbsp;&nbsp;&nbsp;&nbsp;· general
 economic conditions and the regulatory environment relating to decentralized distributed
 technologies.

The distributed technology industry has been characterized by rapid changes and innovations. Although it has experienced significant growth in recent years, the slowing or stopping of the development, general acceptance and adoption and usage of decentralized networks, along with the innovation or obsolescence of related technologies may materially adversely affect our business plans, financial results and prospects.

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Changing technologies, even those not directly pertaining to our industry, can have a material adverse effect on our business.

***Changes in other technologies and related industries could have a material adverse effect: (i) changes in hardware technology and performance networks and (ii) changes in software technology and other related industries and technologies which affect us.***

The performance improvement of hardware technology and hardware products that may occur in the future could have an adverse effect on our ability to adapt to industry-leading standards. In addition, the anticipated upgrading of network performance (such as, for example, 5G/6G technology) in the future, would be conducive to the improvement of the comprehensive performance of distributed networks and the development of the industry. To the extent that these and other technological changes and performance improvements occur in the industry, we would be required to adapt and maintain a competitive position within the sector and marketplace. There is no guarantee that our products and offerings would remain viable due to these and other technology changes and network performance standards.

Potential risks in our business arise mainly from whether the software technology that we use in our operations becomes outdated. Our software technology needs to be continuously upgraded and iterated to adapt to the changes of software industry. Technology in the software sector is characterized by constant ongoing changes, and our ability to innovate and adapt are critical to our success. There is no assurance that our products and offerings can be maintained at the advanced level of progress which may occur in the software industry. If we are unable to adapt and innovate to keep up with technology changes in the software sector, our business plan, financial performance and overall success could suffer a significant and material adverse effect.

***The VIE depends on its largest 5 distributors, the loss of any of which could cause a significant decline in our consolidated revenues.***

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Management of the VIE considers distributors to be its customers since the VIE sells its software and hardware solutions to its distributors not to end-users directly. The VIE enters into distributor agreements. The VIE does not have agreements with end-users. We generally categorize our end-users as individuals or enterprises who seek access to the distributed network and leverage our software products to create the decentralized applications for their specific needs. The VIE's distributors market to government organizations, businesses and individuals interested in utilizing decentralized distributed networks and either utilizing existing applications, having applications developed for them or creating their own applications. As part of the e-learning platform, which runs its own network, the Company is in ongoing discussions with various organizations. As of September 30, 2024, the VIE had 35 distributors in China. The VIE had 5 significant customers which accounted for greater around 50% of their total revenue for the fiscal year ended September 30, 2024 . For the fiscal year ended September 30, 2024, the VIE's top 5 customers accounted for 12%, 11%, 11%, 8%, 7%, respectively, of revenues for such period. For the fiscal year ended September 30, 2023, the VIE's top 5 customers accounted for 22%, 15%, 10%, 7%, 6%, respectively, of revenues for such period.

Although the VIE does enter into distributor agreements with each customer describing the terms and conditions concerning the software, delivery of the software and payment, the consequences of breach of this agreement are only the termination of their distributor agreement. The VIE relies upon short-form order sheets to memorialize purchase agreements when distributors make their orders on an as-needed basis. The distributors can reduce the quantities of products from the VIE, or cease purchasing products from the VIE. Such reductions or terminations could have a material adverse impact on the VIE's revenues, profits and financial condition. The loss of any of the VIE's major customers, or a significant reduction in sales to any such customers, would adversely affect its profitability, which would cause a significant decline in our consolidated revenues.

We expect that the VIE will continue to depend on a relatively small number of distributors for a significant portion of its net revenue. The distributors constitute customers of the VIE. The VIE's ability to maintain close and satisfactory relationships with its distributors is important to the ongoing success and profitability of its business. The VIE's ability to attract potential distributors is also critical to the success of its business. If any of the VIE's significant distributors reduce, delay or cancel orders for any reason, or the financial condition of any of the VIE's key distributors deteriorates, the VIE's business could be seriously harmed. Similarly, a failure to manufacture sufficient quantities of products to meet the demands of these distributors may cause the VIE to lose distributors, which may affect adversely the profitability of the VIE's business as a result which would cause a significant decline in our consolidated revenues. Furthermore, if the VIE experiences difficulties in the collection of their accounts receivables from their major distributors, our results of operation may be materially and adversely affected.

The top 3 customers for the fiscal year ended September 30, 2024 are the following (1) Guangdong Lightning Cat New Energy Technology Co., Ltd ("Guangdong Lightning"), (2) Chongqing Shenghong Technology Co., Ltd ("Chongqing Shenghong"), and (3) Shenzhen Huawang Supply Chain Co., Ltd ("Shenzhen Huawang"), accounting for 11%, 11% and 10% of the total revenue for the fiscal year, respectively. Among these customers, none of them are related parties of our Company, its subsidiaries or the VIE.

Guangdong Lightning, Chongqing Shenghong and Shenzhen Huawang are distributors which have signed master sales contracts with the VIE. Important terms of the agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon receipt of the software payment into the designated account of the VIE ("Party B"), Party A shall be responsible for configuring the software and delivering the software activation code along with the installation manual to the distributor ("Party A"). Party A shall confirm the successful activation of the software and then issue an acceptance confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license provided is a permanent license, allowing Party A to operate the software at any time and place, within an independent third-party environment, following delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B is committed to providing one year of after-sales service, which includes technical support, maintenance, and automatic background updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales services exceeding one year, the service fees shall be separately negotiated and agreed upon by both Party A and Party B based on necessity.

The top 3 customers for the fiscal year ended September 30, 2023 are the following: (1) Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd. ("Liaoning Pulian"), (2) Shenzhen Jisu Distributed Network Technology Co., Ltd. ("Shenzhen Jisu"), and (3) Zerolimit Digital Technology Co., Ltd. ("Zerolimit Digital"), accounting for 22%, 15% and 10% of the total revenue for the fiscal year, respectively. Of these customers, only Zerolimit Digital is a related party of the Company, its subsidiaries and the VIE.

Liaoning Pulian and Shenzhen Jisu are distributors which have signed master sales contracts with the VIE. Important terms of the agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon receipt of the software payment into the designated account of Party A, Party A shall be responsible for configuring the software and delivering the software activation code along with the installation manual to Party B. Party B shall confirm the successful activation of the software and then issue an acceptance confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license provided is a permanent license, allowing Party B to operate the software at any time and place, within an independent third-party environment, following delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A is committed to providing one year of after-sales service, which includes technical support, maintenance, and automatic background updates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales services exceeding one year, the service fees shall be separately negotiated and agreed upon by both Party A and Party B based on necessity.

This product guarantee constitutes Party A's commitment to Party B. During its agency period, Party B shall assume the product guarantee obligations towards the end-users, which are transferred to Party B concurrently with the delivery of Party A's products.

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Zerolimit Digital is the VIE's domestic parent company which has signed software authorization agreements for the use of four software products developed by the VIE. Please refer to the discussion starting on page 140 for "[Material Transactions with Related Parties](#drsa5_003)" for more details.

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***We are subject to concentration risks of suppliers and customers.***

As of September 30, 2024 and 2023, there were three and three customers from whom revenues individually represent greater than 10% of our total revenues, respectively. The total sales to these customers accounted for approximately 34% and 47% of our total revenues, respectively, for the same periods. As of September 30, 2024 and 2023, there were one and zero suppliers from whom purchases individually represent greater than 10% of our total purchases, respectively. The total purchase from these suppliers accounted for approximately 100% and 0% of our total purchase, respectively, for the same periods. Considering such concentration, the loss of these customers and suppliers could have a material adverse effect on our business.

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***Although the VIE enters into distributor agreements with its customers, and thereby the parties agree to a specific quantity of products and services, the consequences of breach of any such agreement is only the termination of the applicable distributor agreement. If customers reduce the quantities of products and services or cease purchasing products and services from the VIE, such reductions or terminations would cause a significant decline in our consolidated revenues.***

The distributor agreement with each customer describes the terms and conditions concerning the software, delivery of the software and payment. The VIE relies upon short-form order sheets to memorialize agreements with its customers for the purchase of products and services, pursuant to which customers make their orders on an as-needed basis. The customers can reduce the quantities of products from the VIE, or cease purchasing products from the VIE. Such reductions or terminations could have a material adverse impact on the VIE's revenues, profits and financial condition. The loss of any of the VIE's major customers, or a significant reduction in sales to any such customers, would adversely affect the VIE's profitability and also cause a significant decline in our consolidated revenues.

 **

***The success of a network created using our proprietary technology depends on maintaining a minimum user base, which translates to a minimum number of nodes; for instance, if the number of users and nodes decreases below 160, application failures on the distributed network are more likely, however the minimum number of nodes to run a network with only one application is three nodes.***

 **

There are a number of factors that could negatively impact user retention and growth, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the VIE may fail to introduce new software products or those the VIE
 introduces may be poorly received;

· there is a requirement for a minimum
 number of nodes. As for the user base, because can expand the user base according to the demands in different scenarios and has
 the business to have flexible scalability, may have minimum requirement for the user base to make it profitable. For us, we only
 focus on the minimum nodes;

· there may be adverse changes in user

· there may be concerns about privacy implications, safety or security

 to even quantum computing;

· technical or other problems may frustrate the experience of the users,
 particularly if those problems prevent the decentralized applications from running in a fast and reliable manner;

· since the VIE does not communicate directly with end-users, others
 (including customers of the distributors and developers) may fail to provide adequate service to end-users;

· the VIE or other companies in its industry may be the subject of adverse
 media reports or other negative publicity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the VIE may not maintain its brand image or reputation may be damaged;

· the VIE may be subject to denial of service or other attacks from hackers
 that result in service downtime, although it's particularly difficult to hack multiple nodes in a decentralized network;

· the VIE may be unable to adapt software products to the rapidly changing
 Web3;

· decentralized distributed networks may become poorly received as companies
 begin to make their debut, changing sentiment and demand for our software products; and

· the hardware that has been established as a node on a network fails
 for any reason and there aren't enough other nodes on the network to allow applications to run successfully.

The success of a network created using our proprietary technology depends on maintaining a minimum user base, which translates to a minimum number of nodes. If the number of nodes on a network running one application decreases below three, application failure on the network is more likely. If the number of nodes on the distributed network decreases below 160, To ensure that users continue to run decentralized applications on network created using the VIE's proprietary technology, the VIE must make sure its software packages can create and update nodes so that they continue operating within the network, or it could have a material adverse effect on our business, results of operations or financial condition.

 **

***The distributed network may face scalability challenges as it expands to a greater number of users.***

 **

Although the VIE has considered scalability issues for its distributed network and generally the network is scalable and actually increases in efficacy with an increased number of users, if the VIE has missed or failed to consider certain consequences that may arise as a result of scaling or usage by an increasing number of users, such failure could lead to a failure in the distributed network or a reduction in the efficacy thereof and could cause substantial reputational harm to the VIE and could damage relationships with existing users, reduced demand for the VIE's products and services, and consequently adversely affect the market price of our Ordinary Shares.

***Issues with the VIE's programming code and damage to nodes could hurt users' ability to effectively establish and maintain networks resulting in an inability to provide applications on such networks, which could damage the VIE's reputation and harm our results of operations.***

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The ability to establish and maintain networks, as well as the applications that run on such networks depends on the VIE's programming code. In addition, although the benefit of a decentralized network is that redundancies and distribution of information is achieved over numerous devices (nodes), if there is damage to enough of the nodes on a network, e.g. through wars, nuclear holocaust, or other globally destructive catastrophes, widespread targeted node attacks at numerous locations throughout the globe, floods, fires, power loss, telecommunications failures or hackers, this could result in network interruptions and consequently interruptions to applications on the network. Issues with the VIE's programming code and damage to enough nodes on a network could damage our brand and have a material adverse effect on our business, results of operations or financial condition.

***If the VIE continues to sell hardware products, a significant interruption in the VIE's suppliers could potentially disrupt the VIE's operations.***

The VIE has limited control over the operations of their third-party suppliers. Any significant interruption in such suppliers' operations may have an adverse impact on the VIE operations. We generally rely on our suppliers for hardware equipment, motherboards, storage devices, computing devices, and software component materials and other related products to operate our software products. For example, significant interruptions in the operations of the suppliers' manufacturing facilities could cause delay or failure of shipment of such hardware equipment, services, devices, or software component materials to the VIE, which in turn, may cause delay or failure to manufacture and ship ordered products to customers, resulting in damage to the VIE's customer relationships. If the VIE is unable to adequately address the impact of the interruptions of operations of their third-party suppliers, the VIE's business operations and financial results may be materially and adversely affected.

Although the VIE believes that it could establish alternate sources from other suppliers, there can be no assurance that such replacement suppliers will provide the hardware equipment, services, devices, or software component materials that are needed by the VIE in the quantities requested, at the quality required, or at the prices that the VIE is willing to pay. Any shortage in such hardware equipment, services, devices, or software component materials, deficiency in quality or any increase in prices could adversely affect the VIE's reputation, financial conditions and results of operations.

***The VIE does not have long-term contracts with its hardware product suppliers and the suppliers can reduce order quantities or terminate their sales to the VIE.***

The VIE does not have long term contracts with its suppliers. If the VIE's supply of certain services is disrupted or delayed, there can be no assurance that additional supplies or services can serve as adequate replacements or that supplies will be available on terms that are favorable to the VIE, if at all. Moreover, even if the VIE can identify adequate replacements on substantially similar terms, its business could be adversely affected until those efforts were completed. Any disruption or delay in the supply of the VIE's hardware components could limit the ability of the VIE to fulfill orders or service or replace products, or cause other constraints on the VIE's operations that could damage its customer relationships.

***If the VIE is unable to build and maintain a sufficient sales and distribution network to meet increasing demand of its products, the VIE's ability to execute on its business plan as outlined in this prospectus will be impaired.***

The VIE's distributors refer to those individuals or entities who purchase our products and distribute them in the region designated in our purchase agreements with them or through offline and online channels to resell our products to end users. As of September 30, 2024, we had 35 distributors in China. These intermediaries cover 9 provinces and 11 municipalities in China, including Guangdong, Chongqing, Zhejiang, Hainan, Hubei, Liaoning, Shandong, Sichuan, and Hebei.

Although the VIE's current sales and distribution channels are sufficient to satisfy the current business needs, it might become insufficient to meet demand if the VIE continues to grow its business. If the VIE's planned efforts to expand its direct sales force and distribution channels are not effective, its ability to execute on its business plan and to realize continued growth will be impaired.

***The VIE may face competition from, and the VIE may be unable to compete successfully against, new entrants and established companies with greater resources.***

The VIE's industry is competitive and rapidly evolving and includes many companies both domestically and internationally. The VIE faces increasing competitive pressures to grow its business in order to maintain its competitive position, and the VIE may encounter competition from, and lose customers to, other companies with design, technological and manufacturing capabilities similar to them. In addition to the risk posed by the quantitative effect of the entry of new competitors, some of the VIE's potential competitors may also have greater name recognition, greater operating revenues, larger customer bases, longer customer relationships, and greater financial, technical, personnel and marketing resources than the VIE. If the VIE is unsuccessful in competing with its competitors for its existing and prospective customers' business, the VIE's financial condition and results of operation may be adversely affected.

Increased competition may further reduce the VIE's market share and profitability and require the VIE to increase its sales and marketing efforts and capital commitment in the future, which could negatively affect the VIE's results of operations. Although the VIE is continuously growing its customer base, there is no assurance that the VIE will be able to continue to do so in the future against current or future competitors, and such competitive pressures may have a material adverse effect on the VIE's business, financial condition, and results of operations.

***The continuing development of VIE's products depends upon its strong working relationships with its distributors.***

The research, development, marketing, and sales of the VIE's products and the development of new and improved products and services and future products and services depend upon the VIE's working relationships with its distributors. See "Research and Development." The VIE relies on its distributors to provide them with feedback from the end-users, which can then be used to continue development of the VIE's software products and hardware.

Distributors assist the VIE in marketing and sales, as well as collecting customers' feedback and advice related to the VIE products. If the VIE cannot maintain strong working relationships with its distributors and continue to receive their advice and input, the development, improvement and marketing of the VIE's products could suffer, which could have a material adverse effect on our business, financial condition and results of operations.

***Technological changes may adversely affect the sales of the VIE's products and may cause its products to become obsolete.***

The distributed technology market is characterized by extensive research and development and rapid technological changes. Technological progress or new developments in the distributed technology industry or technological changes in other industries could adversely affect the demand and consequently sales of the VIE's products and services. For example, new hardware innovations could render our software applications which make certain assumptions based on current hardware standards inoperable or handicapped and could require significant development on our part to adapt to such changes in technology and new industry developments. The VIE's products and services could also be rendered obsolete due to future innovations by its competitors, all of which would have a material adverse effect on the VIE's business, financial condition, and results of operations.

  ****

***Consolidation in the decentralized distributed technology industry could have an adverse effect on the VIE's revenues and results of operations.***

Distributed technology companies may consolidate to create new companies with greater market power. If companies in the decentralized distributed technology industry consolidates, competition to provide goods and services to industry participants will become more intense. These industry participants may use their market power to negotiate price concessions or reductions for their products making them more desirable than the VIE's products. If the VIE reduces its prices because of consolidation in the decentralized distributed technology industry, the VIE's revenues would decrease accordingly, which could have a material adverse effect on the VIE's business, financial condition, and results of operations.

***The VIE may fail to effectively develop and commercialize new products, which would materially and adversely affect their business, financial condition, and results of operations.***

The distributed technology industry is developing rapidly and related technology trends are constantly evolving. This results in frequent introduction of new products, short product life cycles and significant price competition. Consequently, the VIE's future success depends on its ability to anticipate technology development trends and identify, develop, and commercialize in a timely and cost-effective manner new and advanced products that their customers demand. Whether the VIE is successful in developing and commercializing new products is determined by their ability, among other things, to:

&nbsp;&nbsp;&nbsp;&nbsp;· accurately assess technology trends and customer needs and meet market
 demands;

· optimize their manufacturing, procurement, and development processes
 to predict and control costs;

· manufacture or develop and deliver products
 in a timely manner;

· ensure sufficient skilled labor and capital
 to develop, market, sell and successfully commercialize the software products into the marketplace;

· increase customer awareness and acceptance of its products;

· anticipate and compete effectively with other developers, manufacturers
 and marketers;

· price their products competitively; and

· effectively integrate customer feedback into their research and development
 planning.

We cannot assure you that the VIE can effectively develop and commercialize new products. In the event the VIE fails to develop and commercialize new products, it would materially and adversely affect the VIE's business, financial condition, and results of operations.

***If the VIE fails to develop other products, the VIE may be unable to grow its business.***

As a significant part of the VIE's growth strategy, they intend to develop and commercialize additional hardware and software products through their research and development program or by acquiring additional technologies and patents from third parties. The success of this strategy depends largely upon the VIE's ability to develop new technologies or identify, select and acquire the technologies and patents on terms that are acceptable to them.

Any patents and technologies the VIE identifies or acquires will require additional development efforts prior to bringing products to market, including approval or clearance by the applicable regulatory authorities. All products are prone to the risks of failure inherent in product development, including the possibility that the hardware or software will not be shown to be sufficiently safe and effective for approval or clearance by regulatory authorities. In addition, we cannot assure you that any such hardware or software products that are approved or cleared will be successfully implemented to operate effectively within distributed network, or will be widely accepted in the marketplace.

If the VIE is unable to develop suitable new products through internal research programs or by obtaining intellectual property or technologies from third parties, it could have a material adverse effect on the VIE's business, financial condition, and results of operations.

***If the VIE is not able to implement its strategies to achieve its business objectives, the VIE's business operations and financial performance will be adversely affected.***

The VIE's business plan and growth strategies are based on currently prevailing circumstances and the assumption that certain circumstances will or will not occur. However, there are uncertainties involved in various stages of development, and there is no assurance that the VIE will be successful in implementing its strategies or that its strategies, even if implemented, will lead to the successful achievement of their objectives. If the VIE is not able to successfully implement its strategies, the VIE's business operations and financial performance will be adversely affected.

***The VIE's future success depends on the continuing efforts of its senior management team and other key personnel, and the business may be harmed if the VIE were to lose their services.***

The VIE's future success depends heavily upon the continuing services of the members of its senior management team and other key personnel, in particular, Mr. Guangqing Hu, our chairman of the Board of Directors, or "Chairman," and CTO. In addition, because of the importance of research and development to the VIE's business, the VIE's team of engineers plays a key role in the VIE's operations. If one or more of the VIE's senior executives or other key personnel, including key engineers, are unable or unwilling to continue in their present positions, the VIE may not be able to replace them easily or at all, and the VIE's business may be disrupted and financial condition and results of operations may be materially and adversely affected. Competition for senior management and key personnel is intense, the pool of qualified candidates is very limited, and the VIE may not be able to retain the services of their senior executives or key personnel, or attract and retain high-quality senior executives or key personnel in the future. As is customary in the PRC, the VIE does not have insurance coverage for the loss of its senior management team or other key personnel.

In addition, if any member of the VIE's senior management team or any of its other key personnel joins a competitor or forms a competing company, the VIE may lose clients, important relationships, sensitive trade information, and key professionals and staff members.

***If the VIE fails to adopt new technologies to evolving distributor needs or emerging industry standards, the VIE's business may be materially and adversely affected.***

To remain competitive, the VIE must continue to stay abreast of the constantly evolving industry trends and must enhance and improve its technology accordingly. The VIE must identify and adopt new technologies to meet customer needs, and must also identify and adopt technologies that meet evolving industry standards and trends. Such adoption may be accomplished through in-house research and development or acquisition of the technologies. There can be no assurance that the VIE will be able to identify, develop or acquire such technologies or even utilize such technologies effectively. If the VIE is unable to adapt to customer demands and evolving industry standards and trends in a cost-effective and timely manner, whether for technical, legal, financial or other reasons, its business may be materially and adversely affected.

***Changes to the VIE's payment terms with both distributors and suppliers may materially adversely affect our operating cash flows.***

The VIE may experience significant pressure from its suppliers to reduce the number of days of their accounts payable or change the way they pay. At the same time, the VIE may experience pressure from its distributors to extend the number of days before paying their accounts receivable. As the company's business expands and distributors' needs become increasingly diverse, in order to enhance market competitiveness and strengthen long-term strategic partnerships with clients, we have appropriately relaxed our payment collection policies for distributors with good credit standing. We now offer distributors a credit term of approximately 30 days. Agreements with distributors include terms for acceptable methods of payment, the dates payments are due, and other payment terms. Additionally, we have strengthened comprehensive monitoring and control over accounts receivable throughout the entire process, from pre-sale to in-process and post-sale stages, while maintaining close communication with distributors. This helps to ensure the smooth and timely receipt of payments. Any failure to manage the VIE's accounts payable and accounts receivable may have a material adverse effect on our business, financial condition and results of operations.

***Economic recessions could have a significant, adverse impact on our business.***

The VIE's revenues are generated from sales of products and services in China and the VIE anticipates that revenues from such sales will continue to constitute its sole source of revenues in the near future. The VIE's sales and earnings can also be affected by changes in the general economy of China.

The distributed technology industry historically has experienced cyclical fluctuations in financial results due to economic recession, downturns in business cycles of customers, interest rate fluctuations, and other economic factors beyond the VIE's control. Deterioration in the economic environment subjects the VIE's business to various risks, which may have a material and adverse impact on the VIE's operating results and cause the VIE to not reach their long-term growth goals. A downturn in the economy could affect the discretionary spending power of customers and, in turn, depress the number of orders for the VIE's products, which would have a material adverse effect on our business, financial condition and results of operations.

***Any disruption of the operation of the VIE could materially and adversely affect the VIE's business and results of operations.***

Currently, the VIE's software products are primarily produced at its office located in Shenzhen, China. Natural disasters or other unanticipated catastrophic events, including storms, fires, explosions, earthquakes, terrorist attacks and wars, as well as changes in governmental planning for the land where the VIE's office are located could significantly impair the VIE's ability to manufacture software products and operate its business. Catastrophic events could also destroy inventories of hardware. The occurrence of any catastrophic event could result in the temporary or long-term closure of the facility and may severely disrupt the VIE's business operations.

In addition, VIE's office and their suppliers' factories are subject to environmental inspections and regulations. As of the date of this prospectus, we cannot assure you that all the factories and offices are in strict compliance with such environmental inspections and regulations based on our knowledge. If such facilities fail to rectify and pass the environmental inspections or comply with relevant environmental requirements relating to production activities in a timely manner, they may be subject to fines, rectification, suspension and closure, which may materially and adversely affect the production at the VIE's office and in turn may impact its business. In the event of any changes in the PRC laws and/or regulations and/or government policies on environmental protection and more stringent requirements are imposed on the VIE's and its suppliers, the VIE may have to incur extra costs and expenses to comply with such requirements and the VIE's business and results of operations may be adversely affected.

Furthermore, the VIE's facilities are located on leased properties. Though such leases are renewable upon expiration, the VIE's ability to renew existing leases upon their expiration is crucial to the VIE's production activities, operations and profitability. If the VIE is unable to negotiate for a renewal of the relevant leases, the VIE may be forced to relocate its production bases and it may be difficult and costly to replace or relocate the facilities and equipment on a timely basis. If the VIE fails to address the risks mentioned above, its production will be materially and adversely affected.

If the VIE or its suppliers experience any unanticipated disruptions, the VIE's production will be severely disrupted, which may in turn materially and adversely affect the VIE's business, financial condition and results of operations.

***The VIE may be exposed to intellectual property infringement and other claims by third parties which, if successful, could disrupt the VIE's business and have a material adverse effect on our financial condition and results of operations.***

The VIE's success depends, in large part, on its ability to use and develop its technology and know-how without infringing third-party intellectual property rights. As intellectual property litigation becomes more common in PRC, the VIE faces a higher risk of being the subject of claims for intellectual property infringement, invalidity or indemnification relating to other parties' proprietary rights. The VIE's current or potential competitors, many of which have substantial resources and have made substantial investments in competing technologies, may have or may obtain patents that will prevent, limit or interfere with the VIE's ability to make, use or sell its products in China. The validity and scope of claims relating to internet ecosystem technology patents involve complex scientific, legal and factual questions and analysis and, as a result, may be highly uncertain. In addition, the defense of intellectual property suits, including patent infringement suits, and related legal and administrative proceedings can be both costly and time consuming and may significantly divert the efforts and resources of the VIE's technical and management personnel. Furthermore, an adverse determination in any such litigation or proceedings to which the VIE may become parties could cause them to:

&nbsp;&nbsp;&nbsp;&nbsp;· pay damage awards;

· seek licenses from third parties;

· pay ongoing royalties;

· redesign products; or

· be restricted by injunctions,

each of which could effectively prevent the VIE from pursuing some or all of its business and result in its distributors or potential distributors deferring or limiting their purchase or use of the VIE's products, which could have a material adverse effect on our financial condition and results of operations.

In addition, the VIE currently holds two patents which were acquired through assignment from the transferor, Xin Jianfang. However, the transfer agreements for these aforementioned two patents have been lost, we cannot assure that such transfers are valid or will be considered legally binding, and may exposed to litigation risk. However, for us, these two patents are not our core patents.

***The VIE may not be able to prevent others from unauthorized use of its intellectual property, which could harm its business and competitive position.***

The VIE relies on a combination of trademark, fair trade practice, patent, copyright and trade secret protection laws in China, as well as confidentiality procedures and contractual provisions, to protect its intellectual property rights. The VIE intends to enter into confidentiality agreements with their employees that include terms identifying all employee-developed intellectually property as service inventions belonging to the VIE. In addition, the VIE strives to remain current in its annual patent fee payments. The VIE regards its trademarks, patents, know-how, proprietary technologies, and similar intellectual property as critical to its success. The VIE may become an attractive target to intellectual property attacks in the future with the increasing recognition of its brand. Any of the VIE's intellectual property rights could be challenged, invalidated, circumvented or misappropriated, or such intellectual property may not be sufficient to provide the VIE with competitive advantages. In addition, there can be no assurance that (i) all of the VIE's intellectual property rights will be adequately protected, or (ii) the VIE's intellectual property rights will not be challenged by third parties or found by a judicial authority to be invalid or unenforceable. Intellectual property protection may not be sufficient in China. Confidentiality agreements may be breached by counterparties, and there may not be adequate remedies available to the VIE for any such breach. Accordingly, the VIE may not be able to effectively protect its intellectual property rights or to enforce its contractual rights in China. In addition, policing any unauthorized use of the VIE's intellectual property is difficult, time-consuming and costly and the steps the VIE has taken may be inadequate to prevent the misappropriation of its intellectual property.

In the event that the VIE resorts to litigation to enforce its intellectual property rights, such litigation could result in substantial costs and a diversion of their managerial and financial resources. We can provide no assurance that the VIE will prevail in such litigation. In addition, the VIE's trade secrets may be leaked or otherwise become available to, or be independently discovered by, its competitors. Any failure in protecting or enforcing the VIE's intellectual property rights could have a material adverse effect on our business, financial condition and results of operations.

***Changes in U.S. and international trade policies, particularly with regard to China, may adversely impact the VIE's business and operating results.***

The U.S. government has recently made statements and taken certain actions that may lead to potential changes to U.S. and international trade policies, including recently imposed tariffs affecting certain products manufactured in China. It is unknown whether and to what extent new tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on the VIE or its industry and customers. If the VIE plans to sell its products internationally in the future, any unfavorable government policies on international trade, such as capital controls or tariffs, may affect the demand for the VIE's products, impact the competitive position of the VIE's products or prevent the VIE from being able to sell products in certain countries. If any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated or, in particular, if the U.S. government takes retaliatory trade actions due to the recent U.S.-China trade tension, such changes could have an adverse effect on the VIE's business, financial condition, and results of operations.

***The VIE has no business liability or disruption insurance, which could expose the VIE to significant costs and business disruption.***

The insurance industry in China is still at an early stage of development, and insurance companies in China currently offer limited business-related insurance products. The VIE does not have any business liability or disruption insurance to cover its operations. The VIE has determined that the costs of insuring for these risks and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for the VIE to have such insurance. Any uninsured risks may result in substantial costs and the diversion of resources, which could adversely affect the VIE's results of operations and financial condition.

***If we do not obtain substantial additional financing, including the financing sought in this offering, the VIE's ability to execute its business plan as outlined in this prospectus will be impaired.***

The VIE's plans for business expansion and development are dependent upon its raising significant additional capital, including the capital sought in this offering. The VIE's plans call for significant new investments in research and development, marketing, expanded production capacity, and working capital for materials and other items. Management estimates that our capital needs for expanding our research and development department and management department, including but not limited to, hiring high-end internet ecosystem talents and management personnel with international and professional backgrounds, will be approximately USD$[·] million. Although the Company expects the proceeds of this offering and net earnings to substantially fund the VIE's planned growth and development, management will be required to properly and carefully administer and allocate these funds. Should the VIE's capital needs be higher than estimated, or should additional capital be required after the close of this offering, we will be required to seek additional investments, loans or debt financing to fully pursue our business plans. Such additional investment may not be available to us in sufficient amounts or on terms which are favorable or acceptable. Should we be unable to meet the VIE's full capital needs, its ability to fully implement its business plan will be impaired.

***Pandemics and epidemics, natural disasters, terrorist activities, political unrest, and other outbreaks could disrupt the VIE's delivery and operations, which could materially and adversely affect the VIE's business, financial condition, and results of operations.***

Global pandemics, epidemics in China or elsewhere in the world, or fear of the spread of contagious diseases, such as Ebola virus disease (EVD), coronavirus disease 2019 (COVID-19), Middle East respiratory syndrome (MERS), severe acute respiratory syndrome (SARS), H1N1 flu, H7N9 flu, and avian flu, as well as hurricanes, earthquakes, tsunamis, or other natural disasters could disrupt the VIE's business operations, reduce or restrict the VIE's supply of products, incur significant costs to protect its employees and facilities, or result in regional or global economic distress, which may materially and adversely affect the VIE's business, financial condition, and results of operations. Actual or threatened war, terrorist activities, political unrest, civil strife, and other geopolitical uncertainty could have a similar adverse effect on the VIE's business, financial condition, and results of operations. Any one or more of these events may impede the VIE's production and delivery efforts and adversely affect its sales results, whether short-term or for a prolonged period of time, which could materially and adversely affect the VIE's business, financial condition, and results of operations.

Since late December 2019, the outbreak of a novel strain of coronavirus, later named COVID-19 has spread globally. On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a "Public Health Emergency of International Concern (PHEIC)," and later on March 11, 2020, a global "pandemic." The COVID-19 pandemic has led governments across the globe to impose a series of measures intended to contain its spread, including border closures, travel bans, quarantine measures, social distancing, and restrictions on business operations and large gatherings. From 2020 to the middle of 2022, COVID-19 vaccination programs have been greatly promoted around the globe, however several types of COVID-19 variants have emerged in different parts of the world and caused temporary lockdowns. Restrictions had been re-imposed from time to time in certain cities to combat sporadic outbreaks of COVID-19 in the PRC from early 2020 through December 2022. For example, in early 2022, the Omicron variant of COVID-19 was identified in China, especially in Shenzhen and Shanghai city, Jilin Province and Beijing, where strict lockdowns were imposed. In addition, in the second half of 2022, some cities, including Guangzhou, Shenzhen and Beijing, remained under lockdown for discrete periods of time due to measures to contain the spread of Omicron and the zero-COVID measures taken by the local governments.

Due to the rapidly expanding nature of COVID-19 pandemic and the zero-COVID measures taken by the local governments from early 2020 through December 2022, and because substantially all of the VIE's business operations and workforce are concentrated in the PRC, we believe that COVID-19 pandemic has impacted, and will likely continue to impact, the VIE's business, results of operations, and financial condition. The potential further impact on the results of operations will also depend on future developments and information that may emerge regarding the duration and severity of COVID-19 and the actions taken by governmental authorities and other entities to contain COVID-19 or to mitigate its impacts, almost all of which are beyond our control.

The impacts of COVID-19 on the VIE's business, financial condition, and results of operations as of the date of this prospectus include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Zhenglian Shenzhen temporarily closed its offices in January 2020,
 as required by relevant PRC local authorities. In March 2020, due to the effective containment of COVID-19 in China, Zhenglian
 Shenzhen has resumed full Operation.

&nbsp;&nbsp;&nbsp;&nbsp;· Zhenglian Shenzhen has experienced some disruption to its day-to-day
 operations during the PRC government mandated Lockdown.

&nbsp;&nbsp;&nbsp;&nbsp;· In March 2022, a new COVID-19 subvariant (omicron) outbreak hit
 China and spread faster and more easily than variants of the previous virus. As a result, a new round of lockdowns, quarantines and
 travel restrictions were imposed upon different provinces and cities in China by the relevant local government authorities. Zhenglian
 Shenzhen temporarily closed its Shenzhen office and suspended its operations on March 9, 2022 as required by the local authorities
 in Shenzhen, and had all the employees located in Shenzhen work remotely. Zhenglian Shenzhen reopened its Shenzhen office and resumed
 the operations on March 22, 2022. The lockdown in Shenzhen from April 2022 to December 2022 did not have a material adverse impact
 on our results of operations although business development in Shenzhen were restricted or suspended during the lockdown period.

&nbsp;&nbsp;&nbsp;&nbsp;· In early December 2022, China announced a nationwide loosening of its
 zero-COVID policy, and the country faced a wave in infections after lifting these restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;· In May 2023, World Health Organization declared an end to COVID-19
 as a global health emergency. The Company is closely monitoring the development of the COVID-19 pandemic and continuously evaluating
 any further potential impact on its business, results of operations and financial condition. If the outbreak persists or escalates,
 the Company may be subject to further negative impact on its business operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;· The VIE's business depends on its employees. Due to the travel
 restrictions imposed by the local governments from early 2020 through December 2022, some of the VIE's employees were unable
 to get back to return to work. However, such issue has not had a significant impact on the VIE since December 2022.

The extent to which the COVID-19 pandemic impacts the VIE's business in the future will depend on future developments and further government actions. Any future impact on the results of operations of the VIE will depend on, to a large extent, future developments and new information that may emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by government authorities and other entities to contain the spread or treat its impact, almost all of which are beyond our and the VIE's control. Given the general slowdown in economic conditions globally and volatility in the capital markets, we cannot assure you that we will be able to maintain the growth rate we have experienced or projected. We will continue to closely monitor the situation throughout 2023 and beyond.

The VIE is also vulnerable to natural disasters and other calamities. The VIE cannot assure you that it is adequately protected from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks, or similar events. Any of the foregoing events may give rise to interruptions, damage to the VIE property, delays in production, breakdowns, system failures, technology platform failures, or internet failures, which could cause the loss or corruption of data or malfunctions of the VIE's manufacturing facilities, as well as adversely affect its business, financial condition, and results of operations.

***The VIE's success depends on its technology research and development talents ("R&D Talents"), and the VIE cannot assure their retention.***

The VIE's success partly depends upon the retention of its R&D Talents. The VIE has a R&D Talents team comprised of 23 employees as of September 30, 2024. There can be no assurance that the existing R&D Talents will be adequate or qualified to carry out the VIE's strategies, or that the VIE will be able to hire or retain new R&D Talents to carry out its strategies. The loss of one or more of the R&D Talents, or the failure to attract and retain additional R&D Talents, could have a material adverse effect on our business, financial condition and results of operations.

In addition, if the VIE fails to establish a competitive incentive mechanism in terms of career prospects, salary, benefits and working environment, they may face the risk of instability in the R&D Talents team, which could adversely affect their long-term development.

***If the VIE is not able to maintain and enhance its brands and increase market awareness of the VIE, or effectively develop and expand its marketing and sales capabilities, then the VIE's ability to attract new customers may be harmed and our business, results of operations and financial condition may be adversely affected.***

We believe that maintaining and enhancing the "Zerolimit", "Zhenglian" and "ZDAN" brand identities (the "Brands") and increasing market awareness of the aforementioned brands and the market awareness of the VIE and its capabilities, is critical to achieving widespread acceptance of its products and solutions. It is important also for the VIE to strengthen its relationships with its existing distributors and customers and to motivate its distributors and attract new customers. The successful promotion of the Brands will depend largely on the VIE's continued marketing efforts, the VIE's ability to continue to offer high quality products and services, the VIE's ability to maintain relationships with suppliers, distributors, and customers, and the VIE's ability to be thought leaders in the distributed technology market and the VIE's ability to successfully differentiate its products and services from those of its competitors. The VIE's brand promotion and thought leadership activities may not be successful or yield increased revenues. In addition, "independent" industry analysts often provide reviews of our products and competing products and services, which may significantly influence the perception of the VIE's products in the marketplace. If these reviews are negative or not as strong as reviews of our competitors' products and services, then the VIE's brand may be harmed.

Any malicious or inadvertent negative allegations made by the media or other parties about the foregoing or other aspects of our Company, including but not limited to our shareholders, management, business, compliance with law, financial condition or prospects, whether with merit or not, could severely hurt our reputation and harm our business and results of operations.

The VIE may receive complaints from its distributors on its products, pricing and customer support. If the VIE does not handle customer complaints effectively, the VIE's brand and reputation may suffer, its distributors may lose confidence in the VIE and they may reduce or cease their use of the VIE's products. In addition, the VIE's customers may post and discuss on social media about the VIE's products, solutions and relevant services, including the VIE's products and platform. The VIE success depends, in part, on its ability to generate positive customer feedback and minimize negative feedback on social media channels where existing and potential customers seek and share information. If actions the VIE takes or changes the VIE makes to the VIE's products, solutions or platform upset these customers, their online commentary could negatively affect the VIE's brand and reputation. Complaints or negative publicity about the VIE, its products, solutions or platform could materially and adversely impact the VIE's ability to attract and retain customers, the VIE's business, results of operations and financial condition.

As the VIE also provides services to customers in different industries, negative publicity about such counterparties, including any failure by them to adequately protect customer information, to comply with applicable laws and regulations or to otherwise meet required quality and service standards could harm the VIE's reputation.

The promotion of the Brands also requires the VIE to make substantial expenditures, and we anticipate that these expenditures will increase as the VIE's market becomes more competitive and as we expand into new markets. To the extent that these activities increase revenues, the increased revenues still may not be enough to offset the increased expenses we incur. If the VIE does not successfully maintain and enhance its brand, then the VIE's business may not grow, we may see the VIE's pricing power reduced relative to competitors and the VIE may lose customers, all of which would adversely affect our business, results of operations and financial condition.

***The VIE's ability to maintain customer satisfaction depends in part on the consistency and quality of the VIE's customer support services through the product cycle. Failure to maintain continuous and high-quality customer support could have an adverse effect on our business, results of operation, and financial condition.***

We believe that customer satisfaction is key to our business. In order to deliver high-level customer satisfaction, the VIE must successfully assist its distributors in deploying and continuing to use the VIE's products and solutions, resolving performance issues, and responding to performance and reliability problems that may arise from time to time. Because the VIE's platform and products are designed to be highly configurable and to rapidly implement customers' reconfigurations, customer errors in configuring the VIE's platform and products can result in significant disruption to its distributors.

There can be no assurance that the VIE will be able to hire sufficient personnel as and when needed, particularly if the VIE's sales exceeds its internal forecasts. To the extent that the VIE is unsuccessful in hiring, training, and retaining adequate support resources, the VIE's ability to provide high-quality and timely support to its distributors will be negatively impacted, and the VIE's customers' satisfaction with the VIE's network could be adversely affected. Any failure to maintain high-quality customer support, or a market perception that the VIE does not maintain high-quality customer support, could adversely affect our reputation, business, results of operations, and financial condition, particularly with respect to our large enterprise customers.

***Defects or errors in the VIE's products or solutions could diminish demand for the VIE's products or solutions, harm the VIE's business and results of operations and subject the VIE to liability.***

The VIE's customers use its products for important aspects of its businesses, and any errors, defects or disruptions to the VIE's products and any other performance problems with the VIE's products could damage the VIE's customers' businesses and, in turn, hurt the VIE's brand and reputation. The VIE provides regular updates to its products, which have in the past contained, and may in the future contain, undetected errors, failures, vulnerabilities and bugs when first introduced or released. Real or perceived errors, failures or bugs in our products could result in negative publicity, loss of or delay in market acceptance of the VIE's platform, loss of competitive position, lower customer retention or claims by customers for losses sustained by them. In such an event, the VIE may be required, or may choose, for customer relations or other reasons, to expend additional resources in order to help correct the problem. In addition, the VIE may not carry insurance to compensate the VIE for any losses that may result from claims arising from defects or disruptions in products. As a result, the VIE's reputation and brand could be harmed, and our business, results of operations and financial condition may be adversely affected.

In addition, our solutions and products must sometimes interoperate with our customers' existing framework and infrastructure. These complex internal systems are developed, delivered, and maintained by the customer and a myriad of vendors and service providers. As a result, the components of the VIE's customers' infrastructure have different specifications, rapidly evolve, utilize multiple protocol standards, include multiple versions and generations of products, and may be highly customized. The VIE must be able to interoperate and provide products to customers with highly complex and customized internal frameworks, which requires careful planning and execution between the VIE's customers, its customer support teams and, in some cases, its channel partners. Further, when new or updated elements of the VIE customers' infrastructure or new industry standards or protocols are introduced, the VIE may have to update or enhance its technologies and infrastructure to allow the VIE to continue to provide products to customers. The VIE's competitors or other vendors may refuse to work with the VIE to allow their products to interoperate with the VIE's platform and products, which could make it difficult for the VIE's platform and products to function properly in customer internal networks and infrastructures that include these third-party products.

The VIE may not deliver or maintain interoperability quickly or cost-effectively, or at all. These efforts require capital investment and engineering resources. If the VIE fails to maintain compatibility of its solutions, platform and products with its distributors' internal networks and infrastructures, the VIE's customers may not be able to fully utilize the VIE's solutions, platform and products, and the VIE may, among other consequences, lose or fail to increase its market share and experience reduced demand for its products, which would materially harm our business, results of operations, and financial condition.

***If the VIE fails to prevent security breaches, improper access to or disclosure of data on the network, or other hacking and attacks, we may lose users, and our business, reputation, financial condition and results of operations may be materially and adversely affected.***

The VIE's business and technology involve decentralized and distributed storage, which end users may use for the transmission of potentially sensitive or confidential data.

The VIE has privacy and data security policies in place that are designed to prevent security breaches and the VIE has employed significant resources to develop its security measures against breaches. However, as newer technologies evolve, and the portfolio of the service providers with which the VIE shares confidential information with grows, the VIE could be exposed to increased risk of breaches in security and other illegal or fraudulent acts, including cyberattacks. The evolving nature of such threats, in light of new and sophisticated methods used by criminals and cyberterrorists, including computer viruses, malware, phishing, misrepresentation, social engineering and forgery, is making it increasingly challenging to anticipate and adequately mitigate these risks.

The VIE is likely in the future to be subject to these types of attacks. If the VIE is unable to avert these attacks and security breaches, the VIE could be subject to significant legal and financial liabilities, its reputation would be harmed and the VIE could sustain substantial revenue loss from lost sales and customer dissatisfaction. The VIE may not have the resources or technical sophistication to anticipate or prevent rapidly evolving types of cyber-attacks. Cyber-attacks may target the VIE, its suppliers, customers or other participants, or the network infrastructure on which the VIE depends. Actual or anticipated attacks and risks may cause the VIE to incur significantly higher costs, including costs to deploy additional personnel and network protection technologies, train employees, and engage third-party experts and consultants. As the VIE does not carry cybersecurity insurance, the VIE will not be able to mitigate such risks to any third party. Cybersecurity breaches would not only harm the VIE's reputation and business, but also could materially decrease its revenue and net income.

***The VIE's failure to comply with data protection laws and regulations could lead to government enforcement actions and significant penalties against the VIE, and adversely impact its operating results.***

Regulatory authorities in China have implemented and are considering a number of legislative and regulatory proposals concerning data protection. For example, the Cyber Security Law of the People's Republic of China (the "Cyber Security Law"), which became effective in June 2017, created China's first national-level data protection regime for "network operators," which may include all organizations in China that provide services over the internet or other information network.

Under the Cyber Security Law, the transmission of certain personal information and important data outside of China is only permitted upon the completion of a security assessment conducted by or as determined by the Chinese government. Certain draft regulations, including the Measures for Security Assessment for Cross-border Transfer of Personal Information and Important Data, published in 2017, and the Measures for Security Assessment for Cross-border Transfer of Personal Information, published in 2019, have been proposed by the Chinese government that specify the procedures and stipulate more detailed compliance requirements relating to such assessment, and in certain circumstances, government approval, prior to the transmission of such information and data outside of China. In addition to the foregoing draft regulations relating to security assessment, the Cyberspace Administration of China issued and implemented the Measures for Security Assessment of Cross-border Transfer of Data effective on September 1, 2022, which provides the conditions, application procedures and required materials for security assessment through the local provincial cyberspace administration before the transmission of personal information and important data outside of China.

On December 8, 2022, the Ministry of Industry and Information Technology of China promulgated the Administrative Measures for Data Security in the Field of Industry and Information Technology (for Trial Implementation) effective from January 1, 2023, which regulate the data processing activities in the field of industry and information technology conducted within the territory of the PRC. Under the foregoing measures, "data in the field of industry and information technology" includes industrial data, telecommunications data and radio data; among others, "industrial data" means data produced and collected in the course of research and development, design, production and manufacturing, business management, operating maintenance, and platform operation in various sectors and fields of industry. A data processor in the field of industry and information technology in the PRC shall submit its catalogue of important data and core data to the local industrial regulatory department for recordation. For transmission of such important data and core outside of China, a security assessment of cross-border data transfer shall be conducted in accordance with the applicable laws and regulations.

In addition, the Standing Committee of the National People's Congress of the People's Republic of China ("SCNPC") promulgated the Data Security Law of the People's Republic of China (the "Data Security Law") on June 10, 2021, which became effective on September 1, 2021. The Data Security Law imposes data security and privacy obligations on entities and individuals carrying out data processing activities and introduces a data classification and hierarchical protection system. The classification of data is based on its importance in economic and social development, as well as the degree of harm expected to be caused to national security, public interests, or legitimate rights and interests of individuals or organizations if such data is tampered with, destroyed, leaked, or illegally acquired or used. The security assessment mechanism was also included in the Personal Information Protection Law (the "Personal Information Protection Law"), which was promulgated in August of 2021 and became effective on November 1, 2021, for the Chinese government to supervise certain cross-border transfers of personal information.

We expect that these data protection and transfer laws and regulations will receive greater attention and focus from regulators going forward, and the VIE will face uncertainty as to whether the VIE's efforts to comply with evolving obligations under data protection, privacy and security laws in China and the United States will be sufficient.

Any failure or perceived failure by the VIE to comply with applicable laws and regulations could result in reputational damage or proceedings or actions against the VIE by governmental entities, individuals or others. These proceedings or actions could subject the VIE to significant civil or criminal penalties and negative publicity, result in the delayed or halted transfer or confiscation of certain personal information, result in the suspension of ongoing trials or ban on initiation of new trials, require the VIE to change its business practices, increase its costs and materially harm our business, prospects, financial condition and results of operations. In addition, our current and future relationships with customers, suppliers and other third parties could be negatively affected by any proceedings or actions against the VIE or current or future data protection obligations imposed on them under applicable law, including Cyber Security Law. In addition, a data breach affecting personal information, or a failure to comply with applicable requirements could result in significant management resources, legal and financial exposure and reputational damage that could potentially have a material adverse effect on the VIE's business and results of operations.

Furthermore, on February 24, 2023, the CSRC revised the Provisions on Strengthening the Management of Confidentiality and Archives Related to the Overseas Issuance of Securities and Overseas Listing by Domestic Companies which were issued in 2009. The revised Archives Rules came into effect on March 31, 2023 together with the Trial Measures. As is consistent with the Trial Measures, the revised Archives Rules will expand their application to cover indirect overseas offering and listing, by stipulating that a domestic company which plans to publicly disclose or provide to relevant individuals or entities, including securities companies, securities service providers and overseas regulators, any documents and materials containing state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level.

***Changes in laws and regulations related to the internet or changes in the internet infrastructure itself may diminish demand for the VIE's products and solutions, and could adversely affect our business, results of operations and financial condition.***

The future success of the VIE's business depends upon the need for decentralized distributed network technologies. Chinese or foreign government bodies or agencies have in the past adopted, and may in the future adopt, laws or regulations affecting the use of the internet or other networks, particularly decentralized distributed networks as a commercial medium. Changes in these laws or regulations could require the VIE to modify its products and platform in order to comply with these changes. In addition, government agencies or private organizations have imposed and may impose additional taxes, fees or other charges for accessing the internet or commerce conducted via the internet or other networks. These laws or charges could limit the growth of internet-related commerce or communications as well as decentralized distributed networks generally, or result in reductions in the demand for internet-based products and services or other network-based products such as the VIE products. In addition, the use of the internet or other networks as a business tool could be adversely affected due to delays in the development or adoption of new standards and protocols to handle increased demands of internet or other network activity, security, reliability, cost, ease-of-use, accessibility and quality of service. The performance of the internet or other networks and their acceptance as business tools has been adversely affected by "viruses," "worms," and similar malicious programs. If the use of the internet or other networks is reduced as a result of these or other issues, then demand for the VIE's products could decline, which could adversely affect our business, results of operations and financial condition.

***We are exposed to the risks of litigation and arbitration in the course of our operations****.*

We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

If we fail to defend ourselves in these actions, we may be subject to restrictions, fines or penalties that will materially and adversely affect our operations. Even if we are successful in our attempt to defend ourselves in legal and regulatory actions or to assert our rights under various laws and regulations, the process of communicating with relevant regulators, defending ourselves and enforcing our rights against the various parties involved may be expensive and time-consuming. These actions could expose us to negative publicity, substantial monetary damages and legal defense costs, injunctive relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business.

***We may face tax liabilities for historical reporting errors.***

In the ordinary course of our business, we are subject to complex income tax and other tax regulations, and significant judgment is required in the determination of a provision for income taxes. Although we believe our tax provisions are reasonable, if the PRC tax authorities successfully challenge our position and we are required to pay tax, interest and penalties in excess of our tax provisions, our financial condition and results of operations would be materially and adversely affected.

***If we are classified as a PRC resident enterprise for PRC enterprise income tax purposes, such classification could result in unfavorable tax consequences to us and our non-PRC shareholders and holders of our Ordinary Shares.***

Under the PRC Enterprise Income Tax Law and its implementation rules, an enterprise established outside of the PRC with its "de facto management body" within the PRC is considered a "resident enterprise" and will be subject to the enterprise income tax on its global income at the rate of 25%. The implementation rules define the term "de facto management body" as the body that exercises full and substantial control and overall management over the business, productions, personnel, accounts and properties of an enterprise. In 2009, the State Administration of Taxation, or SAT, issued a circular, known as SAT Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular applies only to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to SAT 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 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 are located or maintained in the PRC; and (iv) at least 50% of voting board customers or senior executives habitually reside in the PRC.

We believe 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." If the PRC tax authorities determine that Zerolimit Cayman is a PRC resident enterprise for enterprise income tax purposes, we may be required to withhold a 10% withholding tax from interest or dividends we pay to our noteholders and shareholders that are non-resident enterprises, including the holders of our Ordinary Shares. In addition, non-resident enterprise noteholders and shareholders (including holders of our Ordinary Shares) may be subject to PRC tax at a rate of 10% on gains realized on the sale or other disposition of the Ordinary Shares, if such income is treated as sourced from within the PRC. Furthermore, if we are deemed a PRC resident enterprise, dividends paid to our non-PRC individual shareholders (including the holders of Ordinary Shares) and any gain realized on the transfer of the Ordinary Shares by such shareholders may be subject to PRC tax at a rate of 20% (which, in the case of dividends, may be withheld at source by us). These rates may be reduced by an applicable tax treaty, but it is unclear whether non-PRC shareholders of our 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 we are treated as a PRC resident enterprise. Any such tax may reduce the returns on your investment in the Ordinary Shares.

**Risks Related to Doing Business in the PRC**

***Changes in the PRC's economic, political or social conditions, as well as government policies, could have an adverse effect on our business and operations and the value of our Ordinary Shares.***

All of our operations are conducted through the VIE located in China. Accordingly, our business, financial condition, results of operations and prospects may be influenced to a significant degree by political, economic, social conditions and government policies in China generally. 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. Any adverse changes in economic conditions in China, in the policies of the PRC 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 products of the VIE and adversely affect our competitive position. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures may benefit the overall Chinese economy, but may have a negative effect on us. In addition, in the past the PRC government has implemented certain measures, including interest rate adjustment, to control the pace of economic growth. These measures may affect our business and operating results.

Furthermore, our Company, the VIE, and our investors may face uncertainty about future actions by the government of China that could significantly affect the VIE's financial performance and operations, including the enforceability of the contractual arrangements that constitute the VIE Agreements. We cannot assure you that the PRC government will not initiate possible governmental actions or scrutiny to us, which could substantially affect our operation and the value of our Ordinary Shares may depreciate quickly.

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

All of the VIE's operations are conducted in the PRC, and are governed by PRC laws, rules and regulations. The PRC legal system is a civil law system based on written statutes and prior court decisions may not be cited for reference. The PRC government authorities may strengthen oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers like us. Such actions taken by the PRC government authorities may intervene or influence the VIE's operations at any time, which are beyond our control. Therefore, any such action may adversely affect our or the VIE's operations and could completely limit or hinder our ability to offer or continue to offer securities to you and cause the value of such securities to significantly decline or become worthless.

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, the recently enacted laws, rules and regulations in China may not sufficiently cover all aspects of economic activities in China or may be subject to significant degrees of interpretation by PRC regulatory agencies. In particular, because these laws, rules and regulations are relatively new, and because of the limited number of published decisions and the nonbinding nature of such decisions, and because the laws, rules and regulations often give the relevant regulator significant discretion in how to enforce them, the interpretation and enforcement of these laws, rules and regulations involve uncertainties and can be inconsistent and unpredictable.

On February 17, 2023, with the approval of the State Council, the CSRC released the Trial Measures and five supporting guidelines, which came into effect on March 31, 2023. According to the Trial Measures, domestic companies that seek to offer or list securities overseas, both directly and indirectly, should fulfill the filing procedures and report relevant information to the CSRC. Based on the foregoing, we are required to complete necessary filing procedures with the CSRC pursuant to the Trial Measures. As of the date of this prospectus, we have prepared the filling application materials required by the Trial Measures, however, 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 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 continue to offer our securities. As the laws and regulations are relatively new, substantial uncertainties exist with respect to its interpretation and implementation regarding such laws and regulations. Furthermore, if the CSRC or other regulatory agencies later promulgate new rules or explanations requiring that we or the VIE obtain their approvals for this offering and any follow-on offering, we or the VIE may be unable to obtain such approvals, which could significantly limit or completely hinder our ability to offer or continue to offer securities to our investors.

Uncertainties regarding the enforcement of laws and the fact that rules and regulations in China may change with little advance notice, along with the risk that the Chinese government may take actions to strengthen oversight and control over offerings conducted overseas and/or foreign investment in China-based issuers which may intervene in or influence our operations, or could result in a material change in our or the VIE's operations, financial performance and/or the value of our Ordinary Shares or impair our ability to raise money.

***If it is later determined that the PCAOB is unable to inspect and investigate completely our auditor, our securities will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act (the HFCAA). The delisting of and prohibition from trading our securities, or the threat of their being delisted and prohibited from trading, may cause the value of our securities to significantly decline or become worthless.***

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Pursuant to the HFCAA, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspections by the PCAOB for two consecutive years, the SEC will prohibit our shares from being traded on any U.S. stock exchange.

On December 18, 2020, the HFCAA was signed into law. The HFCAA has since then been subject to amendments by the U.S. Congress and interpretations and rulemaking by the SEC. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which proposes to reduce the period of time for foreign companies to comply with PCAOB audits from three to two consecutive years, thus reducing the time period before the securities of such foreign companies may be prohibited from trading or delisted. On December 29, 2022, the Consolidated Appropriations Act was signed into law, which contained, among other things, an identical provision of the AHFCAA, and reduced the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three years to two.

On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination relating to the PCAOB's inability to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. The inability of the PCAOB to conduct inspections of auditors in China made it more difficult to evaluate the effectiveness of these accounting firms' audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause existing and potential investors in issuers operating in China to lose confidence in such issuers' procedures and reported financial information and the quality of financial statements.

On December 15, 2022, the PCAOB released a statement confirming it has secured complete access to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong, and it issued the 2022 HFCAA Determination Report to vacate its precious determinations to the contrary. The PCAOB is continuing to demand complete access, and it will act immediately to reconsider such determinations should China obstruct, or otherwise fail to facilitate the PCAOB's access, at any time.

Our auditor, TPS, an independent registered public accounting firm headquartered in Sugar Land, Texas, issues the audit report included in this prospectus, is currently subject to PCAOB inspections, and has been inspected by the PCAOB on a regular basis.

Further developments related to the HFCAA could add uncertainties to our offering. We cannot assure you what further actions the SEC, the PCAOB or the stock exchanges will take to address these issues and what impact such actions will have on companies that have significant operations in the PRC and have securities listed on a U.S. stock exchange (including a national securities exchange or over-the-counter stock market). In addition, any additional actions, proceedings or new rules resulting from these efforts to increase U.S. regulatory access to audit information could create uncertainty for investors, the market price of our Ordinary Shares could be adversely affected, and we could be delisted if we and our auditor are unable to meet the PCAOB inspection requirement. Such a delisting would substantially impair your ability to sell or purchase our Ordinary Shares when you wish to do so, and would have negative impact on the price of our shares.

***Under the PRC laws, the approval of and the filing with the CSRC or other PRC government authorities may be required in connection with this offering and our listing with Nasdaq as well as any of our future offerings and listings in an overseas market, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.***

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Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in 2009, requires an overseas special purpose vehicle, that is controlled directly or indirectly by the PRC companies or individuals and that has been formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC companies or individuals, 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. The CSRC currently has not issued any definitive rule or interpretation concerning whether our offshore offerings are subject to the M&A Rules. The interpretation and application of the regulations remain unclear, and our offshore offerings may ultimately require approval of the CSRC. If the CSRC approval is required, it is uncertain whether we can or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, the approval could be rescinded. Any failure to obtain or delay in obtaining the CSRC approval for any of our offshore offerings, or a rescission of such approval if obtained, would subject us to sanctions imposed by the CSRC or other PRC regulatory authorities, which could include fines and penalties on our operations in China, restrictions or limitations on our ability to pay dividends outside of China, and other forms of sanctions that may materially and adversely affect our business, financial condition, and results of operations.

On July 6, 2021, the relevant PRC government authorities issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As a follow-up, on December 24, 2021, the CSRC issued a draft of the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies, and issued a draft of Administration Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies for public comment. These draft measures propose to establish a new filing-based regime to regulate overseas offerings and listings by domestic companies. Specifically, an overseas offering and listing by a PRC company, whether directly or indirectly, or whether an initial or follow-on offering, must be filed with the CSRC. The examination and determination of an indirect offering and listing will be conducted on a substance-over-form basis, and an offering and listing shall be deemed as a PRC company's indirect overseas offering and listing if the issuer meets the following conditions: (i) any of the operating income, gross profit, total assets, or net assets of the PRC enterprise in the most recent fiscal year was more than 50% of the relevant line item in the issuer's audited consolidated financial statement for that year; and (ii) senior management personnel responsible for business operations and management consists of mostly PRC citizens or are ordinarily residents in the PRC, and the principal place of business is in the PRC or carried out in the PRC. The issuer or its affiliated PRC entity, as the case may be, shall file with the CSRC for its initial public offering, follow-on offering and other equivalent offering activities. Particularly, the issuer shall submit the filing with respect to its initial public offering and listing within three business days after its initial filing of the listing application, and submit the filing with respect to its follow-on offering within three business days after the completion of the follow-on offering. Failure to comply with the filing requirements may result in fines to the relevant PRC companies, suspension of their businesses, revocation of their business licenses and operation permits and fines on the controlling shareholder and other responsible persons. These draft measures also set forth certain regulatory red lines for overseas offerings and listings by PRC enterprises.

On February 17, 2023, the CSRC issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the Trial Measures, which became effective on March 31, 2023. On the same date of the issuance of the Trial Measures, the CSRC circulated No. 1 to No. 5 Supporting Guidance Rules, the Notes on the Trial Measures, the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Companies and the relevant CSRC Answers to Reporter Questions on the official website of the CSRC, or collectively, the Guidance Rules and Notice. The Trial Measures, together with the Guidance Rules and Notice, reiterate the basic supervision principles as reflected in the Draft Overseas Listing Regulations and regulate both direct and indirect overseas offering and listing by PRC domestic companies by adopting a filing-based regulatory regime. Pursuant to the Trial Measures, (i) an overseas offering and listing by a domestic company, whether directly or indirectly, shall be filed with the CSRC; and (ii) the issuer or its affiliated domestic company, as the case may be, shall file with the CSRC for its initial public offering, follow-on offering, issuance of convertible bonds, offshore relisting after going-private transactions and other equivalent offering activities in an overseas market. In addition, after a domestic company has offered and listed securities in an overseas market, it is required to file a report with the CSRC after the occurrence and public disclosure of certain material corporate events, including but not limited to, change of control and voluntary or mandatory delisting. As advised by our PRC counsel, the Global Law Firm, under applicable laws of PRC, we shall complete the relevant filing procedures with the CSRC before the completion of this offering and our listing on Nasdaq. As of the date of this prospectus, we have been in the process of filing with the CSRC in connection with this offering and our listing on Nasdaq. We may also be required to file with the CSRC in connection with any of our future offerings and listings in an overseas market, including follow-on offerings, issuance of convertible bonds, offshore relisting after going-private transactions, and other equivalent offering activities. If we fail to complete such filing procedures for this offering and our listing on Nasdaq as well as any future offshore offering or listing in an overseas market, including our follow-on offerings, issuance of convertible bonds, offshore relisting after going-private transactions, and other equivalent offering activities, we may face sanctions by the CSRC or other PRC regulatory authorities, which may include fines and penalties on us, restrictions on or delays to our financing transactions offshore, or other actions that could have a material and adverse effect on our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares.

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 for Overseas Securities Offering and Listing which was issued by the CSRC, National Administration of State Secrets Protection and National Archives Administration of China in 2009, or the Provisions. The revised Provisions are issued under the title of the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, and came into effect on March 31, 2023 with the Trial Measures. One of the major revisions to the revised Provisions is expanding its application to cover indirect overseas offerings and listings, as is consistent with the Trial Measures. The revised Provisions require that, including but not limited to (a) a domestic company that plans to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative department at the same level; and (b) domestic company that plan to, either directly or through its overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations.

On or after March 31, 2023, any failure or perceived failure by the Company or PRC subsidiaries to comply with the above confidentiality and archives administration requirements under the revised Provisions and other PRC laws and regulations may result in that the relevant entities being held legally liable by competent authorities, and referred to a judicial organization to be investigated for criminal liability if suspected of committing a crime.

In addition, we cannot assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us. If it is determined in the future that approval and filing from the CSRC or other regulatory authorities or other procedures, including the cybersecurity review under the Measures for Cybersecurity Review and the Draft Regulation on Network for Data Security (if implemented), are required for our offshore offerings, it is uncertain whether we can or how long it will take us to obtain such approval or complete such filing procedures and any such approval or filing could be rescinded or rejected. Any failure to obtain or delay in obtaining such approval or complete such filing procedures for our offshore offerings, or a rescission of any such approval or filing, if obtained by us, would subject us to sanctions by the CSRC or other PRC regulatory authorities for failure to seek CSRC approval or filing or other government authorization for our offshore offerings. These regulatory authorities may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operating privileges in China, delay or restrict the repatriation of the proceeds from our offshore offerings into China or take other actions that could materially and adversely affect our business, financial condition, results of operations, and prospects, as well as the trading price of our listed securities. The CSRC or other PRC regulatory authorities also may take actions requiring us, or making it advisable for us, to halt our offshore offerings before settlement and delivery of the shares offered. Consequently, if investors engage in market trading or other activities in anticipation of and prior to settlement and delivery, they do so at the risk that settlement and delivery may not occur. In addition, if the CSRC or other regulatory authorities later promulgate new rules or explanations requiring that we obtain their approvals or accomplish the required filing or other regulatory procedures for our prior offshore offerings, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver.

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Any uncertainties or negative publicity regarding such approval requirement could materially and adversely affect our business, prospects, financial condition, reputation, and the trading price of our securities.

***Uncertainties exist with respect to the interpretation and implementation of newly enacted PRC Foreign Investment Law and its Implementation Rules and how they may impact the viability of our current corporate structure, corporate governance, and operations.***

We have been advised by our PRC counsel that on March 15, 2019, the PRC National People's Congress approved the PRC Foreign Investment Law (the "FIL"), which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture Enterprise Law, and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations. On December 26, 2019, the PRC State Council approved the Implementation Rules of Foreign Investment Law, which came into effect on January 1, 2020. The PRC Foreign Investment Law and its Implementation Rules embody an expected PRC regulatory trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However, since the PRC Foreign Investment Law is relatively new, substantial uncertainties exist with respect to its interpretation and implementation and future actions with respect to such laws and regulations promulgated thereunder could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.

The PRC Foreign Investment Law specifies that foreign investments shall be conducted in line with the "negative list" issued by the State Council. A foreign invested enterprise under PRC law, or an FIE, would not be allowed to make investments in prohibited industries in the "negative list," while the FIE must satisfy certain conditions stipulated in the "negative list" for investment in restricted industries. Although the decentralized distributed technology industry, in which the VIE operates is currently not subject to the foreign investment restrictions or prohibitions set forth on the "negative list," it is uncertain whether the decentralized distributed technology industry will be subject to the "negative list" to be issued in the future. There are uncertainties as to how the PRC Foreign Investment Law would be further interpreted and implemented. We cannot assure you that the interpretation and implementation of the PRC Foreign Investment Law made by the relevant governmental authorities in the future will not materially impact the viability of our current corporate structure, corporate governance and business operations in any aspect.

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

We are a Cayman Islands holding company and we may rely on dividends and other distributions on equity from WFOE for our cash requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and for services of any debt we may incur. WFOE's ability to distribute dividends in turn depends on the payment it receives from the VIE as service fees pursuant to certain contractual arrangements among WFOE, the VIE and the VIE Shareholders entered into to comply with certain restrictions under PRC law on foreign investment. For more information on such contractual arrangements, see "Corporate History and Structure — the VIE Agreements."

According to the Foreign Investment Law of the PRC and its implementing rules, which jointly established the legal framework for the administration of foreign-invested companies, a foreign investor may, in accordance with other applicable laws, freely transfer into or out of China its contributions, profits, capital earnings, income from asset disposal, intellectual property rights, royalties acquired, compensation or indemnity legally obtained, and income from liquidation, made or derived within the territory of China in RMB or any foreign currency, and any entity or individual shall not illegally restrict such transfer in terms of the currency, amount and frequency. According to the Company Law of the PRC and other Chinese laws and regulations, WFOE may pay dividends only out of its accumulated profits as determined in accordance with Chinese accounting standards and regulations. In addition, WFOE is required to set aside at least 10% of its accumulated after-tax profits, if any, each year to fund a certain statutory reserve fund, until the aggregate amount of such fund reaches 50% of its registered capital. Where the statutory reserve fund is insufficient to cover any loss WFOE incurred in the previous financial year, its current financial year's accumulated after-tax profits shall first be used to cover the loss before any statutory reserve fund is drawn therefrom. Such statutory reserve funds and the accumulated after-tax profits that are used for covering the loss cannot be distributed to us as dividends. At its discretion, WFOE may allocate a portion of its after-tax profits based on Chinese accounting standards to a discretionary reserve fund. Any limitation on the ability of WFOE to distribute dividends or other payments to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our businesses, pay dividends or otherwise fund and conduct our business.

Renminbi is not freely convertible into other currencies. As result, any restriction on currency exchange may limit the ability of WFOE to use its potential future renminbi revenues to pay dividends to us. The Chinese government imposes controls on the convertibility of renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. Shortages in availability of foreign currency may then restrict the ability of WFOE to remit sufficient foreign currency to our offshore entities for our offshore entities to pay dividends or make other payments or otherwise to satisfy our foreign-currency-denominated obligations. The renminbi is currently convertible under the "current account," which includes dividends and trade and service-related foreign exchange transactions, but not under the "capital account," which includes foreign direct investment and foreign currency debt, including loans we may secure for our onshore subsidiary. Currently, WFOE may purchase foreign currency for settlement of "current account transactions," including payment of dividends to us, without the approval of the SAFE") by complying with certain procedural requirements. However, the relevant Chinese governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions. The Chinese government may continue to strengthen its capital controls, and additional restrictions and substantial vetting processes may be instituted by SAFE for cross-border transactions falling under both the current account and the capital account. Any existing and future restrictions on currency exchange may limit our ability to utilize revenues generated in renminbi to fund our business activities outside of China or pay dividends in foreign currencies to holders of our securities. Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with, SAFE and other relevant Chinese governmental authorities. This could affect our ability to obtain foreign currency through debt or equity financing for our subsidiaries.

In response to the persistent capital outflow and the RMB's depreciation against U.S. the dollar, the People's Bank of China and the SAFE have implemented a series of capital control measures, including stricter vetting procedures for China-based companies to remit foreign currency for overseas acquisitions, dividend payments and shareholder loan repayments. For instance, the People's Bank of China issued the Circular on Further Clarification of Relevant Matters Relating to offshore RMB Loans Provided by Domestic Enterprises, or the PBOC Circular 306, on November 22, 2016, which provides that offshore RMB loans provided by a domestic enterprise to offshore enterprises that it holds equity interests in shall not exceed 30% of the domestic enterprise's ownership interest in the offshore enterprise. The PBOC Circular 306 may constrain WFOE' ability to provide offshore loans to us. The PRC government may continue to strengthen its capital controls and WFOE's dividends and other distributions may be subjected to tighter scrutiny in the future. Any limitation on the ability of WFOE 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.

Under the Enterprise Income Tax Law and related regulations, dividends, interests, rent or royalties payable by a foreign invested enterprise, such as WFOE, to any of its foreign non-resident enterprise investors, and proceeds from any such foreign enterprise investor's disposition of assets (after deducting the net value of such assets) are subject to a 10% withholding tax, unless the foreign enterprise investor's jurisdiction of incorporation has a tax treaty with China that provides for a reduced rate of withholding tax. Undistributed profits earned by foreign-invested enterprises prior to January 1, 2008 are exempted from any withholding tax. The Cayman Islands, where our Company is incorporated, does not have such a tax treaty with China. Hong Kong has a tax arrangement with China that provides for a 5% withholding tax on dividends subject to certain conditions and requirements, such as the requirement that the Hong Kong resident enterprise own at least 25% of the PRC enterprise distributing the dividend at all times within the 12-month period immediately preceding the distribution of dividends and be a "beneficial owner" of the dividends. If WFOE declares and distributes profits to us, such payments will be subject to withholding tax, which will increase our tax liability and reduce the amount of cash available to our Company.

Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by the Company.

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

The conversion of the Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People's Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. 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, among other things. We cannot assure you that Renminbi will not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces or the PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.

Significant fluctuation of the Renminbi may have a material adverse effect on your investment. For example, to the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount we would receive from the conversion. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends on our Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amount available to us.

Very limited hedging options are available in China to reduce our exposure to exchange rate fluctuations. To date, we have not entered into any material hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to enter into hedging transactions in the future, the availability and effectiveness of these hedges may be limited, and we may not be able to adequately hedge our exposure or at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict our ability to convert Renminbi into foreign currency.

***Governmental control of currency conversion may limit our ability to utilize our revenues effectively and affect the value of your investment.***

The PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases, the remittance of currency out of China. We receive all of our revenues in Renminbi. Under our current corporate structure, our Cayman Islands holding company may rely on dividend payments from our China subsidiary to fund any cash and financing requirements we may have. Under existing PRC foreign exchange regulations, payments of current account items, including profit distributions, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of State Administration of Foreign Exchange, or SAFE, by complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations of our China subsidiary in China may be used to pay dividends to our Company.

However, approval from or registration with appropriate government authorities is required where Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. As a result, we need to obtain SAFE approval to use cash generated from the operations of our China subsidiary and VIE to pay off their respective debt in a currency other than Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than Renminbi.

The PRC government has imposed restrictive foreign exchange policies. and stepped-up scrutiny of major outbound capital movement including overseas direct investment. More restrictions and substantial vetting process are put in place by SAFE to regulate cross-border transactions falling under the capital account. If any of our shareholders regulated by such policies fails to satisfy the applicable overseas direct investment filing or approval requirement timely or at all, it may be subject to penalties from the relevant PRC authorities. The PRC government may at its discretion further restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign currencies to our shareholders, including holders of the Ordinary Shares.

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

Any funds we transfer to WFOE, either as a shareholder loan or as an increase in registered capital, are subject to approval by or registration with relevant governmental authorities in China. According to the relevant PRC regulations on Foreign Investment Enterprises ("FIEs") in China, capital contributions to our China subsidiary are subject to the information report with the MOFCOM or their respective local branches and registration with a local bank authorized by the SAFE. In addition, any foreign loan procured by WFOE cannot exceed statutory limits and is required to be registered with SAFE or its respective local branches. Any medium or long-term loan to be provided by us to the VIE must be registered with the National Development and Reform Commission, or NDRC, and the SAFE or its local branches. We may not be able to complete such registrations on a timely basis, with respect to future capital contributions or foreign loans by us to WFOE. If we fail to complete such registrations, our ability to use the proceeds of this offering, and to capitalize our PRC operations may be negatively affected, which could adversely affect our liquidity and our ability to fund and expand our business.

On March 30, 2015, the SAFE promulgated the Circular on Reforming the Management Approach Regarding the Foreign Exchange Capital Settlement of Foreign-Invested Enterprises, or SAFE Circular 19, which took effect on June 1, 2015. SAFE Circular 19 launched a nationwide reform of the administration of the settlement of the foreign exchange capitals of FIEs and allows FIEs to settle their foreign exchange capital at their discretion, but continues to prohibit FIEs from using the Renminbi fund converted from their foreign exchange capital for expenditure beyond their business scopes, providing entrusted loans or repaying loans between nonfinancial enterprises. The SAFE issued the Circular on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or SAFE Circular 16, effective in June 2016. Pursuant to SAFE Circular 16, enterprises registered in China may also convert their foreign debts from foreign currency to Renminbi on a self-discretionary basis. SAFE Circular 16 provides an integrated standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency capital and foreign debts) on a self-discretionary basis which applies to all enterprises registered in China. SAFE Circular 16 reiterates the principle that Renminbi converted from foreign currency-denominated capital of a company may not be directly or indirectly used for purposes beyond its business scope or prohibited by PRC laws or regulations, while such converted Renminbi shall not be provided as loans to its non-affiliated entities. As this circular is relatively new, there remains uncertainty as to its interpretation and application and any other future foreign exchange related rules. Violations of these Circulars could result in monetary or other penalties. SAFE Circular 19 and SAFE Circular 16 may limit our ability to use Renminbi converted from the net proceeds of this offering, to fund the establishment of new entities in China by the VIE, to invest in or acquire any other PRC companies through WFOE, or to establish a new consolidated VIE in China, which may adversely affect our business, financial condition and results of operations.

On October 23, 2019, the SAFE promulgated the Notice of the State Administration of Foreign Exchange on Further Promoting the Convenience of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other things, allows all foreign-invested companies to use Renminbi converted from foreign currency-denominated capital for equity investments in China, as long as the equity investment is genuine, does not violate applicable laws, and complies with the negative list on foreign investment.

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 made by us to WFOE or with respect to future capital contributions made by us to WFOE. If we fail to complete such registrations or obtain such approvals, our ability to use the proceeds we receive from our initial public offering and to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund and expand our business.

 **

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

 **

In July 2014, SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment and Financing and Roundtrip Investment Through Special Purpose Vehicles, or SAFE Circular 37, to replace the Notice on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents' Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles, or SAFE Circular 75, which ceased to be effective upon the promulgation of SAFE Circular 37. SAFE Circular 37 requires PRC residents (including PRC individuals and PRC corporate entities) to register with SAFE or its local branches in connection with their direct or indirect offshore investment activities. SAFE Circular 37 is applicable to our shareholders who are PRC residents and may be applicable to any offshore acquisitions that we make in the future.

Under SAFE Circular 37, PRC residents who make, or have prior to the implementation of SAFE Circular 37 made, direct or indirect investments in offshore special purpose vehicles, or SPVs, will be required to register such investments with SAFE or its local branches. In addition, any PRC resident who is a direct or indirect shareholder of an SPV is required to update its filed registration with the local branch of SAFE with respect to that SPV, to reflect any material change. If our shareholders who are PRC residents or entities fail to make the required registration or to update the previously filed registration, WFOE may be prohibited from distributing their profits and any proceeds from any reduction in capital, share transfer or liquidation to us, and we may be restricted in our ability to contribute additional capital to WFOE.

We have requested PRC residents who we know hold a direct or indirect interest in the Company to make the necessary applications, filings and registrations as required under SAFE Circular 37, and we have confirmed that all of these shareholders have completed the initial foreign exchange registrations with relevant banks. We cannot assure you, however, that all of these individuals may continue to make the required filings or updates in a timely manner, or at all. We can provide no assurance that we are or will in the future continue to be informed of identities of all PRC residents holding a direct or indirect interest in our Company. Any failure or inability by such individuals to comply with SAFE regulations may subject us to fines or legal sanctions, restrict our cross-border investment activities, and limit WFOE's ability to distribute dividends to us. As a result, our business operations and our ability to make distributions to you could be materially and adversely affected.

In addition, on February 13, 2015, SAFE promulgated a Notice on Further Simplifying and Improving Foreign Exchange Administration Policy on Direct Investment, or SAFE Notice 13, which became effective on June 1, 2015. Under SAFE Notice 13, applications for foreign exchange registration of inbound foreign direct investments and outbound overseas direct investments, including those required under SAFE Circular 37, will be filed with qualified banks instead of SAFE. The qualified banks will directly examine the applications and accept registrations under the supervision of SAFE.

Furthermore, it is unclear how these regulations, and any future regulation concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the relevant government authorities. For example, we may be subject to a more stringent review and approval process with respect to our foreign exchange activities, such as remittance of dividends and foreign-currency-denominated borrowings, which may adversely affect our financial condition and results of operations. In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of such company, as the case may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required by the foreign exchange regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our business and prospects.

***It may be difficult for overseas regulators to conduct investigations or collect evidence within China.***

There are significant legal and other obstacles to providing information needed for regulatory investigations or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the securities regulatory authorities in the United States may not be efficient in the absence of mutual and 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 investigations or evidence collection activities within the territory of the PRC. While detailed interpretation of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigations or evidence collection activities within China may further increase difficulties faced by you in protecting your interests. See also "[Risk Factors](#a_004) — Risks related to this Offering and the Ordinary Shares *— 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" for risks associated with investing in us as a Cayman Islands company*."

***The M&A Rules and certain other PRC regulations establish complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it more difficult for us to pursue growth through acquisitions in China.***

Among other things, the M&A Rules adopted by six PRC regulatory agencies in 2006 and amended in 2009, established additional procedures and requirements that could make merger and acquisition activities by foreign investors more time consuming and complex. Such regulation requires, among other things, that the Ministry of Commerce be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings, issued by the State Council in 2008, are triggered. Moreover, the Anti-Monopoly Law promulgated by the Standing Committee of National People's Congress, which became effective in 2008, requires that transactions which are deemed concentrations and involve parties with specified turnover thresholds must be cleared by State Administration for Market Regulation, or the SAMR, the successive authority of MOFCOM, before they can be completed. In addition, the security review rules issued by the State Council 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 Ministry of Commerce, and the rules prohibit any activities attempting to bypass a security review, including by structuring the transaction through a proxy or contractual control arrangement. In the future, we may grow our business by acquiring complementary businesses, which may be subject to SAMR merger review. Complying with the requirements of the above-mentioned regulations and other relevant rules to complete such transactions could be time consuming, and any required approval processes, including obtaining approval from the Ministry of Commerce or its local counterparts may delay or inhibit our ability to complete such transactions, which could affect our ability to expand our business or maintain our market share.

The General Office Central Committee of the Chinese Communist Party and the General Office of the State Council jointly issued the Opinions on Severe and Lawful Crackdown on Illegal Securities Activities, which was available to the public on July 6, 2021. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. The aforementioned policies and any related implementation rules to be enacted may subject us to additional compliance requirement in the future. We cannot assure you that we will remain fully compliant with all new regulatory requirements of these opinions or any future implementation rules on a timely basis, or at all.

***Our PRC counsel has advised that you may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing actions in China against us or our management named in the prospectus based on foreign laws.***

 ****

We are an exempted company incorporated under the laws of the Cayman Islands, we conduct all of our operations in China and the majority of our assets are located in China. In addition, all of our current officers and directors are nationals and residents of China and all of them are currently located in China. As a result, it may be difficult for you to effect service of process upon us or those persons inside China. It may also be difficult for you to enforce in U.S. courts 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, as none of them currently resides in the United States or has substantial assets located in the United States. In addition, there is uncertainty as to whether the courts of 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 United States or any state.

The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written arrangement 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, the 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 PRC court would enforce a judgment rendered by a court in the United States or the Cayman Islands.

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 needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. 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 U.S. may not be efficient in the absence of a 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 investigations 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. While detailed interpretation of or implementing rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your interests.

***Increases in labor costs in the PRC may adversely affect the VIE's business and profitability and failure to comply with PRC labor laws may subject the VIE to penalties.***

China's economy has experienced increases in labor costs in recent years. China's overall economy and the average wage in China are expected to continue to grow. The average wage levels for the VIE's employees have also increased in recent years. The VIE expects that its labor costs, including wages and employee benefits, will continue to increase. Unless the VIE is able to pass on these increased labor costs to its clients by increasing prices for its products and/or services, the VIE's profitability and results of operations may be materially and adversely affected.

In addition, the VIE has been subject to stricter regulatory requirements with respect to labor contracts with its employees and the payment of various statutory employee benefits, including pensions, housing fund deposits, medical insurance, work-related injury insurance, unemployment insurance, and maternity insurance to designated government agencies for the benefit of their employees. Pursuant to the PRC Labor Contract Law, or the "Labor Contract Law," that became effective in January 2008 and its amendments that became effective in July 2013 and its implementing rules that became effective in September 2008, employers are subject to stricter requirements in terms of signing labor contracts, minimum wages, paying remuneration, determining the term of employees' probation, and unilaterally terminating labor contracts. In the event that the VIE decides to terminate some of its employees or otherwise changes its employment or labor practices, the Labor Contract Law and its implementation rules may limit the VIE's ability to effect those changes in a desirable or cost-effective manner, which could adversely affect the VIE's business and results of operations.

Companies operating in China are required by PRC labor-related laws and regulations to pay various statutory employee benefits, including pensions insurance, medical insurance, work-related injury insurance, unemployment insurance, maternity insurance and housing provident fund, to designated government agencies for the benefit of their employees and associates. The VIE has completed the social insurance registration and housing provident fund deposit registration but failed to make contributions in full on the social insurance fund and housing provident fund for all their employees, as required by the relevant PRC laws and regulations. Although the VIE has not received any order or notice from the local authorities nor any claims or complaints from their existing and former employees regarding their non-compliance with PRC labor-related laws and regulations for the years September 30, 2024 and 2023, we cannot rule out the possibility that the competent PRC labor authorities may order the VIE to rectify the non-compliance and pay the required contributions within a stipulated deadline and the VIE may be subject to a late fee of up to 0.05% per day. If the VIE still fails to rectify the non-compliance, the VIE may be subject to a fine ranging from one to three times the amount overdue, which could adversely affect our business, financial condition and results of operations.

The interpretation and implementation of labor-related laws and regulations are still constantly evolving, which may be further amended from time to time. Due to the constant evolution of the labor-related laws, we cannot assure you that the VIE's current employment practices will not violate any future labor-related laws and regulations in China, which may subject the VIE to labor disputes or government investigations. If the VIE is deemed to have violated relevant labor laws and regulations, the VIE could be required to provide additional compensation to its employees, and our business, financial condition and results of operations could be materially and adversely affected.

**Risks Related to this Offering and the Ordinary Shares**

***The initial public offering price of our Ordinary Shares may not be indicative of the market price of our Ordinary Shares after this offering. In addition, an active, liquid and orderly trading market for our Ordinary Shares may not develop or be maintained, and our share price may be volatile.***

Prior to the completion of this offering, our Ordinary Shares were not traded on any market. Any active, liquid and orderly trading market for our Ordinary Shares may not develop or be maintained after this offering. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. The market price of our Ordinary Shares could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our Ordinary Shares, you could lose a substantial part or all of your investment in our Ordinary Shares. The initial public offering price will be determined by us, based on numerous factors and may not be indicative of the market price of our Ordinary Shares after this offering. Consequently, you may not be able to sell our Ordinary Shares at a price equal to or greater than the price paid by you in this offering.

The following factors could affect our share price:

&nbsp;&nbsp;&nbsp;&nbsp;· our operating and financial performance;

· quarterly variations in the rate of growth of our financial indicators,
 such as net income per share, net income and revenues;

· the public reaction to our press releases, our other public announcements
 and our filings with the SEC;

· strategic actions by our competitors;

· changes in revenue or earnings estimates, or changes in recommendations
 or withdrawal of research coverage, by equity research analysts;

· speculation in the press or investment community;

· the failure of research analysts to cover our Ordinary Shares;

· sales of our Ordinary Shares by us or other shareholders, or the perception
 that such sales may occur;

· changes in accounting principles, policies, guidance, interpretations
 or standards;

· additions or departures of key management personnel;

· actions by our shareholders;

· domestic and international economic, legal and regulatory factors unrelated
 to our performance; and

· the realization of any risks described under this "Risk Factors"
 section.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our Ordinary Shares. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources and harm our business, operating results and financial condition.

***Our Ordinary Shares have never been publicly traded, and, as such, the price of our Ordinary Shares may fluctuate substantially.***

Before this initial public offering, there was no public market for our Ordinary Shares. The initial public offering price for our Ordinary Shares will be determined through negotiations between the Underwriter and us and may vary substantially from the market price of our Ordinary Shares following this offering. An active public trading market may not develop after completion of this offering or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling shares and may impair our ability to acquire other products, technologies or businesses using our Ordinary Shares as consideration. Furthermore, if our Ordinary Shares are approved for listing on Nasdaq, there can be no guarantee that we will continue to satisfy the continued listing standards of Nasdaq. If we fail to satisfy the continued listing standards, we could be de-listed, which would have a negative effect on the price of our Ordinary Shares and impair your ability to sell your shares.

Following this offering, the market price of our Ordinary Shares may be highly volatile and may fluctuate or decline substantially as a result of a variety of factors, some of which are beyond our control or are related in complex ways, including:

&nbsp;&nbsp;&nbsp;&nbsp;· changes in analysts' estimates, investors' perceptions, recommendations by securities
 analysts or our failure to achieve analysts' estimates;

· quarterly variations in our or our competitors' results of operations;

· periodic fluctuations in our revenues, which could be due in part to the way in which we recognize
 revenues;

· the financial projections we may provide to the public, any changes in these projections or our
 failure to meet these projections;

· future sales of our Ordinary Shares or other securities, by us or our shareholders, as well as
 the anticipation of lock-up releases or lock-up waivers;

· the trading volume of our Ordinary Shares;

· general market conditions and other factors unrelated to our operating performance or the operating
 performance of our competitors;

· actual or anticipated changes in regulatory oversight of our industry;

· the loss of key personnel, including changes in our board of directors and management;

· problems associated with our products;

· legislation or regulation of our market;

· lawsuits threatened or filed against us;

· announced or completed acquisitions of businesses or technologies by us or our competitors;

· announcements related to patents issued to us or our competitors and related litigation; and

· developments in our industry.

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

In addition, in the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business and harm our business, results of operations, financial condition and reputation. These factors may materially and adversely affect the market price of our Ordinary Shares.

***You will experience immediate and substantial dilution.***

The initial public offering price of our shares is substantially higher than the pro forma net tangible book value per share of our Ordinary Shares. Assuming the completion of the offering, if you purchase shares in this offering, you will incur immediate dilution of approximately $[·] per share or approximately [·]% from the offering price of $4 per share, and after deducting estimated underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. Accordingly, if you purchase shares in this offering, you will incur immediate and substantial dilution of your investment. See "[Dilution](#a_009)."

***Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on a price appreciation of the Ordinary Shares for a 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 the Ordinary Shares as a source for any future dividend income.

***A sale or perceived sale of a substantial number of our Ordinary Shares may cause the price of our Ordinary Shares to decline.***

If our shareholders sell substantial amounts of our Ordinary Shares in the public market, the market price of our Ordinary Shares could fall. Moreover, the perceived risk of this potential dilution could cause shareholders to attempt to sell their shares and investors to short our Ordinary Shares. These sales also make it more difficult for us to sell equity-related securities in the future at a time and price that we deem reasonable or appropriate.

***We may be subject to penny stock regulations and restrictions, and you may have difficulty selling our Ordinary Shares.***

The SEC has adopted regulations which generally define so-called "penny stocks" to be an equity security that has a market price of less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exemptions. If our Ordinary Shares become a "penny stock," we may become subject to Rule 15g-9 under the Exchange Act, or the "Penny Stock Rule." This rule imposes additional sales practice requirements on broker-dealers that sell such securities to persons other than established customers and "accredited investors" (generally individuals with a net worth of $1,000,000 or annual incomes exceeding $200,000, or $300,000 together with their spouses). For transactions covered by Rule 15g-9, a broker-dealer must make a special suitability determination for the purchaser's written consent to the transaction prior to sale. As a result, this rule may affect the ability of broker-dealers to sell our securities and may affect the ability of purchasers to sell any of our securities to the secondary market.

For any transaction involving a penny stock, unless exempt, the rules require delivery, prior to any transaction in a penny stock, of a disclosure schedule prepared by the SEC relating to the penny stock market. Disclosure is also required to be made about sales commissions payable to both the broker-dealer and the registered representative and current quotations for the securities. Finally, monthly statements are required to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stock.

There can be no assurance that our Ordinary Shares will qualify for exemption from the Penny Stock Rule. In any event, even if our Ordinary Shares were exempt from the Penny Stock Rule, we would remain subject to Section 15(d)(6) of the Exchange Act, which gives the SEC the authority to restrict any person from participating in a distribution of penny stock, if the SEC finds that such a restriction would be in the public interest.

 ****

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

The trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If industry or securities analysts decide to cover us and in the future downgrade our Ordinary Shares, the market price for our 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 Ordinary Shares to decline.

***If our stock becomes publicly traded, techniques employed by short sellers may drive down the market price of our 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. These short attacks have, in the past, led to selling of shares in the market, driving down the price of stock.

Public companies with substantial operations in the PRC (either through a VIE structure or otherwise) have been the subject of short selling. Much of the scrutiny and negative publicity has 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 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 our Ordinary Shares could be greatly reduced or even rendered worthless.

***There can be no assurance that we will not be a passive foreign investment company ("PFIC") for United States federal income tax purposes for any taxable year, which could subject United States holders of our Ordinary Shares to significant adverse United States federal income tax consequences.***

A non-United States corporation will be a passive foreign investment company, or PFIC, for United States federal income tax purposes for any taxable year if either (i) at least 75% of its gross income for such taxable year is passive income or (ii) at least 50% of the value of its assets (based on average of the quarterly values of the assets) during such year is attributable to assets that produce or are held for the production of passive income. Based on the current and anticipated value of our assets and the composition of our income assets, we do not expect to be a PFIC for United States federal income tax purposes for our current taxable year ended September 30, 2021, or in the foreseeable future. However, the determination of whether or not we are a PFIC according to the PFIC rules is made on an annual basis and will depend on the composition of our income and assets and the value of our assets from time to time. Therefore, changes in the composition of our income or assets or value of our assets may cause us to become a PFIC. The determination of the value of our assets (including goodwill not reflected on our balance sheet) may be based, in part, on the quarterly market value of Ordinary Shares, which is subject to change and may be volatile.

The classification of certain of our income as active or passive, and certain of our assets as producing active or passive income, and hence whether we are or will become a PFIC, depends on the interpretation of certain United States Treasury Regulations as well as certain Internal Revenue Service, or IRS, guidance relating to the classification of assets as producing active or passive income. Such regulations guidance is potentially subject to different interpretations. If due to different interpretations of such regulations and guidance the percentage of our passive income or the percentage of our assets treated as producing passive income increases, we may be a PFIC in one or more taxable years.

If we are a PFIC for any taxable year during which a United States person holds Ordinary Shares, certain adverse United States federal income tax consequences could apply to such United States person. For more information see "Taxation — Material U.S. Federal Income Tax Consequences — Passive Foreign Investment Company."

***For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.***

We are classified as an "emerging growth company" under the JOBS Act. For as long as we are an emerging growth company, which may be up to five full fiscal years, unlike other public companies, we will not be required to, among other things, (i) provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act, (ii) comply with any new requirements adopted by the PCAOB requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer, (iii) provide certain disclosure regarding executive compensation required of larger public companies, or (iv) hold nonbinding advisory votes on executive compensation. We will remain an emerging growth company for up to five years, although we will lose that status sooner if we have more than $1.235 billion of revenues in a fiscal year, have more than $700 million in market value of our Ordinary Shares held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a three-year period.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our executive compensation and internal control over financial reporting than issuers that are not emerging growth companies. If some investors find our Ordinary Shares to be less attractive as a result, there may be a less active trading market for our Ordinary Shares and our share price may be more volatile.

***If we fail to implement and maintain an effective system of internal controls or fail to remediate the material weaknesses in our internal control over financial reporting that have been identified, we may fail to meet our reporting obligations or be unable to accurately report our results of operations or prevent fraud, and investor confidence and the market price of our Ordinary Shares may be materially and adversely affected.***

Prior to this offering, we have been a private company with limited accounting personnel and other resources with which to address our internal controls and procedures. Our independent registered public accounting firm has not conducted an audit of our internal control over financial reporting. However, in preparing our consolidated financial statements as of and for the fiscal years ended September 30, 2024 and 2023, and balance sheet data as of September 30, 2024 and 2023, we and our independent registered public accounting firm have identified material weaknesses in our internal control over financial reporting, as defined in the standards established by the PCAOB, and other control deficiencies. The material weaknesses identified included (i) a lack of accounting staff and resources with appropriate knowledge of U.S. GAAP and SEC reporting and compliance requirements; and (ii) a lack of formal internal controls over financial closing and reporting processes. Following the identification of the material weaknesses and control deficiencies, we plan to continue to take remedial measures including (i) hiring more qualified accounting personnel with relevant U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and system control framework; (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for our accounting and financial reporting personnel; and (iii) setting up an internal audit function as well as engaging an external consulting firm to assist us with assessment of Sarbanes-Oxley compliance requirements and improvement of overall internal control. However, the implementation of these measures may not fully address the material weaknesses in our internal control over financial reporting. Our failure to correct the material weaknesses or our failure to discover and address any other material weaknesses or control deficiencies could result in inaccuracies in our financial statements and could also impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. As a result, our business, financial condition, results of operations and prospects, as well as the eventual trading price of our Ordinary Shares, may be materially and adversely affected. Moreover, ineffective internal control over financial reporting significantly hinders our ability to prevent fraud.

Upon the completion of this offering, we will become a public company in the United States subject to the Sarbanes-Oxley Act of 2002. Pursuant to Section 404 of the Sarbanes-Oxley Act, we will be required to file a report by our management on our internal control over financial reporting, including an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. However, while we remain an emerging growth company, we will not be required to include an attestation report on internal control over financial reporting issued by our independent registered public accounting firm. The presence of material weaknesses in internal control over financial reporting could result in financial statement errors which, in turn, could lead to errors in our financial reports and/or delays in our financial reporting, which could require us to restate our operating results. We might not identify one or more material weaknesses in our internal controls in connection with evaluating our compliance with Section 404 of the Sarbanes-Oxley Act. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls over financial reporting, we will need to expend significant resources and provide significant management oversight. Implementing any appropriate changes to our internal controls may require specific compliance training of our directors and employees, entail substantial costs in order to modify our existing accounting systems, take a significant period of time to complete and divert management's attention from other business concerns. These changes may not, however, be effective in maintaining the adequacy of our internal control.

If we are unable to conclude that we have effective internal controls over financial reporting, investors may lose confidence in our operating results, the price of the Ordinary Shares could decline and we may be subject to litigation or regulatory enforcement actions. In addition, if we are unable to meet the requirements of Section 404 of the Sarbanes-Oxley Act, the Ordinary Shares may not be able to remain listed on the Nasdaq Capital Market.

***Certain data and information in this prospectus were obtained from third-party sources and were not independently verified by us.***

We have engaged Qingzhi International Consulting (Guangdong) Group Co., Ltd. ("Qingzhi") to prepare a commissioned industry report that analyzes the decentralized distributed technology industry. The report is entitled "Distributed Technology Industry Analysis Report" and is dated June 2023 (the "Qingzhi report"). Information and data relating to the decentralized distributed technology industry included in this prospectus have been derived from the Qingzhi report. Statistical data included in the Qingzhi report also include projections based on a number of assumptions. The decentralized distributed technology industry may not grow at the rate projected by market data, or at all. Any failure of the decentralized distributed technology industry to grow at the projected rate may have a material adverse effect on our business and the market price of our Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions.

We have not independently verified the data and information contained in the Qingzhi report or any third-party publications and reports Qingzhi has relied on in preparing its report. Data and information contained in such third-party publications and reports may be collected using third-party methodologies, which may differ from the data collection methods used by us. In addition, these industry publications and reports generally indicate that the information contained therein is believed to be reliable, but do not guarantee the accuracy and completeness of such information.

***As a foreign private issuer, we are not subject to certain U.S. securities law disclosure requirements that apply to a U.S. domestic issuer, which may limit the information publicly available to our shareholders.***

As a foreign private issuer, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act and therefore there may be less publicly available information about us than if we were a U.S. domestic issuer. As a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

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

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

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. Press releases related 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 frequent compared to that required to be filled 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 will be a "controlled company" within the meaning of the Nasdaq listing rules, and as such may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

 ****

Following this offering, our founder, Mr. Guangqing Hu, will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. Under the Nasdaq listing rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to phase in its compliance with the independent committee requirements. Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq listing rules even if we are deemed a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our Board of Directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. As a "controlled company" our controlling shareholder will have substantial control over corporate matters after this offering.

***Because we are a foreign private issuer and are exempt from certain Nasdaq corporate governance requirements, we may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

 ****

Nasdaq listing rules require listed companies to have, among other things, a majority of their board members be independent. As a foreign private issuer, however, we are permitted to, and may, follow home country practice in lieu of the above requirements, or we may choose to comply with the Nasdaq requirement within one year of listing. The corporate governance practice in our home country, the Cayman Islands, does not require a majority of our board to consist of independent directors. Since a majority of our Board of Directors will not consist of independent directors, fewer board members will be exercising independent judgment and the level of board oversight on the management of our company may decrease as a result. In addition, the Nasdaq listing rules also require U.S. domestic issuers to have a compensation committee, a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three members. As a foreign private issuer, we are not subject to these requirements. The Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans and certain Ordinary Share issuances. We intend to comply with the requirements of Nasdaq listing rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. However, we may consider following home country practice in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection to investors. Accordingly, you would not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. Our controlling shareholder will have substantial control over corporate matters after this offering.

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

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq listing standards that allow us to follow Cayman Islands law for certain governance matters. Certain corporate governance practices in the Cayman Islands may differ significantly from corporate governance listing standards as, except for general fiduciary duties and duties of care, Cayman Islands law has no corporate governance regime which prescribes specific corporate governance standards. Currently, we do not intend to rely on home country practice with respect to our corporate governance after we complete with this offering. However, if we choose to follow home country practice in the future, our shareholders may be afforded less protection than they otherwise would have under corporate governance listing standards applicable to U.S. domestic issuers.

***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 memorandum and articles of association ("Memorandum and Articles of Association"), the Companies Act (As Revised) of the Cayman Islands, and the common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by our 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 and 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 United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. 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 United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of such companies) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our amended and restated memorandum and articles of association ("Amended and Restated Memorandum and Articles of Association") that will become effective immediately prior to completion of this offering to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

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

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the Board of Directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act (Revised) of the Cayman Islands and the laws applicable to companies incorporated in the United States and their shareholders, see "[Description of Share Capital](#a_018) — Differences in Corporate Law."

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

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

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

 ****

Our management will have considerable discretion in the application of the net proceeds received by us. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to maintain profitability or increase the Ordinary Share price. For instance, the net proceeds from this offering may be placed in research and development projects that do not produce income or do not lead to finished products.

***Some members of our management team lacks experience in managing a U.S. publicly-listed company. and complying with laws applicable to such company, the failure of which may adversely affect our business, financial conditions, and results of operations.***

Some of our current management team lacks experience in managing a company publicly traded in the U.S., interacting with public company investors and complying with the increasingly complex laws pertaining to U.S.-listed public companies. Prior to the effectiveness of the registration statement of which this prospectus forms a part, we mainly operate our businesses as a private company in the PRC. As a result of this offering, our Company will become subject to significant regulatory oversight and reporting obligations under the U.S. federal securities laws and the scrutiny of securities analysts and investors, and our management currently has no experience in complying with such laws, regulations and obligations. Our management team may not successfully or efficiently manage our transition to becoming a U.S. public-listed company. These new obligations and constituents will require significant attention from our senior management and could divert attention away from the day-to-day management of our operating business, which could adversely affect our business, financial conditions and results of operations.

***The obligation to disclose information publicly may put us at a disadvantage to competitors that are private companies.***

Upon effectiveness of the registration statement of which this prospectus forms a part, we will be a public company in the United States. As a public company, we will be required to file periodic reports with the SEC upon the occurrence of matters that are material to our Company and shareholders. Although we may be able to attain confidential treatment of some of our developments, in some cases, we will need to disclose material agreements or results of financial operations that we would not be required to disclose if we were a private company. Our competitors would be able to gain access to this information, which would otherwise be confidential. This may give them advantages in competing with our Company. Similarly, as a U.S. public company, we will be governed by U.S. laws that our competitors, which are mostly private companies in the PRC, are not required to follow. To the extent that compliance with U.S. laws increases our expenses or decreases our competitiveness against such companies, our public company status could affect our results of operations.

***Cayman Islands economic substance requirements may have an effect on our business and operations.***

Pursuant to the International Tax Cooperation (Economic Substance) Act, 2018 of the Cayman Islands, or the ES Act, that came into effect on January 1, 2019, a "relevant entity" is required to satisfy the economic substance test set out in the ES Act. Our Company is deemed to be a "relevant entity" since it is an exempted company incorporated in the Cayman Islands. Based on our Cayman Islands counsel's current interpretation of the ES Act, we believe that our Company is a pure equity holding company since it only holds equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our Company is a "pure equity holding company," it is only subject to the minimum substance requirements, which require us to (i) comply with all applicable filing requirements under the Companies Act; and (ii) have adequate human resources and adequate premises in the Cayman Islands for holding and managing equity participations in other entities. However, there can be no assurance that we will not be subject to more requirements under the ES Act. Uncertainties over the interpretation and implementation of the ES Act may have an adverse impact on our business and operations.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "*Prospectus Summary*," "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations*," "*Our Business*" and "*Regulation*." Known and unknown risks, uncertainties and other factors, including those listed under "*Risk Factors*," may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;· the expected or potential impact of the novel coronavirus (COVID-19)
 pandemic, and the related responses of the government, consumers, and the Company, on our business, financial condition and results
 of operations;

· our dependence on introducing new products on a timely basis;

· our dependence on growth in the demand for our products;

· our ability to effectively manage inventories;

· our ability to compete effectively;

· our dependence on a small number of customers for a substantial portion
 of our net revenue;

· our ability to successfully manage our capacity expansion and allocation
 in response to changing industry and market conditions;

· implementation of our expansion plans and our ability to obtain capital
 resources for our planned growth;

· our ability to acquire sufficient raw materials and key components
 and obtain equipment and services from our suppliers in suitable quantity and quality;

· our dependence on key personnel;

· our ability to expand our businesses and to undertake mergers, acquisitions,
 investments or divestments;

· changes in technology and competing products;

· general economic and political conditions, including those related
 to the decentralized distributed technology industry;

· possible disruptions in commercial activities caused by events such
 as natural disasters, terrorist activity

· fluctuations in foreign currency exchange rates; and

· other factors in the "*Risk Factors*" section in this
 prospectus.

These forward-looking statements are subject to various and significant risks and uncertainties, including those which are beyond our control. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may later be found to be incorrect. The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should thoroughly read this prospectus and the documents that we refer to herein 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. We disclaim any obligation to update our forward-looking statements, except as required by law.

**Industry Data and Forecasts**

This prospectus contains data related to the VIE's industry and market position in China and globally. This industry data includes projections that are based on a number of assumptions which have been derived from industry and government sources which we believe to be reasonable. The decentralized distributed technology industry may not grow at the rate projected by industry data, or at all. The failure of the industry to grow as anticipated is likely to have a material adverse effect on the VIE's business and, accordingly, the market price of our Ordinary Shares. In addition, the rapidly changing nature of the decentralized distributed technology industry subjects any projections or estimates relating to the growth prospects or future condition of the VIE's operations to significant uncertainties. Furthermore, if any one or more of the assumptions underlying the industry data turns out to be incorrect, actual results may, and are likely to, differ from the projections based on these assumptions.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately US$8 million, or approximately US$[\*] million if the Underwriter exercises its over-allotment option in full, after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us. These estimates are based upon an assumed initial public offering price of US$4 per Ordinary Share.

We plan to use the net proceeds of this offering (assuming no exercise of the over-allotment option) as follows in the order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;· approximately 40%, or US$3 million for research and development;

· approximately 25%, or US$2 million for new product production;

· approximately 20%, or US$1.6 million for marketing and sales activities;
 and

· approximately 15%, or the remaining amount for general corporate purposes,
 which may include working capital needs and other corporate uses.

The amounts and timing of any expenditures will vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business conditions. The foregoing represents our intentions as of the date of this prospectus based upon our current plans and business conditions to use and allocate the net proceeds of this offering. However, our management will have significant flexibility and discretion in applying the net proceeds of this offering. Unforeseen events or changed business conditions may result in application of the proceeds of this offering in a manner other than as described in this prospectus.

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 broad discretion in the application of our net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of these proceeds. See "[Risk Factors](#a_004) — Risks Related to this Offering and the Ordinary Shares — You must rely on the judgment of our management as to the use of the net proceeds from this offering, and such use may not produce income or increase the price of our Ordinary Shares" To the extent that the net proceeds we receive from this offering are not immediately applied for the above purposes, we plan to invest the net proceeds in bank deposits and low-risk bank financial products.

**DIVIDEND POLICY**

We have not previously declared or paid cash dividends. We do not have any plan to declare or pay any cash dividends on our Ordinary Shares in the foreseeable future after this offering. We intend to retain most, if not all, of our available funds and future earnings to operate and expand our business.

Our Board of Directors has complete discretion in deciding whether to distribute dividends, subject to certain restrictions under Cayman Islands law, namely that our company may only pay dividends out of profits or share premium, and provided always that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our Board of Directors. Even if our Board of Directors decides to pay dividends, the timing, amount and the form of future dividends, if any, will depend upon, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors that our Board of Directors may deem relevant.

We are an exempted company with limited liability incorporated in the Cayman Islands. We rely principally on dividends distributed by WFOE and payments from the VIE for our cash requirements, including distribution of dividends to our shareholders. Dividends distributed by our China subsidiary are subject to PRC taxes.

In addition, PRC regulations may restrict the ability of WFOE to pay dividends to us and only allow a PRC company to pay dividends out of its accumulated distributable after-tax profits as determined in accordance with its articles of association and the PRC accounting standards and regulations. See "[Risk Factors](#a_004) — Risks Related to Doing Business in the PRC *— We may rely on dividends and other distributions on equity paid by WFOE to fund any cash and financing requirements we may have, and any limitation on the ability of WFOE to make payments to us and any tax we are required to pay could have a material adverse effect on our ability to conduct our business.*" and "*Regulation — Regulations Relating to Dividend Distribution*."

To the extent we pay any dividends on our Ordinary Shares, we will pay those dividends which are payable in respect of our Ordinary Shares to the depositary, as the registered holder of such Ordinary Shares, and the depositary then will pay such amounts to the holders of our Ordinary Shares, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See "[Description of Share Capital](#a_018)." Cash dividends on our Ordinary Shares, if any, will be paid in U.S. dollars.

**CAPITALIZATION**

The following table sets forth our capitalization as of and for the fiscal years ended September 30, 2024 and 2023 presented on:

&nbsp;&nbsp;&nbsp;&nbsp;· an actual basis; and

· an as adjusted basis to reflect the issuance and sale of the Ordinary
 Shares by us in this offering at the assumed initial public offering price of $4 per Ordinary Share, after deducting
 the estimated discounts and non-accountable expense allowance to the Underwriter and the estimated offering expenses payable by us
 and assuming no exercise of the Underwriter exercise over-allotment option.

You should read this table in conjunction with the information under "[Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_012)" and our consolidated financial statements and the related notes included elsewhere in this prospectus:

---

| | |
|:---|:---|
|  | **As of September 30, 2024** |
|  | **As Adjusted<sup>(1)</sup>**<br>**$** |
| Cash and cash equivalents |  |
| **Debt:** |  |
| Short-term bank borrowing |  |
| Current portion of long-term bank borrowing |  |
| Loan due to a related party – non-current |  |
| Long-term bank borrowing |  |
| **Total Debt** |  |
| **Shareholders' (deficit)/equity** |  |
| Ordinary Shares (($0.0001 par value; 500,000,000 shares authorized; 50,000,000 shares issued and outstanding as of March 31, 2024 and 2023)<sup>(1)</sup>) |  |
| Subscription receivable) |  |
| Additional paid-in capital<sup>(2)</sup> |  |
| Statutory reserves |  |
| Accumulated other comprehensive income (loss) |  |
| Accumulated (deficit)/equity |  |
| **Total shareholders' (deficit)/equity** |  |
| **Total capitalization** |  |

---

---

| | | |
|:---|:---|:---|
|  | **As of September 30, 2023** | **As of September 30, 2023** |
|  | **Actual**<br>**$** | **As Adjusted<sup>(1)</sup>**<br>**$** |
| Cash and cash equivalents |  |  |
| **Debt:** |  |  |
| Short-term bank borrowing |  |  |
| Current portion of long-term bank borrowing |  |  |
| Loan due to a related party – non-current |  |  |
| Long-term bank borrowing |  |  |
| **Total Debt** |  |  |
| **Shareholders' (deficit)/equity** |  |  |
| Ordinary Shares (($0.0001 par value; 500,000,000 shares authorized; 50,000,000 shares issued and outstanding as of September 30, 2023 and 2022)<sup>(1)</sup>) |  |  |
| Subscription receivable) |  |  |
| Additional paid-in capital<sup>(2)</sup> |  |  |
| Statutory reserves |  |  |
| Accumulated other comprehensive income (loss) |  |  |
| Accumulated (deficit)/equity |  |  |
| **Total shareholders' (deficit)/equity** |  |  |
| **Total capitalization** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The number of Ordinary Shares with par value of $0.0001
 each reflects a 10,000-for-1 split of our Ordinary Shares approved by our shareholders and Board of Directors on February 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the sale of Ordinary Shares in this offering at an assumed
 initial public offering price of $[ · ] per share, and after deducting the estimated
 underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. The pro forma as adjusted
 information is illustrative only, and we will adjust this information based on the actual initial public offering price and other
 terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting
 the underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us. We estimate that such
 net proceeds will be approximately $[ · ].

A $1.00 increase (decrease) in the assumed initial public offering price of $4 per Ordinary Share would increase (decrease) each of additional paid-in capital, total shareholders' equity and total capitalization by $[•] million, assuming the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts, non-accountable expense allowance and estimated expenses payable by us.

**DILUTION**

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

Our net tangible book value as of September 30, 2024 was a negative $[·], or a negative $[·] per Ordinary Share. 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 Ordinary Share (as adjusted for the offering) from the initial public offering price per Ordinary Share and after deducting the estimated discounts and non-accountable expenses to the Underwriter and the estimated offering expenses payable by us.

After giving effect to our sale of [ ] Ordinary Shares offered in this offering, based on the initial public offering price of $[ ] per Ordinary Share and after the deduction of the estimated discounts and non-accountable expense allowance to the Underwriter and the estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2023, would have been $[·], or $[·] per outstanding Ordinary Share. This represents an immediate increase in net tangible book value of $[·] per Ordinary Share, and an immediate dilution of $[·] per Ordinary Share to investors purchasing Ordinary Shares in this offering. The as adjusted information discussed above is illustrative only.

The following table illustrates such dilution:

---

| | | |
|:---|:---|:---|
|  | **Post-Offering(1)** | **Full Exercise of**<br> **Over-Allotment Option** |
| Assumed Initial public offering price per Ordinary Share | $[ ] | $[ ] |
| Net tangible book value per Ordinary Share as of September 30, 2023 | $[ ] | $[ ] |
| Increase in net tangible book value per Ordinary Share | $[ ] | $[ ] |
| Pro forma net tangible book value per Ordinary Share immediately after this offering | $[ ] | $[ ] |
| Amount of dilution per Ordinary Share to new investors in the offering | $[ ] | $[ ] |

---

If the Underwriter exercises its over-allotment option in full, the pro forma as adjusted net tangible book value per Ordinary Share after the offering would be $[·], the increase in net tangible book value per Ordinary Share would be $[·], and the immediate dilution per Ordinary Share to new investors in this offering would be $[·].

The following table summarizes, on a pro forma as adjusted basis as of September 30, 2023, the differences between existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us, the total consideration paid and the average price per Ordinary Share and per Ordinary Share paid before deducting underwriting discounts and estimated offering expenses payable by us.

---

| | | | |
|:---|:---|:---|:---|
| | **Ordinary Shares Purchased** | **Total Consideration** | **Average Price per**<br> **Ordinary Share** |
| | **Number** | **Amount** | **Average Price per**<br> **Ordinary Share** |
| Existing shareholders | [ ]% | US$% | US$ |
| New investors | [ ]% | US$% | US$ |
| Total | [ ]% | US$% | US$ |

---

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 the Ordinary Shares and other terms of this offering determined at pricing.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to enjoy the following benefits associated with being a Cayman Islands exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;· political and economic stability;

· an effective judicial system;

· a favorable tax system;

· the absence of exchange control or currency restrictions; and

· the availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include:

&nbsp;&nbsp;&nbsp;&nbsp;· the Cayman Islands has a less exhaustive body of securities laws as
 compared to the United States and these securities laws provide significantly less protection to investors; and

· Cayman Islands companies may not have standing to sue before the federal courts of the United States.

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

We conduct substantially all of our operations in China, and substantially all of our assets are located in China. All of our directors and officers are nationals of China and all of them are currently located in China. Additionally, substantially all of their assets are located in China. As a result, it may be difficult or impossible for a shareholder to effect service of process within the United States upon us or these persons, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for shareholder to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors. Since the majority of our officers' and directors' residences are in China, it may make it difficult to enforce any judgments obtained from foreign courts against such persons.

We have appointed [•] as our agent to receive service of process with respect to any action brought against us in the United States District Court for the Central District of California under the federal securities laws of the United States or of any state in the United States or any action brought against us in the Supreme Court of the State of California in the County of San Francisco under the securities laws of the State of California.

Ogier, our counsel as to Cayman Islands law, and Global Law Office, our counsel as to PRC law, have advised us, respectively, that there is uncertainty as to whether the courts in the Cayman Islands and the PRC, respectively, would (i) recognize or enforce judgments of courts of the United States based on certain civil liability provisions of the securities laws of the United States and (ii) entertain original actions brought in the Cayman Islands or the PRC against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by our Cayman Islands legal counsel, Ogier, that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws; and (ii) entertain original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

There is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment:

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

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

(c) is final;

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

(e) was not obtained by fraud; and

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

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

Global Law Office has further advised us that the PRC Civil Procedures Law governs the recognition and enforcement of foreign judgments. PRC courts may recognize and enforce foreign judgments in accordance with the PRC Civil Procedures Law based either on treaties between the PRC and the country where the judgment is made or on principles of reciprocity between jurisdictions.

The PRC does not have any treaties or other agreements 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 the PRC will not enforce a foreign judgment against us or our directors and officers if they determine that the judgment violates the basic principles of PRC law or national sovereignty, security or public interest. As a result, it is uncertain whether a PRC court would enforce a judgment rendered by a court in the United States or the Cayman Islands. Under the PRC Civil Procedures Law, foreign shareholders may originate actions based on PRC law against us in the PRC, if they can establish a sufficient nexus to the PRC for a PRC court to have jurisdiction, and meet other procedural requirements, including, among others, the plaintiff must have a direct interest in the case, and there must be a concrete claim, a factual basis and a cause for the suit.

In addition, it will be difficult for U.S. shareholders to originate actions against us in the PRC in accordance with PRC laws because we are incorporated under the laws of the Cayman Islands and it will be difficult for U.S. shareholders, by virtue only of holding our Ordinary Shares, to establish a connection to the PRC for a PRC court to have jurisdiction as required under the PRC Civil Procedures Law.

**CORPORATE HISTORY AND STRUCTURE**

**Corporate History**

We are a holding company incorporated in the Cayman Islands. As a holding company with no material operations of our own, the majority of our operations are conducted through the VIE in China pursuant to contractual arrangements. Accordingly, when we refer to our business and operations, we are referring to the business of the VIE.

We are a pioneer technology company holding competitive advantages in the PRC in the development of secure, decentralized, distributed network solutions, employing both software and hardware to provide complete solutions for various industries and applications. We develop a variety of solutions relating to the need for secure, decentralized, distributed networks. A key function of our proprietary decentralized network technology is that it can be used to create and maintain unique networks, applicable in a variety of contexts to meet a multitude of business and market needs.

We commenced our commercial operations in 2017 in China. In the early stages of our establishment, we focused on building the overall technological framework to expedite the development process of the distributed network. From 2018 to 2019, we made breakthroughs in the technological framework, including the development of mobile deployment, peer-to-peer networking, and distributed storage. We also launched successive versions of our distributed network configuration tool software, including a demo version, internal test version, and public test version. In September 2021, we officially launched the Cloud Base Station Node Software, which marked a milestone in our business operations. Since 2021, we have begun generating revenue from software products developed based on distributed networks. In 2022, we obtained the national high-tech enterprise certification in China. In April 2023, we achieved the recognition as a specialized and sophisticated SME.

Our holding company Zerolimit Technology Holding Co. Ltd, or Zerolimit Cayman, was incorporated under the laws of the Cayman Islands on February 2, 2023 to facilitate off-shore financing activities, and our daily operations are conducted primarily through the VIE in China. On August 28, 2017, Zhenglian Technology (Shenzhen) Co., Ltd., or Zhenglian Shenzhen, the VIE, was incorporated pursuant to PRC laws. Zerolimit Technology Holding Co., Limited, or HK Zerolimit, our wholly-owned Hong Kong subsidiary, was established on March 13, 2023. Finally, on May 22, 2023, Zerolimit Holdings (Shenzhen) Co., Ltd was incorporated pursuant to PRC laws as a wholly foreign-owned enterprise, WFOE, and a wholly owned subsidiary of HK Zerolimit. WFOE has entered into a series of contractual arrangements with the VIE and its shareholders. As a result of our direct ownership in WFOE and the contractual arrangements with the VIE, we are considered the primary beneficiary of the VIE. The VIE Agreements by and between WFOE, the VIE and the VIE Shareholders are described in more detail below.

**Corporate Structure**

The following diagram illustrates our corporate structure, including our significant subsidiaries, and the VIE, as of the date of this prospectus:

![?????????????????????????????????3](image_004.jpg)

The shareholders of Zerolimit Technology Holding Co. Ltd. are as follows:

---

| | | |
|:---|:---|:---|
| **Shareholders** | **Number of Shares Held** | **Percentage Interest (%)** |
| Zerolimit Digital Technology Limited (a) | 36505000 | 73.01% |
| Zerolimit Excellence Limited (b) | 5500000 | 11% |
| Zerolimit Power Limited (c) | 5500000 | 11% |
| Zerolimit Virtue Limited (d) | 2495000 | 4.99% |
| **Total** | 50000000 | 100% |

---

Beneficial owners of the above are as follows: (a) Guangqing Hu beneficially owns 100% of these shares on behalf of Zerolimit Digital Technology Limited; (b) Kai Hu beneficially owns 100% of these shares on behalf of Zerolimit Excellence Limited; (c) Jian Gang beneficially owns 100% of these shares on behalf of Zerolimit Power Limited; and (d) Baifen Le, beneficially owns 100% of these shares on behalf of Zerolimit Virtue Limited.

The VIE equity interest holders include ZeroLimit Digital Technology Co., Ltd, Kai Hu, Jian Gang and Baifen Le, which hold 73%, 11%, 11% and 5% of the equity interests in the VIE, respectively; ZeroLimit Digital Technology Co., Ltd equity interest holders include Guangqing Hu and Zerolimit Origin Technology (Shenzhen) Co., Ltd, which hold 10% and 90% of the equity interests in ZeroLimit Digital Technology Co., Ltd, respectively; Zerolimit Origin Technology (Shenzhen) Co., Ltd equity interest holders include Guangqing Hu and Kai Hu, who hold 90% and 10% of the equity interests in the Zerolimit Origin Technology (Shenzhen) Co., Ltd, respectively.

***Arrangements between Onshore and Offshore Entities***

Contracts or arrangements between the offshore and onshore companies are discussed below, including the manner in which the Company's operates and the impact on its economic rights and ability to control its subsidiaries.

On May 24, 2023, the Company consummated a reorganization pursuant to which, WFOE, Zhenglian Shenzhen and Zhenglian Shenzhen's shareholders entered into a series of contractual arrangements. Such agreements are described under "Corporate History and Structure — The VIE Agreements" as follows: (1) Zerolimit Cayman is a holding company with no business operations other than holding the shares in Zerolimit HK (2) Zerolimit HK is a pass-through entity with no business operations other than holding equity interest in WFOE and (3) WFOE is exclusively engaged in the business of managing the operations of Zhenglian Shenzhen. The Company controls Zhenglian Shenzhen through contractual agreements, which are described under "Corporate History and Structure — The VIE Agreements."

Pursuant to PRC laws, each entity formed under PRC law shall have certain business scope registered at the Administration for Market Regulation or its local counterpart. As such, WFOE's business scope is to primarily engage in business development, technology service, technology consulting, intellectual property service and business management consulting. Since the sole business of WFOE is to provide Zhenglian Shenzhen with technical support, consulting services and other management services relating to its day-to-day business operations and management in exchange for a consulting fee solely at WFOE's discretion and can be the net income of Zhenglian Shenzhen, such business scope is necessary and appropriate under the PRC laws. Zhenglian Shenzhen, on the other hand, has been granted a business scope different from WFOE to enable it to provide distributed network technology solutions.

**The VIE Agreements**

We are a holding company incorporated in the Cayman Islands and not a Chinese operating company. As a holding company with no material operations of our own, the majority of our operations are conducted through the VIE in the PRC pursuant to the VIE Agreements. The VIE Agreements were entered into by and among WFOE, the VIE, and the VIE's shareholders and include the following agreements: Powers of Attorney, Equity Interest Pledge Agreement, Exclusive Consulting and Services Agreement, Exclusive Option Agreement, and a Spousal Consent Letter. Due to the PRC legal restrictions on foreign ownership in certain internet-related businesses we may explore and operate in the future. We control and receive the economic benefits of the VIE's business operations through the VIE Agreements, and we consolidate the VIE for accounting purposes only because we met the conditions under U.S. GAAP to consolidate the VIE. Pursuant to the VIE Agreements, the VIE shall pay service fees in an amount equivalent to all of its net income to WFOE, while WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance, has the obligation to absorb the expected losses of the VIE, and has the right to receive substantially all of the economic benefits of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of WFOE and ultimately, the Company. As such, under U.S. GAAP, the Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes and must consolidate the VIE.

However, the VIE Agreements may not be as effective in providing operational control. For example, the VIE and the VIE Shareholders could breach their contractual arrangements with us by, among other things, failing to conduct the VIE's operations in an acceptable manner or taking other actions that are detrimental to our interests. If we had direct ownership of the VIE, we would be able to exercise our rights as a shareholder to effect changes in the board of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements, we rely on the VIE and the VIE Shareholders to perform their obligations under such contractual arrangements so that we can exercise operational control for accounting purposes. The VIE Shareholders may not act in the best interests of our Company or may not perform their obligations under these contracts. We are also subject to the risk that the PRC government could disallow the VIE structure, which would likely result in a material change in our operations and, as a result, the value of our Ordinary Shares may depreciate significantly or become worthless. The VIE Agreements have not been tested in a court of law in China as of the date of this prospectus. Such risks exist throughout the period in which we intend to operate certain portions of our business through contractual arrangements with the VIE in accordance with the VIE Agreements.

The following is a summary of the VIE Agreements.

***Agreements that provide us and the PRC Subsidiaries with effective control over the VIE***

*Powers of Attorney*. Under the Powers of Attorney, dated May 24, 2023, executed by each VIE Shareholder, accepted by WFOE and acknowledged by the VIE, each of the VIE Shareholder irrevocably authorized the WFOE's designee, to (i) attend the shareholders' meeting of the VIE and execute relevant shareholders' resolutions on behalf of the VIE Shareholder, (ii) exercise all the VIE Shareholder's right that the VIE Shareholder is entitled to under the PRC laws promulgated from time to time and the articles of association of the VIE amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the equity interests in the VIE, (iii) appoint and elect, as the VIE Shareholder's authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements, (iv) execute documents, meeting minutes and relevant filling documents in relation to the registration of the VIE kept by competent administrations of industry and commerce, and (v) exercise all voting rights on behalf of the VIE Shareholder when it is bankrupted. The powers of attorney will remain effective until the shareholders are no longer registered VIE Shareholders.

*Equity Interest Pledge Agreement*. On May 24, 2023, the VIE Shareholders and WFOE entered into an Equity Interest Pledge Agreement. Under this agreement, the VIE Shareholders pledged their equity interests in the VIE to WFOE to secure the performance of their obligations under the exclusive option agreement and the power of attorney, and the VIE's payment obligations under the Exclusive Consulting and Services Agreement as described below. Without WFOE's prior written consent, the VIE Shareholders shall not transfer the equity interests pledged thereunder or create any other pledge or encumbrance on such equity interests during the term of the equity interest pledge agreement. The equity interest pledge agreements remain effective unless otherwise terminated by WFOE in the event of material breach by the VIE, or terminated pursuant to other agreements entered into among all parties to the Equity Interest Pledge Agreement.

**Agreement that allows us and the PRC Subsidiaries to receive economic benefits from the VIE** 

*Exclusive Consulting and Services Agreement*. On May 24, 2023, the VIE and WFOE entered into an exclusive service agreement (the "Exclusive Consulting and Services Agreement"), pursuant to which agreement WFOE will be the exclusive provider of services and support reasonably requested by the VIE, including enterprise management and training, the research and development of computer software, information system software and related products and the sale and marketing of computer software, information system software and related products. Without WFOE's written consent, the VIE shall not accept any technology consulting and services covered by the Exclusive Consulting and Services Agreement from any third party. The VIE agrees to pay service fees to WFOE on annual basis. In the event that the VIE fails to pay the service fee and other expenses in accordance with this agreement, the VIE shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to WFOE. The service fees include the compensation that WFOE shall be paid for the provision of consultancy and services. The VIE shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to WFOE. The VIE's relevant shareholders will pledge their equity interests in the VIE to WFOE to secure all service Fee, liquidated damages, actual expenses and indemnifications payable by the VIE under this agreement. The Exclusive Consulting and Services Agreement will remain effective indefinitely unless otherwise terminated by WFOE on such expiration date upon prior written notice or earlier terminated pursuant to other agreements entered into among all parties to the Exclusive Consulting and Services Agreement.

**Agreements that provide us and the PRC Subsidiaries with the option to purchase the equity interest in the VIE**

*Exclusive Option Agreement*. On May 24, 2023, the VIE Shareholders, the VIE and WFOE entered into an exclusive option agreement (the "Exclusive Option Agreement), pursuant to which the VIE Shareholders and the VIE granted WFOE or its designees an irrevocable and exclusive right to purchase (i) all the equity held by the VIE Shareholders in the VIE for the amount in proportion to their respective contributions to the registered capital of the VIE, and (ii) all assets of the VIE for the net book value of the relevant assets. If the lowest price permitted under PRC law is higher than the corresponding capital contribution of the transfer equity and/or the net book value of the purchased assets, the VIE Shareholders and/or the VIE shall pay all the remaining of the excess amount to WFOE after deducting all the taxes and fees required by the applicable PRC Law. The Exclusive Option Agreement further provides that the VIE Shareholders shall not dispose of or encumber any of their equity interests in the VIE without the prior written consent of WFOE, and the VIE shall not dispose of or transfer any of its assets or income or distribute any dividends to the VIE Shareholders in any manner. The Exclusive Option Agreement remains effective unless otherwise terminated by WFOE or terminated pursuant to other agreements entered into among all parties to the Exclusive Option Agreement.

*Spousal Consent.* Pursuant to the Spousal Consent Letters dated May 24, 2023, the spouse of each applicable shareholder of the VIE unconditionally and irrevocably agreed that the equity interest in the VIE held by them and registered in their names will be disposed of pursuant to the Exclusive Consulting and Services Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Powers of Attorney described above and below. Each of the signing spouse agreed not to assert any rights over the equity interest in the VIE held by such shareholder. In addition, in the event that any spouse obtains any equity interest in such VIE held by such shareholder for any reason, he or she agreed to be bound by and sign any legal documents substantially similar to the contractual arrangements described above, as may be amended from time to time.

In the opinion of Global Law Office, our PRC legal counsel, the VIE Agreements are not in violation of any prohibitive provisions of the current applicable PRC Laws, however, the relevant PRC regulatory authorities have broad discretion in determining whether the VIE structure violates PRC laws. Accordingly, the PRC regulatory authorities may take a view that is contrary to, or otherwise different from, the above opinion of our PRC legal counsel.

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

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included elsewhere in this prospectus. This discussion contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. See "[Cautionary Note Regarding Forward-Looking Statements](#a_005)" for a discussion of the uncertainties, risks, and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed in our forward-looking statements as a result of many factors, including those set forth under "Risk Factors" and elsewhere in this prospectus.*

 

*Unless otherwise indicated, all share amounts and per share amounts in this prospectus have been presented giving effect to a forward split of our Ordinary Shares at a ratio of 10,000:1 share and additional share issuances to our existing shareholders approved by our shareholders and Board of Directors on February 19, 2024.* 

**<u>Overview</u>**

Our mission is driving continuous advancement in internet technology. We dedicated to providing a comprehensive solution for global users in the transition to the new generation of the internet. Our distributed network infrastructure software products enable users to efficiently set up distributed networks or migrate existing centralized applications to distributed networks. We not only offer efficient network infrastructure tools but also provides complementary software development kits for decentralized applications. The development tools facilitate the entire process of decentralized application development, including coding, debugging, testing, and deployment, within an integrated environment.

Our revenue comes from Zhenglian Shenzhen's (the VIE's) software licensing and related services. For the fiscal years ended September 30, 2024 and 2023, our net revenue, mainly generated from software sales and related service, was $5,906,162 and $5,680,667 respectively, and net income was $2,711,275 and $2,522,852 respectively.

We have developed competitive advantages in our business and technological capabilities, including the following:

 

&nbsp;&nbsp;&nbsp;&nbsp;· Our expertise in the development of distributed
 network infrastructure software products, combined with independent research and development capabilities;

 

&nbsp;&nbsp;&nbsp;&nbsp;· Ownership of most of the intellectual property
 and accumulation of valuable know-how through our investment in research of such technologies;

 

**<u>Key Factors Affecting Our Operating Results</u>**

Our results of operations have been, and are expected to continue to be, affected by a number of factors, which primarily include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Competitiveness and Continued Expansion of Products*** –Our competitive position may be influenced by factors such as the scope of our software products,
 the quality of our solutions, and our ability to meet customers' business needs. We would evaluate the launch of new software
 products and the related revenue generated from the new launch of software products since the launch of new products would be
 an important way for us to maintain and boost business with customers. We believe that our proprietary technologies and research
 and development capabilities would enable us to develop products tailored to our customers, help us to retain and grow business
 with existing customers and attract new ones. In March 2023, we successfully developed
 four decentralized application software products: Distributed Domain Name Software, Distributed Cloud Disk Software, Huashengren
 (E-commerce) Software, and Rushu Jiazhen (Digital Collection) Software. During the same month, we launched Smart Metaverse Box, an
 embedded integrated hardware and software device designed for ordinary household users. Since 2024, we have also been delivering
 Enterprise Data Base Station Node Software and Hardware, a device capable of running multiple nodes and designed for enterprise users.
 These new products have expanded customer usage scenarios and broadened our revenue sources. For the fiscal years ended September 30,
 2024 and 2023, we generated $122,853 and $778,164 in revenue from the new products, accounting for 2.1% and 13.7% of total revenue
 during the year. Moving forward, we plan to roll out an expanded product portfolio, including but not limited to upgraded Enterprise
 Data Base Station and other decentralized application software, to meet diverse customer demands and preferences. However, if we
 are unable to keep up with product development or innovation, we may struggle to attract new customers or effectively expand our
 business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Investment in Research and Development*** – We consistently invest in research and development (R&D), recognizing its crucial role in driving our business
 growth and maintaining our competitive edge. The VIE's ability to design and develop new or enhanced technologies significantly
 impacts our business, operational results, financial condition, and profitability. As we expand our industry and service area expertise,
we plan to leverage the knowledge accumulated from years of operation and substantial R&D investment to address business-specific
needs more effectively. Since the R&D efficiency would be an important factor that would impact our business operation and expansion,
we closely monitor our R&D activities by evaluating the outcome of R&D through indicators such as the capitalization of R&D
for each period and our R&D input by R&D expense for each period. Another indicator also include the number of intellectual property
(IP) portfolio, such as the patent right and software copyright granted by authorization. For the fiscal years ended September 30, 2024
and 2023, we capitalized $12,210 and $593,670 of R&D expenditure, respectively, and incurred R&D expenses of $47,909 and $124,100,
respectively. Our resource allocation towards innovation has
bolstered our intellectual property (IP) portfolio. In the fiscal year ended September 30, 2024, we were granted 2 new patents and 4
software copyrights, as compared to 4 new patents and 6 software copyrights for the fiscal year ended September 30, 2023. Owning a comprehensive
set of IP rights is crucial for maintaining our technological competitiveness in the industry.

·  ***New Customer Acquisition*** –
 Our operating results and growth prospects depend significantly on our ability to attract new customers. We are highly focused
 on expanding our customer base and are continuously enhancing our sales and marketing efforts to educate potential customers
 about our technologies and encourage them to try our products. The key indicator for our new customer acquisition ability generally
 includes the actual number of new customers acquired and the related customer acquisition cost. The more numbers of new customers
 acquired with a relatively lower customer acquisition cost, the higher efficiency of our new customer acquisition ability. To strengthen the network effects of our
 services and boost our brand awareness, we aim to acquire new customers rapidly and at a low acquisition cost. In the fiscal years
 ended September 30, 2024 and 2023, we acquired 19 and 17 new customers, respectively. The Customer Acquisition Cost (CAC), calculated
 as total sales and marketing expenses divided by the number of new customers acquired during the period, stood at $30,232 and $34,194
 for the fiscal years ended September 30, 2024 and 2023, respectively. Additionally, we aim to continually improve
 the breadth and quality of our platform and products while enhancing our brand recognition. This strategy will enable us to capture
 additional market share, optimize the pricing of our products and services, and reach customers across a wider range of verticals
 and use cases.

·  ***Strategic Investment and Acquisitions*** *–* We plan to pursue strategic acquisitions and investments in selected technologies and businesses
 within the distributed technology industry to enhance our technological capabilities. We believe that a robust acquisition and investment
 strategy is crucial for accelerating our growth and strengthening our competitive position in the future. Our ability to identify
 and execute strategic acquisitions and investments is likely to impact our operating results over time.

·  ***Regulatory Environment*** *–* All of our customers are based in the PRC. As such, we need to make efforts and incur costs to ensure the
 compliance with the existing laws and regulations that are material to our business and operations, and to comply with new laws and
 regulations or changes under existing laws and regulations that may arise in the future. Our ability to anticipate and respond to
 potential changes in government policies and regulations will have a significant impact on our business operations in such countries
 and our overall results of operations. See "Risk Factors—Risks Relating to Our Business and Industry—We are subject
 to risks associated with legal, political or other conditions or developments regarding decentralized distributed technology, which
 could negatively affect our business, results of operation and financial position."

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

***For the Fiscal Years Ended September 30, 2024 and 2023***

 ****

The following table summarizes the results of our operations for the fiscal years ended September 30, 2024 and 2023, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such periods.

(All amounts, other than percentages, are in U.S. dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended** | **For the Fiscal Years Ended** | | |
|  | **September 30** | **September 30** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
| Revenue |  |  |  |  |
| Software - Perpetual License | 5471793 | 3572917 | 1898876 | 53% |
| Software - Perpetual License with related parties | – | 1472704 | (1472704) | (100%) |
| **Sub-total Software - Perpetual License** | **5471793** | **5045621** | **426172** | **8%** |
| Software- Term License |  | 40124 | (40124) | (100%) |
| Software- Term License with related parties | 434369 | 594922 | (160553) | (27%) |
| **Sub-total Software- Term License** | **434369** | **635046** | **(200677)** | **(32%)** |
| **Total Revenue** | **5906162** | **5680667** | **225495** | **4%** |
| Cost of revenues | 1525402 | 1493303 | 32099 | 2% |
| **Gross profit** | **4380760** | **4187364** | **193396** | **5%** |
| **Operating expenses:** |  |  |  |  |
| Selling and marketing expenses | 574417 | 581299 | (6882) | (1%) |
| General and administrative expenses | 1260104 | 1282391 | (22287) | (2%) |
| Research and development expenses | 47909 | 124100 | (76191) | (61%) |
| **Total Operating expenses** | **1882430** | **1987790** | **(105360)** | **(5%)** |
| **Operating income** | **2498330** | **2199574** | **298756** | **14%** |
| **Other income (expense)** |  |  |  |  |
| Government subsidies | 450450 | 534410 | (83960) | (16%) |
| Other income (expense) |  | 17042 | (17042) | (100%) |
| Interest income (expense), net | (10151) | 29694 | (39845) | (134%) |
| **Total Other income, net** | **440299** | **581146** | **(140847)** | **(24%)** |
| **Income before income taxes** | **2938629** | **2780720** | **157909** | **6%** |
| Income tax expenses (benefit) | 227354 | 257868 | (30514) | (12%) |
| **Net income** | **2711275** | **2522852** | **188423** | **7%** |

---

 **

 ****

 ****

 **

 ****

***Revenues***

The following table presents revenue disaggregation by software products for the fiscal years ended September 30, 2024 and 2023, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Fiscal years ended September 30,** | **For the Fiscal years ended September 30,** | **For the Fiscal years ended September 30,** | **For the Fiscal years ended September 30,** |
| <br>**Revenue disaggregation by software products** | **2024** | **2024** | **2023** | **2023** |
| Cloud Data Base Station Node Software | $5311916 | 89.90% | $4902503 | 86.30% |
| Enterprise Data Base Station Node Software and Hardware | 122853 | 2.10% |  |  |
| Smart Metaverse Box | 37024 | 0.60% | 143118 | 2.52% |
| Decentralization Application Software | 434369 | 7.40% | 635046 | 11.18% |
| **Total** | $**5906162** | **100.00%** | $**5680667** | **100.00%** |

---

Revenue increased by $225,495 or 4%, to $5,906,162 for the fiscal year ended September 30, 2024 from $5,680,667 for the fiscal year ended September 30, 2023. Despite the decrease of sales for Smart Metaverse Box and Decentralization Application Software, the increase in revenues in 2024 was primarily due to the increase of sales in Cloud Data Base Station Node Software and the launch of the new product of Enterprise Data Base Station Node Software and Hardware.

***Cost of revenues***

The following table presents cost of revenues by cost categories for the fiscal years ended September 30, 2024 and 2023, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Fiscal Years Ended <br> September 30,** | **For the Fiscal Years Ended <br> September 30,** | **For the Fiscal Years Ended <br> September 30,** | **For the Fiscal Years Ended <br> September 30,** | **Variance** | **Variance** |
| <br>**Cost Category** | **2024** | **2024** | **2023** | **2023** | **Amount** | **Percent** |
| Software operation and maintenance costs | $| 1092686 | $| 1070843 | $21843 | 2.04% |
| Enterprise Data Base Station Node Software and Hardware |  | 26292 |  |  | 26292 |  |
| Hardware costs |  | 4291 |  | 66656 | (62365) | (93.56%) |
| IDC service fee |  | 59713 |  | 103658 | (43945) | (42.39%) |
| Equipment Depreciation |  | 131021 |  | 131457 | (436) | (0.33%) |
| Intangible Assets Amortization |  | 174693 |  | 79283 | 95410 | 120.34% |
| Sales taxes and surcharges |  | 36706 |  | 41406 | (4700) | (11.35%) |
| **Total Cost of Sales** | **$** | **1525402** | **$** | **1493303** | $**32099** | **2.15%** |
| **Gross Profit** | **$** | **4380760** | **$** | **4187364** | $**193396** | **4.62%** |
| Gross Margin % |  | 74% |  | 74% |  |  |

---

Cost of revenues increased by $32,099 or 2.15%, to $1,525,402 for the fiscal year ended September 30, 2024 from $1,493,303 for the fiscal year ended September 30, 2023. The increase in cost of revenues was partly due to increase of intangible assets amortization.

Our gross profit increased by $193,396, or 4.62%, to $4,380,760 for the fiscal year ended September 30, 2024 from $4,187,364 for the fiscal year ended September 30, 2023. Overall gross profit margin kept stable at 74% for the fiscal year ended September 30, 2024 as compared to 74% for the fiscal year ended September 30, 2023.

***Operating expenses***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended** | **For the Fiscal Years Ended** | | |
|  | **September 30,** | **September 30,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percentage** |
| **Operating expenses:** |  |  |  |  |
| Selling and marketing expenses | $574417 | $581299 | $(6882) | (1%) |
| General and administrative expenses | 1260104 | 1282391 | (22287) | (2%) |
| Research and development expenses | 47909 | 124100 | (76191) | (61%) |
| **Total operating expenses** | $**1882430** | $**1987790** | $**(105360)** | **(5%)** |

---

***Selling and marketing expenses***

The following table presents selling and marketing expenses for the fiscal years ended September 30, 2024 and 2023, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended**<br> **September 30,** | **For the Fiscal Years Ended**<br> **September 30,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percent** |
| Salary Costs | $329371 | $426138 | $(96767) | (23%) |
| Office expenses | 278 | 7803 | (7525) | (96%) |
| Entertainment expense | 5658 | 11291 | (5633) | (50%) |
| Travel Expense | 2538 | 3564 | (1026) | (29%) |
| Business publicity expense | 236572 | 132503 | 104069 | 79% |
| **Total Selling and marketing expense** | $**574417** | $**581299** | $**(6882)** | **(1%)** |

---

Selling and marketing expenses decreased by $6,882, or 1%, to $574,417 for the fiscal year ended September 30, 2024 as compared to $581,299 for the fiscal year ended September 30, 2023. On the one hand, we have made appropriate optimizations and reductions in personnel and office expenses; on the other hand, we have increased our expense in business publicity to generate more revenue through promotion.

***General and administrative expenses***

The following table presents general and administrative expenses for the fiscal years ended September 30, 2024 and 2023, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended**<br> **September 30,** | **For the Fiscal Years Ended**<br> **September 30,** | **Variance** | **Variance** |
|  | **2024** | **2023** | **Amount** | **Percent** |
| Salary Costs | $460275 | $361726 | $98549 | 27% |
| Entertainment expense | 36843 | 20747 | 16096 | 78% |
| Office expenses | 33339 | 62249 | (28910) | (46%) |
| Provision for credit loss | 62686 | 157657 | (94971) | (60%) |
| Travel Expense | 8266 | 6879 | 1387 | 20% |
| Depreciation of fixed assets | 71067 | 16042 | 55025 | 343% |
| Professional services | 54984 | 118958 | (63974) | (54%) |
| Rental Cost | 482554 | 492886 | (10332) | (2%) |
| Property management fee | 47706 | 42742 | 4964 | 12% |
| Communication expense | 2384 | 2505 | (121) | (5%) |
| **Total General and administrative expenses** | $**1260104** | $**1282391** | $**(22287)** | **(2%)** |

---

General and administrative ("G&A") expenses decreased by $22,287 or 2%, to $1,260,104 for the fiscal year ended September 30, 2024 as compared to $1,282,391 for the fiscal year ended September 30, 2023. The decrease was primarily due to the decrease of provision for credit loss, and professional services.

***Research and development expenses***

Our research and development (R&D) expenses were $47,909 and $124,100 for the fiscal years ended September 30, 2024 and 2023, respectively. Our R&D expenses are all costs associated with the research and development of our potential new software or service offerings, as well as improvements in existing software. These costs, which primarily include salaries, contract services and supplies, are expensed as incurred on an ongoing basis. There were no material changes in our R&D expenses on a year-over-year basis.

***Other income (expenses)***

Other income was $440,299 and $581,146 for the fiscal years ended September 30, 2024 and 2023, respectively, which consisted primarily of VAT refund received for sales of software.

***Provision for income tax***

 ****

For the fiscal years ended September 30, 2024 and 2023, we made a current income tax provision of $235,195 and $277,576, respectively. For the fiscal years ended September 30, 2024 and 2023, we recorded a deferred tax credit of $7,841 and $19,708, respectively.

***Net income***

As a result of the foregoing, we recorded net income of $2,711,275 and $2,522,852 in the fiscal years ended September 30, 2024 and 2023, respectively.

**<u>Liquidity and Capital Resources</u>**

Our primary sources of liquidity consist of existing cash balances and cash flows from our operating activities, capital contribution from shareholders and loan from related parties and banks. We received proceeds from short-term bank loan of $694,028 and $425,332 for the fiscal years ended September 30, 2024 and 2023, respectively. We made a repayment of short-term bank loan of $416,417 for the fiscal year ended September 30, 2024. We received a capital contribution from our shareholders of nil and $238,113 for the fiscal years ended September 30, 2024 and 2023, respectively. We received a loan from related parties of $13,881 and $1,458,321 for the fiscal years ended September 30, 2024 and 2023, respectively. We made a prepayment of loan from related parties of $13,881 and $663,669 for the fiscal years ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, we had cash and cash equivalents of $105,706.

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

In utilizing the proceeds that we expect to receive from this offering, we may make capital contributions to our PRC subsidiaries, acquire or establish new subsidiaries, or give loans to our subsidiaries. However, use of the proceeds by our PRC subsidiaries are subject to PRC regulations.

Our operations are primarily based in China. A significant portion of our transactions are settled in Renminbi and our financial statements are presented in U.S. dollars. Under existing PRC foreign exchange regulations, Renminbi may be converted into foreign currencies for current account items, including profit distributions, interest payments and trade- and service-related foreign exchange transactions, without prior SAFE approval as long as certain routine procedural requirements are fulfilled. Our PRC subsidiary is allowed to pay dividends in foreign currencies to us without prior SAFE approval by following certain routine procedural requirements. However, approval from or registration with competent government authorities is required where the Renminbi is to be 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 restrict access to foreign currencies for current account transactions in the future. The ability of our PRC subsidiaries to make dividends or other cash payments to us is subject to various restrictions under PRC laws and regulations. The following table sets forth a summary of our cash flows for the periods indicated:

***Cash Flow Summary***

***For the Fiscal Years Ended September 30, 2024 and 2023***

 ****

The following summarizes the key components of our cash flows for the fiscal years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Years Ended** | **For the Fiscal Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| Net cash used in operating activities | $(1825252) | $(1393210) |
| Net cash used in investing activities | (12210) | (629922) |
| Net cash provided by financing activities | 277611 | 1458097 |
| Effect of exchange rate changes on cash and cash equivalents | 23634 | (42894) |
| Net decrease in cash and cash equivalents | (1536217) | (607929) |
| Cash and cash equivalents, beginning of period | 1641923 | 2249852 |
| Cash and cash equivalents, end of period | $105706 | $1641923 |

---

Net cash used in operating activities for the fiscal year ended September 30, 2024 was $1,825,252, which was primarily attributable to a net income of $2,711,275, adjusted for non-cash items for $885,823 and adjustments for changes in working capital of $5,422,350. The adjustments for changes in working capital mainly included:

(i) increase in
 payments of Pre-IPO expenses of $237,797 during the fiscal year ended September 30, 2024.

(ii) increase in prepayments
 of $2,182,082 to retain various marketing and promotion activities after the company began the IPO process.

(iii) increase in accounts receivable
 of $3,148,563 from Zhenglian Shenzhen's customers' credit sales during the fiscal year ended September 30, 2024.

(iv) decrease in operating lease
 liabilities of $446,396 as the company pays operating lease payments during the year.

Net cash used in operating activities for the fiscal year ended September 30, 2023 was $1,393,210, which was primarily attributable to a net income of $2,522,852, adjusted for non-cash items for $859,846 and adjustments for changes in working capital of $4,775,908. The adjustments for changes in working capital mainly included:

(i) increase in payments of Pre-IPO
 expenses of $1,913,653 during the fiscal year ended September 30, 2023.

(ii) increase in prepayments
 of $1,997,587 to retain various marketing and promotion activities after the company successfully launch its IPO.

(iii) increase in accounts receivable of $305,708 from Zhenglian
 Shenzhen's customers' credit sales during the fiscal year ended September 30, 2023.

(iv) decrease in operating lease liabilities of $422,663
 as the company pays operating lease payments during the year.

***Investing Activities:***

Net cash used in investing activities was approximately $12,210 for the fiscal year ended September 30, 2024, attributable to the payments related to intangible assets from our ongoing research and development efforts.

Net cash used in investing activities was approximately $629,922 for the fiscal year ended September 30, 2023, primarily attributable to the payments related to intangible assets from our ongoing research and development efforts in the amount of approximately $593,670 and payments made to acquire office equipment in the amount of $36,252.

***Financing Activities:***

Net cash provided by financing activities was $277,611 and $1,458,097 for the fiscal year ended September 30, 2024 and 2023, respectively, mainly attributable to the below:

(i) Proceeds from
 short-term bank loan were $694,028 and 425,332 for the fiscal years ended September 30, 2024 and 2023, respectively. Repayment of
 short-term bank loans were $416,417 and nil for the fiscal years ended September 30, 2024 and 2023, respectively.

(ii) Proceeds from investors
 were nil and $238,113 for the fiscal years ended September 30, 2024 and 2023, respectively.

(iii) Loan received from related
 parties were $13,881 and $1,458,321 and loan repayment to related parties were $13,881 and $663,669 for the fiscal years ended September
 30, 2024 and 2023, respectively.

Based on current operating plan, our management believes that the Company will be able to meet future liquidity and capital requirement for at least next twelve months from the date of the issuance of the audited financial statements.

**<u>Disclosure of Contractual Obligations</u>**

There are no material contractual obligations as of September 30, 2024, and 2023, except for the operating lease commitment. See "— Commitment."

**<u>Capital Expenditures on Intangible Assets</u>**

Our capital expenditures consist primarily of expenditures in the development of software as a result of our continued technological improvement on our products. Our capital expenditures for intangible assets amounted to $12,210 and $593,670 for the fiscal year ended September 30, 2024 and 2023, respectively.

We follow Financial Accounting Standards Board (FASB) ASC 985 to account for software development costs incurred for external use software. ASC985 requires all development costs to establish the technological feasibility of external-use software to be expensed as incurred. Development costs incurred after establishing technological feasibility to produce the 'product master', referred to as 'production costs', are capitalized to the extent recoverable by the net realizable value of the software product until the product is available for general release.

Our development projects for the fiscal years ended September 30, 2024 and 2023 are listed as below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Name of Intangible Assets** | **Type** | **Date of Feasibility Study Report** | **Date reached technological feasibility** | **Total Cost to be capitalized as Intangible Assets** | **Total Cost to be capitalized as Intangible Assets** |
| | | | | | For year ended September 30, 2024 | For year ended September 30, 2023 |
| 1 | Rushujiazhen | Licensed software | October 1, 2021 | December 1, 2021 | - | 202084 |
| 2 | Distributed cloud disk | Licensed software | September 6, 2021 | December 1, 2021 | - | 78339 |
| 3 | Metaverse Box - Streaming Media Services App | Licensed software | July 1, 2021 | October 8, 2021 | - | 67122 |
| 4 | Metaverse Box | Licensed software | July 1, 2021 | October 8, 2021 | - | 152305 |
| 5 | Enterprise data base station node software | Licensed software | December 1, 2022 | January 3, 2023 | 12210 | 93820 |
|  | **Total** |  |  |  | **$12210** | **$593670** |

---

The Company had a system of capitalization of development costs. The project team conduct a set of procedures including technical feasibility analysis, demand analysis, construction period assessment and project budget to propose a project to be set as a research and development project. A project proposal, including project summary, technical background and development, market conditions, technological prospects and development plan, is reviewed and assessed by the management. Once the project is identified, Project Design Manual will be prepared. After all the above are completed, it will be regarded as the project has reached the technological feasibility and from this stage, the expenditures of the project start to be capitalized.

**<u>Off-balance Sheet Commitments and Arrangements</u>**

*Off-Balance Sheet Arrangements* 

There were no off-balance sheet arrangements for the fiscal year ended September 30, 2024 and 2023 that have or that in the opinion of management are likely to have, a current or future material effect on our consolidated financial condition or results of operations. We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as shareholder's equity, or that are not reflected in our consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

*Commitments* 

The following table sets forth our operating lease contractual obligations as of September 30, 2024:

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| | |
|:---|:---|
| **Year ending September 30,** | |
| 2025 | $533255 |
| 2026 | 559912 |
| 2027 | 141664 |
| Thereafter | – |
| **Total minimum lease payments** | $**1234831** |

---

*Contingencies* 

The Company may be involved in various legal proceedings, claims and other disputes arising from the commercial operations, projects, employees and other matters which, in general, are subject to uncertainties and in which the outcomes are not predictable. The Company determines whether an estimated loss from a contingency should be accrued by assessing whether a loss is deemed probable and can be reasonably estimated. Although the outcomes of these legal proceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of operations or liquidity.

Zhenglian Shenzhen has a contract dispute with one of its previous suppliers, Shenzhen Youwei Communication Technology Co., Ltd. ("**Youwei**"). Zhenglian Shenzhen sued Youwei on March 23, 2023 in connection with a cooperative purchasing agreement and a relevant supplementary agreement (the "**Youwei Purchase Agreements**") between Youwei and Zhenglian Shenzhen in Shenzhen Qianhai Cooperation Zone People's Court ("**Qianhai Court**"). Zhenglian Shenzhen claimed that Youwei failed to provide Zhenglian Shenzhen with the customized mobile phones that meet the Zhenglian Shenzhen's requirements in accordance with the Youwei Purchase Agreements. Zhenglian Shenzhen has claimed total compensation of approximately $1.1 million. In June of 2023, Youwei filed a counterclaim against Zhenglian Shenzhen. As of September 30, 2024, the case was still pending for the court's judgement. We do not believe this legal proceeding will have any material adverse effect on our operation in China. As of September 30, 2024, the Company was not aware of any other litigation or lawsuits against it.

**<u>Critical Accounting Policies</u>**

We prepare our consolidated financial statements in conformity with accounting principles generally accepted by the U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect our reported amount of assets, liabilities, revenue, costs and expenses, and any related disclosures. Although there were no material changes made to the accounting estimates and assumptions in the past two years, we continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates.

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

*Use of Estimates*

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying notes. Such estimates include, but are not limited to, the allowance for credit losses of accounts receivable, inventory valuation, useful lives of property, plant and equipment, intangible assets, and income taxes related to realization of deferred tax assets and uncertain tax position. Actual results could differ from those estimates.

*Revenue Recognition* 

The Company adopted ASC Topic 606, Revenue from Contracts with Customers, effective as of January 1, 2019. Accordingly, the consolidated financial statements for the years ended September 30, 2024 and 2023 are presented under ASC 606. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is the transaction price the Company expects to be entitled to in exchange for the promised services in a contract in the ordinary course of the Company's activities and is recorded net of value-added tax ("VAT"). To achieve that core principle, the Company applies the following steps:

Step 1: Identify the contract (s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Company generates revenues from software licensing and providing related services through its distribution network. The distributors are considered as customers.

The Company typically enter into purchase agreements with its distributors, which specify the cooperation scope, payment terms, rights and obligations of both parties, restrictive covenants, delivery terms, refunds or replacements, breach and termination, and dispute resolutions. The distributors make payment to the Company in accordance with the agreed-upon terms. After the payment has been received from the distributors, software products are delivered in accordance with the contractual obligations in the purchase agreements to the distributors through an activation code. After delivery of the software product, the Company works together with distributors to provide after-sales support and maintenance services. Revenue recognition policies for each type of revenue stream are as follow:

*Software Perpetual License*

The Company derives its software perpetual license revenue by selling software perpetual license and providing related services based on customers' order. There are two performance obligations. Software license and related pre-installation debugging service is considered one performance obligation. Usually the physical possession of the software is transferred to the Customers immediately upon the delivery of software and the activation code. The activation codes are matched to debugged software only, so the debugging is not separable from the fulfillment of software license. Post-contract consulting (PCS), technical support and upgrade services are collectively considered as another performance obligation as these services are provided to customers on within 1 year of the transfer of software licenses. The transaction price is predetermined according to the contract price. Generally, the credit term is within three months. There is no other obligation in our contracts, such as return, refund or warranties. Software perpetual license and pre-installation debugging service revenue is recognized when control of the software is transferred to the distributors (i.e., when our performance obligation is satisfied at a point in time), which typically occurs immediately after delivery and installation is completed. Revenue derived from PCS service, technical support service and upgrade service are recognized over the contract period as these services are provided over the contract period and the performance obligation are satisfied over the contract period. Revenue derived from PCS service, technical support service and upgrade service are not material.

*Software Term License*

The Company derives its software term license revenue by authorizing software license and providing related technical support services within the contract period. For customer contracts that contain license and technical support services that are not considered distinct, both the license and technical support services are determined to be a single performance obligation and the revenue is recognized over time based upon the Company's efforts to satisfy the performance obligation.

*Standalone Selling Price Estimate*

The company allocated the contract price to both the software products and the service elements. The Company do not sell its installation service, post-contract consulting and training service, technical support service and upgrade service separately from its software license contract, so the price is not readily available. However there are independent 3rd party engineers who provide similar services in the open market and the service prices are readily available in the market. The company applies adjusted market assessment approach to estimate the standalone selling price for each service. The price for software product is the total selling price deducted by the allocated amount to installation service, post-contract consulting and training service, technical support service and software upgrade service. There is no variable consideration for the contract price. Revenue derived from PCS service, technical support service and upgrade service are not material.

*Principal and Agent Considerations*

GAAP requires us to evaluate, using a control model, whether the Company itself promises to provide services to the customers (as a principal) or to arrange for services to be provided by another party (as an agent). The company controls the software and the service before it transfers to the customer. The company is a principal as it is primarily responsible for fulfilling the promise to provide the specified software and services. Based on the Company's evaluation using a control model, the Company determined that in all of its major business activities, it serves as a principal rather than an agent within their revenue arrangements.

*Contract costs*

Contract costs include contract acquisition costs and contract fulfillment costs which are all recorded within prepayments, deposits, and other assets in the consolidated balance sheets.

Contract acquisition costs consist of incremental costs incurred by the Company to originate contracts with customers. Contract acquisition costs, which generally include costs that are only incurred as a result of obtaining a contract, are capitalized when the incremental costs are expected to be recovered over the contract period. All other costs incurred regardless of obtaining a contract are expensed as incurred. Contract acquisition costs are amortized over the period the costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs relate. Contract fulfillments costs consist of costs incurred by the Company to fulfill a contract with a customer and are capitalized when the costs generate or enhance resources that will be used in satisfying future performance obligations of the contract and the costs are expected to be recovered. Capitalized contract fulfillment costs generally include contracted services, direct labor, materials, and allocable overhead directly related to resources required to fulfill the contract. Contract fulfillment costs are recognized in cost of revenue during the period that the related costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs are related. There were no contract acquisition costs and fulfillment costs as of September 30, 2024 and 2023.

*Contract balance*

When a revenue contract has been performed, the Company presents the contract in the consolidated balance sheet as a contract asset or a contract liability, depending on the relationship between the Company's performance and the customer's payment. The contract assets consist of accounts receivable and deferred cost. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Deferred cost is deferred for the contract preparation and will be recognized as cost of revenues when goods or services are transferred to customers.

The contract liabilities consist of advance from customers, which represent the billings or cash received for services or product sales in advance of revenue recognition and is recognized as revenue when all of the Company's revenue recognition criteria are met. For the fiscal years ended September 30, 2024 and 2023, the contract liabilities at the beginning of the reporting period, which amounted to $287,369 and $5,909,534 respectively, have been recognized as revenue during the years. The Company's contract liability amounted to $420,756 and $363,433 as of September 30, 2024 and 2023, respectively. The Company expects to recognize this balance as revenue over the next 12 months.

Disaggregated information of revenues

***For the Fiscal Years Ended September 30, 2024 and 2023***

 ****

The following table presents revenue disaggregation by revenue stream for the fiscal years ended September 30, 2024 and 2023:

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| | | |
|:---|:---|:---|
| | **Fiscal Years Ended September 30,** | **Fiscal Years Ended September 30,** |
| <br>**Revenue disaggregation** | **2024** | **2023** |
| Software Perpetual License and related services | $5471793 | $5045621 |
| Software Term License and related services | 434369 | 635046 |
| **Total revenues** | $**5906162** | $**5680667** |

---

The following table presents revenue disaggregation by software products for the fiscal years ended September 30, 2024 and 2023, respectively.

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| | | |
|:---|:---|:---|
| | **Fiscal years ended September 30,** | **Fiscal years ended September 30,** |
| <br>**Revenue disaggregation by software products** | **2024** | **2023** |
| Cloud Data Base Station Node Software | $5311916 | $4902503 |
| Enterprise Data Base Station Node Software and Hardware | 122853 |  |
| Smart Metaverse Box | 37024 | 143118 |
| Decentralization Application Software | 434369 | 635046 |
| Total | $**5906162** | $**5680667** |

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***Taxation***

***Cayman Islands***

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 the Company levied by the government of the Cayman Islands except for stamp duties which may be applicable to instruments executed in, or after execution, brought within the jurisdiction of the Cayman Islands.

The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

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.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019, and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

***Hong Kong***

Our subsidiary incorporated in Hong Kong is subject to Hong Kong profit tax at a rate of 16.5%. No Hong Kong profit tax has been levied as we did not have an assessable profit that was earned in or derived from the Hong Kong subsidiary during the periods presented. Hong Kong does not impose a withholding tax on dividends.

***PRC***

In March 2007, the National People's Congress of China enacted the Enterprise Income Tax Law, which became effective on January 1, 2008, and was last amended on December 29, 2018. The Enterprise Income Tax Law provides that enterprises organized under the laws of jurisdictions outside China with their "de facto management bodies" located within China may be considered PRC resident enterprises and therefore subject to the PRC EIT at the rate of 25% on their worldwide income. The Implementing Rules of the Enterprise Income Tax Law further define the term "de facto management body" as the management body that exercises substantial and overall management and control over the business, personnel, accounts and properties of an enterprise.

While we do not currently consider our company or any of our overseas subsidiaries to be a PRC resident enterprise, there is a risk that the PRC tax authorities may deem our company or any of our overseas subsidiaries to be a PRC resident enterprise since a substantial majority of the members of our management team as well as the management team of our overseas subsidiaries are located in China, in which case we or the applicable overseas subsidiaries, as the case may be, would be subject to the PRC EIT at the rate of 25% on worldwide income. If the PRC tax authorities determine that our Cayman Islands holding company is a "resident enterprise" for PRC EIT purposes, a number of unfavorable PRC tax consequences could follow.

Under the Enterprise Income Tax Law and its implementation regulations issued by the State Council, a 10% PRC withholding tax is applicable to dividends paid to investors that are nonresident 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.

In addition, any gain realized on the transfer of shares by such investors is also subject to PRC tax at a rate of 10%, if such gain is regarded as income derived from sources within the PRC. If we are deemed to be a PRC resident enterprise, dividends paid on our Ordinary Shares, and any gain realized from the transfer of our Ordinary Shares, may be treated as income derived from sources within the PRC and may as a result be subject to PRC taxation.

Furthermore, if we are deemed to be 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 at a current rate of 20% (which in the case of dividends may be withheld at source). Any PRC tax liability may be reduced under applicable tax treaties or tax arrangements between China and other jurisdictions. If we or any of our subsidiaries established outside China are considered to be a PRC resident enterprise, it is unclear whether holders of the Ordinary Shares would be able to claim the benefit of income tax treaties or agreements entered into between China and other countries or areas.

In April 2018, the Ministry of Finance, or MOF, and State Administration of Taxation, or SAT, jointly promulgated the Circular of the MOF and the SAT on Adjustment of Value-Added Tax Rates, or Circular 32, according to which (i) for VAT taxable sales or imports of goods originally subject to VAT rates of 17% and 11% respectively, such tax rates were adjusted to 16% and 10%, respectively; and (ii) for exported goods originally subject to a tax rate of 17% and an export tax refund rate of 17%, the export tax refund rate was adjusted to 16%. Circular 32 became effective on May 1, 2018 and superseded existing provisions which were inconsistent with Circular 32.

Pursuant to the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, which was promulgated by MOF, SAT and the General Administration of Customs on March 20, 2019, where (i) for VAT taxable sales or imports of goods originally subject to VAT rates of 16%, such tax rates shall be adjusted to 13%; (ii) for exported goods originally subject to a tax rate of 16% and an export tax refund rate of 16%, the export tax refund rate shall be adjusted to 13%.

We are also subject to VAT at a rate of approximately 13% on the software Zhenglian Shenzhen sell to its customers, less any deductible VAT we have already paid or borne. We are also subject to surcharges on VAT payments in accordance with PRC law.

**<u>Quantitative and Qualitative Disclosures about Market Risk</u>**

***Foreign Exchange Risk***

 **

Substantially all of our revenues and all of our expenses are denominated in RMB. In our consolidated financial statements, our financial information that uses RMB as the functional currency has been translated into U.S. dollars. Any significant revaluation of the Renminbi may materially and adversely affect our results of operations and financial position reported in Renminbi when translated into U.S. dollars, and the value of, and any dividends payable, in U.S. dollars.

RMB is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the Peoples' Bank of China ("PBOC") or other authorized financial institutions at exchange rates quoted by PBOC. Approval of foreign currency payments by the PBOC or other regulatory institutions requires submitting a payment application form together with suppliers' invoices and signed contracts. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market.

***Interest Rate Risk***

Our exposure to interest rate risk primarily relates to the short-term and long-term borrowings we have entered with a bank. We have not been exposed to material risks due to changes in interest rates. An increase, however, may raise the cost of any debt we have now or in the future.

 **

***Inflation Risk***

 **

Our costs and expenses may also be affected by China's inflation level. Since our inception, inflation in China has not materially impacted our results of operations. According to the National Bureau of Statistics of China, the year-over-year percent changes in the consumer price index for 2021, 2022 and 2023 were increases of 0.9% 2.0% and 0.2%, respectively. Although we have not in the past been materially affected by inflation since our inception, we can provide no assurance that we will not be affected in the future by higher rates of inflation in China.

**BUSINESS**

*We conduct our business and operations in China through the VIE. The following description of our business is a description of the business of the VIE. For avoidance of doubt, all references in this section to the terms "our," "us," "we," or "Company" refer to the VIE. See "Corporate History and Structure — The VIE Agreements" for a summary of the contractual arrangements and "Risk Factors — Risks Related to Our Corporate Structure" for certain risks related to the contractual arrangements.*

**Background**

As the internet continues to develop, we believe certain problems with the traditional and current networks (which can informally be referred to as Web 2.0) will become more and more pronounced. Among them are: (1) security concerns; (2) centralization concerns, for example, certain companies have full control over personal data stored on their centralized servers; and (3) resource limitation concerns, for instance, as virtual or augmented reality and AI (and other technologies loosely considered to be a part of Web3) become more ubiquitous, the processing power, bandwidth, and storage resources required for such data increases, and consequently, companies and individuals find themselves requiring newer and more advanced equipment to keep up with the increasing resource demands. We believe that we offer solutions to the limitations of traditional networks. Secure, decentralized distributed networks can be created at relatively little cost, whereby a company or individual can have at their disposal sufficient processing power, bandwidth, and storage necessary to meet the increased demands of the next generation of the internet which some have coined "Web3" through the secure sharing of resources across the decentralized network. Web3 is built on the concepts of decentralization, openness, and user-control of data, shifting away from centralization in the current Web 2.0 landscape by leveraging technologies such as distributed networks, encryption algorithms, and blockchain.

**Our Mission**

Driving continuous advancement in internet technology.

**Overview** 

We are a company incorporated in China, dedicated to providing a comprehensive solution for global users in the transition to the new generation of the internet. Our distributed network infrastructure software products enable users to efficiently set up distributed networks or migrate existing centralized applications to distributed networks.

As the internet continues to develop, we believe certain problems with the traditional and current networks (which can informally be referred to as Web 2.0) will become more and more pronounced. Among them are: (1) security concerns; (2) centralization concerns, for example, certain companies have full control over personal data stored on their centralized servers; and (3) resource limitation concerns, for example, as virtual or augmented reality and AI become more ubiquitous, the processing power, bandwidth, and storage resources required for such data increases, and consequently, there is an increase in the demand for processing power, bandwidth, and storage resources for the data associated with these technologies.

Therefore, companies and individuals find the need to upgrade to more advanced equipment to meet the continually increasing demands for resources. We believe that distributed networks can address the limitations of traditional networks. Leveraging secure and decentralized distributed technologies, with relatively modest infrastructure investment, companies or individuals can obtain sufficient processing power, bandwidth, and storage resources at a comparatively lower cost. This allows them to meet the growing demands of the next generation internet.

Our network infrastructure software products can build a unique proprietary distributed network that can be easily deployed across a multitude of devices, from servers to personal computers, tablets, and mobile phones (meeting the minimum hardware requirements). These devices can simultaneously serve as nodes on the distributed network. Deployment is typically achieved by simply running a software installation package on hardware that meets the specified configuration. Security is ensured through innovative authentication methods, utilizing public and private key pairs, along with other relevant security measures.

In order to propel the development of distributed networks and encourage more developers or network platform operators to engage in the utilization of decentralized applications, we not only offer efficient network infrastructure tools but also provides complementary software development kits for decentralized applications. The development tools facilitate the entire process of decentralized application development, including coding, debugging, testing, and deployment, within an integrated environment.

Our goal is to become a leading provider of distributed network solutions. We hope to continue to increase our investment in the research and development of distributed networks and to continuously educate and spread awareness of the solutions we can provide to the issues encountered by both traditional and current networks. Additionally, we will enhance the commercial value delivered to our end-users through our dealer channel network. We believe that by leveraging our proprietary technology, research and development capabilities, and accumulating valuable expertise through investments in relevant technological research, we can maintain a competitive advantage in the industry.

We aim to stay up-to-date on technical innovations by maintaining a large talent pool and will continue to invest in research and development to upgrade our software solutions. In 2022, we obtained the national high-tech enterprise certification in China. As of September 30, 2024 and 2023, our research and development team consisted of 23 and 31 researchers, programmers, and engineers, accounting for approximately 55% and 57% of the total number of employees, respectively.

We historically derived our revenue mainly from software product sales through distributors and related post-contract services. As of September 30, 2024 and 2023, we had 35 and 28 distributors in China, respectively. We consider these distributors to be our customers. Through our distribution network channel penetration, sales have extended to cover 9 provinces and 11 municipalities in China as of September 30, 2024 and 2023, respectively.

We capitalized $0.012 million and $0.59 million of research and development expenditure for the fiscal years ended September 30, 2024 and 2023, respectively. We also incurred research and development expenses of $0.047 million and $0.12 million for the fiscal years ended September 30, 2024 and 2023, respectively. Our allocation of resources towards innovation has fostered our growth, as a combined company including the VIE and our subsidiaries. For the fiscal years ended September 30, 2024 and 2023, total revenue reached approximately $5.91 million and $5.68 million, respectively, and net income was approximately $2.71 million and $2.52 million, respectively.

**Our Technology Advantages**

We place a significant emphasis on the innovation and research and development of the underlying infrastructure of the next generation of the internet. Through continuous investment, we have achieved outstanding results, including obtaining the national high-tech enterprise certification and the specialized and sophisticated small and medium sized enterprise ("SME") recognition, and securing and Medium-sized Enterprises Service Bureau, and securing 2 registered trademarks, 38 registered computer software copyrights, 11 registered patents and 1 license in China as of September 30, 2024.

Based on our software component tools, the distributed network we construct can achieve functionalities such as distributed storage, peer-to-peer transmission, consensus mechanisms, and cryptographic algorithms. The independently developed Zerolimit Virtual Routing Protocol ('ZVR Protocol') enables distributed networking from a small-scale to an extremely large-scale node count, facilitating rapid node allocation and resource location in distributed computing and storage. By incorporating digital signature algorithms resistant to quantum computing attacks, our distributed network achieves scalability, reliability, efficiency and security:

*Scalability:* The distributed network can accommodate more users and data by increasing the number of nodes. This means that as demand grows, more nodes can be added to expand the network's capacity and processing power. This ability for horizontal scalability ensures that the network can handle high traffic, adapt to a growing user base, while maintaining stability and performance.

 

*Reliability:* The distributed network can improve reliability by distributing data and tasks across multiple nodes. Even if one node fails or becomes unavailable, other nodes can continue to operate, ensuring uninterrupted service. This backup mechanism reduces the risk of a single point of failure and provides a relatively reliable network service.

*Efficiency:* In the distributed network, the processing of data transitions from centralized to distributed, with multiple nodes across the network handling the storage and computational requirements of a single node. All nodes can both generate and process data simultaneously. Data generation and processing occur concurrently, and this concurrency scales with the number of nodes. As the number of nodes increases, and the network expands, the overall processing capacity of the entire network continually strengthens.

*Security:* Our patented technologies ensure that data managed by the distributed network is secure and tamper-proof. Using a large integer hash and an improved one-time signature scheme of multiple trapdoor permutations with permanent and dynamic private keys that are secure against key leaks, the innovative digital signature algorithm is designed to withstand attacks from quantum computers. Each piece of data is sliced into multiple parts and distributed for storage across various nodes, and it can be encrypted to allow access only with authorization. Due to the redundant backup nature of nodes, the abnormality or attack on some nodes will not impact the system's operation.

**Our Products**

Our primary products encompass Cloud Data Base Station Node Software and other software products and complementary solutions designed for constructing distributed networks. We believe that with our products, end-users from diverse industries can efficiently establish the distributed networks they require and develop the decentralized applications they need based on these distributed networks.

We offer four different software products and related complementary solutions to assist end-users in the commercial deployment of distributed networks during the fiscal years ended September 30, 2024 and 2023:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Cloud Data Base Station Node Software*

Cloud Data Base Station Node Software is a basic component tool for building distributed application networks. It is a software package that effectively allows devices to become nodes on the distributed network. It is considered as a prime building block that can be used in multiple programs to perform a specific task or function and can also be integrated with other software products we have developed or will develop. Each cloud data station node is equivalent to an underlying server that provides general-purpose storage and computing capabilities, enabling users to engage in the development of related distributed networks.

During the fiscal years ended September 30, 2024 and 2023, we derived approximately 89.90% and 86.27% of our revenue from this product, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Smart Metaverse Box*

Smart Metaverse Box went on sale in April 2023. It is an embedded integrated hardware and software device designed for ordinary household users, serving as a distributed lightweight node within the home. As a crucial node in the distributed application network, it contributes computing power, storage, and bandwidth to the entire distributed network.

During the fiscal year ended September 30, 2024 and 2023, we derived approximately 0.60% and 2.52% of our revenue from this product, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Decentralization Application Software*

 

Several Decentralization Application Software tools were developed based on our Company's independent networking software and development software tools. After the customer purchases the right to use the tools, they can be deployed on to the customer's distributed network to meet the various needs of end users. Decentralization Application Software includes distributed domain name software, distributed cloud disk software, Huashengren (e-commerce) software, and Rushu Jiazhen (digital collection) software.

During the fiscal year ended September 30, 2024 and 2023, we derived approximately 7.40% and 11.18% of our revenue from this product line, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4. Enterprise Data Base Station Node Software and Hardware*

Enterprise Data Base Station Node Software and Hardware is a device capable of running multiple nodes and designed for enterprise users, combining the functionality of server. It is a critical facility for distributing and miniaturizing traditional large data centers, as it can be flexibly deployed in general office environments without requiring significant upfront infrastructure investment. It serves as the initial networking tool for carrying local distributed digital applications.

During the fiscal years ended September 30, 2024 and 2023, we derived approximately 2.10% and nil of the revenue from this product, respectively.

The following table sets forth our revenue breakdown by type of products for the related periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** | **For the fiscal years ended September, 30** |
| <br>**Net Revenue** | **2024** | **2024** | **2023** | **2023** |
| Cloud Data Base Station Node Software | $5311916 | 89.90% | $4902503 | 86.30% |
| Enterprise Data Base Station Node Software and Hardware | 122853 | 2.10% |  |  |
| Smart Metaverse Box | 37024 | 0.60% | 143118 | 2.52% |
| Decentralization Application Software | 434369 | 7.40% | 635046 | 11.18% |
| **Total** | $**5906162** | **100.00%** | $**5680667** | **100.00%** |

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**Our Business Model**

We currently generate our revenue primarily from software sales and related post-contract services, along with a portion from sales of complementary embedded hardware-software integrated products.

As of the date of this prospectus, we rely completely on our distribution network to promote and sell, and its distribution footprint is concentrated only in China. We sold 100% of our software products through distributors during fiscal years 2024 and 2023.

**Distributors and End-Users**

Our distributors refer to those individuals or entities who purchase our products at the specified price stipulated in their purchase agreements with us and distribute the products in the designated region where they are located or through their offline and online channels to resell the products to end-users.

While we do not possess all of the details regarding the end-users or the particular projects utilizing our software products, we generally categorize our end-users as individuals or enterprises who seek access to the distributed network and leverage our software products to create decentralized applications, or DApps, for their specific needs. DApps are applications that operate on a decentralized network, often utilizing blockchain or other decentralized technologies. DApps differ from traditional centralized applications in key ways, including decentralization, open source code, decentralized storage, autonomy and governance.

Adopting a distribution model is advantageous for rapidly reaching end-users through the sales network of distributors, creating sales scale, and concurrently establishing firewall between the Company and end-user data through the distributor channel.

We typically enter into purchase agreements with our distributors, which specify the cooperation scope, payment terms, rights and obligations of both parties, restrictive covenants, delivery terms, refunds or replacements, breach and termination, and dispute resolutions. The distributors make payment to us in accordance with the agreed-upon terms and then leverage their sales networks to sell our software products to end-users. After the payment has been received from the distributors, our software products are delivered in accordance with the contractual obligations in the purchase agreements to the distributors through an activation code. The distributors subsequently deliver the software products to end-users by sharing this activation code. We do not deliver software products directly to any end-user.

Our distributors are considered our customers. As of September 30, 2024 and September 30, 2023, we had 35 and 28 distributors in China, respectively. These distributors cover 9 provinces and 11 municipalities in China, including Guangdong, Chongqing, Zhejiang, Hainan, Hubei, Liaoning, Shandong, Sichuan, and Hebei.

Our distributors normally do not disclose to us the detailed information of the end-users or any specific project the software products are being used in. We only collect basic registration information of the end-users for after-sales service purposes. Additionally, we work together with distributors to provide after-sales support and maintenance services.

**Suppliers**

When developing software component tools, we require support for the development and testing networks for distributed development. This involves the procurement of hardware devices and the purchase of data center services for online operations. Additionally, for the nodes we develop (such as the Smart Metaverse Box), we rely on hardware suppliers for components like mainboards, storage devices, computing equipment, and software components.

As of September 30, 2024 and September 30, 2023, we had 1 and 14 suppliers in China, respectively, and we have maintained good relationships and contact with most of these suppliers to ensure adequate and timely supply of its software products. We typically purchase these devices and services on a purchase-order basis.

For the fiscal year ended September 30, 2024, our sole supplier was China Mobile Jilin Co., Ltd. Tonghua Branch, which was providing us the data center services for online operations, including cabinet service of RMB5,000 per month per cabinet and IDC network service of RMB5,400 per month per Gbps.

**Software Support and Maintenance**

We work with our distributors to offer software support and maintenance services.

Currently, we do not have any customer service representatives to provide support directly to end-users. Instead, we rely on our network of distributors' customer service representatives to carry out the after-sales service, which typically starts with the end-users submitting their issues to the distributors' customer service representatives. Once distributors collect the issues, they forward them to us for review and processing. We handle the issues and provide online technical support or necessary software upgrades. The revenue from software support and maintenance is immaterial.

**Corporate Development**

We commenced our commercial operations in 2017 in China. In the early stages of our establishment, we focused on building the overall technological framework to expedite the development process of the distributed network. From 2018 to 2019, we made breakthroughs in the technological framework, including the development of mobile deployment, peer-to-peer networking, and distributed storage. We also launched successive versions of our distributed network infrastructure software, including a demo version, internal test version, and public test version. In September of 2021, we officially launched the Cloud Base Station Node Software, which marked a milestone in our business operations. Since 2021, we have begun generating revenue from software products developed based on distributed networks. In 2022, we obtained the national high-tech enterprise certification in China. In April of 2023, we achieved the recognition as a specialized and sophisticated SME.

We are constantly investing in research and development to improve the existing software products and create new ones. We maintain a talent pool and will continue to invest to enhance our technology. As of September 30, 2024 and September 30, 2023, our research and development team consisted of 23 and 31 researchers, programmers, and engineers, accounting for approximately 55% and 57% of the total number of employees, respectively.

**Industry**

 

*All the information and data presented in this section have been derived from the industry report of Qingzhi commissioned by us in June 2023 entitled "Distributed Technology Industry Analysis Report," unless otherwise noted. Qingzhi has advised us that the statistical and graphical information contained herein is drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

**Introduction of Decentralized Distributed Technology**

***Overview***

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Decentralized distributed technology refers to a method of processing that distributes computing tasks or data across multiple computers or nodes. Compared with a traditional centralized system, this method of processing decentralizes data across relatively independent nodes. Performance and capacity are horizontally expanded by increasing nodes, while data reliability is ensured through multi-node data redundancy. Simultaneously, this architecture maximizes the resource utilization of computer clusters. The origin of distributed technology can be traced back to the 1970s when the first prototype of a distributed database was developed in the United States. Over the next few decades, technologies like remote procedure call, distributed objects, distributed file systems, and blockchain have appeared, propelling rapid development in this field.

Decentralized distributed technology involves multiple fields within information science, including distributed computing, distributed storage, distributed databases, and distributed message queues. In decentralized distributed systems, there is no single central node. All nodes are equal and use protocols and algorithms for communication and coordination. Since they are not dependent on a single central node, decentralized distributed systems typically demonstrate enhanced reliability and security. However, they also face challenges such as performance bottlenecks and data consistency.

***Description of the Industry Chain***

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Decentralized Distributed Technology Industry Mapping

![](image_005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***<u>Upstream</u>: underlying technology and infrastructure providers*** 

The upstream of the industrial chain primarily includes the underlying technology and infrastructure providers of decentralized distributed technology. The fundamental technology of decentralized distributed technology comprises distributed databases, consensus mechanisms, cryptographic technology, and smart contracts.

A distributed database is a technology in which databases are shared, replicated, and synchronized among network members. This technology records all transactions and data changes between network participants, ensuring data security and reliability.

A consensus mechanism is an algorithm ensuring all nodes agree on transactions and data changes via a voting mechanism. This mechanism aims guarantee the results obtained are consistent and valid. Common consensus mechanisms include Proof of Work (PoW), Proof of Stake (PoS), and Proof of History (PoH).

Cryptographic technology is a critical foundation for ensuring data security, and decentralized distributed technology employs various encryption algorithms, with the most common being the hash algorithm.

Smart contracts are computer protocols aimed at disseminating, verifying, or executing contracts digitally, allowing for trustworthy transactions without a third party. These transactions are trackable and irreversible.

The underlying technology providers of decentralized distributed technology primarily include international providers such as Near Protocol, Dfinity, and Chainlink, as well as domestic providers like Qulian Technology, Tencent Blockchain, AntChain, and Zhenglian, our Company.

The basic equipment of decentralized distributed technology primarily refers to various nodes and the networks they constitute. Nodes are computers or servers operating within the distributed network, used to store and process data and transactions on the distributed network. International suppliers, including Hyperledger, Corda, and Ripple, still dominate the distributed base equipment market. However, Chinese suppliers, represented by Changan Chain and Huawei, also demonstrate potential in this field.

&nbsp;&nbsp;&nbsp;&nbsp;***2.***  ***<u>Midstream</u>: generic applications and technological extensions*** 

The midstream of the industrial chain primarily comprises the generic applications and technological extensions of decentralized distributed technology, including Blockchain as a Service (BaaS), solutions and application development components, digital identity, and data services. These mainly involve building decentralized distributed foundational technology, which, when combined with traditional information technology (like cloud computing), creates an intermediate platform layer. This platform plays a bridging role by providing universal application services for distributed technology or supports vertical industry applications downstream at the platform level.

In terms of solutions and application development components, mature service providers exist abroad, such as IBM, Oracle, and Microsoft Azure. Domestic companies such as AntChain, Qulian Technology, Tencent Cloud are also dedicated to creating universal solutions based on decentralized distributed technology. They also focus on the environment for distributed development and integration tools, offering broad application scenarios.

Digital identity is a way of authenticating and managing the identity of individuals or entities. It can be used in various scenarios, such as identity verification, authorization, initiation of digital services, and digital wallets, serving as an essential infrastructure in the digital age. Decentralized distributed technology is one of the core technologies digital identities rely on. It can effectively avoid single-point failures and data tampering, thus ensuring safer and more independent identity verification and management. Key participants in this field include Civic, Digital Bazaar, Evernym, WeBank, and ArcBlock.

Regarding data services, enterprises such as Yunxiang Network, Zhongan Technology, Shuju Technology, JD Intelligent Chain and AntChain provide data based on decentralized distributed technology. This includes data acquisition, analysis, processing, and management. As decentralized distributed technology continues to evolve and application scenarios broaden, the demand for such services is also growing.

&nbsp;&nbsp;&nbsp;&nbsp;***3.***  ***<u>Downstream</u>: application development*** 

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The downstream of the industrial chain primarily comprises various application extensions of decentralized distributed technology, which can be divided into three main categories: public services, industry applications, and frontier applications. These primarily provide either generic service products or customized project implementations according to customer needs, serving as the primary service providers that are closest to end users and offering actual application scenarios.

Decentralized distributed technology has been widely applied to public service areas such as education, judiciary, healthcare, and public welfare. Companies like Educoin, Zhilian, and Tencent Weixiao have applied this technology in education. Organizations and businesses such as NCSC, Congfa Technology, XUPER Baidu Superchain, and Beijing Internet Court have utilized this technology in the judicial sector. In healthcare, companies like Philips, Neusoft, Patientory, and Xinyi are starting to leverage decentralized distributed technology to improve the quality and efficiency of healthcare services. Moreover, organizations like JD Public Welfare, China Red Cross Society, and BitGive are capitalizing on the benefits of this technology in the public welfare field.

***Current Stage of Development***

In summary, the decentralized distributed technology industry is still in its early stage of development, but the basic technological framework and development direction have begun to take shape. According to a technology maturity curve analysis report released by Gartner, Inc. ("Gartner") in July 2022, decentralized distributed technology has now experienced its first peak of innovation, gradually moving from the innovation trigger phase to the peak of inflated expectation phase.

Technology Maturity Curve of Decentralized Distributed Technology

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***Market Scale***

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From the global perspective, the market size of decentralized distributed technology is expected to maintain rapid growth. According to the data and forecasts released by the market research firm International Data Corporation, the global market size of decentralized distributed technology reached $1.4 billion in 2020. It is projected that the global market for decentralized distributed technology will reach $18.95 billion by 2024, achieving a compound annual growth rate of approximately 48% during the forecast period and maintaining a fast-growing trend.

Market Size of Decentralized Distributed Technology ($billion)

![](image_007.jpg)

Although starting a bit later, the domestic market size of decentralized distributed technology in China is also expected to experience rapid growth. According to the data and forecasts released by International Data Corporation, the market size of decentralized distributed technology in China reached $600 million in 2021. It is projected that the Chinese market for decentralized distributed technology will reach 4.28 billion dollars by 2026, achieving a compound annual growth rate of approximately 32% during the forecast period, demonstrating rapid growth.

The Chinese Market Size for Decentralized Distributed Technology ($billion)

![](image_008.jpg)

***Global Market Players***

Our business is characterized by rapid changes as well as new and disruptive technologies. We face competition in every major aspect of our business. In particular, there are three companies that might be considered as our competitors in this market: Dfinity, Near, and Conflux.

We believe our business is set apart from our competition by our underlying technology and infrastructure which the we have been aiming to perfect since 2017. In addition, our software solutions and products can be used for different kinks of service sectors. Our software solutions and products are well-suited for cloud computing for mobile devices, at-home use or for business use. We believe our proprietary network and accompanying software solutions and products offer faster innovation, flexible resources and economies of scale.

**Market Opportunities and Growth** 

The traditional internet ecosystem is a typical centralized model, relying on the computing, storage, and communication capabilities of large data centers. The distributed network as compared to the traditional centralized internet model, offers significant benefits, including decentralized file storage and sharing, decentralized communication and decentralized computing.

China's decentralized distributed technology market is still at an early stage with great growth potential due to the increasing demand for decentralized and secure data storage, computing as well as communication solutions. There is currently no widely recognized leading developer or company, although there are other players we have identified in the preceding section. Different companies and organizations are striving to promote the development of distributed application networks and explore new technologies and application scenarios. We expect China's distributed technology market to grow over the next few years, with a particular focus on sections such as intellectual property, healthcare, e-commerce, education and financial services, which require secure and decentralized systems that can handle sensitive data, transactions, and supply chain logistics.

Our competitors may possess more resources than us, and we cannot guarantee that we will have the necessary financial and operational resources required to expand our business or carry out our business plan.

**Competition**

Our business operates in a dynamic environment that is constantly evolving with the introduction of new technologies, both domestically and internationally. The competition in this market is driven by factors such as technological innovation, customer service, and the ability to offer comprehensive solutions that meet the evolving needs of end-users. Companies that can effectively balance these factors and provide high-quality decentralized technology-based software solutions that are reliable, secure, and scalable will be well-positioned to succeed in the market. We have identified some competitors in the section entitled "Industry."

Our competitors may have more capital, more resources, longer operating histories, broader brand recognition and larger customer bases. We cannot guarantee that we will have the necessary financial and operational resources required to expand our business plan.

**Our Competitive Strengths**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪  ***We were an early entrant into the decentralized distributed technology industry;*** 

Our founder, Chief Technology Officer and Chairman of our Board of Directors, Mr. Guangqing Hu, has been developing our proprietary technology to address the need for secure, decentralized, distributed networks since 2017 and has taken steps to safeguard such technology. Since inception, our research and development team has continued to innovate its proprietary technology to be competitive in the industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Intellectual property protection of our critical technologies;*** 

As of the date of this prospectus, we have 2 registered trademarks, 38 registered computer software copyrights, 11 registered patents and 1 license in China.

&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Our accumulation of valuable know-how through our investment in research and development;*** 

Our research and development team consisted of 23 and 31 talented researchers, programmers, and engineers, representing approximately 55% and 57% of its total workforce as of September 30, 2024 and September 30, 2023, respectively. Our team of experts includes individuals with a range of backgrounds and expertise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Positive Reputational Inertia;*** 

We have some inertia and goodwill generated by virtue of our having been in and being known in the industry and a technological leader pertaining to decentralized network technologies. For example, we have been asked to speak at various seminars and have been asked to provide our expertise in a variety of contexts which has increased our recognition over the years in the industry. This provides us with a competitive advantage over other newer entrants or other competitors that are perhaps not as established or known in the industry. In addition, we believe that, over time, our proprietary technology will perpetuate our growth within the industry as we continue to rapidly develop products tailored to user needs.

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&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Good relationships with distributors, suppliers, and local government agencies; and*** 

The Company has established good relationships with its distributors through various means, such as understanding their needs to improve products, establishing effective communication channels, providing training and support, adjusting marketing strategies in a timely manner, and signing strategic agreements.

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The Company also maintains long-term and positive cooperation with its suppliers through means such as making timely payments and signing strategic agreements.

The Company has fostered good relationships with various levels of government through measures which include developing technology in line with policy advocacy, actively applying for corporate qualifications and research projects, proactively engaging in discussions with government-enterprises, and conducting legal and compliant tax operations.

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&nbsp;&nbsp;&nbsp;&nbsp;▪  ***Research and development capabilities.*** 

Our research and development team consisted of 23 and 31 talented researchers, programmers, and engineers, representing approximately 55% and 57% of its total workforce as of September 30, 2024 and September 30, 2023, respectively. Our team of experts includes individuals with a range of backgrounds and expertise, many of whom have graduated from the top universities in the country.

**Our Strategies**

We intend to further achieve growth by pursuing the following strategies:

***Continue to invest in research and development*.**

As we grow our industry and service area expertise, we intend to leverage the knowledge accumulated over the years of our operation and the result of significant investment in research and development to more effectively address business-specific needs. In addition, we plan to continue investing in research and development.

***Expand our sales and distribution network.***

We intend to expand our distribution network to penetrate new geographic markets in the PRC, further gaining market share in existing markets and accessing a broader range of end-users.

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***Enhance our ability to attract, incentivize and retain talented professionals.***

We believe our success greatly depends on our ability to attract, incentivize, and retain talented professionals. With a view to improving our competitive advantage in the market, we plan to implement a series of initiatives to attract additional and retain mid- to high-level personnel, including formulating a market-oriented employee compensation structure and implementing a standardized multilevel performance review mechanism.

**Research and Development**

We allocate a portion of our operating expenses to research and development, the maintenance of existing products. We capitalized $0.012 million and $0.59 million of research and development expenditure for the fiscal years ended September 30, 2024 and 2023, respectively. We also incurred research and development expenses of $0.047 million and $0.12 million for the fiscal years ended September 30, 2024 and 2023, respectively. Our allocation of resources towards innovation has fostered our growth, as a combined company including the VIE and our subsidiaries. For the fiscal year ended September 30, 2024 and 2023, total revenue reached approximately $5.91 million and $5.68 million, respectively, and net income was approximately $2.71 million and $2.52 million, respectively.

We have a team of approximately 23 and 31 researchers, programmers, and engineers as of September 30, 2024 and September 30, 2023, respectively. We encourage different points of view to lead the team to find inspiration and improve the products and solutions.

We hold regular meetings to discuss product performance and progress. We design and implement a set of rules to manage research and development projects. To initiate a project, the inventor must submit an application specifying certain information, including the content to be developed, development progress, delivery date, required resources, and estimated profitability. The heads of relevant departments will evaluate the project. Upon approval, a project manager will be appointed. The project manager oversees the project's progress and report to the management regularly. At the project's conclusion, the heads of relevant departments review and inspect the final product.

**Quality Control** 

We believe that quality assurance is critical to the success of our business. We prioritize accuracy, timeliness, and stability.

After the initiation of each product, we systematically evaluate and review project requirements, establishing comprehensive work plans for various tasks. These tasks include requirement design, research and development, testing, acceptance, and delivery. We assess work plans and conduct stage reviews to facilitate effective project management, maintaining all documents as a crucial compliance checklist for the product's final completion and delivery. Before releasing a software product, we perform functional inspections, performance evaluations, and configuration assessments to confirm that all outlined requirements have been met.

As of September 30, 2024 and September 30, 2023, we had three and five employees, respectively dedicated to quality control, responsible for testing software products and tracking defects. They have an average of ten years of relevant work experience in such field.

**Intellectual Property**

We develop and protect our intellectual property portfolio by registering our patents, trademarks and software copyrights.

We have entered into confidentiality agreements with most of our employees and consultants, and we control access to and distribution of documentation and other licensed information.

As of the date of this prospectus, we have 2 registered trademarks, 38 registered computer software copyrights, 11 registered patents and 1 license in China.

**Trademark**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| No. | Registration Date | Registration No. | Trademark | Country of Registration | Class |
| 1 | 8/7/2019 | 35170872 | ![](image_009.jpg) | PRC | Class 41 |
| 2 | 8/7/2019 | 35165216 | ![1681453807385](image_010.jpg) | PRC | Class 38 |

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In addition, as of the date of this prospectus, we have been granted the following trademarks from Zerolimit Digital Technology Co., Ltd., for free:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| No. | Grant Date | Registration No. | Trademark | Country of Registration | Class |
| 1 | 1/1/2021 to 12/31/2025 | 41786339 | ![A black and white symbol with text Description automatically generated](image_012.jpg) | PRC | Class 42 |
| 2 | 1/1/2021 to 12/31/2025 | 41792948 | ![A symbol with a sign and text Description automatically generated with medium confidence](image_013.jpg) | PRC | Class 9 |
| 3 | 1/1/2021 to 12/31/2025 | 50016488 | ![A black infinity symbol with writing Description automatically generated](image_014.jpg) | PRC | Class 42 |
| 4 | 1/1/2021 to 12/31/2025 | 50038109 | ![A black and white symbol with writing Description automatically generated](image_015.jpg) | PRC | Class 42 |
| 5 | 1/1/2021 to 12/31/2025 | 50023269 | ![A black infinity symbol with writing Description automatically generated](image_016.jpg) | PRC | Class 42 |
| 6 | 1/1/2021 to 12/31/2025 | 57327737 | ![](image_017.jpg) | PRC | Class 42 |
| 7 | 1/1/2021 to 12/31/2025 | 57319298 | ![A logo with text on it Description automatically generated](image_018.jpg) | PRC | Class 42 |
| 8 | 1/1/2021 to 12/31/2025 | 57348832 | ![A black text on a white background Description automatically generated](image_019.jpg) | PRC | Class 42 |
| 9 | 1/1/2021 to 12/31/2025 | 58210371 | ![A black and white logo Description automatically generated](image_020.jpg) | PRC | Class 42 |

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**Copyright**

As of the date of this prospectus, the VIE has registered the following copyrights:

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| | | | | |
|:---|:---|:---|:---|:---|
| No. | Registration Date | Registration No. | Software Name | Country of Registration |
| 1 | 9/18/2020 | 2020SR1121926 | Zerolimit Blockchain E-Commerce Service App Software V1.0<br> 零极区块链电商服务APP软件 | PRC |
| 2 | 6/10/2021 | 2021SR0868074 | Zhenglian Computer Software Development BUG Integrated Informatization System V1.0<br> 正链计算机软件开发BUG集成信息化系统V1.0 | PRC |
| 3 | 6/10/2021 | 2021SR0868072 | Zhenglian Computer Software Development Code System Synchronization Processing System V1.0<br> 正链计算机软件开发代码同步处理系统V1.0 | PRC |
| 4 | 6/10/2021 | 2021SR0868071 | Zhenglian Computer Software Development Testing Intelligent Control System V1.0<br> 正链计算机软件开发测试智能控制系统V1.0 | PRC |
| 5 | 6/18/2021 | 2021SR0915033 | Zhenglian Database Construction Comprehensive Maintenance System V1.0<br> 正链数据库建设综合维护系统V1.0 | PRC |
| 6 | 6/18/2021 | 2021SR0915133 | Zhenglian Information System Software Development Process Optimization Design System V1.0<br> 正链信息系统软件开发流程优化设计系统V1.0 | PRC |
| 7 | 6/18/2021 | 2021SR0915098 | Zhenglian Cultural Activity Planning Intelligent Solution Design System V1.0<br> 正链文化活动策划智能方案设计系统V1.0 | PRC |
| 8 | 6/18/2021 | 2021SR0915048 | Zhenglian Information Technology Consulting Intelligent Interaction Service System V1.0<br> 正链信息技术咨询智能交互服务系统V1.0 | PRC |
| 9 | 7/28/2021 | 2021SR1113840 | Cloud Data Base Station Node Software V1.0<br> 云数据基站节点软件V1.0 | PRC |
| 10 | 9/2/2021 | 2021SR1309419 | Zerolimit Distributed E-commerce System V1.0<br> 零极分布式电商系统V1.0 | PRC |
| 11 | 9/2/2021 | 2021SR1309417 | Zerolimit Distributed Conference System V1.0<br> 零极分布式会议系统V1.0 | PRC |
| 12 | 9/2/2021 | 2021SR130864 | Zerolimit Distributed Smart Education System V1.0<br> 零极分布式智慧教育系统V1.0 | PRC |
| 13 | 9/2/2021 | 2021SR1309803 | Zerolimit Distributed Recruitment System V1.0<br> 零极分布式招聘系统V1.0 | PRC |
| 14 | 9/2/2021 | 2021SR1309302 | Zerolimit Distributed Domain Name Registration Management System V1.0<br> 零极分布式域名注册管理系统V1.0 | PRC |

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| | | | | |
|:---|:---|:---|:---|:---|
| 15 | 9/2/2021 | 2021SR1311282 | Zerolimit Distributed File Management System V1.0<br> 零极分布式文件管理系统V1.0 | PRC |
| 16 | 9/2/2021 | 2021SR1309418 | Zerolimit Distributed Storage Management System V1.0<br> 零极分布式存储管理系统V1.0 | PRC |
| 17 | 9/2/2021 | 2021SR1310834 | Zerolimit Cloud Home Data Base Station Intelligent Refrigerator System V1.0<br> 零极云家庭数据基站智能冰箱系统V1.0 | PRC |
| 18 | 9/2/2021 | 2021SR1310842 | Zerolimit Cloud Home Data Base Station Intelligent Optical Modem System V1.0<br> 零极云家庭数据基站智能光猫系统V1.0 | PRC |
| 19 | 9/2/2021 | 2021SR1309285 | Zerolimit Distributed Email Management System V1.0<br> 零极分布式邮件管理系统V1.0 | PRC |
| 20 | 12/13/2021 | 2021SR2048953 | Mobile Data Base Station Node Software V1.0<br> 移动数据基站节点软件V1.0 | PRC |
| 21 | 12/22/2021 | 2021SR2101162 | Distributed Business Service Software V1.0<br> 分布式商务服务软件 V1.0 | PRC |
| 22 | 12/22/2021 | 2021SR2100871 | Zerolimit Distributed Intelligent Engine System V1.0<br> 零极分布式智能引擎系统 V1.0 | PRC |
| 23 | 12/24/2021 | 2021SR2123276 | Zerolimit Developer Tools Software V1.0<br> 零极开发者工具软件 V1.0 | PRC |
| 24 | 12/24/2021 | 2021SR2123145 | Software Development Integration System Software V1.0<br> 软件开发集成系统软件 V1.0 | PRC |
| 25 | 12/26/2021 | 2021SR2160909 | Zerolimit Transaction Verification System V1.0<br> 零极交易验证系统 V1.0 | PRC |
| 26 | 12/27/2021 | 2021SR2169454 | Distributed Government Service Software V1.0<br> 分布式政务服务软件 V1.0 | PRC |
| 27 | 12/27/2021 | 2021SR2169453 | Zerolimit Distributed Integrated Operations and Maintenance System V1.0<br> 零极分布式集成化运维系统 V1.0 | PRC |
| 28 | 12/27/2021 | 2021SR2176685 | Cloud Home Data Base Station Software V1.0<br> 云家庭数据基站软件 V1.0 | PRC |
| 29 | 6/16/2023 | 2023SR0686443 | Cloud Service Node 1.0<br> 云服务节点1.0 | PRC |
| 30 | 8/16/2023 | 2023SR0944469 | Huashengren Application Software 1.0<br> 花升仁应用软件1.0 | PRC |
| 31 | 9/1/2023 | 2023SR0997374 | Cloud Service Node 3.0<br> 云服务节点3.0 | PRC |
| 32 | 9/8/2023 | 2023SR1030694 | Enterprise Data Base Station Software V1.0<br> 企业数据基站节点软件V1.0 | PRC |
| 33 | 9/8/2023 | 2023SR1030695 | Home Base Station Yuanbao Node Software V1.0<br> 家庭基站元宝节点软件V1.0 | PRC |
| 34 | 9/8/2023 | 2023SR1030696 | Rushujiazheng Software V1.0<br> 如数家珍软件V1.0 | PRC |
| 35 | 12/26/2023 | 2023SR1758201 | 零极分布式云盘DMAPP软件V1.0.0<br> Zerolimit Distributed Cloud Drive DMAPP Software V1.0.0 | PRC |
| 36 | 01/02/2024 | 2024SR0213751 | Zerolimit Management Dmapp Software V1.2.0<br> 零极管理Dmapp软件 V1.2.0 | PRC |
| 37 | 29/03/2024 | 2024SR0448683 | Distributed Cloud Gem Application Software<br> 分布式云宝应用软件 1.0 | PRC |
| 38 | 21/08/2024 | 2024SR1222300 | Zerolimit Distributed Application Assistant Software零极分布式应用助手软件 | PRC |

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**Patent**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| No. | Registration Date | Patent No. | Patent Name | Country of Registration |
| 1 | 4/26/2022 | 2020115276255 | An improved method for constructing k-bucket of kademlia protocol<br> 一种kademlia协议的k-桶构造改进方法 | PRC |
| 2 | 2/1/2022 | 2021111470922 | A distributed network and its construction method<br> 一种分布式网络及其构建方法 | PRC |
| 3 | 9/7/2021 | 2021107336530 | A distributed peer-to-peer network system for billion level large-scale clusters<br> 面向亿量级大规模集群的分布式对等网络系统 | PRC |
| 4 | 9/3/2019 | 2016106625903 | A relay cooperation-based energy efficiency optimization method for cellular networks<br> 一种基于中继协作的蜂窝网络能量效率优化方法 | PRC |
| 5 | 9/6/2019 | 2016106626959 | A performance analysis method for D2D cellular heterogeneous networks based on queuing theory<br> 基于排队理论的D2D蜂窝异构网络的性能分析方法 | PRC |
| 6 | 11/29/2022 | 2022109295629 | A method and system for extremely fast data transmission in a distributed network<br> 一种分布式网络中数据极速传输的方法及系统 | PRC |
| 7 | 8/22/2023 | 2019100466324 | A method for dynamic digital signature and verification with three private keys in a mobile blockchain system一种移动区块链系统三私钥动态数字签名与验证方法 | PRC |
| 8 | 8/22/2023 | 2019100465266 | A method for blockchain quantum-resistant signature in mobile applications 一种移动区块链抗量子计算机攻击签名方法 | PRC |
| 9 | 6/16/2023 | 2022308190669 | Home Network Server (Appearance) 家庭网络服务器（外观） | PRC |
| 10 | 4/26/2024 | 2020116158006 | A Method for Consistent Transaction Data Storage in Distributed Applications一种分布式应用程序的事务数据一致性存储方法 | PRC |
| 11 | 6/21/2024 | 2021102772016 | A Method for Implementing Distributed Domain Names一种分布式域名的实现方法 | PRC |

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**License**

As of the date of this prospectus, we have obtained the following license:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| No. | Certificate Name | Certificate Number | Scope of Authorization | Grant Date | Expiration Date | Awarding Authority |
| 1 | Radio Transmission Equipment Type Approval Certificate | CMIIT ID: 2023AP0530 | 5.8GHz / 5.1GHz / 2.4GHz Wireless Local Area Network Device (Model: HS20220701001) | 1/13/2023 | 12/31/2025 | Ministry of Industry and Information Technology of PRC |

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**Seasonality**

Our software business normally is not affected by seasonal factors. We believe our business is closely related to technological advancements and market trends rather than seasonal changes in demand.

**Employees**

We believe resource management and planning is critically important to supporting our growth, and we are committed to effectively recruiting, training, developing, and retaining our human capital.

We are not currently working with any outsourcing company. We prefer to handle all aspects of thee software development process in-house. We desire to maintain complete control over the project and we believe our internal team is best suited to handle the work. We believe this will benefit in terms of quality control and security.

We had 42 and 54 full-time employees as of September 30, 2024 and 2023, respectively. The following table provides a breakdown of our employees by function as of September 30, 2024 and September 30, 2023:

**As of September 30, 2024**

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| | | |
|:---|:---|:---|
| **Function** | **Number** | **% of Total** |
| Management | 5 | 12% |
| Finance and Accounting | 3 | 7% |
| Administration and Human Resources | 3 | 7% |
| IPO office | 1 | 2% |
| Operating center | 7 | 17% |
| Research and Development | 23 | 55% |
| **Total** | **42** | **100%** |

---

**As of September 30, 2023**

---

| | | |
|:---|:---|:---|
| **Function** | **Number** | **% of Total** |
| Management | 3 | 6% |
| Finance and Accounting | 3 | 6% |
| Administration and Human Resources | 3 | 6% |
| IPO office | 1 | 2% |
| Operating center | 13 | 24% |
| Research and Development | 31 | 57% |
| **Total** | **54** | **100%** |

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As of the date of this prospectus, all of our employees are located in China. We entered into standard employment contracts with its full-time employees in accordance with rules and regulations in the PRC.

Management believes that it maintains a good working relationship with employees, and has not experienced one material labor disputes in the past. None of our employees are represented by labor unions.

**Properties**

Our principal executive office is located at 20F, Haowei Technology Building, No.8 Keji South Road, High-tech Industrial Park South District, Nanshan District, Shenzhen, China. The premises are leased from a third-party and the lease term expires in December 2026.

We believe our facilities are adequate for its current needs until December 2026. As our business expands, it will be necessary to secure additional office space.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Primary Use | Address | Space | Lease Term | Rent | Location |
| Office<br>| 20F, Haowei Technology Building, No.8 Keji South Road, High-tech Industrial Park South District, Nanshan District, Shenzhen | 24,326.44 ft² | January 1, 2022 to December 31, 2026 | Based on the lease agreement, the various monthly rental amounts are the following:<br>2022-2023: 300,580 RMB; 42,832 USD<br>2024: 315,609 RMB;<br> 44,974 USD<br>2025: 331,383.8 RMB;<br> 47,222 USD<br>2026: 347,949.6 RMB;<br> 49,582 USD | Shenzhen, China |

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**Insurance**

Under PRC law, we participate in various employee social security plans that are organized by municipal and provincial governments for PRC-based full-time employees, including pension, unemployment insurance, childbirth insurance, work-related injury insurance, medical insurance, and housing insurance. We are required under PRC law to make contributions from time to time to employee benefit plans for PRC-based full-time employees at specified percentages of the salaries, bonuses, and certain allowances of such employees, up to a maximum amount specified by the local governments in China.

**Legal Proceedings**

We may from time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management's time and attention.

From time to time, the VIE is subject to legal proceedings, investigations and claims incidental to the conduct of our business. The inherent uncertainty of litigation exists and could produce adverse results in these and other matters. Except as described below, there are no other pending legal proceedings in which the VIE is currently involved.

The VIE has a contract dispute with one of its previous suppliers, Youwei. The VIE sued Youwei on March 23, 2023 in connection with a cooperative purchasing agreement and a relevant supplementary agreement (the "Youwei Purchase Agreements") between Youwei and the VIE in Shenzhen Qianhai Cooperation Zone People's Court ("Qianhai Court"). The VIE claimed that Youwei failed to provide the VIE with the customized mobile phones that meet the VIE's specified requirements in accordance with the Youwei Purchase Agreements. The VIE has claimed a total refund of approximately $0.162 million and all compensation of approximately $0.927 million. In June of 2023, Youwei filed a counterclaim against the VIE. As of September 30, 2024, the case was still pending the court's judgement. We do not believe this legal proceeding will have any material adverse effect on the VIE's operation in China. As of September 30, 2024 and 2023, the Company was not aware of any other litigation or lawsuits against it.

*We conduct our business in China through the VIE. The former description of our business is a description of the business of the VIE. For avoidance of doubt, all references in the prior section to the terms "our," "us," "we," or "Company" refer to the VIE. See "[Corporate History and Structure](#a_011)— The VIE Agreements" for a summary of the contractual arrangements and "Risk Factors — Risks Related to Our Corporate Structure" for certain risks related to the contractual arrangements.*

**REGULATION**

This section sets forth a summary of applicable laws, rules, regulations, government and industry policies and requirements that have a significant impact on our operations and business in China. This summary does not purport to be a complete description of all laws and regulations that apply to our business and operations. Investors should note that the following summary is based on relevant laws and regulations in force as of the date of this prospectus, which may be subject to change.

Our PRC counsel has further advised us that a translated version of this prospectus will be submitted to the CSRC within three (3) business days after it is submitted to the SEC. As such, this prospectus is subject to review by, and comments from, the CSRC.

**Regulations Relating to Foreign Investment**

Investment activities in the People's Republic of China, or the PRC, by foreign investors are principally governed by the Catalogue of Industries for Encouraging Foreign Investment (2022 Edition), which was promulgated by the Ministry of Commerce, or the MOFCOM, and the National Development and Reform Commission, or the NDRC, on October 26, 2022 and took effect on January 1, 2023, and the Special Administrative Measures for Access of Foreign Investment (The Negative List) (2024 Edition), which was promulgated by the MOFCOM and the NDRC on September 6, 2024 and took effect on November 1, 2024, and together with the Foreign Investment Law, or the FIL and their respective implementation rules and ancillary regulations. The Negative List sets out several restrictive measures in a unified manner, such as the requirements on shareholding percentages and management, for the access of foreign investments in the industries listed in the Negative List and the industries that are prohibited from foreign investment. Any industries not falling in the Negative List shall be administered under the principle of equal treatment to domestic and foreign investment.

On March 15, 2019, the National People's Congress promulgated the Foreign Investment Law, or FIL, which has come into effect from January 1, 2020 and replaced the PRC Equity Joint Venture Law, the PRC Cooperative Joint Venture Law and the Wholly Foreign-owned Enterprise Law, or the Old FIE Laws. The FIL and its related implementation rules including the Implementation Rules to the Foreign Investment Law promulgated by the State Council on December 26, 2019 and became effective on January 1, 2020 further clarified that the state encourages and promotes foreign investment, protects the lawful rights and interests of foreign investors, regulates foreign investment administration, continues to optimize foreign investment environment, and advances a higher-level opening.

On December 30, 2019, the MOFCOM and State Administration for Market Regulation, or SAMR, jointly promulgated the Measures for Information Reporting on Foreign Investment, which became effective on January 1, 2020. Pursuant to the Measures for Information Reporting on Foreign Investment, where a foreign investor carries out investment activities in China directly or indirectly, the market regulatory authorities shall forward the investment information submitted by the foreign investor or the foreign-invested enterprise to the competent commerce administrative authorities.

With respect to foreign investments that affect or may affect the national security, a security review shall be carried out in accordance with the Measures for the Security Review of Foreign Investments promulgated by the NDRC and the MOFCOM on December 19, 2020, and implemented as of January 18, 2021. According to the Measures, an office of the working mechanism for the security review of foreign investments, or working mechanism office shall be established to undertake the routine work of the security review of foreign investments. In addition, foreign investment in military industry and related fields of national defense and security, or foreign investment in areas around military facilities and military industry facilities, may lead to foreign investment in obtaining actual control of enterprises in several important fields, such as important agricultural products, important energy and resources, major equipment manufacturing, important infrastructure, important transportation services, important cultural products and services, important information technology and Internet products and services, important financial services and key technology fields. Foreign investors or domestic parties involved in the aforesaid foreign investment shall voluntarily report to the working mechanism office before implementing the investment, and shall not implement the investment until the working mechanism office decides whether a safety review is necessary. Violators of the provisions may be ordered to make declaration within a specified time limit, dispose equities or assets and take other necessary measures to restore the equities or assets to the status before the implementation of the investment and eliminate the impact on national security.

**Regulations in Relating to M&A and Overseas Listing**

MOFCOM, China Securities Regulatory Commission, or CSRC, SAFE and three other PRC governmental and regulatory agencies jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which became effective in September 2006 and was amended in June 2009. The M&A Rules, among other things, require that if a domestic company, domestic enterprise, or a domestic individual, through an overseas company established or controlled by it/him/her, acquires a domestic company which is affiliated with it/him/her, an approval from the MOFCOM is required. The M&A Rules further requires that an offshore special purpose vehicle, or the SPV, that is controlled directly or indirectly by the PRC companies or individuals and that has been formed for overseas listing purposes through acquisition PRC domestic interest held by such PRC companies or individuals, shall obtain the approval of CSRC prior to overseas listing and trading of such SPV's securities on an overseas stock exchange.

On February 17, 2023, the CSRC promulgated the relevant rules of the overseas listing filing management system, including Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and relevant five guidelines, which became effective on March 31, 2023. The Trial Measures regulates both direct and indirect overseas offering and listing of PRC domestic companies' securities by adopting a filing-based regulatory regime. If an issuer makes an initial overseas listing or offering, it shall file a record with CSRC within 3 working days after the issuance and listing application documents are submitted overseas. If the issuer issues securities in the same overseas market after the issuance and listing overseas, it shall file a record with CSRC within 3 working days after the completion of the issue.

The Trial Measures provides that an overseas listing or offering is explicitly prohibited, if any of the following: (i) such securities offering and listing is explicitly prohibited by provisions in laws, administrative regulations and relevant state rules; (ii) the intended securities offering and listing may endanger national security as reviewed and determined by competent authorities under the State Council in accordance with law; (iii) the domestic company intending to make the securities offering and listing, or its controlling shareholder(s) and the actual controller, have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy during the latest three years; (iv) the domestic company intending to make the securities offering and listing is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no conclusion has yet been made thereof; or (v) there are material ownership disputes over equity held by the domestic company's controlling shareholder(s) or by other shareholder(s) that are controlled by the controlling shareholder(s) and/or actual controller.

The Trial Measures also provides that if the issuer both meets 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 staffs in charge of its business operations and management are PRC citizens or have their usual place(s) of residence located in mainland China. The determination of indirect overseas issuance and listing by domestic enterprises shall be made on a substance over form basis. Where an issuer submits an application for initial public offering to competent overseas regulators, such issuer must file with the CSRC within three business days after such application is submitted. The Trial Measures also requires subsequent reports to be filed with the CSRC on material events, such as changes of control or voluntary or forced delisting of the issuer(s) who have completed overseas offerings and listings.

On February 17, 2023, the CSRC issued the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Companies. The CSRC clarified that on the effective date of the Trial Measures, the domestic enterprises that have mentioned a valid overseas listing application and have not received the consent of the overseas regulator or overseas stock exchange may reasonably arrange the timing of filing the application and should complete the filing before the overseas offering and listing.

Based on the foregoing, our PRC Legal Advisers are of the view that we are required to complete the filing procedures with the CSRC in connection with the overseas listing.

On February 24, 2023, the CSRC, together with the Ministry of Finance, the National Administration of State Secrets Protection Bureau and the National Archives Administration issued the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, which became effective on March 31, 2023 and sets forth the requirements for the confidentiality and archives administration of direct or indirect overseas listings of domestic enterprises.

**Regulations Relating to the VIE's Business**

*Regulations on Computer Software*

In accordance with the Regulations on the Protection of Computer Software promulgated by the State Council on June 4, 1991 and latest amended on January 30, 2013, with the latest revision effective on March 1, 2013, Chinese citizen, legal person or other organization is entitled under the copyright of the software he/it has developed, including the right of publication, right of acknowledgement, right of alteration, right of reproduction, right of distribution, right of leasing, right of dissemination, right of translation and other rights that software copyright owners shall have, regardless of whether such software has been published.

In accordance with the Measures for Registration of Computer Software Copyright promulgated by the National Copyright Administration on April 6, 1992 and latest amended on June 18, 2004, with the latest revision effective on July 1, 2004, software copyrights, exclusive software copyright licensing contracts and transfer contracts shall be registered, and the National Copyright Administration shall be the competent authority for the administration of software copyright registration and has certified the China Copyright Protection Centre as the institution responsible for software registration. Applications that comply with the rules shall be granted registration, and a corresponding registration certificate shall be issued by the China Copyright Protection Centre.

**Regulations Relating to Leasing**

Pursuant to the Law on Administration of Urban Real Estate, when leasing premises, the lessor and lessee are required to enter into a written lease contract, containing such provisions as the leasing term, use of the premises, rental and repair liabilities, and other rights and obligations of both parties.

According to the Civil Code of PRC, which took effect from January 1, 2021, the lessee may sublease the leased premises to a third party, subject to the consent of the lessor. Where the lessee subleases the premises, the lease contract between the lessee and the lessor remains valid. The lessor is entitled to terminate the lease agreement if the lessee subleases the premises without the prior consent of the lessor. As of the date of this prospectus, we are not aware of any claim or challenge brought by any third party concerning the use of the VIE leased properties without obtaining proper ownership proof.

Pursuant to the Administrative Measures for Commodity Housing Tenancy issued by the Ministry of Housing and Urban-Rural Development on December 1, 2010 and in effect as of February 1, 2011, the parties concerned to a housing tenancy shall go through the housing tenancy registration formalities with the competent construction (real estate) departments of the municipalities directly under the central government, cities and counties where the housing is located within 30 days after the housing tenancy contract is signed. The VIE leases real properties from third parties primarily for their production facilities and offices in China, and such lease agreements for these properties were not registered with the PRC governmental authorities in time as required by PRC law. Although the failure to do so does not in itself invalidate the leases, the VIE may be ordered by the PRC government authorities to rectify such noncompliance and, if such noncompliance is not rectified within a given period of time, the VIE may be subject to fines imposed by PRC government authorities ranging from RMB1,000 (approximately USD144.20) and RMB10,000 (approximately USD1,442) for each lease agreement that has not been registered with the relevant PRC governmental authorities. As of the date of this prospectus, the VIE has completed the registration of the lease agreements for their leased properties with the competent PRC governmental authorities.

**Regulations Relating to Intellectual Property**

China has adopted comprehensive legislation governing intellectual property rights, including trademarks and copyrights. China is a signatory to the primary international conventions on intellectual property rights and has been a member of the Agreement on Trade Related Aspects of Intellectual Property Rights since its accession to the World Trade Organization (WTO) in December of 2001. In terms of international conventions, China has entered into (including but not limited to) the Agreement on Trade-Related Aspects of Intellectual Property Rights, the Paris Convention for the Protection of Industrial Property, the Madrid Agreement Concerning the International Registration of Marks and the Patent Cooperation Treaty.

*Patents*

According to the Patent Law of the PRC promulgated by the Standing Committee of the National People's Congress on March 12, 1984 with the current effective version in effect as of June 1, 2021, and the Implementation Rules of the Patent Law of the PRC, which was promulgated by the State Council in June of 2001 and last amended in December of 2023, there are three types of patents in the PRC: invention patents, utility model patents and design patents. The protection period is 20 years for an invention patent, 10 years for a utility model patent and 15 years for a design patent, which terms commence from their respective application dates. The Chinese patent system adopts a "first-to-file" principle, which means that where more than one person files a patent application for the same invention, a patent will be granted to the person who files the application first. To be patentable, invention or utility models must meet three criteria demonstrating: novelty, inventiveness and practicability. A third party must obtain consent or a proper license from the patent owner to use the patent. Otherwise, the use constitutes an infringement of the patent rights. Any individual or entity that utilizes a patent or conducts any other activities that infringe upon a patent without prior authorization of the patent holder shall pay compensation to the patent holder and is subject to a fine imposed by relevant administrative authorities and, if constituting a crime, shall be held criminally liable in accordance with the law. According to the Patent Law of the PRC, any organization or individual that applies for a patent in a foreign country for an invention or utility model patent established in China is required to report to the National Intellectual Property Administration, or the NIPA, for confidentiality examination.

*Copyright*

Copyright in the PRC, including copyrighted software, is principally protected under the Copyright Law of the PRC and related rules and regulations. Under the Copyright Law, promulgated in September of 1990, implemented in June of 1991, amended in October of 2001, February of 2010 and November of 2020, and effective on June 1, 2021, the term of protection for copyrighted software is 50 years. The Regulation on the Protection of the Right to Communicate Works to the Public over Information Networks, as most recently amended on January 30, 2013, provides specific rules on fair use, statutory license, and a safe harbor for use of copyrights and copyright management technology and specifies the liabilities of various entities for violations, including copyright holders, libraries and Internet service providers.

*Trademark*

According to the Trademark Law of the People's Republic of China, promulgated by the SCNPC in August of 1982, and last amended in April of 2019, the period of validity for a registered trademark is ten years, commencing on the date of registration. The registrant anticipates going through the formalities for renewal within twelve months prior to the expiry date of the trademark if continued use is intended. Where the registrant fails to do so, a grace period of six months may be granted. The validity period for each renewal of registration is ten years, commencing on the day immediately after the expiry of the preceding period of validity for the trademark. In the absence of a renewal upon expiry, the registered trademark shall be cancelled. Industrial and commercial administrative authorities have the authority to investigate any behavior that infringes the exclusive right under a registered trademark in accordance with the law. In case of a suspected criminal offense, the case shall be timely referred to a judicial authority and decided according to the law.

*Domain Names*

Domain names are protected under the Administrative Measures on the Internet Domain Names, which was promulgated by the Ministry of Industry and Information Technology in August of 2017, and the Implementing Rules on Registration of National Top-level Domain Names, which were promulgated by China Internet Network Information Center and came into effect in June of 2019. The Ministry of Industry and Information Technology, or the MIIT, is the main regulatory body responsible for the administration of PRC internet domain names. Domain name registrations are handled through domain name service agencies established under the relevant regulations, and the applicants become domain name holders upon successful registration. The MIIT released the Circular on Regulating the Use of Domain Names in Internet Information Services on November 27, 2017, effective from January 1, 2018, which provides that the domain names used by the internet information service provider in providing internet information services shall be registered and owned by such internet information service provider, and if the internet information service provider is a legal entity, the domain name registrant shall be the legal entity (or any of its shareholders), or its principal or senior manager.

*Trade Secrets*

According to the PRC Anti-Unfair Competition Law, which was promulgated by the Standing Committee of the National People's Congress ("NPC") in September of 1993 and last amended in April of 2019, the term "trade secrets" refers to technical and business information that is unknown to the public, has utility, may create business interests or profits for its legal owners or holders, and is maintained as a secret by its legal owners or holders. Under the PRC Anti-Unfair Competition Law, business persons are prohibited from infringing others' trade secrets by: (1) obtaining the trade secrets from the legal owners or holders by any unfair methods such as theft, bribery, fraud, coercion, electronic intrusion, or any other illicit means; (2) disclosing, using or permitting others to use the trade secrets obtained illegally under item (1) above; (3) disclosing, using or permitting others to use the trade secrets, in violation of any contractual agreements or any requirements of the legal owners or holders to keep such trade secrets in confidence; or (4) instigating, inducing or assisting others to violate a confidentiality obligation or to violate a legal holder's requirements on keeping confidentiality of trade secrets, disclosing, using or permitting others to use the trade secrets of such holder. If a third party knows or should have known of the above-mentioned illegal conduct but nevertheless obtains, uses or discloses trade secrets of others, the third party may be deemed to have committed a misappropriation of the others' trade secrets. The parties whose trade secrets are being misappropriated may petition for administrative corrections, and regulatory authorities may stop any illegal activities and fine infringing parties.

**Regulations Relating to Data Security**

According to the PRC Cybersecurity Law promulgated by the Standing Committee of the National People's Congress on November 7, 2016 and came into effect on June 1, 2017, a network refers to a system that is composed of computers or other information terminals and relevant facilities used for the purpose of collecting, storing, transmitting, exchanging and processing information in accordance with certain rules and procedures. Network security refers to the ability to prevent attacks, intrusions, interference, damage and illegal use of the network and accidents by taking the necessary measures to keep the network in a stable and reliable state of operation, and to safeguard the integrity, confidentiality and availability of network data. Network operators refer to owners and administrators of networks and network service providers. Network data refers to all kinds of electronic data collected, stored, transmitted, processed and generated through the network. Personal information refers to all kinds of information recorded electronically or by other means which can identify a natural person individually or in combination with other information, including but not limited to the name, date of birth, identity document number, personal biometric information, residential address, telephone number and other information of a natural person. Network operators shall maintain strict confidentiality of user information collected by them and establish a sound system for the protection of user information. In order to regulate data processing activities, safeguard data security, promote data development and utilization, protect the legitimate rights and interests of individuals and organizations, and safeguard the state's sovereignty, security and development interests, the Standing Committee of the National People's Congress promulgated the Data Security Law of the People's Republic of China (the "Data Security Law") on June 10, 2021, which came into effect on September 1, 2021. The Data Security Law requires that data processing activities shall be carried out in accordance with the law and shall not endanger national security or public interests, nor harm the legitimate rights and interests of individuals or organizations. The State has established a data classification and classification protection system, a data security assessment system, a data security emergency disposal mechanism and a data security audit system.

The Cyberspace Administration of China, or the CAC, together with 12 other relevant regulators, jointly revised and promulgated on December 28, 2021 the Measures for Cybersecurity Review, which took effect on February 15, 2022, replacing the old Measures for Cybersecurity Review which took effect on June 1, 2020. The Measures for Cybersecurity Review requires network platform operators with personal information of more than one million users to report to the Cyberspace Administration for cybersecurity review when they seek overseas listing. For operators of critical information infrastructures purchasing network products and services which affect or may affect national security, they should report to the Cyberspace Administration for cybersecurity review.

On July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Transfer of Data, which took effect on September 1, 2022. The Measures aims to regulate the cross-border transfer of data, providing that, among other things, data processors that provide data overseas must apply for security assessment if: (i) the data processors provide important data overseas; (ii) the critical information infrastructure operators and the data processors that process personal information of more than 1 million people provide personal information overseas; (iii) the data processors, which have provided personal information of 100,000 people or sensitive personal information of 10,000 people overseas since January 1st of the previous year, provide personal information overseas; and (iv) other situations required to apply for security assessment as stipulated by the CAC and related authorities. Besides, the Measures also requires data processors to carry out self-assessment of the risk of providing data overseas before applying for the security assessment.

According to the Security Protection Measures on Critical Information Infrastructure promulgated by the State Council on July 30, 2021 and came into effect on September 1, 2021, a "critical information infrastructure" has the meaning of an important network facility and information system in important industries such as public communications and information services, energy, transportation, water conservancy, finance, public services, e-government, national defense technology, etc., as well as other important network facilities and information systems that may seriously endanger national security, the national economy, the people's livelihood, or the public interests in the event of damage, loss of function, or data leakage. The protection departments shall organize the identification of critical information infrastructures in their respective industries in accordance with certain identification rules and shall promptly notify the identified operators and the public security department of the State Council of the identification results.

**Regulations Relating to Labor and Social Insurance**

The Labor Law of the PRC, effective on January 1, 1995 and subsequently amended on August 27, 2009 and December 29, 2018, the PRC Labor Contract Law, effective on January 1, 2008 and subsequently amended on December 28, 2012 and the Implementing Regulations of the Employment Contract Law, effective on September 18, 2008, provide requirements concerning employment contracts between an employer and its employees. If an employer fails to enter into a written employment contract with an employee within one year from the date on which the employment relationship is established, the employer must rectify the situation by entering into a written employment contract with the employee and paying the employee twice the employee's salary for the period from the day following the lapse of one month from the date of establishment of the employment relationship to the day prior to the execution of the written employment contract. The Labor Contract Law and its implementation rules also require compensation to be paid upon certain terminations, which significantly affects the cost of reducing workforce for employers. In addition, if an employer intends to enforce a non-compete provision in an employment contract or non-competition agreement with an employee, it has to compensate the employee on a monthly basis during the term of the restriction period after the termination or expiry of the labor contract. Employers in most cases are also required to provide severance payment to their employees after their employment relationships are terminated.

Enterprises in China are required by PRC laws and regulations to participate in certain employee benefit plans, including social insurance funds, namely a pension plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance plan and a maternity insurance plan, and a housing provident fund, and contribute to the plans or funds in amounts equal to certain percentages of salaries, including bonuses and allowances, of the employees as specified by the local government from time to time at locations where they operate their businesses or where they are located. According to the Social Insurance Law, an employer that fails to make social insurance contributions may be ordered to pay the required contributions within a stipulated deadline and be subject to a late fee. If the employer still fails to rectify the failure to make social insurance contributions within the stipulated deadline, it may be subject to a fine ranging from one to three times the amount overdue. According to the Regulations on Management of Housing Fund, an enterprise that fails to make housing fund contributions may be ordered to rectify the noncompliance and pay the required contributions within a stipulated deadline; otherwise, an application may be made to a local court for compulsory enforcement.

**Regulations in Relation to Foreign Exchange**

*Regulations on Foreign Currency Exchange*

Pursuant to the Foreign Exchange Administration Regulations, as amended on August 5, 2008, Renminbi is freely convertible for current account items, including the distribution of dividends, interest payments, trade and service-related foreign exchange transactions, but not for capital account items, such as direct investments, loans, repatriation of investments and investments in securities outside of China, unless prior approval is obtained from SAFE and prior registration with SAFE is made.

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 ("SAFE Circular 19"), effective on June 1, 2015. SAFE further promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account ("SAFE Circular 16"), effective on June 9, 2016, which, among other things, amend certain provisions of Circular 19. According to SAFE Circular 19 and SAFE Circular 16, the flow and use of the Renminbi capital converted from foreign currency denominated registered capital of a foreign-invested company is regulated such that Renminbi capital may not be used for business beyond its business scope or to provide loans to persons other than affiliates unless otherwise permitted under its business scope. Violations of SAFE Circular 19 or SAFE Circular 16 could result in administrative penalties.

In 2012, SAFE promulgated the Circular of Further Improving and Adjusting Foreign Exchange Administration Policies on Foreign Direct Investment ("Circular 59"), as amended in May 2015. Pursuant to Circular 59, the opening of various special purpose foreign exchange accounts, the reinvestment of RMB proceeds by foreign investors in the PRC and remittance of foreign exchange profits and dividends by a foreign-invested enterprise to its foreign shareholders no longer require the approval or verification of SAFE.

SAFE also promulgated the Circular on Printing and Distributing the Provisions on Foreign Exchange Administration over Domestic Direct Investment by Foreign Investors and the Supporting Documents in May 2013, as amended in October 2018 and December 2019. The Circular specifies that the administration by SAFE or its local branches over direct investment by foreign investors in the PRC shall be conducted by way of registration and banks shall process foreign exchange business relating to the direct investment in the PRC based on registration information provided by SAFE and its branches.

In February 2015, SAFE promulgated the Notice on Further Simplifying and Improving the Foreign Exchange Management Policies for Direct Investment ("SAFE Circular 13"), which took effect on June 1, 2015 and was amended in December 2019. SAFE Circular 13 delegates the power to enforce the foreign exchange registration in connection with inbound and outbound direct investments under relevant SAFE rules from local branches of SAFE to banks, further simplifying the foreign exchange registration procedures for inbound and outbound direct investments.

On January 26, 2017, SAFE issued the Notice on Improving the Examination of Authenticity and Compliance to Further Promote Foreign Exchange Control ("SAFE Circular 3"), which stipulates several capital control measures with respect to the outbound remittance of profit from domestic entities to offshore entities, including:

&nbsp;&nbsp;&nbsp;&nbsp;· under
 the principle of genuine transaction, banks shall check board resolutions regarding profit
 distribution, the original version of tax filing records and audited financial statements;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· domestic
 entities shall hold income to account for previous years' losses before remitting the
 profits.

Moreover, pursuant to SAFE Circular 3, domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions, contracts and other proof when completing the registration procedures in connection with an outbound investment.

*Regulation of Dividend Distributions*

The principal regulations governing distribution of dividends of foreign-invested enterprises include the PRC Company Law, the Foreign Investment Law of the PRC, and the Implementing Rules. Under these laws and regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated after-tax profits, if any, determined in accordance with PRC accounting standards and regulations.

In addition, enterprises in China are required to allocate at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds until these reserves have reached 50% of the registered capital of the enterprises. Companies may, at their discretion, allocate a portion of their after-tax profits based on PRC accounting standards to staff welfare and bonus funds. These reserves are not distributable as cash dividends.

*Regulations on Foreign Exchange Registration of Overseas Investment by PRC Residents*

SAFE promulgated the Circular on Relevant Issues Relating to Domestic Resident's Investment and Financing and Roundtrip Investment through Special Purpose Vehicles ("SAFE Circular 37"), in July 2014. SAFE Circular 37 requires PRC residents or entities to register with SAFE or its local branches in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing. In addition, such PRC residents or entities must update their SAFE registrations when the offshore special purpose vehicle undergoes material events relating to any change of basic information (including change of such PRC citizens or residents, names and operation terms), increases or decreases in investment amount, transfers or exchanges of shares, or mergers or divisions.

SAFE Circular 37 was issued to replace the Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging in Financing and Roundtrip Investments via Overseas Special Purpose Vehicles ("SAFE Circular 75"), issued by SAFE in October 2005. SAFE further enacted SAFE Circular 13, which allows PRC residents or entities to register with qualified banks in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing. However, remedial registration applications made by PRC residents that previously failed to comply with SAFE Circular 37 continue to fall under the jurisdiction of the relevant local branch of SAFE.

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 distributing profits 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. Failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for evasion of foreign exchange controls.

**Regulations Relating to Tax in the PRC**

*Enterprise Income Tax*

According to the Enterprise Income Tax Law promulgated by the National People's Congress in March 2007 and amended in February 2017 and December 2018, and the Implementation Rules of the Enterprise Income Tax Law of the PRC promulgated by the State Council in December 2007 and amended in April 2019 and December 2024, other than a few exceptions, the income tax rate for both domestic enterprises and foreign-invested enterprises is 25%. Enterprises are classified as either "resident enterprises" or "non-resident enterprises". Besides enterprises established within the PRC, enterprises established outside China whose "de facto management bodies" are located in China are considered "resident enterprises" and subject to the uniform 25% enterprise income tax rate for their global income. A non-resident enterprise refers to an entity established under foreign law whose "de facto management bodies" are not within the PRC but which have an establishment or place of business in the PRC, or which do not have an establishment or place of business in the PRC but have income sourced within the PRC. An income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident enterprise investors that do not have an establishment or place of business in the PRC, or that have such establishment or place of business but the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived from sources within the PRC.

In 2009, the State Administration of Taxation, or the SAT, issued the Circular of the State Administration of Taxation on Issues Relating to Identification of PRC-Controlled Overseas Registered Enterprises as Resident Enterprises in accordance with the De Facto Standards of Organizational Management, or SAT Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is located in China. Although this circular only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not those controlled by PRC individuals or foreigners, the criteria set forth in SAT Circular 82 may reflect the SAT's general position on how the "de facto management body" text should be applied in determining the tax resident status of all offshore enterprises. According to SAT 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 the PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of senior management to carry out daily operations or perform their duties is in China; (ii) decisions relating to the enterprise's financial and human resource matters are made or are subject to approval by organizations or personnel in China; (iii) the enterprise's primary assets, accounting books and records, company seals, and board and shareholders' meeting minutes, are located or maintained in China; and (iv) at least 50% of the voting board members or senior executives habitually reside in China.

The SAT issued the Public Notice Regarding Certain Enterprise Income Tax Matters on Indirect Transfer of Properties by Non-Resident Enterprises, or SAT Public Notice 7, in February 2015. SAT Public Notice 7 extends its tax jurisdiction to not only indirect transfers but also transactions involving transfer of other taxable assets, through the offshore transfer of a foreign intermediate holding company.

The SAT also issued the Public Notice on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or the SAT Public Notice 37, in October 2017, which came into effect on December 1, 2017. According to SAT Public Notice 37, where the non-resident enterprise fails to declare its tax payable pursuant to Article 39 of the EIT Law, the tax authority may order it to pay its tax due within required time limits, and the non-resident enterprise shall declare and pay its tax payable within such time limits specified by the tax authority.

According 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, or the Double Tax Avoidance Arrangement, which was promulgated and came into effect in August 2006, and other applicable PRC laws, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the relevant conditions and requirements under such Double Tax Avoidance Arrangement and other applicable laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5%. However, based on the Circular on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, which was promulgated by the SAT in February 2009, if the relevant PRC tax authorities determine, in their discretion, that a company benefits from such reduced income tax rate due to a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment. Based on the Announcement on Certain Issues with Respect to the "Beneficial Owner" in Tax Treaties, which was promulgated by the SAT in February 2018 and came into effect in April 2018, if an applicant's business activities do not constitute substantive business activities, it could result in the negative determination of the applicant's status as a "beneficial owner", and consequently, the applicant could be precluded from enjoying the above-mentioned reduced income tax rate of 5% under the Double Tax Avoidance Arrangement.

*Value-added Tax*

According to the Provisional Regulations on Value-added Tax, which was promulgated by the State Council on December 13, 1993 and was amended in 2008, 2016 and 2017, and the Implementing Rules of the Provisional Regulations on Value-added Tax, which was promulgated by the Ministry of Finance on December 25, 1993 and subsequently amended by the Ministry of Finance and the State Administration of Taxation on December 15, 2008 and October 28, 2011, all taxpayers selling goods, providing processing, repairing or replacement services or importing goods within the PRC shall pay value-added tax (the "VAT"). Unless provided otherwise, the rate of VAT is 17% on sales and 6% on the services. On April 4, 2018, Ministry of Finance and the SAT jointly promulgated the Circular of the Ministry of Finance and the State Administration of Taxation on Adjustment of Value-Added Tax Rates (the "Circular 32"), according to which (i) for VAT taxable sales acts or import of goods originally subject to VAT rates of 17% and 11% respectively, such tax rates shall be adjusted to 16% and 10%, respectively; (ii) for purchase of agricultural products originally subject to tax rate of 11%, such tax rate shall be adjusted to 10%; (iii) for purchase of agricultural products for the purpose of production and sales or consigned processing of goods subject to tax rate of 16%, such tax shall be calculated at the tax rate of 12%; (iv) for exported goods originally subject to tax rate of 17% and export tax refund rate of 17%, the export tax refund rate shall be adjusted to 16%; and (v) for exported goods and cross-border taxable acts originally subject to tax rate of 11% and export tax refund rate of 11%, the export tax refund rate shall be adjusted to 10%. Circular 32 took effect on May 1, 2018 and shall supersede existing provisions which are inconsistent with Circular 32.

Since January 1, 2012, the Ministry of Finance and the SAT have implemented the Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax, which imposes VAT in lieu of business tax for certain "modern service industries" in certain regions and eventually expanded to nation-wide application in 2013.

On March 23, 2016, the Ministry of Finance and the SAT jointly issued the Circular of Full Implementation of Business Tax to Value-added Tax Reform which confirms that business tax will be completely replaced by the VAT from May 1, 2016.

On March 20, 2019, the Ministry of Finance, the SAT and the General Administration of Customs jointly promulgated the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, which took effect on April 1, 2019 and provides that (1) with respect to VAT taxable sales acts or import of goods originally subject to VAT rates of 16% and 10% respectively, such tax rates shall be adjusted to 13% and 9%, respectively; (2) with respect to purchase of agricultural products originally subject to tax rate of 10%, such tax rate shall be adjusted to 9%; (3) with respect to purchase of agricultural products for the purpose of production or consigned processing of goods subject to tax rate of 13%, such tax shall be calculated at the tax rate of 10%; (4) with respect to export of goods and services originally subject to tax rate of 16% and export tax refund rate of 16%, the export tax refund rate shall be adjusted to 13%; and (5) with respect to export of goods and cross-border taxable acts originally subject to tax rate of 10% and export tax refund rate of 10%, the export tax refund rate shall be adjusted to 9%.

On December 25, 2024, the SCNPC promulgated the Value-added Tax Law, which will come into effect and supersede the Provisional Regulations on Value-added Tax on January 1, 2026. The Value-added Tax Law maintains the VAT rates set by the Announcement on Relevant Policies for Deepening Value-Added Tax Reform, therefore no adjustments will be made to the current VAT rates.

*Dividend Withholding Tax*

Pursuant to the Enterprise Income Tax Law and its implementation rules, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in China to its foreign enterprise investors are subject to a 10% withholding tax, unless any such foreign investor's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. Under the China-HK Taxation Arrangement, income tax on dividends payable to a company resident in Hong Kong that holds more than a 25% equity interest in a PRC resident enterprise may be reduced to a rate of 5%. In February 2018, the SAT issued the Announcement on Issues concerning Beneficial Owners in Tax Treaties, or the Circular 9, effective on April 1, 2018, to replace the Circular of the State Administration of Taxation on the Interpretation and the Determination of the Beneficial Owners in the Tax Treaties, effective from October 2009, and the Announcement of State Administration of Taxation on Recognition of "Beneficial Owner" in Tax Treaties, effective on June 29, 2012. Circular 9 provides more flexible guidance to determine whether the applicant engages in substantive business activities. Furthermore, the Administrative Measures for Non-Resident Taxpayer to Enjoy Treatments under Tax Treaties (the "SAT Circular 60"), which became effective in November 2015, require that non-resident enterprises which satisfy the criteria for entitlement to tax treaty benefits may, at the time of tax declaration or withholding declaration through a withholding agent, enjoy the tax treaty benefits, and be subject to ongoing administration by the tax authorities. In the case where the non-resident enterprises do not apply to the withholding agent to claim the tax treaty benefits, or the materials and the information stated in the relevant reports and statements provided to the withholding agent do not satisfy the criteria for entitlement to tax treaty benefits, the withholding agent should withhold tax pursuant to the provisions of the PRC tax laws. The SAT issued the Announcement of State Taxation Administration on Promulgation of the Administrative Measures on Non-resident Taxpayers Enjoying Treaty Benefits (the "SAT Circular 35") on October 14, 2019, which became effective on January 1, 2020. The SAT Circular 35 further simplified the procedures for enjoying treaty benefits and replaced the SAT Circular 60. According to the SAT Circular 35, no approvals from the tax authorities are required for a non-resident taxpayer to enjoy treaty benefits, where a non-resident taxpayer self-assesses and concludes that it satisfies the criteria for claiming treaty benefits, it may enjoy treaty benefits at the time of tax declaration or at the time of withholding through the withholding agent, but it shall gather and retain the relevant materials as required for future inspection, and accept follow-up administration by the tax authorities. In addition, according to a tax circular issued by SAT in February 2009, if the main purpose of an offshore arrangement is to obtain preferential tax treatments, the PRC tax authorities will have the discretion to adjust the preferential tax rate enjoyed by the relevant offshore entity**.**

*We conduct our business in China through the VIE. The former description of our business is a description of the business of the VIE. For avoidance of doubt, all references in the former section to the terms "our," "us," or "we" refer to the VIE. See "[Corporate History and Structure](#a_011) — The VIE Agreements" for a summary of the contractual arrangements and "Risk Factors — Risks Related to Our Corporate Structure" for certain risks related to the contractual arrangements.*

**MANAGEMENT**

**Directors and Executive Officers**

The following table sets forth information regarding directors and executive officers of the Company as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position/Title** |
| Zhiwei Zheng | 55 | Chief Executive Officer and Director |
| Jiawen Lai | 40 | Chief Financial Officer |
| Guangqing Hu | 59 | Director, Chairman of the Board of Directors and Chief Technology Officer |
| Oliver Yucheng Chen | 46 | Independent Director Nominee<sup>\*</sup> |
| Xiaosha Hu | 44 | Independent Director Nominee<sup>\*</sup> |
| Shaomei Zhang | 43 | Independent Director Nominee<sup>\*</sup> |

---

\* These individuals will become directors of the Company upon the effectiveness of the registration statement of which this prospectus forms a part.

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

**Mr. Zhiwei Zheng**, 55, has served as a director and our Chief Executive Officer since February 2024. Mr. Zheng has nearly 30 years of experience in the communications industry and has held management positions in various communications, technology, and other companies. Most recently prior to joining the Company, from December 2020 to July 2023, Mr. Zheng served as general manager of Shenzhen Mohan Communication Co., LTD. Prior to this, Mr. Zheng served as the deputy general manager of Broadway (Xiamen) Technology Co., Ltd. from May 2017 to November 2020. Before that, he served as the director and deputy general manager of Bangxun Technology Co., Ltd. from March 2011 to May 2017. Mr. Zheng also served as the general manager of Shenzhen Jiashitong Technology Co., Ltd. from June 2006 to May 2015. Mr. Zheng obtained his MBA in 2000 from the School of Management, Sun Yat-sen University in Guangzhou in China and his Master's degree in electronic science and technology in 1994 from Chengdu University of Electronic Science and Technology in China.

**Ms. Jiawen Lai**, 40, is our Chief Financial Officer and has served in that role since February 2024. Ms. Lai holds a Certified Public Accountant Certificate in Australia and an American Certified Internal Auditor Certificate, and has over 15 years of experience in accounting and finance. From August 2022 to February 2023, Ms. Lai served as Chief Financial Officer of Guangzhou Yinggelun Trading Co., Ltd., a fashion e-commerce service company in China. From May 2021 to August 2021, Ms. Lai served as Chief Financial Officer of Hangzhou Yiqiqingchen Info&Tech Co., Ltd., an internet service platform for the service industry. From May 2019 to October 2020, Ms. Lai served as the General Manager of the Audit Center for Beihai Hexin Technology Group Co., Ltd., a large data risk control company using advanced Internet technology. In addition, from October 2014 to April 2019, Ms. Lai served as the IPO Listing Coordinator for Fanhua Financial Services Group of CNFinance Holdings Limited, a real estate company listed on the NYSE. Prior to this position, from May 2012 to May 2013, Ms. Lai served as the internal auditor for Delta Faucet Co., Ltd, a manufacturing company owned by Masco Corp. listed on NYSE. Ms. Lai obtained her Bachelor's degree in accounting from Zhaoqing University in China in 2007. Upon graduating with her Bachelor's degree in 2007, Ms. Lai began her career at KPMG as an auditor in Guangzhou. Ms. Lai received a Master's degree from Nankai University in China in 2022.

**Mr. Guangqing Hu**, 59, has been our director since the incorporation of the Company. He was appointed as Chairman of the Board of Directors and Chief Technology Officer in February 2024. He has served as the director of the VIE since April 2018. Prior to his position with the VIE, Mr. Hu served as a director and chairman of Shenzhen Blockchain Information Co., Ltd. ("Blockchain Information") from June 2015 to April 2018. Mr. Hu worked with Blockchain Information from June 2015 to March 2018. Mr. Hu also served as the director and chairman of Blockchain Technology (Shenzhen) Co., Ltd. from June 2015 to August 2017. Prior to this position, Mr. Hu served as general manager of Shenzhen Sixth Space Cloud Technology Co., LTD. from January 2013 to May 2015. In addition, from January 2008 to December 2009, Mr. Hu served as the director and chairman of Shenzhen Haisong Microelectronics Co., Ltd. ("Shezhen Haisong"). Prior to his position with Shenzhen Haisong, from October 2006 to December 2007, Mr. Hu served as the director and chairman of Shenzhen Pengxin Technology Co., Ltd. Mr. Hu also held the following positions outside of the Company: the Executive Vice President of Shenzhen Civil-Military Integration Development Association, Expert Consultant at the Business Model Research Institute of China Academy of Management Sciences, Vice President of Guangdong High-Tech Industry Association, and Executive Vice President of Shenzhen Information Service Industry Blockchain Association. Mr. Hu obtained his Bachelor's degree in applied physics from the National University of Defense Technology in China in 1988.

**Mr. Oliver Yucheng Chen**, 46, will be appointed as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part and will be a member of the audit committee, the compensation committee, and the nominating and corporate governance committee. Mr. Chen has more than a decade of experience as a senior finance executive. From April 2020 to present, Mr. Chen serves as the chief financial officer of Digifinex Limited. From February 2020 to February 2022, Mr. Chen served as the chief financial officer of Asset Pro. Prior to his position with Asset Pro, Mr. Chen served as the chief strategy officer for Qutoutiao Inc., a company in the mobile Internet industry, from August 2018 to February 2020. From April 2014 to February 2020, Mr. Chen was a co-founding partner of Innotech Capitals where he led and executed large transactions. In addition, from June 2012 to April 2014, Mr. Chen served as chief financial officer of Shanda Interactive Entertainment Ltd. Previously, Mr. Chen worked as an Asia audit director of PepsiCo from 2009 to 2011, at KPMG in the U.S. from 2004 to 2009, and at Deloitte in the U.S. from 2001 to 2004. Mr. Chen obtained his Bachelor's degree in economics from the University of Michigan in 2000. Mr. Chen obtained his Master's degree in accounting/finance from the University of Michigan in 2001.

**Mr. Xiaosha Hu**, 44, will be appointed as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part and will be a member of the audit committee, the compensation committee, and the nominating and corporate governance committee. From November 2021 to current, Mr. Xiaosha Hu serves as the Head of Investment Research for Bi'An Investment (Shenzhen) Co., Ltd. From August 2017 to November 2021, Mr. Xiaosha Hu served as the Deputy General Manager of Shenzhen Morui Technology Co., Ltd., a start-up innovative technology company. In addition, from December 2011 to August 2017, Mr. Xiaosha Hu served as the Head of the China Department for the Shenzhen Romashi Technology Co., Ltd., a power supply company. Mr. Xiaosha Hu graduated from Northwest University of Technology in China in 2017 with a major in business administration.

**Ms. Shaomei Zhang**, 43, will be appointed as our independent director upon the effectiveness of the registration statement of which this prospectus forms a part and will be a member of the audit committee, the compensation committee, and the nominating and corporate governance committee. Ms. Zhang is an International Certified public Accountant and has held leadership positions since graduating with her Master's degree in 2018. From December 2021 to present, Ms. Zhang served as the person in charge of the International Exchange Center in Nanshan District, Shenzhen, Guangdong Province, China. From May 2018 to December 2021, Ms. Zhang served as the deputy director of the Center for the Shekou Street Overseas Personnel Management Service Center. In addition, from February 2015 to May 2018, Ms. Zhang served on the staff of the Shekoou Street Shenzhen Bay Community Party and Mass Service Center. Prior to this position, Ms. Zhang served as a staff member to the Party-mass Service Center of Haichang Community, Shekou Street from January 2013 to February 2015. Ms. Zhang obtained her Bachelor's degree in English from Jiangxi Qinglin College in China in 2006. In 2018, Ms. Zhang graduated from Tianjin University in China with a major in financial management.

**Employment Agreements and Indemnification Agreements**

At or near the time of the initial public offering, we intend to enter into employment agreements with our executive officers. Each of our executive officers shall be employed for a continuous term unless terminated in accordance with the provisions of such employment agreement.

At or near the time of the initial public offering, we intend to enter into indemnification agreements with each of our directors and executive officers. Under these agreements, we anticipate that we will agree to indemnify our directors and executive officers against all liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company to the fullest extent permitted by law, with certain limited exceptions.

**Board of Directors**

Our Board of Directors will consist of four directors upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed, no share qualification shall be required. Our directors do not have a service contract with us that provides for benefits upon termination of service.

**Committees of the Board of Directors**

We will establish three committees under the Board of Directors immediately upon the effectiveness of our registration statement on Form F-1, of which this prospectus is a part: an audit committee, a compensation committee and a nominating and corporate governance committee. We will adopt a charter for each of the three committees. Each committee's members and functions are described below.

***Audit Committee***

Our audit committee will consist of Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang. Mr. Chen will be the chairman of our audit committee. We have determined that Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang satisfy the "independence" requirements of the Rule 5605(c)(2) of the Nasdaq listing rules and meet the independence standards under Rule 10A-3 under the Exchange Act. Our audit committee will consist solely of independent directors that satisfy the Nasdaq and SEC requirements within one year of the completion of this offering. Our Board of Directors has also determined that Mr. Chen qualifies as an "audit committee financial expert" within the meaning of the SEC rules and 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 our financial statements. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· selecting our independent registered public accounting firm and pre-approving
 all auditing and non-auditing services performed by our independent registered public accounting firm;

· reviewing with the independent registered public accounting firm any audit problems or difficulties
 and management's response;

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

· discussing the annual audited financial statements with management and our independent registered
 public accounting firm;

· annually reviewing and reassessing the adequacy of our audit committee charter;

· meeting separately and periodically with management and our independent registered public accounting
 firms;

· reporting regularly to the full Board of Directors; and

· performing such other matters that are specifically delegated to our audit committee by our Board
 of Directors from time to time.

***Compensation Committee***

Our compensation committee will consist of Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang. Ms. Zhang will be the chairman of our compensation committee. We have determined that Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq listing rules.

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. Guangqing Hu, Our Director and Chief Technology 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;· reviewing and approving, or recommending to the board for its approval,
 the compensation for our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reviewing and recommending to the Board of Directors for determination
 with respect to the compensation of our non-employee directors;

· reviewing and making recommendations to the Board of Directors with
 respect to the compensation of our directors;

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

· selecting compensation consultant, legal counsel or other adviser only
 after taking into consideration all factors relevant to that person's independence from management.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee will consist of Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang. Mr. Xiaosha Hu will be the chairman of our nominating and corporate governance committee. We have determined that Mr. Chen, Mr. Xiaosha Hu, and Ms. Zhang satisfy the "independence" requirements of Rule 5605(a)(2) of the Nasdaq listing rules.

The nominating and corporate governance committee will assist the Board of Directors in selecting directors and in determining the composition of our board and board committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· identifying and recommending nominees for election or re-election to
 our Board of Directors, or for appointment to fill any vacancy;

· reviewing annually with our Board of Directors its composition in light
 of the characteristics of independence, age, skills, experience and availability of service to us;

· identifying and recommending to our Board the Directors to serve as
 members of committees;

· advising the board periodically with respect to developments in the
 law and practice of corporate governance as well as our compliance with applicable laws and regulations;

· making recommendations to our Board of Directors on corporate governance
 matters and on any corrective action to be taken; and

· monitoring compliance with our code of business conduct and ethics,
 including reviewing the adequacy and effectiveness of our procedures to ensure compliance.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to our Company, including a duty of loyalty, a duty to act honestly, and a duty to act in good faith with what they consider to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skills they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. See "[Description of Share Capital](#a_018) — Differences in Corporate Law" for additional information on our directors' fiduciary duties under Cayman Islands law.

In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association as may be amended from time to time. Our company has a right to seek damages against any director who breaches a duty owed to us.

The functions and powers of our Board of Directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;· convening shareholders' annual general meetings and reporting its work to shareholders at
 such meetings;

· declaring dividends and distributions;

· appointing officers and determining the term of office of officers; and

· exercising the borrowing powers of our Company and mortgaging the property of our Company.

**Terms of Directors and Officers**

Our officers are elected by and serve at the discretion of the Board of Directors. Our directors are not subject to a term of office and hold office until their resignation, death or incapacity, or until their respective successors have been elected and qualified or until his or her office is otherwise vacated in accordance with our amended and restated articles of association.

A director will also be removed from office automatically if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors, (ii) dies or is found to be or becomes of unsound mind, (iii) resigns his office by notice in writing, (iv) without special leave of absence from our Board of Directors, is absent from meetings of our Board of Directors for a continuous period of six months, or (v) is removed from office pursuant to any other provisions of our Amended and Restated Memorandum and Articles of Association.

**Interested Transactions**

A director may, subject to any separate requirement for audit committee approval under applicable law, the Memorandum and Articles of Association, as amended from time to time, or the Nasdaq listing rules, or disqualification by the chairman of the relevant board meeting, vote in respect of any contract or transaction in which he or she is interested, provided that the nature of the interest of any directors in such contract or transaction is disclosed by him or her at, or prior to, its consideration and any vote in that matter.

**Limitation on Liability and Other Indemnification Matters** 

The Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime, or against the indemnified person's own fraud, dishonesty, willful default or willful neglect.

Under our Amended and Restated Memorandum and Articles of Association to be adopted upon the closing of this offering, we may indemnify our directors and officers to, among other persons, our Directors and officers from and against:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions,
 costs, charges, losses, damages and expenses which they or any of them may incur or sustain
 by reason of any act done, concurred in or omitted in or about the execution of their duty
 or supposed duty in their respective offices or trusts, except such (if any) as they shall
 incur or sustain through their own fraud or dishonesty; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limited
 to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing
 or former director (including alternate director), secretary or office 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.

**Compensation of Directors and Executive Officers**

For the years ended September 30, 2023 and 2024, respectively, we paid an aggregate of approximately RMB[ ] (approximately US$[ ]) in cash to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers.

The VIE is required by law to make contributions equal to certain percentages of each employee's salary for his or her medical insurance, maternity insurance, workplace injury insurance, unemployment insurance, pension benefits through a PRC government-mandated multi-employer defined contribution plan and other statutory benefits.

**Family Relationships**

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

**Controlled Company**

Following the completion of this offering, our founder, Chief Technology Officer, Director, and Chairman of the Board of Directors, Mr. Guangqing Hu will beneficially own 3,285,450 Ordinary Shares, representing 73.01% of the total voting power of our issued and outstanding share capital immediately following the completion of this offering, assuming the Underwriter does not exercise its over-allotment option, or [•]% of our total voting power. As a result, we will be a "controlled company" within the meaning of the Nasdaq listing rules. As a controlled company, we are permitted to elect to rely on certain exemptions from the obligations to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that a majority of the board of directors consist of
 independent directors;

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

· the requirement that we have a nominating and corporate governance
 committee and a compensation committee that are composed entirely of independent directors with a written charter addressing the
 purposes and responsibilities of the committees.

Although we do not intend to rely on the controlled company exemptions under the Nasdaq listing rules even if we are a controlled company, we may elect to rely on these exemptions in the future, and if so, you would not have the same protection afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. Our controlling shareholder will have substantial control over corporate matters after this offering.

**Qualification**

There is currently no shareholding qualification for directors, although a shareholding qualification for directors may be fixed by our shareholders by ordinary resolution.

**Insider Participation Concerning Executive Compensation**

Our Board of Directors, which is currently comprised of four directors, has been making all determinations regarding executive officer compensation from the inception of the Company. When our Compensation Committee has been established, it will be making all determinations regarding executive officer compensation (please see below).

**PRINCIPAL SHAREHOLDERS**

The following table sets forth information with respect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Ordinary Shares as of the date of this prospectus, and as adjusted to reflect the sale of the Ordinary Shares offered in this offering for:

&nbsp;&nbsp;&nbsp;&nbsp;· each of our directors and executive officers who beneficially own our
 Ordinary Shares;

· our directors and executive officers as a group; and

· each person known to us to own beneficially more than 5% of our 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 Ordinary Shares shown as beneficially owned by them. Percentage of beneficial ownership of each listed person prior to this offering is based on 50,000,000 Ordinary Shares outstanding as of the date of this prospectus (reflecting a 10,000-for-1 forward split of our Ordinary Shares approved by our shareholders and board of directors on February 19, 2024). Percentage of beneficial ownership of each listed person after this offering includes Ordinary Shares outstanding immediately after the completion of this offering, assuming no exercise of the Underwriter's over-allotment option.

Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of 5% or more of our 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. Except as otherwise indicated in the footnotes to this table, or as required by applicable community property laws, all persons listed have sole voting and investment power for all Ordinary Shares shown as beneficially owned by them. As of the date of the prospectus, we have four shareholders of record, none of whom are located in the United States. We will be required to have at least 300 "round lot shareholders" at closing in order to satisfy the Nasdaq listing standards. For purposes of determining the number of "round lot shareholders," the number of beneficial holders will be considered in addition to holders of record.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** | **Ordinary Shares** |
|  | **Beneficially Owned** | **Beneficially Owned** | **Beneficially Owned** | **Beneficially Owned** |
|  | **Prior to this Offering** | **Prior to this Offering** | **After this Offering** | **After this Offering** |
|  | **Number** | **Percent** | **Number** | **Percent** |
| **Directors and Executive Officers <sup>(1)</sup>:** | | | | |
| Guangqing Hu <sup>(2)</sup> | 36505000 | 73.01% |  | [ ]% |
| *Chief Technology Officer and Chairman of the Board of Directors* |  |  |  |  |
| Zhiwei Zheng | 0 | 0% |  | 0% |
| *Chief Executive Officer* |  |  |  |  |
| Jiawen Lai | 0 | 0% |  | 0% |
| *Chief Financial Officer* |  |  |  |  |
| Oliver Yucheng Chen | 0 | 0% |  | 0% |
| *Independent Director* |  |  |  |  |
| Xiaosha Hu | 0 | 0% |  | 0% |
| *Independent Director* |  |  |  |  |
| Shaomei Zhang | 0 | 0% |  | 0% |
| *Independent Director* |  |  |  |  |
| **All directors and executive officers as a group (6 individuals):** | 36505000 | 73.01% |  | [ ]% |
| 5%+ Shareholders: |  |  |  |  |
| Zerolimit Digital Technology Limited <sup>(3)</sup> | 36505000 | 73.01% |  | [ ]% |
| Zerolimit Excellence Limited <sup>(4)</sup> | 5500000 | 11% |  | [ ]% |
| Zerolimit Power Limited <sup>(5)</sup> | 5500000 | 11% |  | [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise indicated, the business address of
 the individuals is 20F, Haowei Technology Building, No.8 Keji South Road, High-tech Industrial Park South District, Nanshan District,
 Shenzhen, China.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 73.01% represents 36,505,000 Ordinary Shares held
 by Zerolimit Digital Technology Limited, a British Virgin Islands limited company 100% owned by Guangqing Hu; the registered address
 of Zerolimit Digital Technology Limited is Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin
 Islands.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents 36,505,000 Ordinary Shares held by Zerolimit
 Digital Technology Limited, a British Virgin Islands limited company 100% owned by Guangqing Hu; the registered address of Zerolimit
 Digital Technology Limited is Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.

(4) Represents 5,500,000 Ordinary Shares held by Zerolimit
 Excellence Limited, a British Virgin Islands limited company 100% owned by Kai Hu, our former director and nephew of Mr. Guangqing
 Hu, former director of our Company and an employee of the VIE; the registered address of Zerolimit Excellence Limited is Ritter House,
 Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Represents 5,500,000 Ordinary Shares held by Zerolimit
 Power Limited, a British Virgin Islands limited company 100% owned by Jian Gang, our former director; the registered address of Zerolimit
 Power Limited is Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.

As of the date of this prospectus, none of our Ordinary Shares are held by record holders in the United States. None of our shareholders have informed us that they are affiliated with a registered broker-dealer or is in the business of underwriting securities. See "[Description of Share Capital](#a_018) — History of Share Capital" for a description of issuances of our Ordinary Shares that have resulted in significant changes in ownership held by our major shareholders.

**RELATED PARTY TRANSACTIONS**

Except as set forth below, during our preceding three financial years up to the date of this prospectus, there have been no transactions or loans between the company and (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of the Company that gives them significant influence over the 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 the company, including directors and senior management of companies and close members of such individuals' families; any 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. We have not established a related party management system.

**Contractual Arrangements with the VIE and the VIE Shareholders**

The VIE Agreements are designed so that the operations of the VIE are solely for the benefit of WFOE and, ultimately, the Company. As such, under U.S. GAAP, the Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes only and must consolidate the VIE because it met the conditions under U.S. GAAP to consolidate the VIE. For a description of these contractual arrangements, see "[Corporate History and Structure](#a_011) — the VIE Agreements."

**Relationship with Liaoning Pulian**

Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd. ("Liaoning Pulian") is a related party of the Company. Gang Jian serves as a senior executive of Liaoning Pulian, and these related relationships have been confirmed by the accountant hired by the Company.

**Related Party Lending**

We previously had a lending arrangement with Zerolimit Digital. However, as of the date of this prospectus, all such credit arrangements have been retired and there are no related party amounts currently due, payable or outstanding.

**Employment Agreements**

See "[Management](#a_015)— Employment Agreements and Indemnification Agreements."

**Equity Incentive Plans**

The Company currently has no equity incentive plan in place.

**Material Transactions with Related Parties**

The VIE has a series of licensing agreements and a trademark authorization agreement (described below) with ZeroLimit Digital Technology Co., Ltd..

A Software Licensing Agreement by and between the VIE (Zhenglian Technology (Shenzhen) Co, Ltd.) and ZeroLimit Digital Technology Co., Ltd. ("Zerolimit Digital") for Zerolimit Digital's use of distributed cloud disk software held by the VIE from March 1, 2023 to February 29, 2024 for an authorization fee of 1,000,000.00 RMB and a monthly fee of 80,000.00 RMB.

A Software Licensing Agreement by and between the VIE (Zhenglian Technology (Shenzhen) Co, Ltd.) and Zerolimit Digital for Zerolimit Digital's use of distributed domain name software held by the VIE from March 1, 2023 to February 29, 2024 for an authorization fee of 35,000.00 RMB and a monthly fee of 2,500.00 RMB.

A Software Licensing Agreement by and between the VIE (Zhenglian Technology (Shenzhen) Co, Ltd.) and Zerolimit Digital for Zerolimit Digital's use of the Rushujiazhen software held by the VIE from March 1, 2023 to February 29, 2024 for an authorization fee of 1,540,000.00 RMB and a monthly fee of 180,000.00 RMB.

A Software Licensing Agreement by and between the VIE (Zhenglian Technology (Shenzhen) Co, Ltd.) and Zerolimit Digital for Zerolimit Digital's use of the Hua Shengren software held by the VIE from March 1, 2023 to February 29, 2024 for an authorization fee of 1,000,000.00 RMB and a monthly fee of 75,000.00 RMB.

A Trademark Authorization Agreement by and between the VIE (Zhenglian Technology (Shenzhen) Co, Ltd.) and Zerolimit Digital for the VIE's use of trademarks held by Zerolimit Digital from January 1, 2021 to December 31, 2025 for free.

In addition, we have an accounts receivable from Liaoning Pulian, a PRC limited company whereby Mr. Jian Gang, a former director of our Company and an indirect shareholder with a 11% ownership interest through his wholly owned company, Zerolimit Power Limited, a British Virgin Islands limited company. Mr. Gang is also an 11% owner of the VIE. The accounts receivable from Liaoning Pulian had an outstanding balance of US$1,297,265 as of the year ended September 30, 2023. This amount has been fully settled subsequently in December 2023.

The Company had a goods purchasing arrangement with Zerolimit Cloud Business (Shenzhen) Co., Ltd. during 2022, previously known by the former name Zerolimit Liquor (Shenzhen) Co., Ltd.

According to the "Software Authorization Agreement" provided by the Company, Zhenglian Shenzhen authorizes Zerolimit Digital to use its software. There are four software products Zerolimit Digital is authorized to use pursuant to such agreement, among which include the Huashengren application software and Rushu Jiazhen software, distributed mobile applications. In addition, according to Guangqing Hu, Zhenglian Shenzhen does not operate the above-mentioned software on its own and will not develop its own software in the future.

According to the "Software Authorization Agreement" provided by the Company, Zhenglian Shenzhen has authorized Zerolimit Digital to use its software. The four software products released by the company are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Licensor** | **Licensee** | **Software Name** | **Contract Period** | **Pricing Method** |
| 1 | Zhenglian Technology (Shenzhen) Co, Ltd. | ZeroLimit Digital Technology Co., Ltd. | Distributed domain name software<br>| March 1, 2024 to February 28, 2025 | an aggregate authorization fee of 240,000.00 RMB |
| 2 | Zhenglian Technology (Shenzhen) Co, Ltd. | ZeroLimit Digital Technology Co., Ltd. | Distributed cloud disk software<br>| March 1, 2024 to February 28, 2025 |  |
| 3 | Zhenglian Technology (Shenzhen) Co, Ltd. | ZeroLimit Digital Technology Co., Ltd. | Huashengren application software<br>| March 1, 2024 to February 28, 2025 |  |
| 4 | Zhenglian Technology (Shenzhen) Co, Ltd. | ZeroLimit Digital Technology Co., Ltd. | Rushu Jiazhen software<br>| March 1, 2024 to February 28, 2025 |  |

---

The top 3 customers for the fiscal year ended September 30, 2023 are the following (1) Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd. (Liaoning Pulian) (2) Shenzhen Jisu Distributed Network Technology Co., Ltd. (Shenzhen Jisu) (3) Zerolimit Digital Technology Co., Ltd. (Zerolimit Digital).

Zerolimit Digital is the VIE's domestic parent company which has signed software authorization agreements for the use of four software products developed by the VIE.

**DESCRIPTION OF SHARE CAPITAL**

The following description of our share capital and provisions of our Amended and Restated Memorandum and Articles of Association, as amended from time to time, are summaries and do not purport to be complete. Reference is made to our Amended and Restated Memorandum and Articles of Association, copies of which are filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "Memorandum" and the "Articles").

We were incorporated as an exempted company with limited liability under the Companies Act (Revised) of the Cayman Islands, or the "Cayman Companies Act," on February 2, 2023. A Cayman Islands exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;· is
 a company that conducts its business mainly outside the Cayman Islands;

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

&nbsp;&nbsp;&nbsp;&nbsp;· does
 not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;· does
 not have to make its register of members open to inspection by shareholders of that company;

&nbsp;&nbsp;&nbsp;&nbsp;· may
 obtain an undertaking against the imposition of any future taxation;

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

&nbsp;&nbsp;&nbsp;&nbsp;· may
 register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;· may
 register as a segregated portfolio company.

**Ordinary Shares**

All of our issued and outstanding Ordinary Shares are fully paid and non-assessable. Our Ordinary Shares are issued in registered form, and are issued when registered in our register of members. Unless the Board of Directors determine otherwise, each holder of our Ordinary Shares will not receive a certificate in respect of such Ordinary Shares. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares. We may not issue shares or warrants to bearer.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value $0.0001 each. As of the date of this prospectus, there are 50,000,000 Ordinary Shares issued and outstanding. Subject to the provisions of the Cayman Companies Act and our Articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. The directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Cayman Companies Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

At the completion of this offering, there will be [·] Ordinary Shares issued and outstanding. Shares sold in this offering will be delivered against payment from the underwriters upon the closing of the offering in [·], on or about [·].

**Listing**

We have applied to list the Ordinary Shares on the Nasdaq Capital Market under the symbol "ZDAN."

**Transfer Agent and** **Registrar**

The transfer agent and registrar for the Ordinary Shares is [·], at [·].

**Dividends**

Subject to the provisions of the Cayman Companies Act and any rights attaching to any class or classes of shares under and in accordance with the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 directors may declare dividends or distributions out of our funds which are lawfully available
 for that purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;· our
 shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed
 the amount recommended by the directors.

Subject to the requirements of the Cayman Companies Act regarding the application of a company's share premium account and with the sanction of an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends to shareholders may make such payment either in cash or in specie.

Unless provided by the rights attached to a share, no dividend shall bear interest.

 ****

**Voting Rights**

Subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights, on a show of hands every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote, for the avoidance of doubt, an individual who represents two or more shareholders, including a shareholder in that individual's own right, that individual shall be entitled to a separate vote for each shareholder. On a poll, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

**Variation of Rights of Shares**

Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the 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.

**Alteration of Share Capital**

Subject to the Cayman Companies Act, our shareholders may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;· increase
 our share capital by new shares of the amount fixed by that ordinary resolution and with
 the attached rights, priorities and privileges set out in that ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;· consolidate
 and divide all or any of our share capital into shares of larger amount than our existing
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;· convert
 all or any of our paid-up shares into stock, and reconvert that stock into paid up shares
 of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;· sub-divide
 our shares or any of them into shares of an amount smaller than that fixed, 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;· cancel
 shares which, at the date of the passing of that ordinary resolution, have not been taken
 or agreed to be taken by any person and diminish the amount of our share capital by the amount
 of the shares so cancelled or, in the case of shares without nominal par value, diminish
 the number of shares into which our capital is divided.

Subject to the Cayman Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders may, by special resolution, reduce its share capital in any way.

**Calls on Shares and Forfeiture**

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

We have a first and paramount lien on all shares (whether fully paid up or not) registered in the name of a shareholder (whether solely or jointly with others). The lien is for all monies payable to us by the shareholder or the shareholder's estate:

&nbsp;&nbsp;&nbsp;&nbsp;· either
 alone or jointly with any other person, whether or not that other person is a shareholder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;· whether
 or not those monies are presently payable.

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

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

**Unclaimed Dividend**

A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited to, and shall cease to remain owing by, the company.

**Forfeiture or Surrender of Shares**

If a shareholder fails to pay any capital call, the directors may give to such shareholder not less than 14 clear days' notice requiring payment and specifying the amount unpaid including any interest which may have accrued, any expenses which have been incurred by us due to that person's default and the place where payment is to be made. The notice shall also contain a warning that if the notice is not complied with, the shares in respect of which the call is made will be liable to be forfeited.

If such notice is not complied with, the directors may, before the payment required by the notice has been received, resolve that any share the subject of that notice be forfeited (which forfeiture shall include all dividends or other monies payable in respect of the forfeited share and not paid before such forfeiture).

A forfeited share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the directors determine and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the directors think fit.

A person whose shares have been forfeited shall cease to be a shareholder in respect of the forfeited shares, but shall, notwithstanding such forfeiture, remain liable to pay to us all monies which at the date of forfeiture were payable by him to us in respect of the shares, together with all expenses and interest from the date of forfeiture or surrender until payment, but his liability shall cease if and when we receive payment in full of the unpaid amount.

A declaration, whether statutory or under oath, made by a director or the secretary shall be conclusive evidence that the person making the declaration is our director or secretary and that the particular shares have been forfeited or surrendered on a particular date.

**Share Premium Account**

The directors shall establish a share premium account and shall carry the credit of such account from time to time to a sum equal to the amount or value of the premium paid on the issue of any share or capital contributed or such other amounts required by the Cayman Companies Act.

**Redemption and Purchase of Own Shares**

Subject to the Cayman Companies Act and any rights for the time being conferred on the shareholders holding a particular class of shares, we may by action of our directors:

&nbsp;&nbsp;&nbsp;&nbsp;· issue
 shares that are to be redeemed or liable to be redeemed, at our option or the shareholder
 holding those redeemable shares, on the terms and in the manner our directors determine before
 the issue of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;· with
 the consent by special resolution of the shareholders holding shares of a particular class,
 vary the rights attaching to that class of shares so as to provide that those shares are
 to be redeemed or are liable to be redeemed at our option on the terms and in the manner
 which the directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;· purchase
 all or any of our own shares of any class including any redeemable shares on the terms and
 in the manner which the directors determine at the time of such purchase.

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

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

**Transfer of Shares**

Subject to any applicable requirements set forth in the Articles and provided that a transfer of Ordinary Shares complies with applicable rules of the Nasdaq, a shareholder may transfer Ordinary Shares to another person by completing an instrument of transfer in a common form or in a form prescribed by Nasdaq or in any other form approved by the directors, executed:

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

&nbsp;&nbsp;&nbsp;&nbsp;· where
 the Ordinary Shares are partly paid, by or on behalf of that shareholder and the transferee.

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

Where the Ordinary Shares in question are not listed on or subject to the rules of the Nasdaq, our Board of Directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share that has not been fully paid up or is subject to a company lien. Our Board of Directors may also decline to register any transfer of such Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary
 Shares to which it relates and such other evidence as our Board of Directors may reasonably
 require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 instrument of transfer is in respect of only one class of Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 instrument of transfer is properly stamped, if required;

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

&nbsp;&nbsp;&nbsp;&nbsp;· any
 fee related to the transfer has been paid to us; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 transfer is not more than four joint holders.

If our directors refuse to register a transfer of any Ordinary Shares of any class not listed on Nasdaq, they are required, within three months after the date on which the instrument of transfer was lodged, to send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and our register of members closed at such times and for such periods as our board of directors may, in their absolute discretion, from time to time determine. The registration of transfers, however, may not be suspended, and the register may not be closed, for more than 30 clear days in any year.

**Inspection of Books and Records**

Holders of our Ordinary Shares will have no general right under the Cayman Companies Act to inspect or obtain copies of our register of members or our corporate records.

**General Meetings**

As a Cayman Islands exempted company, we are not obligated by the Cayman Companies Act to call shareholders' annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our board of directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

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

At least 5 clear days' notice of any general meeting shall be given to shareholders entitled to attend and vote at such meeting. The notice shall specify the place, the day and the hour of the meeting, whether the meeting will be held virtually, at a physical place or both, if the meeting is to be held in any part at a physical place, the address of such place, if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication Facilities (as defined in the Articles) that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of the meeting who wishes to utilize such Electronic Communication Facilities for the purposes of attending and participating in such meeting and the general nature of that business. In addition, if a resolution is proposed as a special resolution, the text of that resolution shall be given to all shareholders. Notice of every general meeting shall also be given to the directors and our auditors (if appointed).

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

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

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

The chairman may, with the consent of a meeting at which a quorum is present, adjourn the meeting. When a meeting is adjourned for more than seven clear days, notice of the adjourned meeting shall be given in accordance with the Articles.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of hands) demanded by the chairman of the meeting or by at least two shareholders having the right to vote on the resolutions or one or more shareholders present who together hold not less than ten percent of the voting rights of all those who are entitled to vote on the resolution. Unless a poll is so 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 favor of, or against, that resolution.

If a poll is duly demanded it shall be taken in such manner as the chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

In the case of an equality of votes, whether on a show of hands or on a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall not be entitled to a second or casting vote.

**Directors**

We may by ordinary resolution, from time to time, fix the maximum and minimum number of directors to be appointed. Under the Articles, we are required to have a minimum of one director and the maximum number of directors shall be unlimited.

A director may be appointed by ordinary resolution or by the directors. Any appointment may be to fill a vacancy or as an additional director.

Unless the remuneration of the directors is determined by the shareholders by ordinary resolution, the directors shall be entitled to such remuneration as the directors may determine.

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification shall be required.

A director may be removed by ordinary resolution.

A director may at any time resign from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to us.

Subject to the provisions of the Articles, the office of a director may be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;· he
 is prohibited by the law of the Cayman Islands from acting as a director;

&nbsp;&nbsp;&nbsp;&nbsp;· he
 is made bankrupt or makes an arrangement or composition with his creditors generally;

&nbsp;&nbsp;&nbsp;&nbsp;· he
 resigns his office by notice to us;

&nbsp;&nbsp;&nbsp;&nbsp;· he
 only held office as a director for a fixed term and such term expires;

&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;· 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);

&nbsp;&nbsp;&nbsp;&nbsp;· he
 is made subject to any law relating to mental health or incompetence, whether by court order
 or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;· without
 the consent of the other directors, he is absent from meetings of directors for continuous
 period of six months.

Each of the compensation committee and the nominating and corporate governance committee shall consist of at least three directors and the majority of the committee members shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules. The audit committee shall consist of at least three directors, all of whom shall be independent within the meaning of Section 5605(a)(2) of the Nasdaq listing rules and will meet the criteria for independence set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

**Powers and Duties of Directors**

Subject to the provisions of the Cayman Companies Act and our Memorandum and Articles of Association, as amended from time to time, our business shall be managed by the directors, who may exercise all our powers. No prior act of the directors shall be invalidated by any subsequent alteration of our Memorandum or Articles. To the extent allowed by the Cayman Companies Act, however, shareholders may by special resolution validate any prior or future act of the directors which would otherwise be in breach of their duties.

The directors may delegate any of their powers to any committee consisting of one or more persons who need not be shareholders and may include non-directors so long as the majority of those persons are directors; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the directors. Upon the initial closing of this offering, our board of directors will have established an audit committee, compensation committee, and nomination and corporate governance committee.

The Board of Directors may establish any local or divisional board of directors or agency and delegate to its powers and authorities (with power to sub-delegate) for managing any of our affairs whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional board of directors, or to be managers or agents, and may fix their remuneration.

The directors may from time to time and at any time by power of attorney or in any other manner they determine, appoint any person, either generally or in respect of any specific matter, to be our agent with or without authority for that person to delegate all or any of that person's powers.

The directors may from time to time and at any time by power of attorney or in any other manner they determine, appoint any person, whether nominated directly or indirectly by the directors, to be our attorney or our authorized signatory and for such period and subject to such conditions as they may think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the Articles.

The Board of Directors may remove "any" person so appointed and may revoke or vary the delegation.

The directors may exercise all of our powers to borrow money and to mortgage or charge its undertaking, property and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright or as collateral security for any debt, liability or obligation of ours or our parent undertaking (if any) or any subsidiary undertaking of us or of any third party.

A director 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 than by virtue of his interests, direct or indirect, in shares or debentures or other securities of, or otherwise in or through, us) 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;(a) the giving
 of any security, guarantee or indemnity in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) money
 lent or obligations incurred by him or by any other person for our benefit or any of our
 subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 debt or obligation of ours or any of our 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;(b) where
 we or any of our 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;(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 percent 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 shareholders of the relevant
 body corporate;

&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 us or any of our 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;(e) any
 matter connected with the purchase or maintenance for any director of insurance against any
 liability or (to the extent permitted by the Cayman Companies Act) indemnities in favor of
 directors, the funding of expenditure by one or more directors in defending proceedings against
 him or them or the doing of anything to enable such director or directors to avoid incurring
 such expenditure.

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 as described above.

**Capitalization of Profits**

The directors may resolve to capitalize:

&nbsp;&nbsp;&nbsp;&nbsp;· any
 part of our profits not required for paying any preferential dividend (whether or not those
 profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;· any
 sum standing to the credit of our share premium account or capital redemption reserve, if
 any.

The amount resolved to be capitalized must be appropriated to the shareholders who would have been entitled to it had it been distributed by way of dividend and in the same proportions.

**Liquidation Rights**

If we are wound up, the shareholders may, subject to the Articles and any other sanction required by the Cayman Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· to
 divide in specie among the shareholders the whole or any part of our assets and, for that
 purpose, to value any assets and to determine how the division shall be carried out as between
 the shareholders or different classes of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;· to
 vest the whole or any part of the assets in trustees for the benefit of shareholders and
 those liable to contribute to the winding up.

The directors have the authority to present a petition for our winding up to the Grand Court of the Cayman Islands on our behalf without the sanction of a resolution passed at a general meeting.

**Register of Members**

Under the Cayman Companies Act, we must keep a register of members and there should be entered therein:

&nbsp;&nbsp;&nbsp;&nbsp;· the
 names and addresses of our shareholders, and, a statement of the shares held by each member,
 which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o distinguishes
 each share by its number (so long as the share has a number);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o confirms
 the amount paid, or agreed to be considered as paid, on the shares of each member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o confirms
 the number and category of shares held by each member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o confirms
 whether each relevant category of shares held by a member carries voting rights under the
 Articles of the company, and if so, whether such voting rights are conditional;

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date on which the name of any person was entered on the register as a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;· the
 date on which any person ceased to be a shareholder.

Under the Cayman Companies Act, the register of members of our company is prima facie evidence of the matters set out therein (that is, the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of members is deemed as a matter of the Cayman Companies Act to have legal title to the shares as set against its name in the register of members. Upon the completion of this offering, the register of members will be immediately updated to record and give effect to the issuance of shares by us to the custodian or its nominee. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the shares set against their name.

If the name of any person is incorrectly entered in or omitted from our register of members, or if there is any default or unnecessary delay in entering on the register the fact of any person having ceased to be a shareholder of our company, the person or shareholder aggrieved (or any shareholder of our company or our company itself) may apply to the Grand Court of the Cayman Islands for an order that the register be rectified, and the Court may either refuse such application or it may, if satisfied of the justice of the case, make an order for the rectification of the register.

**Differences in Corporate Law**

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

***Mergers and Similar Arrangements***

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company.

In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's Articles.

The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, among other things, a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a special resolution of shareholders. For this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Except in certain limited circumstances, a dissenting shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are also statutory provisions that facilitate the reconstruction and amalgamation of companies provided that the arrangement is approved by (i) seventy-five percent (75%) in value of the shareholders or class of shareholders or (ii) a majority in number representing seventy-five percent (75%) in value of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands.

While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;· the statutory provisions as to the required majority vote have been
 met;

· the shareholders have been fairly represented at the meeting in question;

· the arrangement is such that may be reasonably approved by an intelligent
 and honest man of that class acting in respect of his interest; and

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

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four month period, give notice in the prescribed manner to any dissenting shareholders to require them to transfer such shares to the offeror on the terms of the offer, unless an application is made by the dissenting shareholder to the Court for an order otherwise within one month from the date on which the notice was given. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted in accordance with the foregoing statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Squeeze-out Provisions***

When a take-over offer is made and accepted by holders of not less than 90% of the shares affected within four months, the offer may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If the arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

S***hareholders' Suits***

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule, a derivative action may not be brought by a minority shareholder.

However, based on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge:

&nbsp;&nbsp;&nbsp;&nbsp;· an act which is illegal or ultra vires with respect to the company and is therefore incapable of
 ratification by the shareholders;

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

· an act which constitutes a "fraud on the minority" where the wrongdoers are themselves
 in control of the company.

***Indemnification of Directors and Executive Officers and Limitation of Liability***

Cayman Islands law does not limit the extent to which a company's memorandum and Articles may provide for indemnification of officers and directors, except to the extent any such indemnification may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the consequences of committing a crime or against the indemnified 'error's own fraud, dishonesty, willful default or willful neglect.

Under our Amended and Restated Memorandum and Articles of Association, which will be adopted and become effective immediately prior to completion of this offering, provide that to the extent permitted by law, we shall indemnify each existing or former director (including alternate director), secretary and any of our other officers (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 our business or affairs or in the execution or discharge of the existing or former director (including alternate
 director), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a) above, all costs, expenses,
 losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending
 (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending
 or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former directors, including alternate director, secretary or officer, however, shall be indemnified in respect of any matter arising out of their own dishonesty, fraud, willful default or willful neglect.

To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.

This standard of conduct is generally the same as is permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we will enter into indemnification agreements with our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Amended and Restated Memorandum and Articles of Association, to be adopted and become effective immediately prior to completion of this offering,

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

***Directors' Fiduciary Duties***

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction.

The duty of loyalty requires that a director acts in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally.

In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company owes three types of duties to the company: (i) statutory duties, (ii) fiduciary duties, and (iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty.

The common law duties owed by a director are those to act with skill, and care and diligence that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure compliance with our Articles, as amended and restated from time to time. We have the right to seek damages where certain duties owed by any of our directors are breached.

***Shareholder Action by Written Consent***

Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its Certificate of Incorporation ("Certificate of Incorporation"). The Companies Act allows a special resolution to be passed in writing if signed by all the voting shareholders (if authorized by the Memorandum and Articles of Association).

***Shareholder Proposals***

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

The Companies Act does not provide shareholders any right to bring business before a meeting or requisition a general meeting. However, these rights may be provided in a company's Articles.

***Cumulative Voting***

Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's Certificate of Incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director.

There are no prohibitions in relation to cumulative voting under the Companies Act but our Amended and Restated Articles of Association do not provide for cumulative voting.

***Removal of Directors***

Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the Certificate of Incorporation provides otherwise.

Removal of directors are governed by the terms of our Amended and Restated Articles of Association.

***Transactions with Interested Shareholders***

The Delaware General Corporation Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its Certificate of Incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting shares within the past three years.

This statute has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although the Companies Act does not regulate transactions between a company and its significant shareholders, interested director transactions are governed by the terms of a memorandum and articles of association, the directors of the company are also required to comply with fiduciary duties which they owe to the company under Cayman Islands law, including the duty to ensure that, in their opinion, such transactions must be entered into in the *bona fide* best interests of the company and for a proper purpose and not with the effect of constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its Certificate of Incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under the Companies Act and our Amended and Restated Memorandum and Articles of Association to be adopted and to become effective immediately prior to completion of this offering, the Company may be wound up by a special resolution of our shareholders, or if the winding up is initiated by our board of directors, by either a special resolution of our members or, if our Company is unable to pay its debts as they fall due, by an ordinary resolution of our members. In addition, a company may be wound up by an order of the courts of the Cayman Islands. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

***Variation of Rights of Shares***

Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the Certificate of Incorporation provides otherwise. Under the Companies Act and our Amended and Restated Memorandum and Articles of Association to be adopted and become effective immediately prior to completion of this offering, if our share capital is divided into more than one class of shares, the rights attaching to any class of shares (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 meeting of the holders of the shares of that class.

***Amendment of Governing Documents***

Under the Delaware General Corporation Law, a corporation's Certificate of Incorporation may be amended only if adopted and declared advisable by the board of directors and approved by a majority of the outstanding shares entitled to vote, and the bylaws may be amended with the approval of a majority of the outstanding shares entitled to vote and may, if so provided in the Certificate of Incorporation, also be amended by the board of directors.

As permitted under the Companies Act and our Amended and Restated Memorandum and Articles of Association to be adopted and become effective immediately prior to completion of this offering, our Amended and Restated Memorandum and Articles of Association may only be amended by special resolution of our shareholders.

***Rights of Non-resident or Foreign Shareholders***

Our Amended and Restated Memorandum and Articles of Association which will be adopted and become effective immediately prior to completion of this offering, do not limit the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. However, no person will be entitled to vote at any general meeting or at any separate meeting of the holders of the Ordinary Shares unless the person is registered as of the record date for such meeting and unless all calls or other sums presently payable by the person in respect of our Ordinary Shares have been paid. In addition, our Amended and Restated Memorandum and Articles of Association do not stipulate the ownership threshold above which shareholder ownership must be disclosed.

***Inspection of Books and Records***

Under the Delaware General Corporation Law, any shareholder of a corporation may for any proper purpose inspect or make copies of the corporation's stock ledger, list of shareholders and other books and records.

Holders of our shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (other than copies of our Memorandum and Articles of Association, the register of mortgages or charges, and any special resolutions passed by our shareholders). However, we intend to provide our shareholders with annual reports containing audited financial statements. See "[Where You Can Find Additional Information](#a_025)."

**Anti-Money Laundering—Cayman Islands**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) the subscriber is regulated by a recognized regulatory authority and
 is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Legislation of the Cayman Islands**

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

**History of Share Capital**

***Share Transfer and Allotment in February 2023***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Zerolimit Cayman was incorporated on February 2, 2023, and Ogier Global Subscriber (Cayman) Limited received 1 Ordinary Share as the subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On February 2, 2023, Ogier Global Subscriber (Cayman) Limited transferred 1 Ordinary Share to Zerolimit Digital Technology Limited.

---

| | | | |
|:---|:---|:---|:---|
| **Transferor** | **Transferee** | **Number**<br> **of Ordinary Shares** | **Number**<br> **of Ordinary Shares** |
| Ogier Global Subscriber (Cayman) Limited | Zerolimit Digital Technology Limited |  | 1.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On February 2, 2023, we issued 4,999 Ordinary Shares to our founding shareholders as below:

---

| | | |
|:---|:---|:---|
| **Allottee** | **Number of Ordinary Shares\*** | **Consideration** |
| Zerolimit Digital Technology Limited | 3649.50 | $3649.50 |
| Zerolimit Excellence Limited | 550 | $550.00 |
| Zerolimit Power Limited | 550 | $550.00 |
| Zerolimit Virtue Limited | 249.50 | $249.50 |
| **Total** | **4999** | $**4999.00** |

---

 ****

***Ordinary Share Split on February 19, 2024***

On February 19, 2024, our shareholders and Board of Directors approved a forward split of our outstanding Ordinary Shares at a ratio of 10,000-for-1 share. Following the forward split, our Company's authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each. As of the date of this prospectus, there were 50,000,000 Ordinary Shares issued and outstanding, as set forth below:

---

| | | |
|:---|:---|:---|
| **Allottee** | **Number of Ordinary Shares\*** | **Consideration** |
| Zerolimit Digital Technology Limited | 36505000 | $3650.50 |
| Zerolimit Excellence Limited | 5500000 | $550.00 |
| Zerolimit Power Limited | 5500000 | $550.00 |
| Zerolimit Virtue Limited | 2495000 | $249.50 |
| Total | 50000000 | $5000.00 |

---

**SHARES ELIGIBLE FOR FUTURE SALE**

Before our initial public offering, there has not been a public market for our Ordinary Shares, and although we have applied to list our Ordinary Shares on the Nasdaq Capital Market, a regular trading market for our Ordinary Shares may not develop. Future sales of substantial amounts of shares of our 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 Ordinary Shares to fall or impair our ability to raise equity capital in the future. Upon completion of this offering, we will have outstanding Ordinary Shares held by public shareholders representing approximately 3.84% of our Ordinary Shares in issue if the Underwriter does not exercise their over-allotment option, and approximately 3.82% of our Ordinary Shares in issue if the Underwriter exercises their over-allotment option in full. All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our "affiliates" without restriction or further registration under the Securities Act.

**Lock-up Agreements**

See "[Underwriting](#a_021)—Lock-Up Agreements" for more information.

**Rule 144**

All of our Ordinary Shares outstanding prior to the closing of this offering are "restricted securities" as that term is defined in Rule 144 under the Securities Act and may be sold publicly in the United States only if they are subject to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirement such as those provided by Rule 144 and Rule 701 promulgated under the Securities Act.

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;· 1% of the number of Ordinary Shares then outstanding, which will equal
 approximately [ · ] Ordinary Shares immediately after this offering (or [ · ]
 Ordinary Shares if the Underwriter exercises its option to purchase additional Ordinary Shares in full); or

· the average weekly trading volume of the Ordinary Shares on the Nasdaq
 Capital Market during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us.

**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 Ordinary Shares from us in connection with a compensatory stock plan or other written agreement executed prior to the completion of this offering is eligible to resell those Ordinary Shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

**Regulation S**

Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

**TAXATION**

*The following summary of Cayman Islands, PRC, Hong Kong and United States federal income tax considerations of an investment in our Ordinary Shares 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 summary does not deal with all possible tax consequences relating to an investment in our Ordinary Shares, such as the tax consequences under U.S. state, local, and other tax laws or under tax laws of jurisdictions other than the Cayman Islands, the People's Republic of China, and the United States. 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 it relates to PRC tax law, it is the opinion of Global Law Office, our PRC counsel.*

**Cayman Islands Taxation**

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company 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. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

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.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

**PRC Taxation**

***Income Tax and Withholding Tax***

In March 2007, the National People's Congress of China enacted the Enterprise Income Tax Law, or EIT Law, which became effective on January 1, 2008 (as amended in December 2018). The EIT Law provides that enterprises organized under the laws of jurisdictions outside China with their "de facto management bodies" located within China may be considered PRC resident enterprises and therefore subject to EIT at the rate of 25% on their worldwide income. The Implementing Rules of the EIT Law further defines the term "de facto management body" as the management body that exercises substantial and overall management and control over the business, personnel, accounts and properties of an enterprise.

In April 2009, the SAT issued the Notice Regarding the Determination of Chinese-Controlled Overseas Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies, known as Circular 82, which provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled enterprise that is incorporated offshore is deemed to be located in China. Although Circular 82 only applies to offshore enterprises controlled by PRC enterprises or PRC enterprise groups, not offshore enterprises controlled by PRC individuals or foreigners, the criteria set forth in the circular may reflect the SAT's general position on how the "de facto management body" test should be applied in determining the tax resident status of all offshore enterprises.

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 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.

In addition, the Administrative Measures for Enterprise Income Tax of Chinese-Controlled Overseas Incorporated Resident Enterprises (Trial Version), or Bulletin 45, which became effective in September 2011, further clarifies certain issues related to the determination of tax resident status. Bulletin 45 also specifies that when provided with a resident Chinese-controlled, offshore-incorporated enterprise's copy of its recognition of residential status, a payer does not need to withhold a 10% income tax when paying certain PRC-source income, such as dividends, interest and royalties to such Chinese-controlled offshore-incorporated enterprise.

We believe that our Cayman Islands holding company, Zerolimit Cayman, is not a PRC resident enterprise for PRC tax purposes. Zerolimit Cayman is a company incorporated outside China. As a holding company, its key assets are its ownership interests in its subsidiaries, and its key assets are located, and its records (including the resolutions of its board of directors and the resolutions of its shareholders) are maintained, outside China. As such, we do not believe that our Company meets all of the conditions above or is a PRC resident enterprise for PRC tax purposes, even if the conditions for "de facto management body" prescribed in the Circular 82 are applicable. For the same reasons, we believe our other entities outside China are not PRC resident enterprises either. 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." There can be no assurance that the PRC government will ultimately take a view that is consistent with our position and there is a risk that the PRC tax authorities may deem our Company as a PRC resident enterprise since a substantial majority of the members of our management team are located in China, in which case we would be subject to the EIT at the rate of 25% on worldwide income. If the PRC tax authorities determine that our Cayman Islands holding company is a "resident enterprise" for EIT purposes, a number of unfavorable PRC tax consequences could follow.

If the PRC tax authorities determine that Zerolimit Cayman is 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 non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our Ordinary Shares. In addition, non-resident enterprise shareholders (including the holders of Ordinary Shares) may be subject to a 10% PRC tax on gains realized on the sale or other disposition of Ordinary Shares, if such income is treated as sourced from within the PRC. Our non-PRC individual shareholders (including the holders of Ordinary Shares) may be subject to 20% 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 (which in the case of dividends may be withheld at source) unless a reduced rate is available under an applicable tax treaty. It is unclear whether, if we are considered a PRC resident enterprise, holders of our Ordinary Shares would be able to claim the benefit of income tax treaties or agreements entered into between China and other countries or areas.

According to the Announcement of SAT on Several Issues Concerning the Enterprise Income Tax on Indirect Property Transfer by Non-Resident Enterprises, or Circular 7, which was promulgated by the SAT and became effective on February 3, 2015, if a non-resident enterprise transfers the equity interests of a PRC resident enterprise indirectly by transfer of the equity interests of an offshore holding company (other than a purchase and sale of shares issued by a PRC resident enterprise in the public securities market) without a reasonable commercial purpose, the non-resident enterprise, being the transferor, or the transferee, or the PRC entity which directly owns such taxable assets, may report to the relevant tax authority such indirect transfer, and PRC tax authorities have the power to reassess the nature of the transaction and the indirect equity transfer may be treated as a direct transfer. As a result, the gain derived from such indirect transfer, may be subject to PRC enterprise income tax, and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests in a PRC resident enterprise.

Under the terms of Circular 7, a transfer which meets all of the following circumstances shall be directly deemed as having no reasonable commercial purposes if:

&nbsp;&nbsp;&nbsp;&nbsp;· over 75% of the value of the equity interests of the offshore holding
 company are directly or indirectly derived from PRC taxable properties;

· at any time during the year before the indirect transfer, over 90%
 of the total properties of the offshore holding company are investments within PRC territories, or in the year before the indirect
 transfer, over 90% of the offshore holding company's revenues is directly or indirectly derived from PRC territories;

· the function performed and risks assumed by the offshore holding company
 are insufficient to substantiate its corporate existence; or

· the foreign income tax imposed on the indirect transfer is lower than
 the PRC tax imposed on the direct transfer of the PRC taxable properties.

On October 17, 2017, the SAT issued the Announcement on Issues Relating to Withholding at Source of Income Tax of Non-resident Enterprises, or Circular 37, which took effect on December 1, 2017. Circular 37 purports to provide further clarifications by setting forth the definitions of equity transfer income and tax basis, the foreign exchange rate to be used in the calculation of the withholding amount and the date on which the withholding obligation arises.

Specifically, Circular 37 provides that where the transfer income subject to withholding at source is derived by a non-PRC resident enterprise in instalments, the instalments may first be treated as recovery of costs of previous investments. Upon recovery of all costs, the tax amount to be withheld must then be computed and withheld.

There is uncertainty as to the application of Circular 7 and Circular 37. Circular 7 and Circular 37 may be determined by the PRC tax authorities to be applicable to transfers of our shares that involve non-resident investors, if any of such transactions were determined by the tax authorities to lack a reasonable commercial purpose.

As a result, we and our non-resident investors in such transactions may become at risk of being taxed under Circular 7 and Circular 37, and we may be required to comply with Circular 7 and Circular 37 or to establish that we should not be taxed under the general anti-avoidance rule of the EIT Law. This process may be costly and have a material adverse effect on our financial condition and results of operations.

***Value-added Tax***

Under the Circular on Comprehensively Promoting the Pilot Program of the Collection of Value-added Tax to Replace Business Tax, or Circular 36, which was promulgated by the Ministry of Finance and the SAT on March 23, 2016, became effective on May 1, 2016 and as amended on July 1, 2017, January 1, 2018 and April 1, 2019, entities and individuals engaging in the sale of services, intangible assets or fixed assets within the territory of the PRC are required to pay value added tax, or VAT, instead of business tax.

According to the Circular 36, our mainland China subsidiary, the VIE and its subsidiary are subject to VAT, at a rate of 6% to 17% on proceeds received from customers and are entitled to a refund for VAT already paid or borne on the goods purchased by it and utilized in the production of goods or provisions of services that have generated the gross sales proceeds.

According to the Circular of the Ministry of Finance and the SAT on Adjusting Value-added Tax Rates, promulgated on April 4, 2018 and effective since May 1, 2018, where a taxpayer engages in a taxable sales activity for the value-added tax purpose or imports goods, the previous applicable 17% tax rates are lowered to 16%.

According to the Circular on Policies to Deepen Value-added Tax Reform, promulgated on March 20, 2019 and effective since April 1, 2019, where a taxpayer engages in a taxable sales activity for the value-added tax purpose or imports goods, the previous applicable 16% and 10% tax rates are lowered to 13% and 9% respectively.

**Hong Kong Taxation**

***Inland Revenue Ordinance (Chapter 112 of the Laws of Hong Kong)***

Under the Inland Revenue Ordinance, where an employer commences to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than three months after the date of commencement of such employment. Where an employer ceases or is about to cease to employ in Hong Kong an individual who is or is likely to be chargeable to tax, or any married person, the employer shall give a written notice to the Commissioner of Inland Revenue not later than one month before such individual ceases to be employed in Hong Kong.

***Tax on dividends***

Under the current practice of the Inland Revenue Department of Hong Kong, no tax is payable in Hong Kong in respect of dividends paid by HK Zerolimit to the Company.

***Capital gains and profit tax***

The Inland Revenue Ordinance provides, among other things, that profits tax shall be charged on every person carrying on a trade, profession or business in Hong Kong in respect of his or her assessable profits arising in or derived from Hong Kong at the standard rate of 8.25% on assessable profits up to $2,000,000 and 16.5% on any part of assessable profits over $2,000,000 for corporate taxpayers, as at the date of this prospectus. The Inland Revenue Ordinance also contains detailed provisions relating to, among other things, permissible deductions for expenses, set-offs for losses and allowances for depreciations of capital assets.

No tax is imposed in Hong Kong in respect of capital gains from the sale of shares. However, trading gains from the sale of shares by persons carrying on a trade, profession or business in Hong Kong, where such gains are derived from or arise in Hong Kong, will be subject to Hong Kong profits tax. Certain categories of taxpayers (for example, financial institutions, insurance companies and securities dealers) are likely to be regarded as deriving trading gains rather than capital gains unless these taxpayers can prove that the investment securities are held for long-term investment purposes.

***Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong)***

Under the Stamp Duty Ordinance, the Hong Kong stamp duty, currently charged at the ad valorem rate of 0.13% (commencing from August 1, 2021) on the higher of the consideration for, or the market value of, the shares, will be payable by the purchaser on every purchase and by the seller on every sale of Hong Kong shares (in other words, a total of 0.26% is currently payable on a typical sale and purchase transaction of Hong Kong shares). In addition, a fixed duty of HK$5 is currently payable on any instrument of transfer of Hong Kong shares. Where one of the parties is a resident outside Hong Kong and does not pay the ad valorem duty due by it, the duty not paid will be assessed on the instrument of transfer (if any) and will be payable by the transferee. If no stamp duty is paid on or before the due date, a penalty of up to ten times the duty payable may be imposed.

***Estate duty***

Hong Kong estate duty was abolished effective from February 11, 2006. No Hong Kong estate duty is payable by shareholders in relation to the shares owned by them upon death.

**Material U.S. Federal Income Tax Consequences**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by a U.S. Holder (as defined below) that acquires our Ordinary Shares in this offering and holds our Ordinary Shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended, or the Code. This discussion is based upon existing U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service, or the IRS, with respect to any U.S. federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, Medicare, and alternative minimum tax considerations, any withholding or information reporting requirements, or any state, local and non-U.S. tax considerations relating to the ownership or disposition of our Ordinary Shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;· banks and other financial institutions;

· insurance companies;

· pension plans;

· cooperatives;

· regulated investment companies;

· real estate investment trusts;

· broker-dealers;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· governments or agencies or instrumentalities thereof;

· tax-exempt entities (including private foundations);

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

· investors that will hold our Ordinary Shares as part of a straddle,
 hedging, conversion or other integrated transaction for U.S. federal income tax purposes;

· persons holding their Ordinary Shares in connection with a trade or
 business outside the United States;

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

· investors required to accelerate the recognition of any item of gross
 income with respect to their Ordinary Shares as a result of such income being recognized on an applicable financial statement;

· investors that have a functional currency other than the U.S. dollar;
 and

· partnerships or other entities taxable as partnerships for U.S. federal
 income tax purposes, or persons holding Ordinary Shares through such entities, all of whom may be subject to tax rules that
 differ significantly from those discussed below.

The discussion set forth below is addressed only to U.S. Holders that purchase Ordinary Shares 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 Ordinary Shares.

***General***

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States;

· 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;

· an estate whose income is subject to U.S. federal income taxation regardless
 of its source; or

· a trust that (1) is subject to the primary supervision of a court
 within the United States and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election
 in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding our Ordinary Shares and their partners are urged to consult their tax advisors regarding an investment in our Ordinary Shares.

***Passive Foreign Investment Company ("PFIC") Consequences***

A non-U.S. corporation is considered a PFIC, as defined in Section 1297(a) of the US Internal Revenue Code, for any taxable year if either:

&nbsp;&nbsp;&nbsp;&nbsp;· at least 75% of its gross income for such taxable year is passive income;
 or

· at least 50% of the value of its assets (based on an average of the
 quarterly values of the assets during a taxable year) is attributable to assets that produce or are held for the production of passive
 income (the "asset test").

Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock. In determining the value and composition of our assets for purposes of the PFIC asset test, (1) the cash we raise in this offering will generally be considered to be held for the production of passive income and (2) the value of our assets must be determined based on the market value of our Ordinary Shares from time to time, which could cause the value of our non-passive assets to be less than 50% of the value of all of our assets (including the cash raised in this offering) on any particular quarterly testing date for purposes of the asset test.

Based on our operations and the composition of our assets we do not expect to be treated as a PFIC under the current PFIC rules. We must make a separate determination each year as to whether we are a PFIC, however, and there can be no assurance with respect to our status as a PFIC for our current taxable year or any future taxable year. Depending on the amount of cash we raise in this offering, together with any other assets held for the production of passive income, it is possible that, for our current taxable year or for any subsequent taxable year, more than 50% of our assets may be assets held for the production of passive income. We will make this determination following the end of any particular tax year. Although the law in this regard is unclear, we are treating the VIE as being owned by us for United States federal income tax purposes, not only because we control their management decisions, but also because we are entitled to the economic benefits associated with the VIE for accounting purposes because we have met the conditions under U.S. GAAP to consolidate the VIE, and as a result, we are treating the VIE as our wholly-owned subsidiary for U.S. federal income tax purposes. If we are not treated as owning the VIE for United States federal income tax purposes, we would likely be treated as a PFIC. In addition, because the value of our assets for purposes of the asset test will generally be determined based on the market price of our Ordinary Shares and because cash is generally considered to be an asset held for the production of passive income, our PFIC status will depend in large part on the market price of our Ordinary Shares and the amount of cash we raise in this offering. Accordingly, fluctuations in the market price of the Ordinary Shares may cause us to become a PFIC. In addition, the application of the PFIC rules is subject to uncertainty in several respects and the composition of our income and assets will be affected by how, and how quickly, we spend the cash we raise in this offering. We are under no obligation to take steps to reduce the risk of our being classified as a PFIC, and as stated above, the determination of the value of our assets will depend upon material facts (including the market price of our Ordinary Shares from time to time and the amount of cash we raise in this offering) that may not be within our control. If we are a PFIC for any year during which you hold Ordinary Shares, we will continue to be treated as a PFIC for all succeeding years during which you hold Ordinary Shares. If we cease to be a PFIC and you did not previously make a timely "mark-to-market" election as described below, however, you may avoid some of the adverse effects of the PFIC regime by making a "purging election" (as described below) with respect to the Ordinary Shares.

If we are a PFIC for your taxable year(s) during which you hold Ordinary Shares, you will be subject to special tax rules with respect to any "excess distribution" that you receive and any gain you realize from a sale or other disposition (including a pledge) of the Ordinary Shares, unless you make a "mark-to-market" election as discussed below. Distributions you receive in a taxable year that are greater than 125% of the average annual distributions you received during the shorter of the three preceding taxable years or your holding period for the Ordinary Shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;· the excess distribution or gain will be allocated ratably over your
 holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;· the amount allocated to your current taxable year, and any amount allocated
 to any of your taxable year(s) prior to the first taxable year in which we were a PFIC, will be treated as ordinary income,
 and

· the amount allocated to each of your other taxable year(s) will
 be subject to the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will
 be imposed on the resulting tax attributable to each such year.

The tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and gains (but not losses) realized on the sale of the Ordinary Shares cannot be treated as capital, even if you hold the Ordinary Shares as capital assets.

A U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election under Section 1296 of the US Internal Revenue Code for such stock to elect out of the tax treatment discussed above. If you make a mark-to-market election for first taxable year which you hold (or are deemed to hold) Ordinary Shares and for which we are determined to be a PFIC, you will include in your income each year an amount equal to the excess, if any, of the fair market value of the Ordinary Shares as of the close of such taxable year over your adjusted basis in such Ordinary Shares, which excess will be treated as ordinary income and not capital gain. You are allowed an ordinary loss for the excess, if any, of the adjusted basis of the Ordinary Shares over their fair market value as of the close of the taxable year. Such ordinary loss, however, is allowable only to the extent of any net mark-to-market gains on the Ordinary Shares included in your income for prior taxable years. Amounts included in your income under a mark-to-market election, as well as gain on the actual sale or other disposition of the Ordinary Shares, are treated as ordinary income. Ordinary loss treatment also applies to any loss realized on the actual sale or disposition of the Ordinary Shares, to the extent that the amount of such loss does not exceed the net mark-to-market gains previously included for such Ordinary Shares. Your basis in the Ordinary Shares will be adjusted to reflect any such income or loss amounts. If you make a valid mark-to-market election, the tax rules that apply to distributions by corporations which are not PFICs would apply to distributions by us, except that the lower applicable capital gains rate for qualified dividend income discussed below under "— Taxation of Dividends and Other Distributions on our Ordinary Shares" generally would not apply.

The mark-to-market election is available only for "marketable stock", which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter ("regularly traded") on a qualified exchange or other market (as defined in applicable U.S. Treasury regulations), including Nasdaq. If the Ordinary Shares are regularly traded on Nasdaq and if you are a holder of Ordinary Shares, the mark-to-market election would be available to you if we were to be or become a PFIC.

Alternatively, a U.S. Holder of stock in a PFIC may make a "qualified electing fund" election under Section 1295(b) of the US Internal Revenue Code with respect to such PFIC to elect out of the tax treatment discussed above. A U.S. Holder who makes a valid qualified electing fund election with respect to a PFIC will generally include in gross income for a taxable year such holder's pro rata share of the corporation's earnings and profits for the taxable year. The qualified electing fund election, however, is available only if such PFIC provides such U.S. Holder with certain information regarding its earnings and profits as required under applicable U.S. Treasury regulations. We do not currently intend to prepare or provide the information that would enable you to make a qualified electing fund election. If you hold Ordinary Shares in any taxable year in which we are a PFIC, you will be required to file U.S. Internal Revenue Service Form 8621 in each such year and provide certain annual information regarding such Ordinary Shares, including regarding distributions received on the Ordinary Shares and any gain realized on the disposition of the Ordinary Shares.

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

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

You are urged to consult your tax advisors regarding the application of the PFIC rules to your investment in our Ordinary Shares and the elections discussed above.

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

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

With respect to non-corporate U.S. Holders, including individual U.S. Holders, dividends will be taxed at the lower capital gains rate applicable to qualified dividend income, provided that (1) the Ordinary Shares are readily tradable on an established securities market in the United States, or we are eligible for the benefits of an approved qualifying income tax treaty with the United States that includes an exchange of information program, (2) we are not a PFIC for either our taxable year in which the dividend is paid or the preceding taxable year, and (3) certain holding period requirements are met. Because there is not income tax treaty between the United States and the Cayman Islands, clause (1) above can be satisfied only if the Ordinary Shares are readily tradable on an established securities market in the United States. Under U.S. Internal Revenue Service authority, Ordinary Shares are considered for purpose of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on certain exchanges, which presently include the NYSE and the Nasdaq. You are urged to consult your tax advisors regarding the availability of the lower rate for dividends paid with respect to our Ordinary Shares, including the effects of any change in law after the date of this prospectus.

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

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

***Taxation of Dispositions of Ordinary Shares***

Subject to the passive foreign investment company rules discussed above, 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 Shares. 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 Shares 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 Ordinary Shares and proceeds from the sale, exchange or redemption of our Ordinary Shares may be subject to information reporting to the U.S. Internal Revenue Service and possible U.S. backup withholding under Section 3406 of the US Internal Revenue Code with at a current flat 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. Transactions effected through certain brokers or other intermediaries, however, may be subject to withholding taxes (including backup withholding), and such brokers or intermediaries may be required by law to withhold such taxes.

Under the Hiring Incentives to Restore Employment Act of 2010, certain U.S. Holders are required to report information relating to our Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in accounts maintained by certain financial institutions), by attaching a complete Internal Revenue Service Form 8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they hold Ordinary Shares.

**UNDERWRITING**

We expect to enter into an underwriting agreement with Prime Number Capital LLC, which will be acting as the Underwriter and the sole book-running manager of this public offering. Subject to the terms and conditions set forth in the underwriting agreement, we have agreed to issue and sell to the Underwriter the number of Ordinary Shares as indicated below:

---

| | |
|:---|:---|
| **Underwriter** | **Number of Ordinary Shares** |
| Prime Number Capital LLC | [·] |
| **Total** |  |

---

The underwriting agreement will provide that the obligations of the Underwriter are subject to certain conditions precedent such as the receipt by the Underwriter of officers' certificates and legal opinions and approval of certain legal matters by its counsel. Pursuant to the terms of the underwriting agreement, we expect to indemnify the Underwriter and certain of its controlling persons against certain liabilities including liabilities under the Securities Act.

The underwriting agreement provides that the obligations of the Underwriter to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by its counsel and to other conditions. The Underwriter is obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such Ordinary Shares are taken. However, the Underwriter is not required to take or pay for the Ordinary Shares covered by the Underwriter's over-allotment option to purchase additional Ordinary Shares described below.

The Underwriter is expected to make offers and sales both inside and outside the U.S. through their respective selling agents. Any offers or sales in the U.S. will be conducted by broker-dealers registered with the SEC. The Underwriter may pay broker-dealers a solicitation fee with respect to any securities placed by it.

**Over-Allotment Option**

We have granted to the Underwriter an option, exercisable for 45 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of 15% of the total number of Ordinary Shares from us at the initial public offering price, less underwriting discounts. To the extent that option is exercised, the Underwriter will be obligated, subject to certain conditions, to purchase a specific number of additional Ordinary Shares.

**Discounts and Expenses**

The underwriting discounts are equal to seven percent (7.00%) of the initial public offering price for the Ordinary Shares sold.

The Underwriter has advised us that it proposes to offer the Ordinary Shares to the public at the public offering price and to certain dealers. After the initial public offering, the Underwriter may change the initial public offering price and other selling terms.

The following table shows the per Ordinary Share and total initial public offering price, underwriting discounts, and proceeds, before expenses, to us in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the Underwriter's over-allotment option to purchase additional Ordinary Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Ordinary Share** | **Per Ordinary Share** | **Total** | **Total** |
|  | **Without**<br> **Exercise of Over-**<br> **Allotment Option** | **With Full**<br> **Exercise of Over-**<br> **Allotment Option** | **Without**<br> **Exercise of Over-**<br> **Allotment Option** | **With Full**<br> **Exercise of Over-**<br> **Allotment Option** |
| Initial public offering price | $| $— | $| $|
| Underwriting discounts to be paid by us | $| $— | $| $|
| Proceeds to our Company before expenses | $| $— | $| $|

---

We estimate expenses payable to us in connection with this offering, other than the underwriting discounts referred to above, will be approximately $[·]. We have agreed to pay to the Underwriter a non-accountable fee of 1% of the aggregate offering amount upon closing of this offering. We have also agreed to reimburse the Underwriter for all of its reasonable out-of-pocket expenses, including but not limited to reasonable fees and expenses of its legal counsel, roadshow expenses, background check fee, offering materials, and necessary travel expenses in an aggregate amount not to exceed $200,000 in connection with the offering. We have advanced $100,000 to the Underwriter (the "Advance"). The Advance will be returned to us to the extent the Underwriter's out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

**Listing**

We plan to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "ZDAN." At this time, we have not yet applied to Nasdaq to list our Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Ordinary Shares will be approved for listing on Nasdaq.

**Underwriter's Warrants**

In addition, we have agreed to issue warrants to the Underwriter to purchase a number of Ordinary Shares equal to five percent (5%) of the total number of Ordinary Shares sold in this offering, including shares issued pursuant to the exercise of the over-allotment option (the "Underwriter's Warrants"). Such warrants shall have an exercise price equal to 125% of the offering price of the Ordinary Shares sold in this offering. The Underwriter's Warrants will be exercisable, commencing six months from the effective date of offering, and will expire on the fifth anniversary of the commencement of sales under this offering. The Underwriter's Warrants and the underlying Ordinary Shares will be deemed compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA rules, neither the Underwriter's Warrants nor any of our Ordinary Shares issued upon exercise of the Underwriter's Warrants may be 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 such securities by any person, for a period of six (6) months beginning on the date of commencement of sales under this offering. In addition, although the Underwriter's Warrants and the underlying Ordinary Shares will be registered in the registration statement of which this prospectus forms a part, we have also agreed that the Underwriter's Warrants will provide for registration rights in certain cases. These registration rights apply to all of the securities directly and indirectly issuable upon exercise of the Underwriter's Warrants. The piggyback registration right provided will not be greater than seven years from the effective date of the offering in compliance with FINRA Rule 5110(g)(8)(D). The sole demand registration right provided will not be greater than five years from the commencement of sales of the public offering in compliance with FI© Rule 5110(g)(8)(C). The warrants will have anti-dilution terms that are consistent with FINRA Rule 5110(g)(8)(E) and (F). The Company will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants other than underwriting commissions incurred and payable by the holders.

The exercise price and number of Ordinary Shares issuable upon exercise of the Underwriter's Warrants may be adjusted in certain circumstances, including in the event of a stock dividend, extraordinary cash dividend, or our recapitalization, reorganization, merger, or consolidation.

**Right of First Refusal**

We have granted the Underwriter a right of first refusal ("ROFR") to act as lead or joint investment banker, lead or joint bookrunner and/or lead or joint placement agent, for each and every future public and private equity and debt offering which we undertake (each, a "Subject Transaction"). The ROFR expires 24 months after the closing of this offering or the termination of the engagement letter entered into by and between the Company and the Underwriter on February 20, 2023. The ROFR shall be contingent upon the written agreement by the Underwriter to participate in any Subject Transaction upon the terms and conditions which should contain reasonable and customary fees for transactions of similar size and nature; provided, however, that in no event shall the Underwriter's fees be less than the amount in this offering.

**Lock-Up Agreements**

We have agreed, subject to certain exceptions, not to, without the prior written consent of the Underwriter, directly or indirectly, for a period of 180 days after the date of the underwriting agreement: sell, encumber, grant any option for the sale of, or otherwise dispose of, except in this offering, any of our Ordinary Shares, without the prior written consent of the Underwriter.

Furthermore, each of our directors and executive officers, and our existing beneficial owners of 5% or more of our outstanding Ordinary Shares will enter into a similar lock-up agreement for a period of 180 days from the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus forms a part, subject to certain exceptions, with respect to our Ordinary Shares and securities that are substantially similar to our Ordinary Shares.

**Pricing of the Offering**

Prior to the completion of this offering, there has been no public market for our Ordinary Shares. The initial public offering price of the Ordinary Shares has been negotiated between us and the Underwriter. Among the factors considered in determining the initial public offering price of the Ordinary Shares, in addition to the prevailing market conditions, is our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

**Electronic Offer, Sale, and Distribution of Ordinary Shares**

A prospectus in electronic format may be made available on the websites maintained by the underwriter or selling group members, if any, participating in this offering and the underwriter may distribute prospectuses electronically. The underwriter may agree to allocate a number of Ordinary Shares to selling group members for sale to its 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 these websites is not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved or endorsed by us or the underwriter, and should not be relied upon by investors.

**Price Stabilization, Short Positions, and Penalty Bids**

In connection with this offering, the Underwriter may engage in transactions that stabilize, maintain, or otherwise affect the price of our Ordinary Shares. Specifically, the Underwriter may sell more Ordinary Shares than it is obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of Ordinary Shares available for purchase by the Underwriter under option to purchase additional Ordinary Shares. The Underwriter can close out a covered short sale by exercising the option to purchase additional Ordinary Shares or purchasing Ordinary Shares in the open market. In determining the source of Ordinary Shares to close out a covered short sale, the Underwriter will consider, among other things, the open market price of Ordinary Shares compared to the price available under the option to purchase additional Ordinary Shares. The Underwriter may also sell Ordinary Shares in excess of the option to purchase additional Ordinary Shares, creating a naked short position. The Underwriter must close out any naked short position by purchasing Ordinary Shares in the open market. A naked short position is more likely to be created if the Underwriter is concerned that there may be downward pressure on the price of the Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

The Underwriter may also impose a penalty bid. This occurs when an underwriter or dealer repays selling concessions allowed to it for distributing our Ordinary Shares in this offering because such underwriter repurchases those Ordinary Shares in stabilizing or short covering transactions.

Finally, the Underwriter may bid for, and purchase, our Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The Underwriter is not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on Nasdaq Stock Market, in the over-the-counter market, or otherwise.

**Passive Market Making**

In connection with this offering, the Underwriter may engage in passive market making transactions in our Ordinary Shares 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 Ordinary Shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Potential Conflicts of Interest**

The Underwriter and its 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 Underwriter 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 Underwriter 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.

**Selling Restrictions**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Ordinary Shares, where action for that purpose is required. Accordingly, the Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

***Australia***. This prospectus is not a product disclosure statement, prospectus, or other type of disclosure document for the purposes of Corporations Act 2001 (Commonwealth of Australia) (the "Act") and does not purport to include the information required of a product disclosure statement, prospectus, or other disclosure document under Chapter 6D.2 of the Act. No product disclosure statement, prospectus, disclosure document, offering material, or advertisement in relation to the offer of the Ordinary Shares has been or will be lodged with the Australian Securities and Investments Commission or the Australian Securities Exchange.

Accordingly, (1) the offer of the Ordinary Shares under this prospectus may only be made to persons: (i) to whom it is lawful to offer the Ordinary Shares without disclosure to investors under Chapter 6D.2 of the Act under one or more exemptions set out in Section 708 of the Act, and (ii) who are "wholesale clients" as that term is defined in section 761G of the Act, (2) this prospectus may only be made available in Australia to persons as set forth in clause (1) above, and (3) by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (1) above, and the offeree agrees not to sell or offer for sale any of the Ordinary Shares sold to the offeree within 12 months after their issue except as otherwise permitted under the Act.

***Canada.*** The Ordinary Shares may not be offered, sold, or distributed, directly or indirectly, in any province or territory of Canada other than the provinces of Ontario and Quebec or to or for the benefit of any resident of any province or territory of Canada other than the provinces of Ontario and Quebec, and only on a basis that is pursuant to an exemption from the requirement to file a prospectus in such province, and only through a dealer duly registered under the applicable securities laws of such province or in accordance with an exemption from the applicable registered dealer requirements.

***Cayman Islands***. No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our Ordinary Shares. This prospectus does not constitute a public offer of the Ordinary Shares, whether by way of sale or subscription, in the Cayman Islands. The Underwriter has represented and agreed that they have not offered or sold, and will not offer or sell, directly or indirectly, any Ordinary Shares to any member of the public in the Cayman Islands.

***European Economic Area***. In relation to each Member State of the European Economic Area that has implemented the Prospectus Directive, or a Relevant Member State, from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, or the Relevant Implementation Date, an offer of the Ordinary Shares to the public may not be made in that Relevant Member State prior to the publication of a prospectus in relation to the Ordinary Shares that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and the competent authority in that Relevant Member State has been notified, all in accordance with the Prospectus Directive, except that it may, with effect from and including the Relevant Implementation Date, make an offer of the Ordinary Shares to the public in that Relevant Member State at any time,

&nbsp;&nbsp;&nbsp;&nbsp;· to legal entities that are authorized or regulated to operate in the
 financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

&nbsp;&nbsp;&nbsp;&nbsp;· to any legal entity that has two or more of (1) an average of at least
 250 employees during the last financial year, (2) a total balance sheet of more than €43,000,000, and (3) an annual net turnover
 of more than €50,000,000, as shown in its last annual or consolidated accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· to fewer than 100 natural or legal persons (other than qualified investors
 as defined in the Prospectus Directive; or

&nbsp;&nbsp;&nbsp;&nbsp;· in any other circumstances that do not require the publication by the
 company of a prospectus pursuant to Article 3 of the Prospectus Directive;

provided that no such offer of Ordinary Shares shall result in a requirement for the publication by the company of a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of the above provision, the expression "an offer of Ordinary Shares to the public" in relation to any Ordinary Shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe the Ordinary Shares, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus Directive" means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

***Hong Kong***. The Ordinary Shares may not be offered or sold in Hong Kong by means of this prospectus or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Ordinary Shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Ordinary Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

***Malaysia***. The shares have not been and may not be approved by the securities commission Malaysia, or SC, and this document has not been and will not be registered as a prospectus with the SC under the Malaysian capital markets and services act of 2007, or CMSA. Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this document except to persons falling within any of paragraphs 2(g)(i) to (xi) of schedule 5 of the CMSA and distributed only by a holder of a capital markets services license who carries on the business of dealing in securities and subject to the issuer having lodged this prospectus with the SC within seven days from the date of the distribution of this prospectus in Malaysia. The distribution in Malaysia of this document is subject to Malaysian laws. Save as aforementioned, no action has been taken in Malaysia under its securities laws in respect of this document. This document does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the approval of the SC or the registration of a prospectus with the SC under the CMSA.

 ****

***Japan***. The Ordinary Shares have not been and will not be registered under the Financial Instruments and Exchange Law of Japan, and Ordinary Shares will not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to any exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

***People's Republic of China***. This prospectus may not be circulated or distributed in the PRC, and the Ordinary Shares may not be offered or sold, and will not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this paragraph, PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau.

***Singapore***. This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our Ordinary Shares may not be circulated or distributed, nor may our Ordinary Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or SFA, (ii) to a relevant person or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where our Ordinary Shares are subscribed or purchased under Section 275 by a relevant person which is: (a) a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor; shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Ordinary Shares under Section 275 of the SFA, except: (1) to an institutional investor (for corporations under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

***Taiwan.*** The Ordinary Shares have not been and will not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be offered or sold in Taiwan through a public offering or in circumstances which constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or relevant laws and regulations that require a registration, filing, or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the Ordinary Shares in Taiwan.

***United Kingdom***. An offer of the Ordinary Shares may not be made to the public in the United Kingdom within the meaning of Section 102B of the Financial Services and Markets Act 2000, as amended, or the FSMA, except to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities or otherwise in circumstances that do not require the publication by the company of a prospectus pursuant to the Prospectus Rules of the Financial Services Authority, or the FSA.

An invitation or inducement to engage in investment activity (within the meaning of Section 21 of FSMA) may only be communicated to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or in circumstances in which Section 21 of FSMA does not apply to the company.

All applicable provisions of the FSMA with respect to anything done by the Underwriter in relation to the Ordinary Shares must be complied with in, from or otherwise involving the United Kingdom.

***Israel***. This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus may be distributed only to, and is directed only at, investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds; provident funds; insurance companies; banks; portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, each purchasing for their own account; venture capital funds; entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors. Qualified investors shall be required to submit written confirmation that they fall within the scope of the Addendum.

**Stamp Taxes**

If you purchase Ordinary Shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and the non-accountable expense allowance payable to the Underwriter, expected to be incurred in connection with this offering. Except for the SEC registration fee, the Nasdaq Capital Market listing fee and the Financial Industry Regulatory Authority Inc. filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $[·] |
| Nasdaq Capital Market listing fee | $[·] |
| Financial Industry Regulatory Authority Inc. Filing Fee | $[·] |
| Legal fees and expenses | $[·] |
| Accounting fees and expenses | $[·] |
| Transfer agent expenses | $[·] |
| Miscellaneous expenses | $[·] |
| **Total Expenses** | $[·] |

---

These expenses will be borne by us. Underwriting discounts and the non-accountable expense allowance will be borne by us in proportion to the numbers of Ordinary Shares sold in the offering.

**LEGAL MATTERS**

We are being represented by Prudentia Law Corporation with respect to certain legal matters as to United States federal securities law. The Underwriter is being represented by Kaufman & Canoles, P.C., Richmond, Virginia, with respect to certain legal matters as to United States federal securities laws. Kaufman & Canoles may rely upon Shanghai JOIUS Law Firm with respect to matters governed by PRC law. The validity of our Ordinary Shares offered in this offering will be passed upon for us by Ogier, our Cayman Islands counsel. Certain legal matters as to PRC law will be passed upon for us by Global Law Office. Prudentia Law Corporation may rely upon Ogier with respect to matters governed by Cayman Islands law and Global Law Office with respect to matters governed by PRC law.

**EXPERTS**

The consolidated financial statements of Zerolimit Technology Holding Co. Ltd. as of and for the fiscal years ended September 30, 2024 and 2023 have been included in this prospectus in reliance upon the report of TPS Thayer, LLC, an independent registered public accounting firm, and upon the authority of said firm as experts in auditing and accounting. The office of TPS Thayer LLC is located at 1600 Hwy. 6, Suite 100, Sugar Land, TX 77478.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, with respect to the Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read the registration statement and the exhibits and schedules thereto for further information with respect to us and our Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC can be inspected over the internet at the SEC's website at www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, 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, the rules prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic issuers in the United States whose securities are registered under the Exchange Act.

However, we will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. 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 domestic issuers in the United States.

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD. AND SUBSIDIARIES**

**TABLE OF CONTENTS**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| **Consolidated Annual Financial Statements as of and for the years ended September 30, 2024 and 2023** |  |
| [Report of Independent Registered Public Accounting Firm](#drs_fs2024-1) [PCAOB ID Number 6706] | F-2 |
| [Consolidated Balance Sheets as of September 30, 2024 and 2023](#drs_fs2024-2) | F-3 |
| [Consolidated Statements of Income and Comprehensive Income for the years ended September 30, 2024 and 2023](#drs_fs2024-3) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity for the years ended September 30, 2024 and 2023](#drs_fs2024-4) | F-5 |
| [Consolidated Statements of Cash Flows for the years ended September 30, 2024 and 2023](#drs_fs2024-5) | F-6 |
| [Notes to Audited Consolidated Financial Statements](#drs_fs2024-6) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

Zerolimit Technology Holding Co. Ltd.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Zerolimit Technology Holding Co. Ltd. (the "Company") as of September 30, 2024 and 2023, the related consolidated statements of income and comprehensive income, changes in shareholders' equity, and cash flows for each of the two years in the period ended September 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board ("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 audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit 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 audit 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 audit 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 audit provide a reasonable basis for our opinion.

/s/ TPS Thayer, LLC

We have served as the Company's auditor since 2022

Sugar Land, TX

June 30, 2025

ZEROLIMIT TECHNOLOGY HOLDING CO., LTD

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND 2023

(All amounts in USD, except for share and per share data, unless otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| **Assets** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $105706 | $1641922 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 3316811 | 143126 |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties | 2781 | 152196 |
| &nbsp;&nbsp;&nbsp;Inventories | 114992 | 140244 |
| &nbsp;&nbsp;&nbsp;Deferred IPO costs | 2167517 | 1850000 |
| &nbsp;&nbsp;&nbsp;Prepayments and other current assets | 4398363 | 2075869 |
| **Total current assets** | **10106170** | **6003357** |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 541304 | 739855 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 1557446 | 1658460 |
| &nbsp;&nbsp;&nbsp;Lease right-of-use (ROU) assets | 1065514 | 1453644 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 91073 | 79855 |
| &nbsp;&nbsp;&nbsp;Other assets | 97709 | 93981 |
| **Total assets** | $**13459216** | $**10029152** |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Short term bank loan | $712494 | $411184 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 41296 | 10950 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 420756 | 363433 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 213576 | 236902 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 805283 | 403291 |
| &nbsp;&nbsp;&nbsp;Due to the related parties | 244 | 4112 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - current | 500124 | 440787 |
| **Total current liabilities** | **2693773** | **1870659** |
| **Commitments and contingencies** |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities - noncurrent | 685585 | 1140465 |
| **Shareholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Share\*, ($0.0001 par value; 500,000,000 shares authorized; 50,000,000 shares issued and outstanding as of September 30, 2024 and 2023) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;Share Subscription Receivables | (5000) | (5000) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2953991 | 2953991 |
| &nbsp;&nbsp;&nbsp;Statutory surplus reserves | 938310 | 667183 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 6343228 | 3903080 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (155671) | (506226) |
| **Total shareholders' equity** | **10079858** | **7018028** |
| **Total liabilities and shareholders' equity** | $**13459216** | $**10029152** |

---

\*The shares and per share data are presented on a retroactive basis to reflect the stock split

The accompanying notes are an integral part of these consolidated financial statements.

ZEROLIMIT TECHNOLOGY HOLDING CO., LTD

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023

(All amounts in USD, except for share and per share data, unless otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;Software - Perpetual License | $5270682 | $3572917 |
| &nbsp;&nbsp;&nbsp;Software - Perpetual License with related parties | 201111 | 1472704 |
| &nbsp;&nbsp;&nbsp;**Sub-total Software - Perpetual License** | **5471793** | **5045621** |
| &nbsp;&nbsp;&nbsp;Software- Term License |  | 40124 |
| &nbsp;&nbsp;&nbsp;Software- Term License with related parties | 434369 | 594922 |
| &nbsp;&nbsp;&nbsp;**Sub-total Software - Term License** | **434369** | **635046** |
| **Total revenues** | **5906162** | **5680667** |
| &nbsp;&nbsp;&nbsp;Cost of revenues | 1525402 | 1493303 |
| **Gross profit** | **4380760** | **4187364** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 574417 | 581299 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1260104 | 1282391 |
| &nbsp;&nbsp;&nbsp;Research and development expenses | 47909 | 124100 |
| **Total operating expenses** | **1882430** | **1987790** |
| **Income from operations** | **2498330** | **2199574** |
| **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp;Government subsidies | 450450 | 534410 |
| &nbsp;&nbsp;&nbsp;Other income |  | 17042 |
| &nbsp;&nbsp;&nbsp;Interest income(expense),net | (10151) | 29694 |
| **Total Other income** | **440299** | **581146** |
| **Income before income tax** | **2938629** | **2780720** |
| &nbsp;&nbsp;&nbsp;Income tax expense | 227354 | 257868 |
| **Net income** | $**2711275** | $**2522852** |
| **Comprehensive income:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | 2711275 | 2522852 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 350555 | (208960) |
| **Comprehensive income** | $**3061830** | $**2313892** |
| Weighted average number of ordinary shares outstanding – basic and diluted | $50000000 | $50000000 |
| Earnings per ordinary share – basic and diluted | $0.054 | $0.050 |

---

The accompanying notes are an integral part of these consolidated financial statements.

ZEROLIMIT TECHNOLOGY HOLDING CO., LTD

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023

(All amounts in USD, except for share and per share data, unless otherwise noted

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Amount** | **Share Subscription Receivables** | **Additional Paid-in Capital** | **Statutory surplus reserve** | **Retained earnings** | **Accumulated**<br> **other**<br> **comprehensive**<br> **income** | **Total**<br> **shareholders' equity** |
| **Balance at September 30, 2022** | **50000000** | $**5000** | **(5000)** | $**2715878** | $**414898** | $**1632513** | $**(297267)** | $**4466022** |
| Shareholder's contribution |  |  |  | 238113 |  |  |  | 238113 |
| Statutory Reserve |  |  |  |  | 252285 | (252285) |  |  |
| Foreign currency translation loss |  |  |  |  |  |  | (208959) | (208959) |
| Net income | – | – | – | – | – | 2522852 | – | 2522852 |
| **Balance at September 30, 2023** | **50000000** | $**5000** | **(5000)** | $**2953991** | $**667183** | $**3903080** | $**(506226)** | $**7018028** |
| Statutory Reserve |  |  |  |  | 271127 | (271127) |  |  |
| Foreign currency translation gain |  |  |  |  |  |  | 350555 | 350555 |
| Net income | – | – | – | – | – | 2711275 | – | 2711275 |
| **Balance at September 30, 2024** | **50000000** | $**5000** | **(5000)** | $**2953991** | $**938310** | $**6343228** | $**(155671)** | $**10079858** |

---

The accompanying notes are an integral part of these consolidated financial statements.

ZEROLIMIT TECHNOLOGY HOLDING CO., LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023

(All amounts in USD, except for share and per share data, unless otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| **Net income** | $**2711275** | $**2522852** |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 396689 | 293382 |
| &nbsp;&nbsp;&nbsp;Amortization of operation lease right-of-use assets | 434244 | 428515 |
| &nbsp;&nbsp;&nbsp;Provision for credit loss | 62731 | 157656 |
| &nbsp;&nbsp;&nbsp;Deferred tax benefits | (7841) | (19707) |
| &nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (3148630) | (305708) |
| &nbsp;&nbsp;&nbsp;Accounts receivable - related parties | 151423 | (157432) |
| &nbsp;&nbsp;&nbsp;Prepayment and other current assets | (2182082) | (1997587) |
| &nbsp;&nbsp;&nbsp;Deferred IPO costs | (237797) | (1913653) |
| &nbsp;&nbsp;&nbsp;Inventories | 30017 | (145070) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 29137 | (31395) |
| &nbsp;&nbsp;&nbsp;Contract Liabilities | 41793 | (46154) |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (446396) | (422663) |
| &nbsp;&nbsp;&nbsp;Other payable and accrued liabilities | (35803) | (35443) |
| &nbsp;&nbsp;&nbsp;Taxes payable | 375988 | 279197 |
| **Net cash used in operating activities** | **(1825252)** | **(1393210)** |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, and equipment |  | (36252) |
| &nbsp;&nbsp;&nbsp;Capitalized Software Development Costs | (12210) | (593670) |
| **Net cash used in investing activities** | **(12210)** | **(629922)** |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short term bank loan | 694028 | 425332 |
| &nbsp;&nbsp;&nbsp;Proceeds from shareholders |  | 238113 |
| &nbsp;&nbsp;&nbsp;Loan from related parties | 13881 | 1458321 |
| &nbsp;&nbsp;&nbsp;Repayment of short term bank loan | (416417) |  |
| &nbsp;&nbsp;&nbsp;Repayment to related parties loan | (13881) | (663669) |
| **Net cash provided by financing activities** | **277611** | **1458097** |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 23634 | (42894) |
| Net decrease in cash, cash equivalents | $(1536217) | $(607929) |
| Cash, cash equivalents at beginning of year | 1641923 | 2249852 |
| Cash, cash equivalents at end of year | 105706 | 1641923 |
| **Supplemental disclosure of cashflow information** |  |  |
| Cash paid for income tax | $– | $– |
| Cash paid for interest expense | $23932 | $– |

---

The accompanying notes are an integral part of these consolidated financial statements.

ZEROLIMIT TECHNOLOGY HOLDING CO., LTD

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2024 AND 2023

(All amounts in USD, except for share and per share data, unless otherwise noted)

&nbsp;&nbsp;&nbsp;&nbsp;1. **ORGANIZATION AND NATURE OF OPERATIONS** 

Zerolimit Technology Holding Co. Ltd. ("Zerolimit" or the "Company"), is a holding company incorporated under the laws of the Cayman Islands on February 2, 2023, as an exempted company with limited liability. The Company has no substantive operations other than holding all of the outstanding share capital of Zerolimit Technology Holding Co., Limited ("Zerolimit HK") established under the laws of Hong Kong on March 13, 2023.

Zerolimit Technology Holding Co. Limited is also a holding company holding all of the outstanding equity of Zerolimit Holdings (Shenzhen) Co., Ltd. ("Shenzhen WFOE" or "WFOE"), which was established on May 22, 2023 under the laws of the People's Republic of China ("PRC" or "China").

Zhenglian Technology (Shenzhen) Co., Ltd. ("Shenzhen VIE" or "VIE") is a limited liability company established under the laws of the People's Republic of China ("PRC") on August 28, 2017. Paid-in capital of Shenzhen VIE was approximately $2,953,991 (approximately RMB 20 million) as of September 30, 2024.

The Company, through its variable interest entity ("VIE"), and its subsidiaries, provides of distributed network infrastructure software products and solutions. The distributed network infrastructure software product of Shenzhen VIE enables users to efficiently establish distributed networks or migrate existing centralized applications to distributed networks.

On May 24, 2023, the Company completed a reorganization of entities under common control of its then existing shareholders, who collectively owned all of the equity interests of the Company prior to the reorganization. The Company, and Zerolimit HK were established as the holding companies of Shenzhen WFOE. Shenzhen WFOE is the primary beneficiary of Shenzhen VIE, and all of these entities included in the Company are under common control which results in the consolidation of Shenzhen VIE which have been accounted for as a reorganization of entities under common control at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of the Company.

*a. <u>Subsidiaries</u>*

As of September 30, 2024, the detailed information of the Company and its consolidated subsidiaries and VIE are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of the entity** | **Date of <br> incorporation** | **Percentage of <br> ownership** | **Place of <br> incorporation** | **Principle <br> business activities** |
| Zerolimit Technology Holding Co. Ltd. ("Zerolimit") | February 2, 2023 | 100% | Cayman Islands | Investment holding |
| Zerolimit Technology Holding Co. Limited ("Zerolimit HK") | March 13, 2023 | 100% | Hong Kong | Investment holding and sales and marketing |
| Zerolimit Holdings (Shenzhen) Co., Ltd. <br> ("Shenzhen WFOE") | May 22, 2023 | 100% | China | Technical consulting and support service |
| Zhenglian Technology (Shenzhen) Co., Ltd.("Shenzhen VIE") | August 28, 2017 | 0% | China | Software license and related services |

---

 

 

 

 

*b. VIE agreements*

The following is a summary of the VIE Agreements.

*Powers of Attorney*

Under the Powers of Attorney, dated May 24, 2023, executed by each VIE Shareholder, accepted by WFOE and acknowledged by the VIE, each of the VIE Shareholder irrevocably authorized 'the WFO''s designee, to (i) attend the shareholders' meeting of the VIE and execute relevant shareholders' resolutions on behalf of the VIE Shareholder, (ii) exercise all the VIE Shareholder's right that the VIE Shareholder is entitled to under the PRC laws promulgated from time to time and the articles of association of the VIE amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the equity interests in the VIE, (iii) appoint and elect, as the VIE Shareholder's authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements, (iv) execute documents, meeting minutes and relevant filling documents in relation to the registration of the VIE kept by competent administrations of industry and commerce, and (v) exercise all voting rights on behalf of the VIE Shareholder when it is bankrupted. The powers of attorney will remain effective until the shareholders are no longer registered VIE Shareholders.

*Equity Interest Pledge Agreement*

On May 24, 2023, the VIE Shareholders and WFOE entered into an Equity Interest Pledge Agreement. Under this agreement, the VIE Shareholders pledged their equity interests in the VIE to WFOE to secure the performance of their obligations under the exclusive option agreement and the power of attorney, and the VIE's payment obligations under the Exclusive Consulting and Services Agreement as described below. Without WFOE's prior written consent, the VIE Shareholders shall not transfer the equity interests pledged thereunder or create any other pledge or encumbrance on such equity interests during the term of the equity interest pledge agreement. The equity interest pledge agreements remain effective unless otherwise terminated by WFOE in the event of material breach by the VIE, or terminated pursuant to other agreements entered into among all parties to the Equity Interest Pledge Agreement.

*Spousal Consent*

Pursuant to the Spouse Consent Letters dated May 24, 2023, the spouse of each applicable shareholder of the VIE unconditionally and irrevocably agreed that the equity interest in the VIE held by them and registered in their names will be disposed of pursuant to the Exclusive Consulting and Services Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Powers of Attorney described above and below. Each of the signing spouse agreed not to assert any rights over the equity interest in the VIE held by such shareholder. In addition, in the event that any spouse obtains any equity interest in such VIE held by such shareholder for any reason, he or she agreed to be bound by and sign any legal documents substantially similar to the contractual arrangements described above, as may be amended from time to time.

*Exclusive Consulting and Services Agreement*

On May 24, 2023, the VIE and WFOE entered into an exclusive service agreement (the "Exclusive Consulting and Services Agreement"), pursuant to which agreement WFOE will be the exclusive provider of services and support reasonably requested by the VIE, including enterprise management and training, technology research and development of computer software, information system software and related products and the sale and marketing of computer software, information system software and related products. Without WFOE's written consent, the VIE shall not accept any technology consulting and services covered by the Exclusive Consulting and Services Agreement from any third party. The VIE agrees to pay service fees to WFOE on annual basis. In the event that the VIE fails to pay the service fee and other expenses in accordance with this agreement, the VIE shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to WFOE. The service fees includes the compensation that WFOE shall be paid for the provision of consultancy and services. The VIE shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to WFOE. The VIE's relevant shareholders will pledge their equity interests in the VIE to WFOE to secure all service Fee, liquidated damages, actual expenses and indemnifications payable by the VIE under this agreement. The Exclusive Consulting and Services Agreement will remain effective indefinitely unless otherwise terminated by WFOE on such expiration date upon prior written notice or earlier terminated pursuant to other agreements entered into among all parties to the Exclusive Consulting and Services Agreement.

*Exclusive Option Agreement*

On May 24, 2023, the VIE Shareholders, the VIE and WFOE entered into an exclusive option agreement (the "Exclusive Option Agreement), pursuant to which the VIE Shareholders and the VIE granted WFOE or its designees an irrevocable and exclusive right to purchase (i) all the equity held by the VIE Shareholders in the VIE for the amount in proportion to their respective contributions to the registered capital of the VIE, and (ii) all assets of the VIE for the net book value of the relevant assets. If the lowest price permitted under PRC law is higher than the corresponding capital contribution of the transfer equity and/or the net book value of the purchased assets, the VIE Shareholders and/or the VIE shall pay all the remaining of the excess amount to WFOE after deducting all the taxes and fees required by the applicable PRC Law. The Exclusive Option Agreement further provides that the VIE Shareholders shall not dispose of or encumber any of their equity interests in the VIE without the prior written consent of WFOE, and the VIE shall not dispose of or transfer any of its assets or income or distribute any dividends to the VIE Shareholders in any manner. The Exclusive Option Agreement remains effective unless otherwise terminated by WFOE or terminated pursuant to other agreements entered into among all parties to the Exclusive Option Agreement.

As a holding company with no material operations of our own, the majority of our operations are conducted through the VIE in China pursuant to the VIE Agreements. The VIE Agreements were entered into by and among WFOE, the VIE, and the VIE's shareholders and include the Powers of Attorney, Equity Interest Pledge Agreement, Exclusive Consulting and Services Agreement, Exclusive Option Agreement, and a Spousal Consent Letter. Due to PRC legal restrictions on foreign ownership in certain internet-related businesses we may explore and operate in the future, we do not have any direct equity ownership of the VIE. We control and receive the economic benefits of the VIE's business operations through the VIE Agreements, and we consolidate the VIE for accounting purposes only because we met the conditions under U.S. GAAP to consolidate the VIE. Pursuant to the VIE Agreements, the VIE shall pay service fees in an amount equivalent to all of its net income to WFOE, while WFOE has the power to direct the activities of the VIE that can significantly impact the VIE's economic performance, has the obligation to absorb the expected losses of the VIE, and has the right to receive substantially all of the economic benefits of the VIE. Such contractual arrangements are designed so that the operations of the VIE are solely for the benefit of WFOE and ultimately, the Company. As such, under U.S. GAAP, the Company is deemed to have a controlling financial interest in, and be the primary beneficiary of, the VIE for accounting purposes and must consolidate the VIE.

The Company's total assets and liabilities presented in the accompanying consolidated financial statements represent substantially all of the total assets and liabilities of the VIE because the other entities in the consolidation are non-operating holding entities with nominal assets and liabilities. The following financial statement amounts and balances of the VIE were included in the accompanying audited consolidated financial statements for the years ended September 30, 2024 and 2023;

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Current assets** | $10106170 | $6003357 |
| **Non-current assets** | 3353046 | 4025795 |
| **Total assets** | $**13459216** | $**10029152** |
| **Current liabilities** | $2693773 | $1870659 |
| **Non-current liabilities** | 685585 | 1140465 |
| **Total liabilities** | $**3379358** | $**3011124** |
| **Net assets** | $**10079858** | $**7018028** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Fiscal Years Ended** | **For the Fiscal Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Total revenues** | $5906162 | $5680667 |
| **Cost of revenues** | $(1525402) | $(1493303) |
| **Income from operations** | $2498330 | $2199574 |
| **Net income** | $2711275 | $2522852 |

---

*c. <u>Stock Split</u>*

On February 19, 2024, the shareholders and Board of Directors of the Company approved a forward split of our outstanding Ordinary Shares at a ratio of 10,000-for-1 share. Following the forward split, the Company's authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each. As a result, as of the date hereof, there are 50,000,000 issued and outstanding ordinary shares of the Company, as set forth below:

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| | | |
|:---|:---|:---|
| **Allottee** | **Number of Ordinary Shares\*** | **Consideration** |
| Zerolimit Digital Technology Limited | 36505000 | $3650.50 |
| Zerolimit Excellence Limited | 5500000 | $550.00 |
| Zerolimit Power Limited | 5500000 | $550.00 |
| Zerolimit Virtue Limited | 2495000 | $249.50 |
| **Total** | 50000000 | $5000.00 |

---

\*The shares and per share data are presented on a retroactive basis to reflect the stock split

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of presentation**

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for information pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

**Principles of consolidation**

The consolidated financial statements include the financial statements of Zerolimit, its wholly owned subsidiaries and the VIE (collectively, the "Company"). All significant inter-company transactions and balances have been eliminated upon consolidation.

**Use of estimate and assumptions**

The preparation of the Company's 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 disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Estimates are adjusted to reflect actual experience when necessary. Significant accounting estimates reflected in the Company's consolidated financial statements include revenue recognition, the allowance for credit losses of accounts receivable, useful lives of long-lived assets, impairment of long-lived assets, allowance for deferred tax assets, and uncertain tax position.

Actual results could differ from these estimates.

**Functional currency and foreign currency translation**

The reporting currency of the Company is the United States dollar ("US$"). The Company's operations are principally conducted through its subsidiaries in PRC in the local currency, Renminbi (RMB), as its functional currency. The functional currency of the Company's entities incorporated in Hong Kong is the Hong Kong dollars ("HK$"). The determination of the respective functional currency is based on the criteria of Accounting Standard Codification ("ASC") 830, Foreign Currency Matters. Assets and liabilities are translated at the exchange rate as quoted by the Federal Reserve at the balance sheet date. The statement of income accounts is translated at the average exchange rates for the periods and the equity accounts are translated at historical rates. Translation adjustments resulting from this process are included in accumulated other comprehensive income (loss). Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.

Translation adjustments included in accumulated other comprehensive income (loss) amounted to $350,555 and ($208,960) as of September 30, 2024 and 2023, respectively. The shareholders' equity accounts were stated at their historical rate. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets.

Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2023** |
| Period-end RMB: US$1 exchange rate | 7.0176 | 7.2960 |
| Period-average RMB: US$1 exchange rate | 7.2043 | 7.0533 |

---

**Cash and Cash Equivalents**

Cash and cash equivalents primarily consist of cash and deposits with financial institutions which are unrestricted as to withdrawal and use. Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with original maturities of three months or less when purchased. The Company maintains most of its bank accounts in the PRC.

**Accounts Receivable, net**

Accounts receivable represent the Company's right to consideration in exchange for goods and services that the Company has transferred to the customers before payment is due. Accounts receivable is stated at the historical carrying amount, net of an estimated allowance for credit losses. The Company reviews on a periodic basis for expected losses for the outstanding trade receivable balances based on historical collection trends, aging of receivables and other information available. Additionally, the Company evaluates individual customer's financial condition, credit history, and the current economic conditions to make specific provision of credit loss when it is considered necessary, based on (i) the Company's specific assessment of the collectability of all significant accounts; and (ii) any specific knowledge we have acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. The allowance is based on management's best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company's management continues to evaluate the reasonableness of the valuation allowance policy and update it if necessary.

From January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments — Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including accounts receivable. After the Company's assessment of CECL, no material difference was found comparing to the amount recorded in accordance with the previous method.

**Inventories**

The nature of the inventories includes raw materials and finished goods. The finished goods mainly include Smart Metaverse Box.

Inventories are stated at the lower of cost or net realizable value. The cost of inventories is calculated using the weighted-average method.

The Company periodically assesses the recoverability of all inventories to determine whether adjustments are required to record inventories at the lower of cost or net realizable value. Inventories that the Company determines to be obsolete or in excess of forecasted usage are reduced to its estimated realizable value based on assumptions about future demand and market conditions. If actual demand is lower than the forecasted demand, additional inventory markdown may be required.

**Prepayments, deposits and other current assets**

Prepayments, deposits and other current assets mainly represents advances to suppliers and other receivables.

Advances to suppliers refers to advances for purchase of materials or other service agreements, which are applied against trade accounts payable when the materials or services are received. These advances are interest free, unsecured, short-term in nature and are reviewed periodically to determine whether their carrying value has become impaired.

The Company reviews a supplier's credit history and background information before advancing a payment. If the financial condition of its suppliers were to deteriorate, resulting in an impairment of their ability to deliver goods or provide services, the Company would recognize expense in the period they are considered unlikely to be collected.

Deposits and other current assets mainly represents security deposits on rental and other miscellaneous receivables from staffs and subsidies receivables from governments.

**Property and Equipment, net**

Property and equipment are recorded at cost less accumulated depreciation. Depreciation commences upon placing the asset in usage and is recognized on a straight-line basis over the estimated useful lives of the assets with 5% of residual value, as follows:

---

| | | |
|:---|:---|:---|
|  | **Useful lives** | **Useful lives** |
| Research and development equipment |  | 5 years |
| Office and electronic equipment |  | 5 years |
| Leasehold improvement |  | 5 years |

---

Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of income and other comprehensive income in other income or expenses.

**Intangible Assets**

Intangible assets consist of licensed software, patent right and software in development which are recorded at cost less accumulated amortization. Intangible assets are amortized using the straight-line method with the following estimated useful lives:

---

| | |
|:---|:---|
|  | **Useful lives** |
| Licensed Software | 10 years |
| Patent right | 10 years |

---

**Impairment of Long-lived Assets**

The Company's management reviews the carrying values of long-lived assets whenever events and circumstances, such as a significant decline in the asset's market value, obsolescence or physical damage affecting the asset, significant adverse changes in the assets use, deterioration in the expected level of the assets performance, cash flows for maintaining the asset are higher than forecast, indicate that the net book value of an asset may not be recovered through expected future cash flows from its use and eventual disposition. If the estimated cash flows from the use of the asset and its eventual disposition are below the asset's carrying value, then the asset is deemed to be impaired and written down to its fair value.

There was no impairment charge recognized for long-lived assets for the years ended September 30, 2024 and 2023.

**Deferred IPO cost**

Deferred IPO cost consist of legal, accounting, underwriting fee and other costs incurred through the balance sheet date that are directly related to the proposed public offering. These costs, together with the underwriting discounts and commissions, will be charged to additional paid-in capital upon completion of the proposed public offering. Should the proposed public offering prove to be unsuccessful, the deferred cost, as well as additional expenses to be incurred, will be charged to operations.

**Fair value of financial instruments**

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

· Level 1 — inputs
 to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

· Level 2 — inputs
 to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for
 identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived
 from or corroborated by observable market data.

· Level 3 — inputs to the valuation
 methodology are unobservable.

The fair value of the Company's financial instruments, including cash, accounts receivable, other receivables – related party, accounts payable, and other current liabilities, due to the related parties, and short-term bank loans, approximate their recorded values due to their short-term maturities as of September 30, 2023 and 2022.

**Revenue recognition** 

The Company adopted ASC Topic 606, Revenue from Contracts with Customers, effective as of January 1, 2019. Accordingly, the consolidated financial statements for the years ended September 30, 2024 and 2023 are presented under ASC 606. No practical expedients were used when adoption ASC 606 The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is the transaction price the Company expects to be entitled to in exchange for the promised services in a contract in the ordinary course of the Company's activities and is recorded net of value-added tax ("VAT"). To achieve that core principle, the Company applies the following steps:

Step 1: Identify the contract (s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

The Company generates revenues from software licensing and providing related services through its distribution network. The distributors are considered as customers.

The Company typically enter into purchase agreements with its distributors, which specify the cooperation scope, payment terms, rights and obligations of both parties, restrictive covenants, delivery terms, refunds or replacements, breach and termination, and dispute resolutions. The distributors make payment to the Company in accordance with the agreed-upon terms. After the payment has been received from the distributors, software products are delivered in accordance with the contractual obligations in the purchase agreements to the distributors through an activation code.

Additionally, after delivery of the software product, the Company works together with distributors to provide after-sales support and maintenance services. Revenue recognition policies for each type of revenue stream are as follow:

*Software Perpetual License* 

The Company derives its software perpetual license revenue by selling software perpetual license and providing related services based on customers' order. There are two performance obligations. Software license and related pre-installation debugging service is considered one performance obligation. Usually the physical possession of the software is transferred to the Customers immediately upon the delivery of software and the activation code. The activation codes are matched to debugged software only, so the debugging is not separable from the fulfillment of software license. Post-contract consulting (PCS), technical support and upgrade services are collectively considered as another performance obligation as these services are provided to customers on within 1 year of the transfer of software licenses. The transaction price is predetermined according to the contract price. Generally, the credit term is within three months. There is no other obligation in our contracts, such as return, refund or warranties. Software perpetual license and pre-installation debugging service revenue is recognized when control of the software is transferred to the distributors (i.e., when our performance obligation is satisfied at a point in time), which typically occurs immediately after delivery and installation is completed. Revenue derived from PCS service, technical support service and upgrade service are recognized over the contract period as these services are provided over the contract period and the performance obligation are satisfied over the contract period. Revenue derived from PCS service, technical support service and upgrade service are not material.

*Software Term License*

The Company derives its software term license revenue by authorizing software license and providing related technical support services within the contract period. For customer contracts that contain license and technical support services that are not considered distinct, both the license and technical support services are determined to be a single performance obligation and the revenue is recognized over time based upon the Company's efforts to satisfy the performance obligation.

*Standalone Selling Price Estimate*

The company allocated the contract price to both the software products and the service elements. The Company do not sell its installation service, post-contract consulting and training service, technical support service and upgrade service separately from its software license contract, so the price is not readily available. However, there are independent 3rd party engineers who provide similar services in the open market and the service prices are readily available in the market. The company applies adjusted market assessment approach to estimate the standalone selling price for each service. The price for software product is the total selling price deducted by the allocated amount to installation service, post-contract consulting and training service, technical support service and software upgrade service. There is no variable consideration for the contract price. Revenue derived from PCS service, technical support service and upgrade service are not material.

*Principal and Agent Considerations*

GAAP requires us to evaluate, using a control model, whether the Company itself promises to provide services to the customers (as a principal) or to arrange for services to be provided by another party (as an agent). The company controls the software and the service before it transfers to the customer. The company is a principal as it is primarily responsible for fulfilling the promise to provide the specified software and services. Based on the Company's evaluation using a control model, the Company determined that in all of its major business activities, it serves as a principal rather than an agent within their revenue arrangements.

*Contract costs*

Contract costs include contract acquisition costs and contract fulfillment costs which are all recorded within prepayments, deposits, and other assets in the consolidated balance sheets.

Contract acquisition costs consist of incremental costs incurred by the Company to originate contracts with customers. Contract acquisition costs, which generally include costs that are only incurred as a result of obtaining a contract, are capitalized when the incremental costs are expected to be recovered over the contract period. All other costs incurred regardless of obtaining a contract are expensed as incurred. Contract acquisition costs are amortized over the period the costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs relate. Contract fulfillments costs consist of costs incurred by the Company to fulfill a contract with a customer and are capitalized when the costs generate or enhance resources that will be used in satisfying future performance obligations of the contract and the costs are expected to be recovered. Capitalized contract fulfillment costs generally include contracted services, direct labor, materials, and allocable overhead directly related to resources required to fulfill the contract. Contract fulfillment costs are recognized in cost of revenue during the period that the related costs are expected to contribute directly or indirectly to future cash flows, which is generally over the contract term, on a basis consistent with the transfer of goods or services to the customer to which the costs are related. There were no contract acquisition costs and fulfillment costs as of September 30, 2024 and 2023.

*Contract balance*

When a revenue contract has been performed, the Company presents the contract in the consolidated balance sheet as a contract asset or a contract liability, depending on the relationship between the Company's performance and the customer's payment. The contract assets consist of accounts receivable and deferred cost. Accounts receivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Company has satisfied its performance obligation and has unconditional right to the payment. Deferred cost is deferred for the contract preparation and will be recognized as cost of revenues when goods or services are transferred to customers.

The contract liabilities consist of advance from customers, which represent the billings or cash received for services or product sales in advance of revenue recognition and is recognized as revenue when all of the Company's revenue recognition criteria are met. For the years ended September 30, 2024 and 2023, the contract liabilities at the beginning of the reporting period, which amounted to $287,369 and $5,909,534 respectively, have been recognized as revenue during the years. The Company's contract liability amounted to $420,756 and $363,433 as of September 30, 2024 and 2023, respectively. The Company expects to recognize this balance as revenue over the next 12 months.

**Government Subsidies**

Government subsidies are recognized when received and all the conditions for their receipt have been met with no restrictions.

Government subsidies as the compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related cost are recognized in profit or loss in the period in which they become receivable.

For the years ended September 30, 2024 and 2023, the Company received government subsidies for value-added tax ("VAT") credit refund of $450,450 and $534,410 respectively. According to Ministry of Finance and State Administration of Taxation Notice on Value-Added Tax Policy for Software Products (Caishui [2011] No. 100), general VAT taxpayers who sell software products developed and produced by themselves are subject to VAT at the current tax rate. After the VAT is levied, the portion of the VAT actual burden that exceeds 3% is eligible for an immediate refund policy. The Company met the criteria of this VAT credit refund policy and was entitled to apply for tax refund on a monthly basis. The grants were recorded as other income in the consolidated financial statements.

**Research and Development Costs**

Research and development activities are directed toward the development of new software as well as improvements in existing software. These costs primarily include salaries, contract services and supplies.

We follow Financial Accounting Standards Board (FASB) ASC 985 to account for software development costs incurred for external use software. ASC985 requires all development costs to establish the technological feasibility of external-use software to be expensed as incurred. Development costs incurred after establishing technological feasibility to produce the 'product master', referred to as 'production costs', are capitalized to the extent recoverable by the net realizable value of the software product until the product is available for general release.

We follow ASC985's requirements to expense all software development costs before technological feasibility is established. Only software development costs after establishing technological feasibility, which meet the software development costs capitalization criteria, are capitalized.

**Value added tax ("VAT")**

Revenue represents the invoiced value of goods and service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 17%, depending on the type of products sold or service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in taxes payable. All of the VAT returns filed by the Company's subsidiaries in PRC remain subject to examination by the tax authorities for five years from the date of filing.

**Income taxes**

Cayman Islands

The Company was incorporated in the Cayman Islands and is not subject to tax on income or capital gains under the laws of Cayman Islands. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

BVI

Zerolimit Digital Technology Limited, Zerolimit Excellence Limited, Zerolimit Power Limited and Zerolimit Virtue Limited are incorporated in the British Virgin Islands and are not subject to tax on income or capital gains under current British Virgin Islands law. In addition, upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

Hong Kong

Zerolimit Technology Holding Co., Ltd. is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong. The Company 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 law, Zerolimit Technology Holding Co., Ltd. is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

PRC

The Company's PRC subsidiaries are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect thereof. The PRC Enterprise Income Tax Law ("EIT Law"), which became effective on January 1, 2008, applies a uniform enterprise income tax ("EIT") rate of 25% to both foreign-invested enterprises ("FIEs") and domestic enterprises, while preferential tax rates, tax holidays and even tax exemption may be granted on case-by-case basis. For the years ended September 30, 2023 and 2022, the company is within the tax exemption period. The Company enjoys a preferential tax rate at 12.5% for the next 3 consecutive years starting from January 1, 2023.

The Company follows the liability method of accounting for income taxes in accordance with ASC 740 ("ASC 740"), Income Taxes. The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements. 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 income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The Company is not subject to tax on income or capital gain under the current tax laws of U.S. And the Company is subject to tax on income or capital gain under the tax laws of PRC.

**Statutory surplus reserves**

The Company's PRC subsidiaries are required to allocate at least 10% of their after-tax profit to the general reserve in accordance with the PRC accounting standards and regulations. The allocation to the general reserve will cease if such reserve has reached to 50% of the registered capital of respective company. These reserves can only be used for specific purposes and are not transferable to the Company in form of loans, advances, or cash dividends. There is no such regulation of providing statutory reserve in Hong Kong. The statutory surplus reserves that recognized for the years ended September 30, 2024 and 2023 were $271,127 and $252,285 respectively.

**Segment reporting**

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the "CODM"), which is comprised of certain members of the Company's management team. Consequently, the Company has determined that it has only one reportable operating segment.

**Comprehensive income**

Comprehensive income includes all changes in equity from transactions and other events and circumstances excluding transactions resulting from investments from owners and distributions to owners. For the years presented, total comprehensive income included foreign currency translation adjustments.

**Related parties**

In general, related parties exist when there is a relationship that offers the potential for transactions at less than arm's-length, favorable treatment, or the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related party may be any of the followings: a) affiliate, a party that directly or indirectly controls, is controlled by, or is under common control with another party; b) principle owner, the owner of record or known beneficial owner of more than 10% of the voting interest of an entity; c) management, persons having responsibility for achieving objectives of the entity and requisite authority to make decision; d) immediate family of management or principal owners; e) a parent company and its subsidiaries; f) other parties that has ability to significant influence the management or operating policies of the entity.

**Comprehensive income**

Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains and losses that under GAAP are recorded as an element of equity but are excluded from net income. Other comprehensive income consists of a foreign currency translation adjustment resulting from the Company not using the U.S. dollar as its functional currencies.

**Earnings per share**

The Company computes earnings per share ("EPS") in accordance with ASC 260, *Earnings per Share*. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis of the potential Ordinary Shares (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 Shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

**Contingencies** 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The Company accrues costs associated with these matters when they become probable and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company's management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**Lease**

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)". The amendments in this ASU require that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit losses (Topic 326), Derivative and Hedging (Topic 815), and Lease (Topic 842): Effective Date. ASU2019-10 amends the effective dates for ASU No. 2016-02. The Group fits the requirement for other entities and has adopted ASU2016-02 for fiscal year ended September 30, 2023. The Company has adopted the amendments with no material change to the balance sheet to recognize right-of-use assets and related lease liabilities for operating leases.

**Recent accounting pronouncements**

The Group expects to be an emerging growth company ("EGC") as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Group elected to take advantage of the extended transition periods. Therefore, the Group's financial statements may not be comparable to companies that comply with public company effective dates. However, this election will not apply should the Group cease to be classified as an EGC.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or ASU 2016-13. This guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The measurement of expected credit losses is based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, or ASU 2018-19, which clarifies certain topics included within ASU 2016-13. ASU 2016-13 and ASU 2018-19 are effective for the annual reporting period beginning after December 15, 2019, including interim periods within that reporting period. On January 1, 2023, the Company started using the CECL model. The Company's accounts receivable and other receivables are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related accounts receivable and other payables based on their credit rating. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include payment terms offered in the normal course of business to customers and industry-specific factors that could impact the Company's receivables. Additionally, macroeconomic factors are also considered. The Company also performs case-by-case analysis on specific customers and makes specific allowance for credit loss accordingly. This is assessed each year based on the Company's specific facts and circumstances. For the fiscal years ended September 30, 2024 and 2023, the Company recorded expected credit loss of $62,731 and $157,656, respectively.

In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement". The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements. The amendments in this ASU, among other things, require public companies to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and entities are permitted to early adopt either the entire standard or only the provisions that eliminate or modify the requirements. The Company has adopted these amendments since the fiscal year ended September 30, 2022. The adoption of these amendments does not have a material impact on the Company's consolidated financial position, results of operations and cash flow.

Other accounting pronouncements that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company's consolidated financial position and results of operations upon adoption.

**3. Cash and Cash Equivalents**

Cash represents cash on hand and demand deposits placed with banks, which are unrestricted as to withdrawal or use. Cash is denominated in the following currencies:

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30,**<br> **2024** | **As of**<br> **September 30,**<br> **2023** |
| Cash on hand | $– | $– |
| Cash at bank | 105706 | 484571 |
| Cash at bank - wealth management products | – | 1157351 |
| **Total** | $**105706** | $**1641922** |

---

There is no restricted cash as of September 30, 2024 and 2023. The wealth management products represent Renminbi Call Deposits with PRC banks which are redeemable in 7 days. Call Deposits provide higher interest rates than a savings account while giving the Company flexible access to its savings.

**4. Accounts Receivable, net**

---

| | | |
|:---|:---|:---|
|  | **As of September 30,** | **As of September 30,** |
|  | **2024** | **2023** |
| Less than 6 months | $3409071 | $295538 |
| More than 1 year | 130529 | – |
| Accounts receivable | 3539600 | 295538 |
| Less: Allowance for credit loss | (222789) | (152412) |
| **Total** | $**3316811** | $**143126** |

---

The roll forward schedule of accounts receivable allowance is as follows:

---

| | |
|:---|:---|
|  | **Amount**<br>**US$** |
| **Balance as of September 30, 2023** | **(152412)** |
| Addition | (89869) |
| Recovery | 27206 |
| Exchange rate effect | (7714) |
| **Balance as of September 30, 2024** | **(222789)** |

---

As of September 30, 2024 and 2023, $62,663 and $152,412 of expected credit loss was recognized in General and Administration Expenses against its accounts receivable, respectively.

**5. Prepayments and other current assets**

Prepaid expenses and other current assets consisted of the following as of September 30, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Advance to suppliers\* | $4591200 | $2462502 |
| Other current assets | 312891 | 99797 |
| **Total** | 4904091 | 2562299 |
| Allowances for advance to suppliers | (505728) | (486430) |
| **Prepayments and other current assets, net** | $**4398363** | $**2075869** |

---

\* Advance to suppliers included prepaid marketing and promotion expense and prepaid software development fee.

Prepaid marketing and promotion expenses for the years ended September 30, 2024 and 2023 amounted to $1,738,448 and $1,943,928 respectively and prepaid software development fee for the years ended September 30, 2024 and 2023 amounted to $2,179,856 and $0 respectively. The marketing and promotion expenses are prepaid to retain various marketing and promotional activities after the company successfully launch its IPO.

 ****

***Movement of allowance for advance to suppliers***

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> September 30, 2024** | **Year Ended <br> September 30, 2023** |
| Beginning balance | $(486430) | $(498910) |
| Provision for doubtful advance to suppliers |  |  |
| Written-off |  |  |
| Exchange rate effect | (19298) | 12480 |
| **Ending balance** | $**(505728)** | $**(486430)** |

---

The allowance for advance to suppliers was provided in year 2022 for advance to Shenzhen Youwei Communication Technology Co., Ltd., a supplier of the Company, which had involved serious liquidating difficulties since the year 2022.

**6. Deferred IPO costs**

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Legal | $795349 | $765000 |
| Underwriting | 369083 | 355000 |
| Accounting | 292852 | 220000 |
| Auditing | 710233 | 510000 |
| **Total** | $**2167517** | $**1850000** |

---

**7. Property and equipment, net**

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Property and equipment | $921396 | $886237 |
| Office improvements | 233527 | 224616 |
| **Subtotal** | **1154923** | **1110853** |
| Less: accumulated depreciation | 613619 | 370998 |
| **Property and equipment, net** | $**541304** | $**739855** |

---

Depreciation expenses charged to General and Administrative expenses, Cost of revenue, R&D expense for the years ended September 30, 2024 and 2023 amounted to $221,996 and $195,895 respectively.

The Company has no pledged property and equipment as of September 30, 2024 and 2023 to secure general banking facilities.

The Company did not recognize any impairment loss on property and equipment for the years ended September 30, 2024 and 2023.

**8. Intangible assets**

The Company's intangible assets with definite useful lives primarily consisted of licensed software. The following table summarizes the components of acquired intangible asset balances.

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Licensed software | $1528408 | $1367332 |
| Patent right | 309521 | 297710 |
| Less: accumulated amortization | (280483) | (97282) |
| **Sub-total** | **1557446** | **1567760** |
| Software under development |  | 90700 |
| **Intangible assets, net** | $**1557446** | $**1658460** |

---

Amortization expense recognized in cost of revenues for the years ended September 30, 2024 and 2023 amounted to approximately $174,693 and $79,280 respectively.

As of September 30, 2024, part of the intangible assets were pledged for obtaining bank loans (See Note 10 Short-term bank loans). The Company has no pledged intangible assets as of September 30, 2023 to secure general banking facilities.

The Company did not recognize any impairment loss on intangible asset for the years ended September 30, 2024 and 2023.

The accumulated amortization as of September 30, 2024 and September 30, 2023 represented the amortization expense of the software that have been capitalized in previous years.

The future amortization for the intangible assets is expected to be as follows:

---

| | |
|:---|:---|
| **Twelve months ending September 30,** | **Estimated amortization**<br> **expense** |
| **2024** | $183793 |
| **2025** | 183793 |
| **2026** | 183793 |
| **2027** | 183793 |
| **2028** | 183793 |
| **Thereafter** | 638481 |
| **Total** | $1557446 |

---

**9. Related party transactions and balances**

The table below sets forth the major related parties and their relationships with the Company as of September 30, 2024 and 2023:

---

| | |
|:---|:---|
| **Name of related parties** | **Relationship with the Company** |
| Guangqing Hu | Chairman, Shareholder |
| Baifen Le | Former Director and indirect shareholder of the Company |
| Jiawen Lai | CFO |
| Kai Hu | Former Director and indirect shareholder of the Company |
| Jian Gang | Former Director and shareholder with more than 10% equity |
| Zhiwei Zheng | CEO and director |
| Zerolimit Cloud Business (Shenzhen) Co., LTD | Chairman Guangqing Hu is the director of the company. |
| Zhonglian Technology (Liaoning) Co., LTD | Shareholder Gang Jian is the director of the company. |
| Liaoning Beidou Kaipu Communication Technology Co., LTD | Shareholder Gang Jian is the director of the company. |
| Dalian Chiming Property Management Co. LTD | Shareholder Gang Jian is the director of the company. |
| Beidou Kaipu Starcloud Communication Hebei Co., LTD | Shareholder Gang Jian is the director of the company. |
| Dalian Miaoji New Energy Technology Co. LTD | Shareholder Gang Jian is the director of the company. |
| Shenzhen All Things Spatial Information Co., LTD | Chairman Guangqing Hu is the legal representative of the company. |
| Shenzhen Zerolimit Zhiyuan Science and Technology Center (Limited Partnership) | Chairman Guangqing Hu is the shareholder of the company. |
| Shenzhen Guolian Technology Co., LTD | Chairman Guangqing Hu is the legal representative of the company. |
| Shenzhen Liudu Space Cloud Technology Co., LTD | Chairman Guangqing Hu is the legal representative of the company. |
| Zerolimit Origin Technology (Shenzhen) Co., LTD | Shareholder Kai Hu is the legal representative of the company. |
| Zerolimit Digital Technology Co., LTD | Chairman Guangqing Hu is the director of the company. |
| Liaoning Pulian Suyuan Health Technology Information Consulting Co., LTD | Shareholder Gang Jian is the director of the company. |

---

*i) Significant transactions with related parties were as follows:*

---

| | | |
|:---|:---|:---|
| *Revenue rendered to* | **Year ended <br> September 30, 2024** | **Year ended <br> September 30, 2023** |
| Liaoning Pulian Suyuan Health Technology Information Consulting Co., LTD | 70841 | 1227198 |
| Zhonglian Technology (Liaoning) Co., LTD | 130214 | 245067 |
| Zerolimit Digital Technology Co., LTD | 434369 | 594922 |
| Baifen Le | 56 | 439 |
| Total Revenue rendered to related parties | 635480 | 2067626 |
| *Purchases from related parties* |  |  |
| Zerolimit Cloud Business (Shenzhen) Co., LTD | 23645 | 17944 |
| *Loan received from related parties* |  |  |
| Zerolimit Digital Technology Co., LTD |  | 1458321 |
| *Loan repayment to related parties* |  |  |
| Zerolimit Digital Technology Co., LTD |  | 663669 |
| Guangqing Hu | 13881 |  |
| *Loan from related parties* |  |  |
| Guangqing Hu | 13881 |  |

---

*ii) Significant balances with related parties were as follows:*

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| *Accounts receivable from related parties* |  |  |
| Zerolimit Digital Technology Co., LTD | $2781 | $87091 |
| Liaoning Pulian Suyuan Health Technology Information Consulting Co., LTD | – | 65105 |
| **Total** | $2781 | $152196 |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30 <br> 2024** | **As of <br> September 30, <br> 2023** |
| *Due from related parties* |  |  |
| Zerolimit Digital Technology Co., LTD | $– | $– |
| **Total** | $– | $– |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| *Amount due to related parties* |  |  |
| Liaoning Pulian Suyuan Health Technology Information Consulting Co., LTD | $244 | $4112 |
| **Total** | $244 | $4112 |

---

The balances with related parties are expected to be settled before the IPO.

**10. Short term loan**

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Bank of Communications Shenzhen Nanshan Branch | $– | $411184 |
| Bank of China Shenzhen Dongbin Road Branch | 712494 | – |
| **Total** | $712494 | $411184 |

---

During the year ended September 30, 2024, the Company entered into a short-term loan facility agreement with Bank of China Shenzhen Dongbin Road Branch pursuant to which a total facility of up to approximately $712,494 (RMB 5 million) was made available to the Company for the period from March 28 2024 to March 27, 2025 at a fixed interest rate of 2.90% per annum. On August 30, 2023, the Company drew down to $411,184 (RMB 3 million) of loan at a fixed interest rate of 3.55% per annum and repayment on time in year 2024.

The Company entered into a line of credit agreement with Bank of Communications Co., Ltd. Shenzhen Branch in September 2024. As of 9/30/2024, there is no balance for this agreement.

This short-term loan was guaranteed by the below intangible assets of the Company:

---

| | | |
|:---|:---|:---|
| <br>**Categories** | <br>**Intangible Assets pledged for bank loan** | **Carrying Amount**<br>**As of September 30, 2024** |
| Patent right | An improvement method of k-bucket structure of kademlia protocol | $2209 |
| Licensed software | Distributed peer-to-peer network for large-scale clusters with billions of scales | 5790 |
| Patent right | A distributed network and its construction method | 32534 |
| **Total** |  | $40533 |

---

**11. Contract liabilities**

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Deferred revenue | $420756 | $363433 |
| **Total** | $**420756** | $**363433** |

---

The contract liabilities consist of advance from customers, which represent the billings or cash received for services or product sales in advance of revenue recognition and is recognized as revenue when all of the Company's revenue recognition criteria are met. For the years ended September 30, 2024 and 2023, all contract liability at the beginning of the reporting period has been recognized as revenue during the years.

***Movement of deferred revenue***

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30, 2024** | **Year Ended September 30, 2023** |
| **Beginning balance** | $**363433** | $**418520** |
| Contract liabilities recognized as revenue in the year | (287369) | (5909534) |
| Contract liabilities addition in the year | 328814 | 5955688 |
| Exchange rate effect | 15878 | (101241) |
| **Ending balance** | $**420756** | $**363433** |

---

**12. Accrued expenses and other current liabilities**

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Salary payable | $172876 | $191466 |
| Other Miscellaneous payable | 6500 | 41 |
| Other - direct deposit liabilities | 34200 | 45395 |
| **Total** | $**213576** | $**236902** |

---

**13. Leases**

<u>Operating leases as lessee</u>

As of September 30, 2024 and 2023, the Company has operating leases recorded on its consolidated balance sheets for office space that expire through 2026. The Company does not plan to cancel the existing lease agreements for its existing facilities prior to the expiration date. When determining the lease term, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company's lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company's lease arrangement are fixed. The discount rate is the company's incremental borrowing rate.

The following tables show ROU assets and lease liabilities, and the associated financial statement line items:

---

| | | |
|:---|:---|:---|
| <br>***Assets*** | **As of**<br>**September 30,**<br>**2024** | **As of**<br>**September 30,**<br>**2023** |
| **Operating lease right-of-use assets, net** | $1065514 | $1453644 |
| ***Liabilities*** |  |  |
| **Operating lease liabilities, current** | $500124 | $440787 |
| **Operating lease liabilities, non-current** | $685585 | $1140465 |
| **Weighted average remaining lease term (in years)** | 2.25 | 3.25 |
| **Weighted average discount rate (%)** | 3.45 | 3.45 |

---

Rent expense charged to operations is calculated by allocating total rental payments on a straight-line basis over the term of the lease. For the years ended September 30, 2024 and 2023, the Company incurred operating lease expense amounted to $482,553 and $492,885 respectively. The operating cash flows from operating leases are cash paid for lease obligations with amounts of $494,705 and $487,033 for the years ended September 30, 2024 and 2023, respectively.

Maturities of lease liabilities were as follows:

---

| | |
|:---|:---|
| **Twelve months ending September 30,** | **Payment due** |
| 2025 | $533255 |
| 2026 | 559912 |
| 2027 | 141664 |
| Thereafter | – |
| **Sub-total** | **1234831** |
| **Less: imputed interest** | 49122 |
| **Total** | $**1185709** |

---

**14. Taxes**

**(a) Taxes payable**

Taxes payable consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of <br> September 30, <br> 2024** | **As of <br> September 30, <br> 2023** |
| Income tax payable | $520441 | $268342 |
| VAT payable | 256174 | 110395 |
| Other tax payable | 28668 | 24554 |
| **Total** | $**805283** | $**403291** |

---

**(b) Corporate Income Taxes ("CIT")**

*i) The components of the income tax provision are as follows:*

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> September 30, <br> 2024** | **Year ended <br> September 30, <br> 2023** |
| Current income tax | $235195 | $277576 |
| Deferred income tax | (7841) | (19708) |
| **Total** | $**227354** | $**257868** |

---

*ii) Deferred tax assets*

---

| | | |
|:---|:---|:---|
|  | **Year ended <br> September 30, <br> 2024** | **Year ended <br> September 30, <br> 2023** |
| Deferred tax assets: |  |  |
| Allowance for credit loss | $91073 | $79855 |
| Less: valuation allowance | – | – |
| **Net deferred tax assets** | $**91073** | $**79855** |

---

 

Reconciliation of effective income tax rate is as follows for the year ended

---

| | | |
|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2023** |
| PRC statutory tax rate | 25.0% | 25.0% |
| Preferential tax rate reduction in PRC | -12.5% | -12.5% |
| Additional R&D deduction | -4.9% | -3.2% |
| Others | 0.1% |  |
| Effective tax rate | 7.7% | 9.3% |

---

Uncertain tax positions

The Company uses 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. As a result, the impact of an uncertain income tax position is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.

Interest on non-payment of income taxes under requirement by tax law and penalties associated with tax positions when a tax position does not meet the minimum statutory threshold to avoid payment of penalties recognized, if any, will be classified as a component of the provisions for income taxes. The tax returns of the Company's Hong Kong and PRC subsidiaries are subject to examination by the relevant local tax authorities. According to the Departmental Interpretation and Practice Notes No.11 (Revised) ("DIPN11") of the Hong Kong Inland Revenue Ordinance (the "HK tax laws"), an investigation normally covers the six years of the assessment prior to the year of the assessment in which the investigation commences. In the case of fraud and willful evasion, the investigation is extended to cover ten years of assessment. According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitations is extended to five years under special circumstances, where the underpayment of taxes is more than RMB100,000. In the case of transfer pricing issues, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. For the years ended September 30, 2024 and 2023, the Company did not have any material interest or penalties associated with tax positions. The Company did not have any significant unrecognized uncertain tax positions as of September 30, 2024 or 2023. The Company does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

**15. Ordinary shares**

The Company was established as a holding company under the laws of Cayman Islands. The Company's authorized share capital is US$50,000 with a nominal or par value of US$1 each. As of September 30, 2024 and 2023, 5,000 Ordinary Shares were issued and outstanding. Each Ordinary Share has one (1) vote.

On February 19, 2024, the shareholders and Board of Directors of the Company approved a forward split of our outstanding Ordinary Shares at a ratio of 10,000-for-1 share. Following the forward split, the Company's authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares of par value US$0.0001 each. As a result, as of the date hereof, there are 50,000,000 issued and outstanding ordinary shares of the Company. as set forth below:

---

| | | |
|:---|:---|:---|
| **Allottee** | **Number of Ordinary Shares\*** | **Consideration** |
| Zerolimit Digital Technology Limited | 36505000 | $3650.50 |
| Zerolimit Excellence Limited | 5500000 | 550.00 |
| Zerolimit Power Limited | 5500000 | 550.00 |
| Zerolimit Virtue Limited | 2495000 | 249.50 |
| **Total** | **50000000** | $**5000.00** |

---

The shares are presented on a retroactive basis to reflect the stock split.

**16. Statutory surplus reserves**

The Company is required to make appropriations to certain reserve funds, comprising the statutory surplus reserve and the discretionary surplus reserve, based on after-tax net income determined in accordance with generally accepted accounting principles of the PRC ("PRC GAAP"). Appropriations to the statutory surplus reserve are required to be at least 10% of the after-tax net income determined in accordance with PRC GAAP until the reserve is equal to 50% of the entity's registered capital. Appropriations to the discretionary surplus reserve are made at the discretion of the Board of Directors. The statutory surplus reserve as determined pursuant to PRC statutory laws totaled approximately $271,127 as of September 30, 2024.

**17. Restricted assets**

The Company's ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiary. Relevant PRC statutory laws and regulations permit payments of dividends by the PRC subsidiaries only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The Company's restricted assets are US$3,892,301 and US$3,621,174 as at September 30, 2024 and 2023 respectively. The results of operations reflected in the accompanying consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the PRC entities.

The PRC entities are required to set aside at least 10% of their after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its registered capital. In addition, the PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to enterprise expansion fund and staff bonus and welfare fund at its discretion. The PRC entities may allocate a portion of its after-tax profits based on PRC accounting standards to a discretionary surplus fund at its discretion. The statutory reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned company out of China is subject to examination by the banks designated by State Administration of Foreign Exchange.

As a result of the foregoing restrictions, the Company's PRC entities are restricted in their ability to transfer their assets to the Company. Foreign exchange and other regulation in the PRC may further restrict the Company's PRC entities from transferring funds to the Company in the form of dividends, loans and advances. As of September 30, 2024 and 2023, amounts restricted are the paid-in-capital and statutory reserve of the PRC entities, which amounted to $3,892,301 and $3,621,174, respectively

Although there are undistributed earnings of the Company's subsidiaries in the PRC that are available for distribution to the Company, the undistributed earnings of the Company's subsidiaries located in the PRC are considered to be indefinitely reinvested, because the Company does not have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future and intends to retain most of its available funds and any future earnings for use in the operation and expansion of its business. Accordingly, no deferred tax liability has been accrued for the PRC dividend withholding taxes that would be payable upon the distribution of those amounts to the Group as of September 30, 2024, and 2023.

**18. Disaggregated information of revenues**

---

| | | |
|:---|:---|:---|
| **Revenue disaggregation** | **2024** | **2023** |
| Software Perpetual License | $5471793 | $5045621 |
| Software Term License | 434369 | 635046 |
| **Total revenues** | $**5906162** | $**5680667** |

---

The following table presents revenue disaggregation by software products for the fiscal years ended September 30, 2024 and 2023, respectively.

---

| | | |
|:---|:---|:---|
| | **Fiscal year ended September 30,** | **Fiscal year ended September 30,** |
| <br>**Revenue disaggregation by software products** | **2024** | **2023** |
| Cloud Data Base Station Node Software | $5311916 | $4902503 |
| Enterprise Data Base Station Node Software and Hardware | 122853 |  |
| Smart Metaverse Box | 37024 | 143118 |
| Decentralization Application Software | 434369 | 635046 |
| **Total** | $**5906162** | $**5680667** |

---

**19. Government subsidies**

Government subsidies mainly represents VAT refund received. Each local tax authority at times may grant tax holidays to local enterprises as a way to encourage entrepreneurship and stimulate local economy. Zhenglian Technology (Shenzhen) Co., Ltd. is entitled to obtain VAT refund as they meet the requirement of software companies.

---

| | | |
|:---|:---|:---|
|  | **Fiscal year ended September 30, <br> 2024** | **Fiscal year ended September 30, <br> 2023** |
| VAT refund received | $447451 | $483001 |
| Other government subsidies | 2999 | 51409 |
| **Total** | $**450450** | $**534410** |

---

**20. Risks and Concentration**

a) Interest rate
 risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's interest rate risk arises primarily from short-term borrowings. Borrowings issued at variable rates and fixed rates expose the Company to cash flow interest rate risk and fair value interest rate risk respectively.

b) Concentration
 of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. As of September 30, 2024 and 2023, $105,706 and $1,641,922 were deposited with financial institutions located in the PRC, respectively. The management believes that these financial institutions are of high credit quality, and management also continually monitors the financial institutions' credit worthiness.

The Company is also exposed to risk from its accounts receivable and other receivables. These assets are subjected to credit evaluations. An allowance has been made for estimated unrecoverable amounts which have been determined by reference to past default experience and the current economic environment.

A majority of the Company's expense transactions are denominated in RMB and a significant portion of the Company and its subsidiaries' assets and liabilities are denominated in RMB. RMB 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 the 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 China foreign exchange regulatory bodies which require certain supporting documentation in order to process the remittance.

The Company's functional currency is the RMB, and its consolidated financial statements are presented in U.S. dollars. The RMB depreciated by 2.8% in the year ended December 31, 2023. The RMB depreciated by 8.57% in the year ended December 31, 2022 and appreciated by 2.29% in the year ended December 31, 2021 from December 31, 2020 to December 31, 2021. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. The change in the value of the RMB relative to the U.S. dollar may affect its financial results reported in the U.S. dollar terms without giving effect to any underlying changes in its business or results of operations. Currently, the Company's assets, liabilities, revenues and costs are denominated in RMB.

To the extent that the Company needs to convert U.S. dollars into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends, strategic acquisition or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company.

c) Concentration
 of customers and suppliers

The following tables summarized the information about the Group's concentration of customers and suppliers for the years ended September 30, 2024 and 2023 or as of September 30, 2024 and 2023, respectively:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **A** | **B** | **C** | **D** | **E** | **F** | **G** | **H** | **I** | **J** |
| **Revenues, customer concentration risk** |  |  |  |  |  |  |  |  |  |  |
| Year ended September 30, 2024 | 12% | 11% | 11% |  |  |  |  |  |  |  |
| Year ended September 30, 2023 | 15% |  |  |  | 22% | 10% |  |  |  |  |
| **Accounts receivable, customer concentration risk** |  |  |  |  |  |  |  |  |  |  |
| As of September 30, 2024 | 23% | 13% | 20% | 14% | 12% | 12% |  |  |  |  |
| As of September 30, 2023 |  |  |  |  | 15% | 19% | 34% | 16% | 16% |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **K** | **L** | **M** | **N** | **O** |
| **Purchase, supplier concentration risk** |  |  |  |  |  |
| As of September 30, 2024 | 100% |  |  |  |  |
| As of September 30, 2023 |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **K** | **L** | **M** | **N** | **O** |
| **Accounts payable, supplier concentration risk** |  |  |  |  |  |
| As of September 30, 2024 | 42% | 10% |  |  |  |
| As of September 30, 2023 | 72% | 28% |  |  |  |

---

d) VIE risk

Under the Contractual Agreements with the consolidated VIE, the Company has the power to direct activities of the consolidated VIE and VIE's subsidiaries through the Company's relevant PRC subsidiaries, and can have assets transferred freely out of the consolidated VIE and VIE's subsidiaries without restrictions. Therefore, the Company considers that there is no asset of the consolidated VIE that can only be used to settle obligations of the respective consolidated VIE, except for the registered capital of the consolidated VIE amounting to $2,953,991 as of September 30, 2024. Since the consolidated VIE and VIE's subsidiaries are incorporated as limited liability companies under the PRC Law, creditors of the consolidated VIE and VIE's subsidiaries do not have recourse to the general credit of the Company.

The Company believes that the Company's relevant PRC subsidiaries' Contractual Arrangements with the consolidated VIE and the Equity Shareholders are in compliance with PRC laws and regulations, as applicable, and are legally binding and enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce these Contractual Arrangements.

In addition, if the current structure or any of the Contractual Arrangements were found to be in violation of any existing or future PRC law, the Company may be subject to penalties, which may include, but not limited to, cancellation or revocation of the Company's business and operating licenses and being required to restructure the Company's operations or terminate the Company's operating activities. The imposition of any of these or other penalties may result in a material and adverse effect on the Company's ability to conduct its operations. In such case, the Company may not be able to operate or control the VIE, which may result in deconsolidation of the VIE.

**21. Commitments and contingencies**

From time to time, the Company may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm business. Management is not aware of any such legal proceedings or claims that could have, individually or in the aggregate, a material adverse effect on the Company's business, financial condition, or operating results as of the date hereof.

Zhenglian Shenzhen has a contract dispute with one of its previous suppliers, Shenzhen Youwei Communication Technology Co., Ltd. ("**Youwei**"). Zhenglian Shenzhen sued Youwei on March 23, 2023 in connection with a cooperative purchasing agreement and a relevant supplementary agreement (the "**Youwei Purchase Agreements**") between Youwei and Zhenglian Shenzhen in Shenzhen Qianhai Cooperation Zone People's Court ("**Qianhai Court**"). Zhenglian Shenzhen claimed that Youwei failed to provide Zhenglian Shenzhen with the customized mobile phones that meet Zhenglian Shenzhen's requirements in accordance with the Youwei Purchase Agreements. Zhenglian Shenzhen has claimed total compensation of approximately $1.1 million. Since then Youwei filed a counterclaim against Zhenglian Shenzhen and, as of September 30, 2024, the case was still pending the Qianhai Court's judgement. We do not believe this legal proceeding will have any material adverse effect on our operation in China.

**22. Subsequent events**

The Company evaluated all events and transactions that occurred after September 30, 2024 up through January 10, 2025, the date the Company confidentially filed these consolidated financial statements for disclosure or recognition in the consolidated financial statements of the Company, as appropriate.

On Oct 11, 2024, the Company obtained $270,748 borrowings from Bank of Communications Co., Ltd. Shenzhen Branch with interest rate of 3%.

This short-term loan was guaranteed by the below intangible assets of the Company.

---

| | | |
|:---|:---|:---|
| **Categories** | **Intangible Assets pledged for bank loan** | |
|  |  | **Carrying Amount**<br>**As of September 30, 2024** |
| Patent right | An improvement method of k-bucket structure of kademlia protocol | $2209 |
| Licensed software | Distributed peer-to-peer network for large-scale clusters with billions of scales | 5790 |
| Patent right | A distributed network and its construction method | 32534 |
| **Total** |  | $40533 |

---

On Oct 24, 2024, the Company obtained $712,494 borrowings from Industrial and Commercial Bank of China Limited Shenzhen Hi-Tech Park South Branch with interest rate of 2.75%, the loan was guaranteed by Guangdong Financing Re Guarantee Co., Ltd.

On Nov 15, 2024, the Company obtained $646,945 borrowings from China Guangfa Bank Co., Ltd. Shenzhen Branch with interest rate of 3.6%.

The term of the borrowings shall not exceed one year.

**23. Condensed financial information of the parent company**

The Company's PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company. Payment of dividends by entities organized in the PRC are subject to limitations, procedures and formalities. Regulations in the PRC currently permit payments of dividends only out of accumulated profits as determined in accordance with accounting standards and regulations in the PRC. The Company's PRC subsidiaries are also required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year to its statutory reserves account until the accumulative amount of such reserves reaches 50% of its respective registered capital. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

In addition, the Company's operations and revenues are conducted and generated in the PRC, all of the Company's revenue being earned and currency received is denominated in RMB. RMB is subject to the foreign exchange control regulation in China, and, as a result, the Company may be unable to distribute any dividends outside of China due to PRC foreign exchange control regulations that restrict the Company's ability to convert RMB into USD.

Regulation S-X requires that the condensed financial information of registrant shall be filed when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. For purposes of the above test, restricted net assets of consolidated subsidiaries shall mean that amount of the registrant's proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party. The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the Company's PRC subsidiary exceed 25% of the consolidated net assets of the Company.

Certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been condensed or omitted. The Company's investment in subsidiary is stated at cost plus equity in undistributed earnings of subsidiaries

**Condensed financial information of the parent company**

**CONDENSED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2024** | **September 30,**<br>**2023** |
| **ASSETS** |  |  |
| **Current assets** | $– | $– |
| Investment in subsidiaries and VIEs (restricted) | 10079858 | 7018028 |
| **Non-current assets** | – | – |
| **Total Assets** | $**10079858** | $**7018028** |
| **Liabilities and Equity** | $– | $– |
| **Current liabilities** |  |  |
| **Non-current liabilities** | – | – |
| **Total liabilities** | – | – |
| **Commitments and Contingencies** |  |  |
| **Shareholders' Equity** |  |  |
| \*Ordinary Share, ($0.0001 par value; 500,000,000 shares authorized; 50,000,000 shares issued and outstanding as of September 30, 2023 and 2022) | 5000 | 5000 |
| Share Subscription Receivables | (5000) | (5000) |
| **Additional paid-in capital** | 2953991 | 2953991 |
| **Statutory reserves** |  |  |
| **Retained earnings** | 7281538 | 4570263 |
| **Accumulated other comprehensive income (loss)** | (155671) | (506226) |
| **Total Shareholders' Equity** | **10079858** | **7018028** |
| **Total Liabilities and Shareholders' Equity** | $**10079858** | $**7018028** |

---

\* The shares and per share data are presented on a retroactive basis to reflect the stock split.

**CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Equity in earnings of subsidiaries** | $2711275 | $2522852 |
| **NET INCOME** | 2711275 | 2522852 |
| **OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |
| Foreign currency translation adjustment | 350555 | (208960) |
| **COMPREHENSIVE INCOME(LOSS)** | $3061830 | $2313892 |

---

**CONDENSED STATEMENTS OF CASH FLOW**

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **September 30,** | **September 30,** |
|  | **2024** | **2023** |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $2711275 | $2522852 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| Equity income of subsidiaries and VIEs | 2711275 | (2522852) |
| **Net cash used in operating activities** | **–** | **–** |
| **Cash Flows from Investing Activities** | **–** | **–** |
| **Cash Flows from Financing Activities** | **–** | **–** |
| **Net decrease in cash and restricted cash** | – | – |
| **Cash and restricted cash, beginning of year** | – | – |
| **Cash and restricted cash, end of year** | $– | $– |

---

Until [·], 2025 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as Underwriter and with respect to their unsold allotments or subscriptions.

**[**·**] Ordinary Shares**

![](image_022.jpg)

**Zerolimit Technology Holding Co. Ltd.**

Prospectus dated [·], 2025

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

---

| | |
|:---|:---|
| **ITEM 6.** | **INDEMNIFICATION OF DIRECTORS AND OFFICERS.** |

---

The laws of the Cayman Islands do not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against the indemnified person's own fraud, dishonesty, willful neglect or willful default or against the consequences of committing a crime. Our Amended and Restated Articles of Association, which will become effective upon or before completion of this offering, provide that, to the extent permitted under Cayman Islands law, we shall indemnify our directors and officers, and their personal representatives against and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages, or liabilities incurred or sustained by such persons, other than by reason of such person's own actual fraud, willful default or willful neglect in or about the conduct of our Company's business or affairs, or in the execution or discharge of his duties, powers, authorities, or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses, or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning our Company or its affairs in any court or tribunal whether in the Cayman Islands or elsewhere. To the extent permitted by the law of the Cayman Islands, 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 our directors and officers in respect of any matters identified above, on the condition that our directors and officers will repay us those legal costs (to the extent that it is ultimately found that we are not liable to indemnify the director or officer).

Pursuant to indemnification agreements, the form of which will be filed as Exhibit 10.2 to this registration statement, we will agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.

The Underwriting Agreement, the form of which will be filed as Exhibit 1.1 to this registration statement, will also provide for indemnification of us and our officers and directors.

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

---

| | |
|:---|:---|
| **ITEM 7.** | **RECENT SALES OF UNREGISTERED SECURITIES.** |

---

During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance was exempt from registration under the Securities Act pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

---

| | | | |
|:---|:---|:---|:---|
| **Securities/Purchaser** | **Date of Issuance** | **Number of**<br> **Ordinary Shares** | **Consideration** |
| Zerolimit Digital Technology Limited | February 2, 2023 | 3650.50<sup>(1)</sup> | $3650.50 |
| Zerolimit Excellence Limited | February 2, 2023 | 550.00 | $550.00 |
| Zerolimit Power Limited | February 2, 2023 | 550.00 | $550.00 |
| Zerolimit Virtue Limited | February 2, 2023 | 249.50 | $249.50 |
| **Total** |  | **5000.00** | $**5000.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) On February
 2, 2023, Zerolimit Cayman was incorporated, and the subscriber received 1 ordinary share
 as incorporation founder. On the same day, the subscriber's share was transferred to Zerolimit
 Digital Technology Limited, and the Company issued 3,649.50 ordinary shares to Zerolimit
 Digital Technology Limited.

On February 19, 2024, the Company's authorized share capital is $50,000 divided into 500,000,000 Ordinary Shares, par value $0.0001 per share. As of the date of this prospectus, there are 50,000,000 Ordinary Shares issued and outstanding as below:

---

| | |
|:---|:---|
| **Securities/Purchaser** | **Number of**<br> **Ordinary**<br> **Shares** |
| Zerolimit Digital Technology Limited | 36505000 |
| Zerolimit Excellence Limited | 5500000 |
| Zerolimit Power Limited | 5500000 |
| Zerolimit Virtue Limited | 2495000 |
| **Total** | **50000000** |

---

---

| | |
|:---|:---|
| **ITEM 8.** | **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.** |

---

**(a) Exhibits**

The exhibit index of this draft registration statement

**(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 Underwriter at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the Underwriter 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 SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

The undersigned registrant hereby undertakes to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering.

For the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(2) 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;(3) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| Exhibit Number | Description of Document |
| **1.1** | [Form of Underwriting Agreement](zerolimit_ex0101.htm) |
| **3.1** | [Memorandum and Articles of Association](zerolimit_ex0301.htm) |
| **3.2** | [Form of Amended and Restated Memorandum and Articles of Association](zerolimit_ex0302.htm) (to be effective in connection with the completion of this offering) |
| **4.1** | *[Reserved]* |
| **4.2** | Form of Underwriter's Warrants (included in [Exhibit 1.1](zerolimit_ex0101.htm)) |
| **5.1** | [Opinion of Ogier regarding the validity of the Ordinary Shares being registered](zerolimit_ex0501.htm) |
| **10.1** | [Form of Director Offer Letter by and between executive officers and the Registrant](zerolimit_ex1001.htm) |
| **10.2** | [Offer Letter by and between Shaomei Zhang and the Registrant](zerolimit_ex1002.htm) |
| **10.3** | [Offer Letter by and between Xiaohsa Hu and the Registrant](zerolimit_ex1003.htm) |
| **10.4** | [Offer Letter by and between Oliver Yucheng Chen and the Registrant](zerolimit_ex1004.htm) |
| **10.5** | [Form of Sales Contract](zerolimit_ex1005.htm) |
| **10.6** | [Powers of Attorney executed by each VIE shareholder, accepted by WFOE and acknowledged by the VIE dated May 24, 2023](zerolimit_ex1006.htm) |
| **10.7** | [Equity Interest Pledge Agreement by and among WFOE, the VIE and the VIE shareholder dated May 24, 2023](zerolimit_ex1007.htm) |
| **10.8** | [Spousal Consent granted by the spouse of each individual shareholder of the VIE, as currently in effect](zerolimit_ex1008.htm) |
| **10.9** | [Exclusive Consulting and Services Agreement by and between WFOE and the VIE dated May 24, 2023](zerolimit_ex1009.htm) |
| **10.10** | [Exclusive Option Agreement by and among WFOE, the VIE and the VIE shareholder dated May 24, 2023](zerolimit_ex1010.htm) |
| **10.11** | [Software Authorization Agreement by and among the VIE and Zerolimit Digital dated March 1, 2024](zerolimit_ex1011.htm) |
| **10.12** | [Trademark Authorization Agreement by and among the VIE and ZeroLimit Digital Technology Co., Ltd. dated January 1, 2024](zerolimit_ex1012.htm) |

---

---

| | |
|:---|:---|
| **10.13** | [Master Sales Agreement between the VIE and Guangdong Lightning Cat New Energy Technology Co., Ltd](zerolimit_ex1013.htm) |
| **10.14** | [Master Sales Agreement between the VIE and Chongqing Shenghong Technology Co., Ltd](zerolimit_ex1014.htm) |
| **10.15** | [Master Sales Agreement between the VIE and Shenzhen Huawang Supply Chain Co., Ltd](zerolimit_ex1015.htm) |
| **10.16** | [Internet Data Center Business Agreement by and between the VIE and China Mobile Communications Group Jilin Co., Ltd. Tonghua Branch dated December 12, 2023](zerolimit_ex1016.htm) |
| **10.17** | [Master Sales Agreement between the VIE and Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd.](zerolimit_ex1017.htm) |
| **10.18** | [Master Sales Agreement between the VIE and Shenzhen Jisu Distributed Network Technology Co., Ltd.](zerolimit_ex1018.htm) |
| **21.1** | [List of Subsidiaries](zerolimit_ex2101.htm) |
| **23.1** | [Consent of TPS Thayer, LLC, an independent registered public accounting firm](zerolimit_ex2301.htm) |
| **23.2** | Consent of Ogier (included in [Exhibit 5.1](zerolimit_ex0501.htm)) |
| **23.4** | [Consent of Global Law Office](zerolimit_ex2304.htm) |
| **24.1** | [Powers of Attorney](#f1_100) (included on signature page) |
| **99.1** | *[Reserved]* |
| **99.2** | [Opinion of Global Law Office regarding certain PRC law matters](zerolimit_ex9902.htm) |
| **99.3** | [Audit Committee Charter](zerolimit_ex9903.htm) |
| **99.4** | [Compensation Committee Charter](zerolimit_ex9904.htm) |
| **99.5** | [Nominating and Corporate Governance Charter](zerolimit_ex9905.htm) |
| **99.6** | [Consent of Independent Director Appointee Xiaosha Hu](zerolimit_ex9906.htm) |
| **99.7** | [Consent of Independent Director Appointee Shaomei Zhang](zerolimit_ex9907.htm) |
| **99.8** | [Consent of Independent Director Appointee Oliver Yucheng Chen](zerolimit_ex9908.htm) |
| **107** | [Filing Fee Table](zerolimit_ex107.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Portions of these exhibits have been omitted pursuant to Rule 406 under
 the Securities Act.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Shenzhen, China, on June 30, 2025.

---

| | | |
|:---|:---|:---|
| Zerolimit Technology Holding Co. Ltd. | Zerolimit Technology Holding Co. Ltd. | Zerolimit Technology Holding Co. Ltd. |
| By: | /s/ Zhiwei Zheng | /s/ Zhiwei Zheng |
|  | Name: | Zhiwei Zheng |
|  | Title: | Chief Executive Officer and Director<br> (Principal Executive Officer) |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Zhiwei Zheng and Jiawen Lai as attorneys-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the U.S. Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of ordinary shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the U.S. Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Zhiwei Zheng | Chief Executive Officer and Director | June 30, 2025 |
| Zhiwei Zheng | (Principal Executive Officer) | |
| /s/ Jiawen Lai | Chief Financial Officer | June 30, 2025 |
| Jiawen Lai | (Principal Accounting and Financial Officer) |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of the registrant has signed this registration statement on the 30th day of June, 2025.

---

| | | |
|:---|:---|:---|
| Cogency Global Inc. | Cogency Global Inc. | Cogency Global Inc. |
| Authorized U.S. Representative | Authorized U.S. Representative | Authorized U.S. Representative |
| By: | /s/ *Colleen A. De Vries* | /s/ *Colleen A. De Vries* |
|  | Name: | Colleen A. De Vries |
|  | Title: | Sr. Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 1.1

**Exhibit 1.1**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**

**UNDERWRITING AGREEMENT**

**[●], 2025**

**Prime Number Capital LLC**

12 E 49 St, Floor 27,

New York, NY 10017

 

*As the Underwriter named on Schedule A hereto*

Ladies and Gentlemen:

The undersigned, Zerolimit Technology Holding Co. Ltd., a Cayman Islands exempted company with limited liability (the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Prime Number Capital LLC as the underwriter (the "**Underwriter**"), to issue and sell an aggregate of [●] ordinary shares (the "**Firm Shares**") of the Company, par value $0.0001 per share ("**Ordinary Shares**").

The Company has also granted to the Underwriter an option to purchase up to [●] additional Ordinary Shares, on the terms and conditions for the purposes set forth in Section 2(c) hereof (the "**Additional Shares**"). The Firm Shares and any Additional Shares purchased pursuant to this Agreement are herein collectively referred to as the "**Offered Securities**." The offering and sale of the Offered Securities contemplated by this Agreement is referred to herein as the "**Offering**."

SECTION 1. *Representations and Warranties of the Company*.

The Company represents and warrants to the Underwriter with the understanding that the same may be relied upon by the Underwriter 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;(a) *Filing of the Registration Statement*. The Company has prepared and filed with the Securities and Exchange Commission (the "**Commission**") a registration statement on Form F-1 (File No. 333-[●]), which contains a form of prospectus to be used in connection with the Offering. Such registration statement, as amended, including the financial statements, exhibits and schedules thereto contained in the registration statement at the time such registration statement became effective, in the form in which it was declared effective by the Commission under the Securities Act of 1933, as amended (the "**Securities Act**"), and the rules and regulations promulgated thereunder (the "**Securities Act Regulations**"), and including any required information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act, or pursuant to the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder (the "**Exchange Act Regulations**"), is called the "**Registration Statement**." Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act is called the "**Rule 462(b) Registration Statement**," and from and after the date and time of filing of the Rule 462(b) Registration Statement, the term "**Registration Statement**" shall include the Rule 462(b) Registration Statement. Such prospectus, in the form first filed pursuant to Rule 424(b) under the Securities Act after the date and time that this Agreement is executed and delivered by the parties hereto, or, if no filing pursuant to Rule 424(b) under the Securities Act is required, the form of final prospectus relating to the Offering included in the Registration Statement at the effective date of the Registration Statement ("**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;(b) "**Applicable Time**" means 5:00 pm, Eastern Time, on the date of this Agreement.

&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 [●], 2025. The Company has complied, to the Commission's satisfaction, with all requests of the Commission for additional or supplemental information. No stop order preventing or suspending the effectiveness of the Registration Statement, 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 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 Underwriter for use in connection with the Offering, other than with respect to any artwork and graphics that were not filed. Each of the Registration Statement and any post-effective amendment to the Registration Statement, at the time it became effective and at all subsequent times until the expiration of the prospectus delivery period required under Section 5(b) 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 Underwriter has completed the Offering, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment to the Registration Statement, or in the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, made in reliance upon and in conformity with information relating to the Underwriter 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 Underwriter consists of (i) the name of the Underwriter contained on the cover page of the Registration Statement, the Pricing Prospectus and Prospectus and (ii) the sub-sections titled "Underwriter's Warrant," "Lock-Up Agreements," "Electronic Offer, Sale and Distribution of Securities," "Price Stabilization, Short Positions and Penalty Bids," "Potential Conflicts of Interest," and "Other Relationships" in each case under the caption "Underwriting" in the Registration Statement, the Pricing Prospectus, the Prospectus (the "**Underwriter Information**"). There are no contracts or other documents required to be described in the Registration Statement, the Pricing Prospectus or the Prospectus or to be filed as exhibits to the Registration Statement that have not been fairly and accurately described in all material respects or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (with such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule 405 under the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(g) *Offering Materials Furnished to the Underwriter*. The Company has delivered to the Underwriter a copy 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 Underwriter have reasonably requested in writing.

&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 Offering, any offering material in connection with the Offering other than a preliminary prospectus, the Pricing Prospectus, the Prospectus, any Issuer Free Writing Prospectus reviewed and consented to by the Underwriter, and the Registration Statement.

&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;(j) *Authorization of the Offered Securities and Underwriter's Securities*. The Offered Securities to be sold by the Company to the Underwriter have been duly and validly authorized by all required corporate action and have been reserved for issuance and sale pursuant to this Agreement and, when so issued and delivered by the Company, will be validly issued, fully paid and non-assessable, free, and clear of all Liens imposed by the Company. The Ordinary Shares underlying the Underwriter's Warrants (the "**Underlying Shares**" and together with the Underwriter's Warrants, the "**Underwriter's Securities**") are duly authorized and, when issued and paid for in accordance the terms of the Underwriter's Warrants, as applicable, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Company has a sufficient number of authorized Ordinary Shares for the issuance of the maximum number of Offered Securities and the Underwriter's 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;(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;(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 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 or 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 Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Independent Accountant*. TPS Thayer, LLC (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;(n) *Preparation of the Financial Statements*. The financial statements of the Company included in the Registration Statement, the Disclosure Package, and the Prospectus, presents fairly the information provided as of and at the dates and for the periods indicated (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by U.S. generally accepted accounting principles ("**U.S. GAAP**"). 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. Except as included therein, no other financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus.

&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 formed and is validly existing 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. 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;(p) *Capitalization and Other Share Capital Matters*. The authorized, issued and outstanding shares of the Company is as set forth in each of the Disclosure Package and the Prospectus (other than for subsequent issuances, if any, pursuant to employee benefit plans described in each of the Disclosure Package and the Prospectus or upon exercise of outstanding options or warrants described in the Disclosure Package and Prospectus, as the case may be). The Ordinary Share conforms, and, when issued and delivered as provided in this Agreement, the Offered Securities and the Underwriter's Securities will conform, in all material respects to the description thereof contained in each of the Disclosure Package and Prospectus. All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and non-assessable and have been issued in compliance with applicable laws. None of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. 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 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;(q) *Non-Contravention of Existing Instruments, No Further Authorizations or Approvals Required*. The Company is not in violation of its 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 (i) have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the amended and restated memorandum and articles of association of the Company, (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, except the registration or qualification of the Offered Securities and the Underwriter's Securities under the Securities Act and applicable state securities or blue sky laws and from the Financial Industry Regulatory Authority Inc. ("**FINRA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) *Subsidiaries*. Each of the Company's variable interest entity ("**VIE**"), 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 the Cayman Islands, Hong Kong or the People's Republic of China (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 or controlled 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;(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, to the Company's knowledge, (i) threatened against the Company or any of its Subsidiaries or (ii) have as the subject thereof any of the executive officers, directors, or key employees of the Company or any of its Subsidiaries or any of the properties owned or leased by the Company or any 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. Except as otherwise disclosed in the Disclosure Package and the Prospectus, neither the Company or any Subsidiary, nor to the knowledge of the Company, any director or officer of the Company, is or has within the last 10 years been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as otherwise disclosed in the Disclosure Package and the Prospectus, there has not been, and to the knowledge of the Company, there is 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;(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**") reasonably necessary to conduct its business as now conducted or, otherwise, as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, except to the extent such failure to own, possess or have other rights to use such Intellectual Property would not be expected to result in a Material Adverse Change. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus: (i) 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;(u) *All Necessary Permits, etc*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, the Company, each of its Subsidiaries and its VIE, possesses such valid and current certificates, authorizations or permits 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 businesses as described in the Disclosure Package and the Prospectus, except where any lack of the licenses would not reasonably be expected to have, individually or in aggregate, a Material Adverse Effect, and has not received any notice of proceedings relating to the revocation or modification of any such licenses and, to the knowledge of the Company, the Company has no reason to believe that such licenses will not be renewed in the ordinary course of businesses that, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect. Such licenses are valid and in full force and effect and contain no materially burdensome restrictions or conditions not described in the Registration Statement, the Disclosure Package or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(w) *Tax Law Compliance*. (i) Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company and its Subsidiaries have each filed all federal, state, local and foreign income tax returns required to be filed as of the date of this Agreement or has timely and properly filed requested extensions thereof and has paid 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 all federal, state, and foreign income and franchise taxes for all periods as to which the tax liability of the Company has not been finally determined. (iv) All local and national PRC governmental tax credit, exemptions, waivers, financial subsidies, and other local and national PRC tax relief, concessions and preferential treatment enjoyed by the Company or any of the Subsidiaries as disclosed in the Registration Statement, the Disclosure Package and the Prospectus and the Prospectus are valid, binding and enforceable and do not violate any laws, regulations, rules, orders, decrees, guidelines, judicial interpretations, notices or other legislation of the PRC.

&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;(y) *No Price Stabilization or Manipulation*. The Company has not taken and will not take, directly or indirectly, any action designed to, or that might be reasonably expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) *Related Party Transactions*. There are no material business relationships or related-party transactions, directly or indirectly, involving the Company or its Subsidiaries with any related person required to be described or filed in the Registration Statement, or described in the Disclosure Package or the Prospectus, that have not been as set forth in the Registration Statement, the Prospectus, and the Pricing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) *Disclosure Controls and Procedures*. To the extent required, the Company has established and maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act Regulations) designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the Commission's rules and forms. Except as otherwise disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company is not aware of (a) any significant deficiency in the design or operation of internal controls which could adversely affect the Company's ability to record, process, summarize and report financial data or any material weaknesses in internal controls or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) *Company's Accounting System*. To the extent required, 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;(cc) *Money Laundering Law Compliance*. The operations of the Company are and have been conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the United States Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company conducts business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any competent governmental agency (collectively, the "**Anti-Money Laundering Laws**"), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to any Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) *No Accounting Issues*. The Company has not received any notice, oral or written, from its Board of Directors or Audit Committee stating that it is reviewing or investigating, and neither the Company's independent auditors nor its internal auditors have recommended that the Board of Directors or Audit Committee review or investigate, (i) adding to, deleting, changing the application of, or changing the Company's disclosure with respect to, any of the Company's material accounting policies; (ii) any matter which could result in a restatement of the Company's financial statements for any annual or interim period during the current or prior two fiscal years; or (iii) any Internal Control event.

&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, 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;A. the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Nations Security Council ("**UNSC**"), the European Union ("**EU**"), Her Majesty's Treasury ("**HMT**"), or other relevant sanctions authority (collectively, "**Sanctions**"), nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;(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;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;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;(ff) *Foreign Corrupt Practices Act.* Neither the Company nor any of its Subsidiaries (including the VIE), nor, to the best of the Company's knowledge, any director, officer, employee or affiliate of the Company, any Subsidiary or any other person acting on behalf of the Company, has, directly or indirectly, taken any action that (i) would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (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 and 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) official or employee of any governmental agency or instrumentality of any government (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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) *Internal Control and Compliance with Sarbanes-Oxley Act of 2002*. The Company, its Subsidiaries, and the Company's Board of Directors have taken all reasonably necessary actions to ensure that, upon the effectiveness of the Registration Statement, the Company will be in compliance with any provision applicable to it of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**") and the rules and regulations promulgated in connection therewith, and all applicable rule of the Exchanges, including, without limitation, Section 402 related to loans and Sections 302 and 906 related to certifications of the Sarbanes-Oxley Act. The Company maintains a system of internal controls, including, but not limited to, disclosure controls and procedures, internal controls over accounting matters and financial reporting, an internal audit function and legal and regulatory compliance controls (collectively, "**Internal Controls**") to comply with applicable laws and regulations, including, without limitation, the Securities Act, the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of the Commission, and the rules of the listing exchanges.

&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 Offered Securities 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 Offered Securities 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;(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;(jj) *Periodic Reporting Obligations*. During the Prospectus Delivery Period (defined below), the Company shall file, on a timely basis, with the Commission all reports and documents required to be filed under the Exchange Act. Additionally, the Company shall report the use of proceeds from the issuance of the Firm Shares as may be required under Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) *Forward-looking Statements.* No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Disclosure Package, the Prospectus, or shall be contain in any amendments and supplements thereof, has been made, or will be made, without a reasonable basis, as reasonably determined by the Company in good faith at the time such statement is made or will be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) *Foreign Tax Compliance*. Except as otherwise disclosed in the Disclosure Package and the Prospectus, no transaction, stamp, capital or other issuance, registration, transaction, transfer or withholding taxes or duties are payable in China, Hong Kong or Cayman Islands to any PRC, Hong Kong or Cayman Islands taxing authority in connection with the issuance, sale and allotment of the Offered Securities, and the allotment of the Offered Securities to or for the account of the Underwriter.

&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 the Disclosure Package and the Prospectus, the Company and its Subsidiaries have taken reasonable steps to cause each of 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;(nn) *M&A Rules*. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors jointly promulgated by the Ministry of Commerce, the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry and Commerce, the CSRC and SAFE on August 8, 2006 (the "**M&A Rules**"), in particular the relevant provisions thereof that purport to require offshore special purpose vehicles formed for the purpose of obtaining a stock exchange listing outside of the PRC and controlled directly or indirectly by companies or natural persons of the PRC, to obtain the approval of the CSRC prior to the listing and trading of their securities on a stock exchange located outside of the PRC; the Company has received legal advice specifically with respect to the M&A Rules from its PRC counsel and based on such legal advice, the Company confirms with the Underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, the issuance and sale of the Offered Securities, the listing and trading of the Offered Securities on the Nasdaq Capital Market and the consummation of the transactions contemplated by this Agreement are not and will not be, as of the date hereof or at the Closing Date or the Option Closing Date, materially affected by the M&A Rules or any official clarifications, guidance, interpretations or implementation rules in connection with or related to the M&A Rules as amended as of the date hereof (collectively, the "**M&A Rules and Related Clarifications**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as disclosed in the Disclosure Materials, Registration Statement and the Prospectus, as of the date hereof, the M&A Rules and Related Classifications did not and do not require the Company to obtain the approval of the CSRC prior to the issuance and sale of the Offered Securities, the listing and trading of the Offered Securities on the Nasdaq Capital Market, or the consummation of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) *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**") provided to the Underwriter is true and correct in all respects and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires completed by each Insider to become inaccurate and incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) *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;(qq) *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 or Underlying Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Offered Securities of the Underlying Shares, 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;(rr) *EGC Status and Testing the Waters Communications*. From the time of the initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any 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 (i) has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications with the consent of the Underwriter with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Underwriter to engage in Testing-the-Waters Communications. The Company reconfirms that the Underwriter 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 (as defined below) other than those listed on <u>Schedule F</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) *Margin Securities*. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Offered Securities or the Underwriter's Securities to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) *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;(uu) *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 Underwriter's compensation as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) *No FINRA Affiliations*. To the Company's knowledge and except as disclosed to the Underwriter in writing, no (i) officer or director of the Company or its subsidiaries, (ii) owner of five percent (5%) or more of any class of the Company's securities or (iii) owner of any amount of the Company's unregistered securities acquired within the 180-day immediately prior to the date that the Registration Statement was initially filed to the Commission, has any direct or indirect affiliation or association with any FINRA member. The Company will advise the Underwriter and counsel to the Underwriter if it becomes aware that any such person described in (i) to (iii) under this section 1(vv) is or becomes an affiliate or associated person of a FINRA member participating in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) *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.

(xx*) 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;(yy) *Compliance with Environmental Laws*. The Company and its subsidiaries are (A) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants ("**Environmental Laws**"), (B) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses and (C) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) *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;(aaa) *No Unlawful Influence.* The Company has not offered, or caused the Underwriter 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;(bbb) *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;(ccc) *Representation of Officers*. Any certificate signed by an officer of the Company and delivered to the Underwriter or to counsel for the Underwriter shall be deemed to be a representation and warranty by the Company to the Underwriter as to the matters set forth therein. The Company acknowledges that the Underwriter 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 and Underwriter's Warrant*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Purchase of Firm Shares*. Based on the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the Underwriter an aggregate of [●] Ordinary Shares (the "**Firm Shares**") at a purchase price (net of discounts) of $[●] per Share. The Underwriter agree to purchase from the Company the Firm Shares in such amounts as set forth opposite their respective names on <u>Schedule A</u> attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Underwriter and the Company, at a place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Underwriter 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, and delivery of certificates representing the Firm Shares, is referred to herein as the "**Closing**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds upon delivery to the Underwriter of certificates (in form and substance reasonably satisfactory to the Underwriter) 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 Underwriter. The Firm Shares shall be registered in such names and in such denominations as the Underwriter may request in writing at least two (2) business days prior to the Closing Date. If certificated, the Company will permit the Underwriter 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 Underwriter for all the Firm Shares.

&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 Underwriter an option (the "**Over-allotment Option**") to purchase up to an additional [●] Ordinary Shares (the "**Additional Shares**"), in each case solely for the purpose of covering over-allotments of such securities, if any. The Over-allotment Option is, at the Underwriter's sole discretion, for Additional Shares.

&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 Section 2(c) hereof may be exercised by the Underwriter no later than forty five (45) days after the Effective Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(a). The Underwriter 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 only be exercised by a formal written notice signed by authorized signature of the Underwriter 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 "Exercise Notice"). Any oral notice or email notice to the Company from the Underwriter shall be confirmed by the Exercise Notice via overnight mail or facsimile or other electronic transmission. The date and time for delivery of and payment for the Additional Shares (the "Option Closing Date"), 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 Underwriter, at the offices of the Underwriter's counsel at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriter. 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 Underwriter the number of Additional Shares specified in such notice and (ii) the Underwriter shall purchase that portion of the total number of Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Underwriter of certificates (in form and substance satisfactory to the Underwriter) representing the Additional Shares (or through the facilities of DTC) for the account of the Underwriter. The Additional Shares shall be registered in such name or names and in such authorized denominations as the Underwriter may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Additional Shares except upon tender of payment by the Underwriter 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;(f) *Underwriter's Commission*. In consideration of the services to be provided for hereunder, the Company shall pay to the Underwriter commission equals seven percent (7%) of the gross proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Underwriter's Warrant*. The Company hereby agrees to issue to the Underwriter on the applicable Closing Date as compensation, warrants, substantially in the form of Exhibit B attached hereto, to purchase such number of Ordinary Shares equal to five percent (5%) of the Offering (the "**Underwriter's Warrant**"). The Underwriter's Warrant shall be exercisable, in whole or in part, at any time on or after [●], 20[●], the date that is six (6) months after the commencement of sales under the Registration Statement (the "**Initial Exercise Date**") and on or prior to 5:00 p.m. (Eastern Time) on [●], 20[●], the date that is five (5) years after the commencement of sales under the Registration Statement (the "**Termination Date**") but not thereafter, at an initial exercise price of $[●] per share, which is equal to one hundred twenty five percent (125%) of the initial public offering price of a Firm Share.

SECTION 3. *Covenants of the Company*.

The Company also covenants and agrees with the Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Underwriter's Review of Proposed Amendments and Supplements*. During the period beginning at the Applicable Time and ending on the later of the Closing Date or such date as, in the opinion of counsel for the Underwriter, the Prospectus is no longer required by law to be delivered in connection with sales by the Underwriter 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 Underwriter 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 Underwriter reasonably objects.

&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 Underwriter 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;(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;(d) *Amendments and Supplements to the Registration Statement, Prospectus and Other Securities Act Matters*. If, during the Prospectus Delivery Period, any event or development shall occur or condition exist as a result of which the Disclosure Package or the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances under which they were made, as the case may be, not misleading, or if it shall be necessary to amend or supplement the Disclosure Package or the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, as the case may be, not misleading, or if in the opinion of the Underwriter 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 Underwriter of any such event or condition (unless such event or condition was previously brought to the Company's attention by the Underwriter during the Prospectus Delivery Period) and (ii) promptly prepare (subject to <u>Section 3(a)</u> and <u>Section 3(e)</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 Underwriter and to dealers, amendments or supplements to the Registration Statement, the Disclosure Package or the Prospectus, or any new registration statement, necessary in order to make the statements in the Disclosure Package or the Prospectus as so amended or supplemented, in the light of the circumstances under which they were made, as the case may be, not misleading or so that the Registration Statement, the Disclosure Package or the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Underwriter, 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 Underwriter 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 Underwriter 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;(f) *Copies of any Amendments and Supplements to the Prospectus*. The Company agrees to furnish the Underwriter, 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 Underwriter may reasonably request.

&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 substantially in the manner described under the caption "Use of Proceeds" in the Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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 of the Company's board of directors in accordance with the rules of the Nasdaq Stock Market ("**Nasdaq**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Exchange Listing*. The Ordinary Shares have been duly authorized for listing on the Nasdaq Capital Market, subject to official notice of issuance. Upon consummation of the Offering, the Company will be in material compliance with the provisions of the rules and regulations promulgated by Nasdaq and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements (to the extent applicable to the Company as of the date hereof or the Closing Date; 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;(k) *Absence of Further Requirements.* No consent, approval, authorization, or order of, or filing or registration with, any person (including any governmental or regulatory agency or body or any court) is required to be obtained or made by the Company for the consummation of the transactions contemplated by this Agreement or the in connection with the offering, issuance and sale of the Offered Securities, except such as have been obtained, or made on or prior to the Closing Date, and are, or on the Closing Date will be, in full force and effect, including (i) under applicable blue sky laws in any jurisdiction in which the Offered Securities are offered and sold and (ii) under the rules and regulations of the FINRA*.* No authorization, consent, approval, license, qualification or order of, or filing or registration with any person (including any governmental agency or body or any court) in any foreign jurisdiction is required for the consummation of the transactions contemplated by this Agreement in connection with the offering, issuance and sale of the Directed Shares under the laws and regulations of such jurisdiction except such as have been obtained or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Future Reports to the Underwriter.* For one year after the date of this Agreement, the Company will furnish, if not otherwise available on EDGAR, to the Underwriter pursuant to the addresses and contacts provided in Section 13 of this Agreement: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and statements of income, shareholders' equity and cash flows for the year then ended and the opinion thereon of the Company's independent public or certified public accountants; (ii) as soon as practicable after the filing thereof, copies of each proxy statement, Annual Report on Form 20-F, interim financial statements using a Form 6-K or other report filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company mailed generally to holders of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *No Manipulation of Price*. The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Existing Lock-Up Agreements*. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no existing agreements between the Company and its shareholders that prohibit the sale, transfer, assignment, pledge, or hypothecation of any of the Company's Ordinary Shares. The Company will direct the transfer agent to place stop transfer restrictions upon the Ordinary Shares of the Company that are bound by such "lock-up" agreements for the duration of the periods contemplated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Company Lock-Up.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will not, without the prior written consent of the Underwriter, from the date of execution of this Agreement and continuing for a period of one hundred eighty (180) days after the date of the closing of the offering of the Ordinary Shares (the "**Lock-Up Period**"), (i) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any Ordinary Share or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Ordinary Shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise, except to the Underwriter 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;(ii) The restrictions contained in <u>Section 3(o)(i)</u> hereof shall not apply to: (i) the Offered Securities to be sold hereunder, (ii) the issuance by the Company of Ordinary Shares upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof and disclosed in the Registration Statement, the Disclosure Package or the Prospectus, (iii) the issuance by the Company, or the filing by the Company of a Registration Statement related thereto, of stock options or shares of the Company under any equity compensation plan of the Company and (iv) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as "restricted securities" (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the Lock-Up Period and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Right of First Refusal*. If, for the period beginning on the closing of the Offering and ending twenty-four (24) months following the Closing of the Offering or the effective date of the termination of this Agreement (the "ROFR Term"), the Company or any of its subsidiaries (a) decides to finance or refinance any indebtedness, the Underwriter (or any affiliate designated by the Underwriter) shall have the right to act as sole book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (b) decides to raise funds by means of a public offering (including at-the-market facility) or a private placement or any other capital raising financing of equity, equity-linked or debt securities, the Underwriter (or any affiliate designated by the Underwriter) shall have the right to act as sole book-running manager, sole underwriter or sole placement agent for such financing. If the Underwriter or one of its affiliates decides to accept any such engagement, the agreement governing such engagement (each, a "**Subsequent Transaction Agreement**") will contain, among other things, provisions for customary fees for transactions of similar size and nature, but in no event will the fees be less than those outlined herein, and the provisions of this Agreement, including indemnification, which are appropriate to such a transaction. Notwithstanding the foregoing, the decision to accept the Company's engagement under this section shall be made by the Underwriter or one of its affiliates, by a written notice to the Company, within five (5) days of the receipt of the Company's notification of its financing needs. The Underwriter's failure to exercise its preferential right with respect to any particular proposal shall not affect its preferential rights relative to future proposals during the ROFR Term.

SECTION 4. *Payment of Fees and Expenses*. The Company will pay the Underwriter a non-accountable expense allowance of one percent (1%) of the gross proceeds from the Offering upon the Closing of the Offering. Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agrees to pay reasonable and actual fees and expenses incurred in connection with the transactions contemplated hereby, including without limitation to, (i) all expenses incidental to the issuance and delivery of the Offered Securities (including all printing and engraving costs, if any), (ii) all fees and expenses of the clearing firm, registrar and transfer agent of the Offered Securities, (iii) all necessary issue, transfer and other stamp taxes in connection with the Offering, (iv) all fees and expenses of the Company's counsel, independent public or certified public accountants and other advisors, (v) 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 (vi) all filing fees, attorneys' fees and expenses incurred by the Company 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.

The Company will also reimburse the Underwriter's accountable expenses, promptly upon receipt of an invoice therefor, for out-of-pocket costs and expenses, in total up to two hundred thousand dollars ($200,000), including, but not limited to, (A) fees of legal counsel incurred by the Underwriter in connection with the offering; (B) all third party due diligence include the cost of any background checks; (C) reasonable roadshow expenses;. The Company has advanced fifty thousand dollars ($50,000) to the Underwriter to partially cover its out-of-pocket accountable expenses. The advances will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred or are less than the advances in accordance with FINRA Rule 5110(g)(4).

SECTION 5. *Taxes*. *Deductions and Withholding from Payments*. All sums payable by the Company under this Agreement shall be paid free and clear of and without deductions or withholdings of any present or future taxes, duties, or other amounts.

SECTION 6. *Conditions of the Obligations of the Underwriter*. The obligations of the Underwriter 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; (3) no objections from FINRA as to the amount of compensation allowable or payable to the Underwriter as described in the Registration Statement; and (4) each of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Accountant's Comfort Letter*. On the date hereof, the Underwriter shall have received from the Accountant, a letter dated the date hereof addressed to the Underwriter, in form and substance satisfactory to the Underwriter, containing statements and information of the type ordinarily included in accountants' "comfort letters" to Underwriter, 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;(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;(i) the Company shall have filed the Prospectus with the Commission (including the information required by Rule 430A under the Securities Act) in the manner and within the period required by Rule 424(b) under the Securities Act; or the Company shall have filed a post-effective amendment to the Registration Statement containing the information required by such Rule 430A, and such post-effective amendment shall have become effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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, as applicable, in the reasonable judgment of the Underwriter 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;(d) *Officers' Certificate.* On the Closing Date and/or the Option Closing Date, the Underwriter 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, to the knowledge of such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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;(iii) Subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus, there has not been: (a) any Material Adverse Change; (b) any transaction that is material to the Company and the Subsidiaries taken as a whole, except transactions entered into in the ordinary course of business; (c) any obligation, direct or contingent, that is material to the Company and the Subsidiaries taken as a whole, incurred by the Company or any Subsidiary, except obligations incurred in the ordinary course of business; (d) any material change in the share capital (except changes thereto resulting from the exercise of outstanding options or warrants or conversion of outstanding indebtedness into Ordinary Shares of the Company) or outstanding indebtedness of the Company or any Subsidiary (except for the conversion of such indebtedness into Ordinary Shares of the Company); (e) any dividend or distribution of any kind declared, paid or made on 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;(e) *Secretary's Certificate*. On the Closing Date and/or the Option Closing Date, the Underwriter shall have received a certificate of the Company signed by the Secretary of the Company, dated such Closing Date, certifying: (i) that the Company's memorandum and articles of association attached to such certificate is true and complete, has not been modified and is in full force and effect; (ii) that 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 (iii) the good standing of the Company. 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;(f) *Bring-down Comfort Letter*. On the Closing Date and/or the Option Closing Date, the Underwriter shall have received from the Accountant, a letter dated such date, in form and substance satisfactory to the Underwriter, to the effect that the Accountant reaffirms the statements made in the letter furnished by it pursuant to subsection (a) of this <u>Section 6</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;(g) *Lock-Up Agreement from Certain Securityholders of the Company*. On or prior to the date hereof, the Company shall have furnished to the Underwriter an agreement substantially in the form of <u>Exhibit A</u> hereto from each of the Company's officers, directors, security holders of 5% or more of the Company's Ordinary Shares or securities convertible into or exercisable for Ordinary Share prior to the Offering listed on <u>Schedule D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *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;(i) *Company Counsel Opinions*. On the Closing Date and/or the Option Closing Date, the Underwriter shall have received

(i) the opinion of Prudentia Law Corporation, counsel to the Company, in form and substance reasonably satisfactory to the Underwriter including negative assurance language; and

(ii) the opinion of Global Law Office, PRC counsel to the Company, in form and substance reasonably satisfactory to the Underwriter.

(iii) the opinion of Ogier, Cayman Islands legal counsel to the Company.

The Underwriter shall rely on the opinions of Ogier, filed as Exhibit 5.1 to the Registration Statement, as to the due incorporation, validity of the Offered Securities and the Underwriter's Securities and due authorization, execution, and delivery of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Additional Documents*. On or before the Closing Date or the Option Closing Date, as applicable, the Underwriter and counsel for the Underwriter 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 and the Underwriter's 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 6</u> is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Underwriter by written notice to the Company at any time on or prior to the Closing Date or the Option Closing Date, as applicable, which termination shall be without liability on the part of any party to any other party, except that <u>Section 4</u> (with respect to the reimbursement of out-of-pocket accountable, bona fide expenses actually incurred by the Underwriter) and <u>Section 8</u> shall at all times be effective and shall survive such termination.

SECTION 7. *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 8. *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification by the Company*. The Company shall indemnify and hold harmless the Underwriter, their respective affiliates and each of their respective directors, officers, members, employees and agents and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act 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, the Registration Statement or the Prospectus, or any such amendment or supplement thereto, or any Issuer Free Writing Prospectus or in any other materials used in connection with the Offering made in reliance upon and in conformity with the Underwriter Information. The indemnification obligations under this <u>Section 8(a)</u> are not exclusive and will be in addition to any liability, which the Underwriter 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;(b) *Indemnification by the Underwriter*. The Underwriter 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 Underwriter) 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, the 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, the 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 Underwriter Information and shall reimburse the Company for any legal or other expenses reasonably incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and expenses are incurred. Notwithstanding the provisions of this <u>Section 8(b)</u>, in no event shall any indemnity by the Underwriter under <u>this Section 8(b)</u> exceed the total discounts received by the Underwriter in connection with the Offering. The indemnification obligations under this <u>Section 8(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;(c) *Procedure*. Promptly after receipt by an indemnified party under this <u>Section 8</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 8</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 8 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 8</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 8(a)</u> or <u>8(b)</u>, as applicable, for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense of such action other than reasonable costs of investigation; *provided, however*, that any indemnified party shall have the right to employ separate counsel in any such action and to participate in the defense of such action but the fees and expenses of such separate counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically authorized in writing by the Company in the case of a claim for indemnification under <u>Section 8(a)</u>, (ii) such indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible for reasonable legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; *provided, however,* that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for any such indemnified party (in addition to any local counsel), which firm shall be designated in writing by the Underwriter if the indemnified party under this <u>Section 8</u> is an Underwriter Indemnified Party or by the Company if an indemnified party under this <u>Section 8</u> is a Company Indemnified Party. Subject to this <u>Section 8(c)</u>, the amount payable by an indemnifying party under <u>Section 8</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 8</u> (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such settlement is entered into more than ninety (90) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least sixty (60) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Contribution*. If the indemnification provided for in this <u>Section 8</u> is unavailable or insufficient to hold harmless an indemnified party under <u>Section 8(a)</u> or <u>Section 8(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 on the one hand and the indemnified party on the other hand from the Offering, or (ii) if the allocation provided by clause (i) of this <u>Section 8(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 8(d)</u> but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim, damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations as determined in a final judgment by a court of competent jurisdiction. The relative benefits received by the Company on the one hand and the Underwriter on the other with respect to such offering shall be deemed to be in the same proportion as the total proceeds from the Offering purchased by investors as contemplated by this Agreement (before deducting expenses) received by the Company bear to the total underwriting discounts received by the Underwriter 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 Underwriter 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 Underwriter 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 Underwriter for use in any preliminary prospectus, the Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriter Information. The Company and the Underwriter agree that it would not be just and equitable if contributions pursuant to this <u>Section 8(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 8(d)</u> shall be deemed to include, for purposes of this <u>Section 8(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 8(d)</u>, the Underwriter shall not be required to contribute any amount in excess of the total discounts received in cash by the Underwriter in connection with the Offering less the amount of any damages that the Underwriter has otherwise paid or become liable to pay by reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person, guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

SECTION 9. *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 Underwriter by written notice given to the Company if at any time (i) trading or quotation in the Company's Ordinary Shares shall have been suspended or limited by the Commission or by Nasdaq; (ii) a general banking moratorium shall have been declared by any U.S. federal authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States' or international political, financial or economic conditions that, in the reasonable judgment of the Underwriter, is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of the Offered Securities. Any termination pursuant to this <u>Section 9</u> shall be without liability on the part of (a) the Company to any of the Underwriter, except that the Company shall be, subject to demand by the Underwriter, obligated to reimburse the Underwriter for only those reasonable, accountable and properly documented out-of-pocket expenses (including the reasonable fees and expenses of their counsel, and expenses associated with a due diligence report), actually incurred by the Underwriter 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 $200,000 in the aggregate, (b) the Underwriter 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 Underwriter) and <u>Section 8</u> shall at all times be effective and shall survive such termination.

SECTION 10. *No Advisory or Fiduciary Responsibility*. The Company hereby acknowledges that the Underwriter are acting solely as Underwriter in connection with the Offering. The Company further acknowledges that the Underwriter is 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 Underwriter 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 Underwriter may undertake or have undertaken in furtherance of the Offering, either before or after the date hereof. The Underwriter 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 Underwriter 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 Underwriter 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 Underwriter 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 11. *Underwriter Default*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Underwriter shall default in its or their obligation to purchase the Firm Shares, and if the Firm Shares with respect to which such default relates (the "Default Securities") do not (after giving effect to arrangements, if any, made by the Underwriter pursuant to subsection (b) below) exceed in the aggregate ten percent (10%) of the number of Firm Shares, each non-defaulting Underwriter, acting severally and not jointly, agrees to purchase from the Company that number of Default Securities that bears the same proportion to the total number of Default Securities then being purchased as the number of Firm Shares set forth opposite the name of such Underwriter on <u>Schedule A</u> hereto bears to the aggregate number of Firm Shares set forth opposite the names of the non-defaulting Underwriter; subject, however, to such adjustments to eliminate fractional shares as the Underwriter in its sole discretion shall make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the aggregate number of Default Securities exceeds ten percent (10%) of the number of Firm Shares, the Underwriter may in its discretion arrange for itself or for another party or parties (including any non-defaulting Underwriter who so agree) to purchase the Default Securities on the terms contained herein. In the event that within five (5) calendar days after such a default the Underwriter does not arrange for the purchase of the Default Securities as provided in <u>this Section 11</u>, this Agreement shall thereupon terminate, without liability on the part of the Company with respect thereto (except in each case as provided in Sections 4, 8, 9, 11 and 12) or the Underwriter, but nothing in this Agreement shall relieve a defaulting Underwriter of their liability, if any, to the Company for damages related to its or their default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Default Securities are to be purchased by the non-defaulting Underwriter, or are to be purchased by another party or parties as aforesaid, the Underwriter or the Company shall have the right to postpone the Closing Date for a period, not exceeding five (5) Business Days, in order to effect whatever changes may thereby be necessary in the Registration Statement or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment or supplement to the Registration Statement or the Prospectus which, in the reasonable opinion of Underwriter's counsel, may be necessary or advisable. The term "Underwriter" as used in this Agreement shall include any party substituted under this Section 11 with like effect as if it had originally been a party to this Agreement with respect to such Default Securities.

SECTION 12. *Representations and Indemnities to Survive Delivery; Third Party Beneficiaries*. The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers, and of the Underwriter 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 Underwriter 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 13. *Notices*. All communications hereunder shall be in writing and shall be mailed, hand delivered, emailed or telecopied and confirmed to the parties hereto as follows:

**If to the Underwriter:**

Prime Number Capital LLC

12 E 49 St, Floor 27,

New York, NY 10017

Attn: **Xiaoyan Jiang**

Email: **xj@pncps.com**

**With a copy (*which shall not constitute notice*) to:**

Kaufman & Canoles, P.C.

Two James Center, 14th Floor

1021 East Cary Street

Richmond, Virginia 23219

Attn: Anthony W. Basch, Esq.

Email: awbasch@kaufcan.com

Phone No.: 804-771-5700

**If to the Company:**

20F, Haowei Technology Building No. 8

Keji South Road, High-tech Industrial Park South District, Nanshan District

Shenzhen 518051, People's Republic of China

Attn: Zhiwei Zheng

Email: [●]

**With a copy (*which shall not constitute notice*) to:**

Prudentia Law Corporation

533 Airport Blvd., Suite 400

Burlingame, CA 94010

Attn: Anthony Patel

Email: tony@prudentialaw.com

Phone No.: 650-268-8128

Any party hereto may change the address for receipt of communications by giving written notice to the others.

SECTION 14. *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 8</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 or the Underwriter's Securities as such merely by reason of such purchase.

SECTION 15. *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 16. *Governing Law; Submission to Jurisdiction; Trial by Jury*. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without giving effect to the choice of law or conflict of laws principles thereof.

Any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York (each, a "**New York Court**"), and 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 the <u>Section 13</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 Underwriter agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor as determined in a final judgment by a court of competent jurisdiction. The Company and the Underwriter hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

SECTION 17. *Enforceability of Judgment.* The Company agrees that any final judgment against the Company for a fixed or readily calculable sum of money rendered by a New York Court having jurisdiction under its own domestic laws in respect of any suit, action or proceeding against the Company based upon this Agreement or any transaction contemplated herein and therein would be recognized and enforced, without re-examination or review of the merits of the underlying dispute by the courts of the Cayman Islands or the PRC, or the cause of action in respect of which the original judgment was given or re-litigation of the matters adjudicated upon, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands or the courts of the PRC, provided that (i) with respect to courts of the Cayman Islands (a) such New York Court had proper jurisdiction over the parties subject to such judgment; (b) such judgment was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands; (c) such judgment was not obtained by fraud; (d) such judgment is not in respect of taxes, a fine or a penalty; (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of the Cayman Islands; and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands, and [(ii) with respect to courts of the PRC, (A) adequate service of process has been effected and the defendant has had a reasonable opportunity to be heard, (B) such judgments or the enforcement thereof are not contrary to the law, public policy, security or sovereignty of the PRC, (C) such judgments were not obtained by fraudulent means and do not conflict with any other valid judgment in the same matter between the same parties and (D) an action between the same parties in the same matter is not pending in any PRC court at the time the lawsuit is instituted in a foreign court]. The Company is not aware of any reason why the enforcement in the Cayman Islands or the PRC of such a New York Court judgment would be, as of the date hereof, contrary to natural justice of the public policy of the Cayman Islands or the PRC.

SECTION 18. *General Provisions*. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations with respect to the Offering. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all 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 8</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 8</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 Underwriter 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 Underwriter, the officers or employees of the Underwriter, any person controlling any of the Underwriter, the Company, the officers or employees of the Company, or any person controlling the Company, (ii) acceptance of the Offered Securities and payment for them as contemplated hereby and (iii) termination of this Agreement.

[*Signature Page Follows*]

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms.

---

| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| **Zerolimit Technology Holding Co. Ltd.** | **Zerolimit Technology Holding Co. Ltd.** | **Zerolimit Technology Holding Co. Ltd.** |
| By: |  |  |
|  | Name: | Zhiwei Zheng |
|  | Title: | Chief Executive Officer |

---

The foregoing Underwriting Agreement is hereby confirmed and accepted by the Underwriter as of the date first above written.

---

| | | |
|:---|:---|:---|
| For itself and on behalf of the several | For itself and on behalf of the several | For itself and on behalf of the several |
| Underwriter listed on Schedule A hereto | Underwriter listed on Schedule A hereto | Underwriter listed on Schedule A hereto |
| **PRIME NUMBER CAPITAL LLC** | **PRIME NUMBER CAPITAL LLC** | **PRIME NUMBER CAPITAL LLC** |
| By: |  |  |
|  | Name: | **Xiaoyan Jiang** |
|  | Title: | **Chairwoman** |

---

**SCHEDULE A**

---

| | |
|:---|:---|
| **Underwriter** | **Number of <br> Firm Shares** |
| Prime Number Capital LLC | **[●]** |
| **Total** | **[●]** |

---

**SCHEDULE B**

**<u>Issuer Free Writing Prospectus(es)</u>**

[●]

**SCHEDULE C**

**Pricing Information**

Number of Firm Shares: [●]

Number of Additional Shares: [●]

Number of Underwriter's Warrants: [●]

Public Offering Price per Firm Share: $[●]

Public Offering Price per Additional Share: $[●]

Underwriting Discount per one Share: 7% per Firm Share (or $[●] per share)

Underwriting Discount per one Share: 7% per Additional Share (or $[●] per share)

Non-accountable expense allowance per Firm Share: 1% per share (or $[●] per share)

Non-accountable expense allowance per Additional Share: 1% per share (or $[●] per share

Proceeds to Company per one Firm Share (before expenses): $[●]

Proceeds to Company per one Additional Share (before expenses): $[●]

**SCHEDULE D**

**Lock-Up Parties**

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| |
|:---|
| **Name** |
| **[●]** |
| **[●]** |

---

**SCHEDULE E**

**SUBSIDIARIES AND VARIABLE INTEREST ENTITY OF THE REGISTRANT**

---

| | |
|:---|:---|
| <br> **Subsidiaries** | **Place of<br> Incorporation** |

---

---

| | |
|:---|:---|
| **Variable Interest Entity** | **Place of<br> Incorporation** |

---

---

| | |
|:---|:---|
| **Subsidiaries of Variable Interest Entity** | **Place of<br> Incorporation** |

---

**EXHIBIT A**

**Form of Lock-Up Agreement**

[●], 2025

Prime Number Capital LLC,

As the Underwriter of the Company

12 E 49 St, Floor 27,

New York, NY 10017

Ladies and Gentlemen:

The undersigned understands that Prime Number Capital LLC, the Underwriter (the "<u>Underwriter</u>"), propose to enter into an underwriting agreement (the "<u>Underwriting Agreement</u>") with Zerolimit Technology Holding Co. Ltd., a Cayman Islands exempted company with limited liability (the "<u>Company</u>"), in connection to the initial public offering (the "<u>Offering</u>") of the Company's ordinary shares, par value $0.0001 per share (the "<u>Shares</u>").

To induce the Underwriter to continue its efforts in connection with the Offering, the undersigned hereby agrees that, without the prior written consent of the Underwriter, the undersigned will not, during the period commencing on the date hereof and ending six (6) months from the effective date of the registration statement associated with the Offering (the "<u>Lock-Up Period</u>"), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for the Shares (collectively, the "<u>Lock-Up Securities</u>"); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of the Lock-Up Securities, in cash or otherwise. The foregoing sentence shall not apply to (a) transactions relating to the Shares or other securities acquired in open market transactions after the completion of the Offering, or (b) transfers of the Lock-Up Securities as a *bona fide* gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes of this lock-up agreement, "family member" means any relationship by blood, marriage or adoption, not more remote than first cousin); *provided* that in the case of any transfer or distribution pursuant to clause (b), each donee or distributee shall sign and deliver a lock-up letter substantially in the form of this lock-up agreement; (c) transfers of Lock-Up Securities to a charity or educational institution; (d) if the undersigned, directly or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may be; (e) if the undersigned is a trust, to a trustee or beneficiary of the trust; *provided that* in the case of any transfer pursuant to the foregoing clauses (b), (c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Underwriter a lock-up agreement substantially in the form of this lock-up agreement, (iii) no filing under Section 13 of the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") or other filing or public announcement shall be required or shall be voluntarily made, (f) the receipt by the undersigned from the Company of ordinary shares upon the vesting of restricted share awards or share units or upon the exercise of options to purchase the Company's ordinary shares issued under an equity incentive plan of the Company or an employment arrangement described in the Pricing Prospectus (as defined in the Underwriting Agreement) (the "<u>Plan Shares</u>") or the transfer of ordinary shares or any securities convertible into ordinary shares to the Company upon a vesting event of the Company's securities or upon the exercise of options to purchase the Company's securities, in each case on a "cashless" or "net exercise" basis or to cover tax obligations of the undersigned in connection with such vesting or exercise, but only to the extent such right expires during the Lock-up Period, provided that no filing under Section 13 of the Exchange Act or other public announcement shall be required or shall be voluntarily made within 90 days after the date of the Underwriting Agreement, and after such 90<sup>th</sup> day, if the undersigned is required to file a report under Section 13 or Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of ordinary shares during the Lock-Up Period, the undersigned shall include a statement in such schedule or report to the effect that the purpose of such transfer was to cover tax withholding obligations of the undersigned in connection with such vesting or exercise and, provided further, that the Plan Shares shall be subject to the terms of this lock-up agreement; (g) the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Lock-Up Securities, provided that (i) such plan does not provide for the transfer of Lock-Up Securities during the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act will be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan; and (h) the transfer of Lock-Up Securities that occurs by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, provided that the transferee agrees to sign and deliver a lock-up agreement substantially in the form of this lock-up agreement for the balance of the Lock-Up Period, and provided further, that any filing under Section 13 of the Exchange Act that is required to be made during the Lock-Up Period as a result of such transfer shall include a statement that such transfer has occurred by operation of law (collectively, "**Permitted Transfers**"). In addition, the undersigned agrees that, without the prior written consent of the Underwriter, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

No provision in this lock-up agreement shall be deemed to restrict or prohibit (i) the adoption of an equity incentive plan and the grant of awards or equity pursuant to any equity incentive plan, and the filing of a registration statement on Form S-8; *provided*, however, that any sales by parties to this lock-up agreement shall be subject to this lock-up agreement, (ii) the issuance of ordinary shares in connection with the exercise of outstanding warrants of the Company; *provided* that this lock-up agreement shall apply to any of the undersigned's shares issued upon such exercise, or (iii) the issuance of securities in connection with an acquisition or a strategic relationship which may include the sale or equity securities; *provided*, that none of such shares shall be saleable in the public market until the expiration of the 180 day period described above.

If the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable to any securities that the undersigned may purchase in the Offering; and (ii) the Underwriter agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Underwriter will notify the Company of the impending release or waiver. Any release or waiver granted by the Underwriter hereunder to any such officer or director shall only be effective two (2) business days after the release or waiver. The provisions of this paragraph will not apply if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration or in connection with any other Permitted Transfer and (b) the transferee has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The undersigned understands that the Company and the Underwriter are relying upon this lock- up agreement in proceeding toward consummation of the Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned's heirs, legal Underwriter, successors and assigns.

The undersigned understands that, if (i) the Underwriting Agreement is not executed by [●], 2025, or (ii) the Company notifies the Underwriter in writing that it does not intend to proceed with the Offering, or (iii) the Underwriting Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold thereunder, the undersigned shall be released from all obligations under this lock-up agreement.

Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Underwriter. The undersigned acknowledges that no assurances are given by the Company or the Underwriter that any Offering will be consummated. This lock-up agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York.

[*Signature Page Follows*]

---

| |
|:---|
| Very truly yours, |
| (Signature) |

---

---

| |
|:---|
| Address: |
| Email: |
| Date: |

---

**EXHIBIT B**

**Form of Underwriter's Warrant**

## Exhibit 3.1

**Exhibit 3.1**

---

| | |
|:---|:---|
| Dated 02 February 2023 | Dated 02 February 2023 |
| **Companies Act (Revised)**<br>**Company Limited by Shares**<br>**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.** | **Companies Act (Revised)**<br>**Company Limited by Shares**<br>**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.** |
|  | **<br> memorandum of association<br>**  |

---

![](image_023.jpg)

**Companies Act (Revised)**

**Company Limited by Shares**

**Memorandum of Association**

**of**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**

1 The name of the Company is ZEROLIMIT TECHNOLOGY HOLDING CO. LTD..

2 The Company's registered office will be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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).

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

8 The share capital of the Company is USD50,000 divided into 50,000 Ordinary shares of par value USD1.00 each. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

We, the subscriber to this memorandum of association, wish to be formed into a company pursuant to this memorandum; and we agree to take the number of shares in the capital of the Company shown opposite our name in the table below.

Dated 02 February 2023

---

| | | |
|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>| 1 | <br>per:_________________________<br>Name:<br>Authorised Signatory<br>|
| **Witness to above signature** | <br>_________________________<br>Name:<br>Ogier Global (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>Occupation: Administrator | <br>_________________________<br>Name:<br>Ogier Global (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>Occupation: Administrator |

---

---

| | |
|:---|:---|
| Dated 02 February 2023 | Dated 02 February 2023 |
| **Companies Act (Revised)**<br>**Company Limited by Shares**<br>**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.** | **Companies Act (Revised)**<br>**Company Limited by Shares**<br>**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.** |
|  | **<br> ARTICLES of association<br>**  |

---

![](image_021.jpg)

**CONTENTS**

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| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | 1 |
| Interpretation | 2 |
| Exclusion of Table A Articles | 3 |
| **2 Shares** | **3** |
| Power to issue Shares and options, with or without special rights | 3 |
| Power to issue fractions of a Share | 4 |
| Power to pay commissions and brokerage fees | 4 |
| Trusts not recognised | 4 |
| Power to vary class rights | 4 |
| Effect of new Share issue on existing class rights | 5 |
| Capital contributions without issue of further Shares | 5 |
| No bearer Shares or warrants | 5 |
| Treasury Shares | 5 |
| Rights attaching to Treasury Shares and related matters | 5 |
| **3 Share certificates** | **6** |
| Issue of share certificates | 6 |
| Renewal of lost or damaged share certificates | 6 |
| **4 Lien on Shares** | **7** |
| Nature and scope of lien | 7 |
| Company may sell Shares to satisfy lien | 7 |
| Authority to execute instrument of transfer | 7 |
| Consequences of sale of Shares to satisfy lien | 7 |
| Application of proceeds of sale | 8 |
| **5 Calls on Shares and forfeiture** | **8** |
| Power to make calls and effect of calls | 8 |
| Time when call made | 8 |
| Liability of joint holders | 8 |
| Interest on unpaid calls | 8 |
| Deemed calls | 9 |
| Power to accept early payment | 9 |
| Power to make different arrangements at time of issue of Shares | 9 |
| Notice of default | 9 |
| Forfeiture or surrender of Shares | 9 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 9 |
| Effect of forfeiture or surrender on former Member | 10 |
| Evidence of forfeiture or surrender | 10 |
| Sale of forfeited or surrendered Shares | 10 |
| **6 Transfer of Shares** | **11** |
| Form of transfer | 11 |
| Power to refuse registration | 11 |
| Notice of refusal to register | 11 |
| Power to suspend registration | 11 |
| Fee, if any, payable for registration | 11 |
| Company may retain instrument of transfer | 11 |
| **7 Transmission of Shares** | **12** |
| Persons entitled on death of a Member | 12 |
| Registration of transfer of a Share following death or bankruptcy | 12 |
| Indemnity | 12 |
| Rights of person entitled to a Share following death or bankruptcy | 12 |
| **8 Alteration of capital** | **13** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 13 |
| Dealing with fractions resulting from consolidation of Shares | 13 |
| Reducing share capital | 13 |
| **9 Redemption and purchase of own Shares** | **14** |
| Power to issue redeemable Shares and to purchase own Shares | 14 |
| Power to pay for redemption or purchase in cash or in specie | 14 |
| Effect of redemption or purchase of a Share | 14 |
| **10 Meetings of Members** | **15** |
| Power to call meetings | 15 |
| Content of notice | 15 |
| Period of notice | 16 |
| Persons entitled to receive notice | 16 |
| Publication of notice on a website | 16 |
| Time a website notice is deemed to be given | 16 |
| Required duration of publication on a website | 16 |
| Accidental omission to give notice or non-receipt of notice | 17 |
| **11 Proceedings at meetings of Members** | **17** |
| Quorum | 17 |
| Lack of quorum | 17 |
| Use of technology | 17 |
| Chairman | 18 |
| Right of a director to attend and speak | 18 |
| Adjournment | 18 |
| Method of voting | 18 |
| Outcome of vote by show of hands | 18 |
| Withdrawal of demand for a poll | 18 |
| Taking of a poll | 19 |
| Chairman's casting vote | 19 |
| Amendments to resolutions | 19 |
| Written resolutions | 20 |
| Sole-member company | 20 |
| **12 Voting rights of Members** | **20** |
| Right to vote | 20 |
| Rights of joint holders | 21 |
| Representation of corporate Members | 21 |
| Member with mental disorder | 21 |
| Objections to admissibility of votes | 21 |
| Form of proxy | 21 |
| How and when proxy is to be delivered | 22 |
| Voting by proxy | 23 |
| **13 Number of directors** | **23** |
| **14 Appointment, disqualification and removal of directors** | **23** |
| First directors | 23 |
| No age limit | 23 |
| Corporate directors | 23 |
| No shareholding qualification | 23 |
| Appointment of directors | 24 |
| Removal of directors | 24 |
| Resignation of directors | 24 |
| Termination of the office of director | 25 |
| **15 Alternate directors** | **25** |
| Appointment and removal | 25 |
| Notices | 26 |
| Rights of alternate director | 26 |
| Appointment ceases when the appointor ceases to be a director | 26 |
| Status of alternate director | 27 |
| Status of the director making the appointment | 27 |
| **16 Powers of directors** | **27** |
| Powers of directors | 27 |
| Appointments to office | 27 |
| Remuneration | 28 |
| Disclosure of information | 28 |
| **17 Delegation of powers** | **29** |
| Power to delegate any of the directors' powers to a committee | 29 |
| Power to appoint an agent of the Company | 29 |
| Power to appoint an attorney or authorised signatory of the Company | 29 |
| Power to appoint a proxy | 30 |
| **18 Meetings of directors** | **30** |
| Regulation of directors' meetings | 30 |
| Calling meetings | 30 |
| Notice of meetings | 30 |
| Period of notice | 30 |
| Use of technology | 30 |
| Place of meetings | 30 |
| Quorum | 30 |
| Voting | 31 |
| Validity | 31 |
| Recording of dissent | 31 |
| Written resolutions | 31 |
| Sole director's minute | 31 |
| **19 Permissible directors' interests and disclosure** | **31** |
| Permissible interests subject to disclosure | 31 |
| Notification of interests | 32 |
| Voting where a director is interested in a matter | 32 |
| **20 Minutes** | **33** |
| **21 Accounts and audit** | **33** |
| Accounting and other records | 33 |
| No automatic right of inspection | 33 |
| Sending of accounts and reports | 33 |
| Time of receipt if documents are published on a website | 33 |
| Validity despite accidental error in publication on website | 34 |
| When accounts are to be audited | 34 |
| **22 Financial year** | **34** |
| **23 Record dates** | **44** |
| **24 Dividends** | **44** |
| Declaration of dividends by Members | 34 |
| Payment of interim dividends and declaration of final dividends by directors | 34 |
| Apportionment of dividends | 35 |
| Right of set off | 35 |
| Power to pay other than in cash | 35 |
| How payments may be made | 36 |
| Dividends or other moneys not to bear interest in absence of special rights | 36 |
| Dividends unable to be paid or unclaimed | 36 |
| **25 Capitalisation of profits** | **37** |
| Capitalisation of profits or of any share premium account or capital redemption reserve | 37 |
| Applying an amount for the benefit of members | 37 |
| **26 Share premium account** | **37** |
| Directors to maintain share premium account | 37 |
| Debits to share premium account | 37 |
| **27 Seal** | **38** |
| Company seal | 38 |
| Duplicate seal | 38 |
| When and how seal is to be used | 38 |
| If no seal is adopted or used | 38 |
| Power to allow non-manual signatures and facsimile printing of seal | 38 |
| Validity of execution | 38 |
| **28 Indemnity** | **39** |
| Indemnity | 39 |
| Release | 39 |
| Insurance | 39 |
| **29 Notices** | **40** |
| Form of notices | 40 |
| Electronic communications | 40 |
| Persons authorised to give notices | 40 |
| Delivery of written notices | 40 |
| Joint holders | 40 |
| Signatures | 41 |
| Evidence of transmission | 41 |
| Giving notice to a deceased or bankrupt Member | 41 |
| Date of giving notices | 41 |
| Saving provision | 42 |
| **30 Authentication of Electronic Records** | **42** |
| Application of Articles | 42 |
| Authentication of documents sent by Members by Electronic means | 42 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 42 |
| Manner of signing | 43 |
| Saving provision | 43 |
| **31 Transfer by way of continuation** | **43** |
| **32 Winding up** | **44** |
| Distribution of assets in specie | 44 |
| No obligation to accept liability | 44 |
| The directors are authorised to present a winding up petition | 44 |
| **33 Amendment of Memorandum and Articles** | **44** |
| Power to change name or amend Memorandum | 44 |
| Power to amend these Articles | 44 |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Articles of Association**

**of**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**

1 Definitions, interpretation and exclusion of Table A

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised).

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

**Business Day** means a day other than a public holiday in the place where the Company's registered office is located, a Saturday or a Sunday.

**Clear Days**, in relation to a period of notice, means that period excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the day for which it is given or on which it is to take effect.

**Company** means the above-named company.

**Default Rate** means 10% (ten per cent) per annum.

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised).

**Fully Paid** and **Paid Up**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth.

**Islands** means the British Overseas Territory of the Cayman Islands.

**Member** means any person or persons entered on the register of members from time to time as the holder of a Share.

**Memorandum** means the Memorandum of Association of the Company as amended from time to time.

**Officer** means a person appointed to hold an office in the Company; and the expression includes a director, alternate director or liquidator, but does not include the Secretary.

**Ordinary Resolution** means a resolution of a duly constituted general meeting of the Company passed by a simple majority of the votes cast by, or on behalf of, the Members entitled to vote. The expression also includes a unanimous written resolution.

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary.

**Share** means a share in the share capital of the Company; and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a share.

**Special Resolution** has the meaning given to that term in the Act; and the expression includes a unanimous written resolution.

**Treasury Shares** means Shares of the Company held in treasury pursuant to the Act and Article 2.12.

**Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Islands as known by its
short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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.

**Exclusion of Table A Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

---

| | |
|:---|:---|
| 2 | Shares |

---

**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and the Articles about the redemption and purchase of the Company's
own Shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant
options over or otherwise deal with any unissued Shares of the Company to such persons, at such times and on such terms and conditions
as they may decide. No Share may be issued at a discount except in accordance with the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Without limitation to the preceding Article, the directors may so deal with the unissued Shares of the
Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions whether in regard to dividend,
voting, return of capital or otherwise.

**Power to issue fractions of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional

for any Shares in the Company. That commission may be satisfied by the payment of cash or the allotment of Fully Paid or partly-paid Shares or partly in one way and partly in another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Except as required by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding two thirds of the issued Shares of that class consent in writing to the variation;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 For the purpose of paragraph (b) of the preceding Article, all the provisions of these Articles relating
to general meetings apply, mutatis mutandis, to every such separate meeting except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Member holding issued Shares of the class, present in person or by proxy or, in the case of a corporate
Member, by its duly authorised representative, may demand a poll.

**Effect of new Share issue on existing class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking pari passu with the existing
Shares of that class.

**Capital contributions without issue of further Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 With the consent of a Member, the directors may accept a voluntary contribution to the capital of the
Company from that Member without issuing Shares in consideration for that contribution. In that event, the contribution shall be dealt
with in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It shall be treated as if it were a share premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Member agrees otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Member holds Shares in a single class of Shares - it shall be credited to the share premium account
for that class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Member holds Shares of more than one class - it shall be credited rateably to the share premium
accounts for those classes of Shares (in the proportion that the sum of the issue prices for each class of Shares that the Member holds
bears to the total issue prices for all classes of Shares that the Member holds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall be subject to the provisions of the Act and these Articles applicable to share premiums.

**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 The Company shall be entered in the Register as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Nothing in the preceding Article prevents an allotment of Shares as fully paid bonus shares in respect
of a Treasury Share and Shares allotted as fully paid bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the directors determine.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Upon being entered in the register of members as the holder of a Share, a Member shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, to one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the directors may determine for every certificate after the first,
to several certificates each for one or more of that Member's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Every certificate shall specify the number, class and distinguishing numbers (if any) of the Shares to
which it relates and whether they are Fully Paid or partly paid up. A certificate may be executed under seal or executed in such other
manner as the directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Company shall not be bound to issue more than one certificate for Shares held jointly by several persons
and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery to all of them.

**Renewal of lost or damaged share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 If a share certificate is defaced, worn-out, lost or destroyed, it may be renewed on such terms (if any)
as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any, for issuing a replacement share certificate

as the directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Company has a first and paramount lien on all Shares (whether Fully Paid or not) registered in the
name of a Member (whether solely or jointly with others). The lien is for all moneys payable to the Company by the Member or the Member's
estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those moneys are presently payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At any time the directors may declare any Share to be wholly or partly exempt from the provisions of this
Article.

**Company may sell Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within 14 Clear Days after that notice is deemed to be given under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Shares may be sold in such manner as the directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To give effect to a sale, the directors may authorise any person to execute an instrument of transfer
of the Shares sold to, or in accordance with the directions of, the purchaser. The title of the transferee of the Shares shall not be
affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 On sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of members as the holder of those
Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate for those Shares.

Despite this, that person shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect of those Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at the rate at which interest was payable before that sale or, failing that, at the Default Rate. The directors may waive payment wholly or in part or enforce payment without any allowance for the value of the Shares at the time of sale or for any consideration received on their disposal.

**Application of proceeds of sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 The net proceeds of the sale, after payment of the costs, shall be applied in payment of so much of the
sum for which the lien exists as is presently payable. Any residue shall be paid to the person whose Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Shares was issued, upon surrender to the Company of that certificate for cancellation

but, in either case, subject to the Company retaining a like lien for all sums not presently payable as existed on the Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Subject to the terms of allotment, the directors may make calls on the Members in respect of any moneys
unpaid on their Shares including any premium. The call may provide for payment to be by instalments. Subject to receiving at least 14
Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company the amount called on his Shares
as required by the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 If the notice under the preceding Article is not complied with, the directors may, before the payment
required by the notice has been received, resolve that any Share the subject of that notice be forfeited. The forfeiture shall include
all dividends or other moneys payable in respect of the forfeited Share and not paid before the forfeiture. Despite the foregoing, the
directors may determine that any Share the subject of that notice be accepted by the Company as surrendered by the Member holding that
Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 A forfeited or surrendered Share may be sold, re-allotted or otherwise disposed of on such terms and in
such manner as the directors determine either to the former Member who held that Share or to any other person. The forfeiture or surrender
may be cancelled on such terms as the directors think fit at any time before a sale, re-allotment or other disposition. Where, for the
purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the directors may authorise some person
to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 Despite the forfeiture or surrender of his Shares, that person shall remain liable to the Company for
all moneys which at the date of forfeiture or surrender were presently payable by him to the Company in respect of those Shares together
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 moneys 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

**Form of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Subject to the following Articles about the transfer of Shares, a Member may transfer Shares to another
person by completing an instrument of transfer, in a common form or in a form approved by the directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

**Power to refuse registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The directors may refuse to register the transfer of a Share to any person. They may do so in their absolute
discretion, without giving any reason for their refusal, and irrespective of whether the Share is Fully Paid or the Company has no lien
over it.

**Notice of refusal to register**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 If the directors refuse to register a transfer of a Share, they must send notice of their refusal to the
existing Member within two months after the date on which the transfer was lodged with the Company.

**Power to suspend registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The directors may suspend registration of the transfer of Shares at such times and for such periods, not
exceeding 30 days in any calendar year, as they determine.

**Fee, if any, payable for registration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 If the directors so decide, the Company may charge a reasonable fee for the registration of any instrument
of transfer or other document relating to the title to a Share.

**Company may retain instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 The Company shall be entitled to retain any instrument of transfer which is registered; but an instrument
of transfer which the directors refuse to register shall be returned to the person lodging it when notice of the refusal is given.

7 Transmission of Shares

**Persons entitled on death of a Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect of
any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 That person must produce such evidence of his entitlement as the directors may properly require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is partly paid, the transferor and the transferee must execute an instrument of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 A person becoming entitled to a Share by reason of the death or bankruptcy of a Member shall have the
rights to which he would be entitled if he were registered as the holder of the Share. But, until he is registered as Member in respect
of the Share, he shall not be entitled to attend or vote at any meeting of the Company or at any separate meeting of the holders of that
class of Shares in the Company.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute the net proceeds in due proportion among those Members.

For that purpose, the directors may authorise some person to execute an instrument of transfer of the Shares to, or in accordance with the directions of, the purchaser. The transferee shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act, and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 Act, 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Shares, as the directors may determine.

For the purpose of this Article, the date of redemption or purchase is the date when the redemption or purchase falls due.

10 Meetings of Members

**Power to call meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The directors may call a general meeting at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 If there are insufficient directors to constitute a quorum and the remaining directors are unable to agree
on the appointment of additional directors, the directors must call a general meeting for the purpose of appointing additional directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The requisition must be in writing and given by one or more Members who together hold at least 10% of
the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Should the directors fail to call a general meeting within 21 Clear Days from the date of receipt of a
requisition, the requisitioners or any of them may call a general meeting within three months after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Without limitation to the foregoing, if there are insufficient directors to constitute a quorum and the
remaining directors are unable to agree on the appointment of additional directors, any one or more Members who together hold at least
10% of the rights to vote at a general meeting may call a general meeting for the purpose of considering the business specified in the
notice of meeting which shall include as an item of business the appointment of additional directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the meeting is to be held in two or more places, the technology that will be used to facilitate the
meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to paragraph (d), the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 At least five Clear Days' notice of a general meeting must be given to Members. But a meeting may be convened
on shorter notice with the consent of the Member or Members who, individually or collectively, hold at least 90% of the voting rights
of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Subject to the provisions of these Articles and to any restrictions imposed on any Shares, the notice
shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the directors.

**Publication of notice on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 Subject to the Act, a notice of a general meeting may be published on a website providing the recipient
is given separate notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the publication of the notice on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the place on the website where the notice may be accessed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the place, date and time of the general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 If a Member notifies the Company that he is unable for any reason to access the website, the Company must
as soon as practicable give notice of the meeting to that Member by any other means permitted by these Articles. But this will not affect
when that Member is deemed to have received notice of the meeting.

**Time a website notice is deemed to be given**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 A website notice is deemed to be given when the Member is given notice of its publication.

**Required duration of publication on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 Where the notice of meeting is published on a website, it shall continue to be published in the same place
on that website from the date of the notification until the conclusion of the meeting to which the notice relates.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: two Members.

**Lack of quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If a quorum is not present within 15 minutes of the time appointed for the meeting, or if at any time
during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 15 minutes of the time appointed for the
adjourned meeting, then the Members present in person or by proxy shall constitute a quorum.

**Use of technology**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 A person may participate in a general meeting through the medium of conference telephone, video or any
other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other throughout
the meeting. A person participating in this way is deemed to be present in person at the meeting.

**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The chairman of a general meeting shall be the chairman of the board or such other director as the directors
have nominated to chair board meetings in the absence of the chairman of the board. Absent any such person being present within 15 minutes
of the time appointed for the meeting, the directors present shall elect one of their number to chair the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 If no director is present within 15 minutes of the time appointed for the meeting, or if no director is
willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair the
meeting.

**Right of a director to attend and speak**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Even if a director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares in the Company.

**Adjournment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 The chairman may at any time adjourn a meeting with the consent of the Members constituting a quorum.
The chairman must adjourn the meeting if so directed by the meeting. No business, however, can be transacted at an adjourned meeting other
than business which might properly have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 Should a meeting be adjourned for more than seven Clear Days, whether because of a lack of quorum or otherwise,
Members shall be given at least seven Clear Days' notice of the date, time and place of the adjourned meeting and the general nature of
the business to be transacted. Otherwise it shall not be necessary to give any notice of the adjournment.

**Method of voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 A resolution put to the vote of the meeting shall be decided on a show of hands unless before, or on the
declaration of the result of the show of hands, a poll is duly demanded. A poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by any Member or Members present who, individually or collectively, hold at least 10% of the voting rights
of all those who have a right to vote on the resolution.

**Outcome of vote by show of hands**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 Unless a poll is duly demanded, a declaration by the chairman as to the result of a resolution and an
entry to that effect in the minutes of the meeting shall be conclusive evidence of the outcome of a show of hands without proof of the
number or proportion of the votes recorded in favour of or against the resolution.

**Withdrawal of demand for a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 The demand for a poll may be withdrawn before the poll is taken, but only with the consent of the chairman.
The chairman shall announce any such withdrawal to the meeting and, unless another person forthwith demands a poll, any earlier show of
hands on that resolution shall be treated as the vote on that resolution; if there has been no earlier show of hands, then the resolution
shall be put to the vote of the meeting.

**Taking of a poll**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 A poll demanded on the question of adjournment shall be taken immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 A poll demanded on any other question shall be taken either immediately or at an adjourned meeting at
such time and place as the chairman directs, not being more than 30 Clear Days after the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 The demand for a poll shall not prevent the meeting continuing to transact any business other than the
question on which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not
be Members) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held in more
than place, the chairman may appoint scrutineers in more than place; but if he considers that the poll cannot be effectively monitored
at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

**Chairman's casting vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 If the votes on a resolution, whether on a show of hands or on a poll, are equal the chairman may if he
wishes exercise a casting vote.

**Amendments to resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 An Ordinary Resolution to be proposed at a general meeting may be amended by Ordinary Resolution if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the meeting is to take place (or such later time as the chairman of the
meeting may determine), notice of the proposed amendment is given to the Company in writing by a Member entitled to vote at that meeting;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the proposed amendment does not, in the reasonable opinion of the chairman of the meeting, materially
alter the scope of the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 A Special Resolution to be proposed at a general meeting may be amended by Ordinary Resolution, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chairman of the meeting proposes the amendment at the general meeting at which the resolution is to
be proposed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amendment does not go beyond what the chairman considers is necessary to correct a grammatical or
other non-substantive error in the resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 If the chairman of the meeting, acting in good faith, wrongly decides that an amendment to a resolution
is out of order, the chairman's error does not invalidate the vote on that resolution.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 Members may pass a resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote are given notice of the resolution as if the same were being proposed at
a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22 The directors may determine the manner in which written resolutions shall be put to Members. In particular,
they may provide, in the form of any written resolution, for each Member to indicate, out of the number of votes the Member would have
been entitled to cast at a meeting to consider the resolution, how many votes he wishes to cast in favour of the resolution and how many
against the resolution or to be treated as abstentions. The result of any such written resolution shall be determined on the same basis
as on a poll.

**Sole-member company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 If the Company has only one Member, and the Member records in writing his decision on a question, that
record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting, whether on a show of hands or on a poll, and all Members holding Shares
of a particular class of Shares are entitled to vote at a meeting of the holders of that class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 On a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual who represents
two or more Members, including a Member in that individual's own right, that individual shall be entitled to a separate vote for each
Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 A fraction of a Share shall entitle its holder to an equivalent fraction of one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 The authorisation may be for any period of time, and must be delivered to the Company not less than two
hours before the commencement of the meeting at which it is first used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 A Member in respect of whom an order has been made by any court having jurisdiction (whether in the Islands
or elsewhere) in matters concerning mental disorder may vote, whether on a show of hands or on a poll, by that Member's receiver, curator
bonis or other person authorised in that behalf appointed by that court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 An instrument appointing a proxy shall be in any common form or in any other form approved by the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with the Article above about signing proxies; but such revocation will not affect the validity of any acts carried out by the proxy before
the directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 Subject to the following Articles, the form of appointment of a proxy and any authority under which it
is signed (or a copy of the authority certified notarially or in any other way approved by the directors) must be delivered so that it
is received by the Company at any time before the time for holding the meeting or adjourned meeting at which the person named in the form
of appointment of proxy proposes to vote. They must be delivered in either of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&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;12.22 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it is taken more than seven Clear Days after it is demanded, the form of appointment of a proxy and
any accompanying authority (or an Electronic Record of the same) must be delivered as required under the preceding Article not less than
24 hours before the time appointed for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) but if it to be taken within seven Clear Days after it was demanded, the form of appointment of a proxy
and any accompanying authority (or an Electronic Record of the same) must be e delivered as required under the preceding Article not less
than two hours before the time appointed for the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 If the form of appointment of proxy is not delivered on time, it is invalid.

**Voting by proxy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 A proxy shall have the same voting rights at a meeting or adjourned meeting as the Member would have had
except to the extent that the instrument appointing him limits those rights. Notwithstanding the appointment of a proxy, a Member may
attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote by his proxy on the same resolution, unless
in respect of different Shares, shall be invalid.

13 Number of directors

Unless otherwise determined by Ordinary Resolution, the minimum number of directors shall be one and the maximum number shall be ten. There shall be no directors, however, until the first director is or the first directors are appointed by the subscriber or subscribers to the Memorandum.

14 Appointment, disqualification and removal of directors

**First directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The first directors shall be appointed in writing by the subscriber or subscribers to the Memorandum.

**No age limit**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 There is no age limit for directors save that they must be aged at least 18 years.

**Corporate directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Notwithstanding the other provisions of these Articles, in any case where, as a result of death, the Company
has no directors and no shareholders, the personal representatives of the last shareholder to have died have the power, by notice in writing
to the Company, to appoint a person to be a director. For the purpose of this Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where two or more shareholders die in circumstances rendering it uncertain who was the last to die, a
younger shareholder is deemed to have survived an older shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the last shareholder died leaving a will which disposes of that shareholder's shares in the Company
(whether by way of specific gift, as part of the residuary estate, or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expression personal representatives of the last shareholder means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) until a grant of probate in respect of that will has been obtained from the Grand Court of the Cayman
Islands, all of the executors named in that will who are living at the time the power of appointment under this Article is exercised;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) after such grant of probate has been obtained, only such of those executors who have proved that will;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without derogating from section 3(1) of the Succession Act (Revised), the executors named in that will
may exercise the power of appointment under this Article without first obtaining a grant of probate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 A remaining director may appoint a director even though there is not a quorum of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 No appointment can cause the number of directors to exceed the maximum; and any such appointment shall
be invalid.

**Removal of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 A director may be removed by Ordinary Resolution.

**Resignation of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 A director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 Unless the notice specifies a different date, the director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 A director's office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Islands from acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the other directors, he is absent from meetings of directors for a continuous period
of six months.

15 Alternate directors

**Appointment and removal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Any director may appoint any other person, including another director, to act in his place as an alternate
director. No appointment shall take effect until the director has given notice of the appointment to the other directors. Such notice
must be given to each other director by either of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the other director has an email address, by emailing to that address a scanned copy of the notice as
a PDF attachment (the PDF version being deemed to be the notice unless Article 30.7 applies), in which event notice shall be taken to
be given on the date of receipt by the recipient in readable form. For the avoidance of doubt, the same email may be sent to the email
address of more than one director (and to the email address of the Company pursuant to Article 15.4(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Without limitation to the preceding Article, a director may appoint an alternate for a particular meeting
by sending an email to his fellow directors informing them that they are to take such email as notice of such appointment for such meeting.
Such appointment shall be effective without the need for a signed notice of appointment or the giving of notice to the Company in accordance
with Article 15.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 A director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the director has given notice of the revocation to the other directors. Such notice must be given by either of the methods specified in
Article 15.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 A notice of appointment or removal of an alternate director must also be given to the Company by any of
the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 30.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 30.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 All notices of meetings of directors shall continue to be given to the appointing director and not to
the alternate.

**Rights of alternate director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 An alternate director shall be entitled to attend and vote at any board meeting or meeting of a committee
of the directors at which the appointing director is not personally present, and generally to perform all the functions of the appointing
director in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 For the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if another director has been appointed an alternate director for one or more directors, he shall be entitled
to a separate vote in his own right as a director and in right of each other director for whom he has been appointed an alternate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a person other than a director has been appointed an alternate director for more than one director,
he shall be entitled to a separate vote in right of each director for whom he has been appointed an alternate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 An alternate director, however, is not entitled to receive any remuneration from the Company for services
rendered as an alternate director.

**Appointment ceases when the appointor ceases to be a director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 An alternate director shall cease to be an alternate director if the director who appointed him ceases
to be a director.

**Status of alternate director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 An alternate director shall carry out all functions of the director who made the appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 Save where otherwise expressed, an alternate director shall be treated as a director under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 An alternate director is not the agent of the director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 An alternate director is not entitled to any remuneration for acting as alternate director.

**Status of the director making the appointment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 A director who has appointed an alternate is not thereby relieved from the duties which he owes the Company.

16 Powers of directors

**Powers of directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject to the provisions of the Act, the Memorandum and these Articles, the business of the Company shall
be managed by the directors who may for that purpose exercise all the powers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 No prior act of the directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may by Special Resolution validate any prior or future act of the directors
which would otherwise be in breach of their duties.

**Appointments to office**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The directors may appoint a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 The appointee must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the directors may nominate one of their number to act in place of the chairman should he ever not be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7 Subject to the provisions of the Act, the directors may also appoint any person, who need not be a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 The Secretary or Officer must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 A director, Secretary or other Officer of the Company may not the hold the office, or perform the services,
of auditor.

**Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10 Every director may be remunerated by the Company for the services he provides for the benefit of the Company,
whether as director, employee or otherwise, and shall be entitled to be paid for the expenses incurred in the Company's business including
attendance at directors' meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11 A director's remuneration shall be fixed by the Company by Ordinary Resolution. Unless that resolution
provides otherwise, the remuneration shall be deemed to accrue from day to day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the director or to any other person connected to or related to him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 Unless his fellow directors determine otherwise, a director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14 The directors may release or disclose to a third party any information regarding the affairs of the Company,
including any information contained in the register of members relating to a Member, (and they may authorise any director, Officer or
other authorised agent of the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the rules of any stock exchange upon which the Company's shares
are listed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The delegation may be collateral with, or to the exclusion of, the directors' own powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Unless otherwise permitted by the directors, a committee must follow the procedures prescribed for the
taking of decisions by directors.

**Power to appoint an agent of the Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 The directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The directors may make
that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 The directors may appoint any person, whether nominated directly or indirectly by the directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 Any power of attorney or other appointment may contain such provision for the protection and convenience
for persons dealing with the attorney or authorised signatory as the directors think fit. Any power of attorney or other appointment may
also authorise the attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in that person.

**Power to appoint a proxy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 Any director may appoint any other person, including another director, to represent him at any meeting
of the directors. If a director appoints a proxy, then for all purposes the presence or vote of the proxy shall be deemed to be that of
the appointing director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 Articles 15.1 to 15.4 inclusive (relating to the appointment by directors of alternate directors) apply,
mutatis mutandis, to the appointment of proxies by directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 A proxy is an agent of the director appointing him and is not an officer of the Company.

18 Meetings of directors

**Regulation of directors' meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to the provisions of these Articles, the directors may regulate their proceedings as they think
fit.

**Calling meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Any director may call a meeting of directors at any time. The Secretary, if any, must call a meeting of
the directors if requested to do so by a director.

**Notice of meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Every director shall be given notice of a meeting, although a director may waive retrospectively the requirement
to be given notice. Notice may be oral.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 At least five Clear Days' notice of a meeting of directors must be given to directors. But a meeting
may be convened on shorter notice with the consent of all directors.

**Use of technology**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A director may participate in a meeting of directors through the medium of conference telephone, video
or any other form of communications equipment providing all persons participating in the meeting are able to hear and speak to each other
throughout the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 A director participating in this way is deemed to be present in person at the meeting.

**Place of meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 If all the directors participating in a meeting are not in the same place, they may decide that the meeting
is to be treated as taking place wherever any of them is.

**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 The quorum for the transaction of business at a meeting of directors shall be two unless the directors
fix some other number or unless the Company has only one director.

**Voting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

**Validity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 Anything done at a meeting of directors is unaffected by the fact that it is later discovered that any
person was not properly appointed, or had ceased to be a director, or was otherwise not entitled to vote.

**Recording of dissent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 A director present at a meeting of directors shall be presumed to have assented to any action taken at
that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 The directors may pass a resolution in writing without holding a meeting if all directors sign a document
or sign several documents in the like form each signed by one or more of those directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 Despite the foregoing, a resolution in writing signed by a validly appointed alternate director or by
a validly appointed proxy need not also be signed by the appointing director. But if a written resolution is signed personally by the
appointing director, it need not also be signed by his alternate or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 Such written resolution shall be as effective as if it had been passed at a meeting of the directors duly
convened and held; and it shall be treated as having been passed on the day and at the time that the last director signs.

**Sole director's minute**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 Where a sole director signs a minute recording his decision on a question, that record shall constitute
the passing of a resolution in those terms.

19 Permissible directors' interests and disclosure

**Permissible interests subject to disclosure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Save as expressly permitted by these Articles or as set out below, a director may not have a direct or
indirect interest or duty which conflicts or may possibly conflict with the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 If, notwithstanding the prohibition in the preceding Article, a director discloses to his fellow directors
the nature and extent of any material interest or duty in accordance with the next Article, he may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which
the Company is or may otherwise be interested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be interested in another body corporate promoted by the Company or in which the Company is otherwise interested.
In particular, the director may be a director, secretary or officer of, or employed by, or be a party to any transaction or arrangement
with, or otherwise interested in, that other body corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 Such disclosure may be made at a meeting at a meeting of the board or otherwise (and, if otherwise, it
must be made in writing). The director must disclose the nature and extent of his direct or indirect interest in or duty in relation to
a transaction or arrangement or series of transactions or arrangements with the Company or in which the Company has any material interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 If a director has made disclosure in accordance with the preceding Article, then he shall not, by reason
only of his office, be accountable to the Company for any benefit that he derives from any such transaction or arrangement or from any
such office or employment or from any interest in any such body corporate, and no such transaction or arrangement shall be liable to be
avoided on the ground of any such interest or benefit.

**Notification of interests**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 For the purposes of the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice that a director gives to the other directors that he is to be regarded as having an interest
of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is
interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such transaction of the nature and
extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a director has no knowledge and of which it is unreasonable to expect him to have
knowledge shall not be treated as an interest of his.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 A director shall not be treated as having an interest in a transaction or arrangement if he has no knowledge
of that interest and it is unreasonable to expect the director to have that knowledge.

**Voting where a director is interested in a matter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 A director may vote at a meeting of directors on any resolution concerning a matter in which that director
has an interest or duty, whether directly or indirectly, so long as that director discloses any material interest pursuant to these Articles.
The director shall be counted towards a quorum of those present at the meeting. If the director votes on the resolution, his vote shall
be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.8 Where proposals are under consideration concerning the appointment of two or more directors to offices
or employment with the Company or any body corporate in which the Company is interested, the proposals may be divided and considered in
relation to each director separately and each of the directors concerned shall be entitled to vote and be counted in the quorum in respect
of each resolution except that concerning his or her own appointment.

---

| | |
|:---|:---|
| 20 | Minutes |

---

The Company shall cause minutes to be made in books kept for the purpose in accordance with the Act.

21 Accounts and audit

**Accounting and other records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

**No automatic right of inspection**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Members are only entitled to inspect the Company's records if they are expressly entitled to do so by
law, or by resolution made by the directors or passed by Ordinary Resolution.

**Sending of accounts and reports**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 The Company's accounts and associated directors' report or auditor's report that are required or permitted
to be sent to any person pursuant to any law shall be treated as properly sent to that person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they are sent to that person in accordance with the notice provisions: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published on a website providing that person is given separate notice 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 fact that publication of the documents has been published on the website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of the website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on the website where the documents may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) how they may be accessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 If, for any reason, a person notifies the Company that he is unable to access the website, the Company
must, as soon as practicable, send the documents to that person by any other means permitted by these Articles. This, however, will not
affect when that person is taken to have received the documents under the next Article.

**Time of receipt if documents are published on a website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 Documents sent by being published on a website in accordance with the preceding two Articles are only
treated as sent at least five Clear Days before the date of the meeting at which they are to be laid if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the documents are published on the website throughout a period beginning at least five Clear Days before
the date of the meeting and ending with the conclusion of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the person is given at least five Clear Days' notice of the hearing.

**Validity despite accidental error in publication on website**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 If, for the purpose of a meeting, documents are sent by being published on a website in accordance with
the preceding Articles, the proceedings at that meeting are not invalidated merely because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those documents are, by accident, published in a different place on the website to the place notified;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they are published for part only of the period from the date of notification until the conclusion of that
meeting.

**When accounts are to be audited**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 Unless the directors or the Members, by Ordinary Resolution, so resolve or unless the Act so requires,
the Company's accounts will not be audited. If the Members so resolve, the Company's accounts shall be audited in the manner determined
by Ordinary Resolution. Alternatively, if the directors so resolve, they shall be audited in the manner they determine.

22 Financial year

Unless the directors otherwise specify, the financial year of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall end on 31st December in the year of its incorporation and each following year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall begin when it was incorporated and on 1st January each following year.

23 Record dates

Except to the extent of any conflicting rights attached to Shares, the directors may fix any time and date as the record date for declaring or paying a dividend or making or issuing an allotment of Shares. The record date may be before or after the date on which a dividend, allotment or issue is declared, paid or made.

24 Dividends

**Declaration of dividends by Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the directors.

**Payment of interim dividends and declaration of final dividends by directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The directors may pay interim dividends or declare final dividends in accordance with the respective rights
of the Members if it appears to them that they are justified by the financial position of the Company and that such dividends may lawfully
be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 In relation to Shares carrying differing rights to dividends or rights to dividends at a fixed rate, the
following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.5 Except as otherwise provided by the rights attached to Shares, all dividends shall be declared and paid
according to the amounts paid up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount paid up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.6 The directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.7 If the directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.8 A dividend or other monies payable on or in respect of a Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.9 For the purpose of paragraph (a) of the preceding Article, the nomination may be in writing or in an Electronic
Record and the bank account nominated may be the bank account of another person. For the purpose of paragraph (b) of the preceding Article,
subject to any applicable law or regulation, the cheque or warrant shall be made to the order of the Member holding that Share or other
person entitled to the Share or to his nominee, whether nominated in writing or in an Electronic Record, and payment of the cheque or
warrant shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.10 If two or more persons are registered as the holders of the Share or are jointly entitled to it by reason
of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that
Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 Any Joint Holder of a Share may give a valid receipt for a dividend (or other amount) payable in respect
of that Share.

**Dividends or other moneys not to bear interest in absence of special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.12 Unless provided for by the rights attached to a Share, no dividend or other monies payable by the Company
in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared or
both, the directors may pay it into a separate account in the Company's name. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.14 A dividend that remains unclaimed for a period of six years after it became due for payment shall be forfeited
to, and shall cease to remain owing by, the Company.

25 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 The directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

The amount resolved to be capitalised must be appropriated to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit to each Member so entitled must be given in either or both of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Shares, debentures or other securities of the Company to that Member or as that
Member directs. The directors may resolve that any Shares issued to the Member in respect of partly paid Shares (**Original Shares**)
rank for dividend only to the extent that the Original Shares rank for dividend while those Original Shares remain partly paid.

**Applying an amount for the benefit of members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Subject to the Act, if a fraction of a Share, a debenture, or other security is allocated to a Member,
the directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

26 Share premium account

**Directors to maintain share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 The directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital
contributed or such other amounts required by the Act.

**Debits to share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

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| | |
|:---|:---|
| 27 | Seal |

---

**Company seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 The Company may have a seal if the directors so determine.

**Duplicate seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if the directors
so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 A seal may only be used by the authority of the directors. Unless the directors otherwise determine, a
document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single director (or his alternate).

**If no seal is adopted or used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 If the directors do not adopt a seal, or a seal is not used, a document may be executed in the following
manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 The directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 If a document is duly executed and delivered by or on behalf of the Company, it shall not be regarded
as invalid merely because, at the date of the delivery, the Secretary, or the director, or other Officer or person who signed the document
or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that office and authority on behalf of the Company.

28 Indemnity

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 To the extent permitted by law, the Company shall indemnify each existing or former Secretary, director
(including alternate director), and other Officer of the Company (including an investment adviser or an administrator or liquidator) and
their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Secretary or Officer in or about the conduct of the Company's business or affairs or in the execution or discharge
of the existing or former Secretary's or Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings
(whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Islands or elsewhere.

No such existing or former Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 To the extent permitted by law, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Secretary or Officer of the Company in respect
of any matter identified in paragraph (a) or paragraph (b) of the preceding Article on condition that the Secretary or Officer must repay
the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Secretary or that Officer for those
legal costs.

**Release**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 To the extent permitted by law, the Company may by Special Resolution release any existing or former director
(including alternate director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty.

**Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 To the extent permitted by law, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the directors, other than liability arising out of that person's own
dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

---

| | |
|:---|:---|
| 29 | Notices |

---

**Form of notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 Save where these Articles provide otherwise, any notice to be given to or by any person pursuant to these
Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 Without limitation to Articles 15.1 to 15.4 inclusive (relating to the appointment and removal by directors
of alternate directors) and to Articles 17.8 to 17.10 inclusive (relating to the appointment by directors of proxies), a notice may only
be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the directors so resolve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has notified the giver of an Electronic address to which notice may be sent.

**Persons authorised to give notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a director or company secretary of the Company or a Member.

**Delivery of written notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.5 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or director's registered address or the Company's registered office, or posted to that registered
address or registered office.

**Joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.6 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of members.

**Signatures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.7 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.8 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.9 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.10 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

**Giving notice to a deceased or bankrupt Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.11 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.12 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 A notice is given on the date identified in the following table.

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| Personally | At the time and date of delivery |
| By leaving it at the member's registered address | At the time and date it was left |
| If the recipient has an address within the Islands, by posting it by prepaid post to the street or postal address of that recipient | 48 hours after it was posted |
| If the recipient has an address outside the Islands, by posting it by prepaid airmail to the street or postal address of that recipient | 7 Clear Days after posting |
| By Electronic Record (other than publication on a website), to recipient's Electronic address | Within 24 hours after it was sent |
| By publication on a website | See the Articles about the time when notice of a meeting of Members or accounts and reports, as the case may be, are published on a website |

---

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.14 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of directors and written resolutions of Members.

30 Authentication of Electronic Records

**Application of Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 Without limitation to any other provision of these Articles, any notice, written resolution or other document
under these Articles that is sent by Electronic means by a Member, or by the Secretary, or by a director or other Officer of the Company,
shall be deemed to be authentic if either Article 30.2 or Article 30.4 applies.

**Authentication of documents sent by Members by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 An Electronic Record of a notice, written resolution or other document sent by Electronic means by or
on behalf of one or more Members shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 30.7 does not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 30.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 An Electronic Record of a notice, written resolution or other document sent by or on behalf of the Secretary
or an Officer or Officers of the Company shall be deemed to be authentic if the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 30.7 does not apply.

This Article applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.5 For example, where a sole director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that director unless Article 30.7 applies.

**Manner of signing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.6 For the purposes of these Articles about the authentication of Electronic Records, a document will be
taken to be signed if it is signed manually or in any other manner permitted by these Articles.

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

31 Transfer by way of continuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 The Company may, by Special Resolution, resolve to be registered by way of continuation in a jurisdiction
outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 To give effect to any resolution made pursuant to the preceding Article, the directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies to deregister the Company in the Islands or in the
other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

32 Winding up

**Distribution of assets in specie**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 If the Company is wound up, the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

**The directors are authorised to present a winding up petition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3 The directors have the authority to present a petition for the winding up of the Company to the Grand
Court of the Cayman Islands on behalf of the Company without the sanction of a resolution passed at a general meeting.

33 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

Dated 02 February 2023

---

| | | |
|:---|:---|:---|
| **Name and address of Subscriber** | **Number of shares taken** | **Signature** |
| Ogier Global Subscriber (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>| 1 | <br>per:_________________________<br>Name:<br>Authorised Signatory<br>|
| **Witness to above signature** | <br>_________________________<br>Name:<br>Ogier Global (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>Occupation: Administrator | <br>_________________________<br>Name:<br>Ogier Global (Cayman) Limited<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman, KY1-9009<br>Cayman Islands<br>Occupation: Administrator |

---

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED<br> articles of association<br> of<br> zerolimit TECHNOLOGY HOLDING CO. LTD.** 

![](image_021.jpg)

**Contents**

---

| | |
|:---|:---|
| **1 Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | 1 |
| Interpretation | 3 |
| Exclusion of Table A Articles | 4 |
| **2 Shares** | **4** |
| Power to issue Shares and options, with or without special rights | 4 |
| Power to issue fractions of a Share | 5 |
| Power to pay commissions and brokerage fees | 5 |
| Trusts not recognised | 5 |
| Security interests | 6 |
| Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | 6 |
| No bearer Shares or warrants | 6 |
| Treasury Shares | 6 |
| Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | 7 |
| Annual Return | 7 |
| **3 Share certificates** | **7** |
| Issue of share certificates | 7 |
| Renewal of lost or damaged share certificates | 8 |
| **4 Lien on Shares** | **8** |
| Nature and scope of lien | 8 |
| Company may sell Shares to satisfy lien | 8 |
| Authority to execute instrument of transfer | 9 |
| Consequences of sale of Shares to satisfy lien | 9 |
| Application of proceeds of sale | 9 |
| **5 Calls on Shares and forfeiture** | **10** |
| Power to make calls and effect of calls | 10 |
| Time when call made | 10 |
| Liability of joint holders | 10 |
| Interest on unpaid calls | 10 |
| Deemed calls | 10 |
| Power to accept early payment | 10 |
| Power to make different arrangements at time of issue of Shares | 11 |
| Notice of default | 11 |
| Forfeiture or surrender of Shares | 11 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 11 |
| Effect of forfeiture or surrender on former Member | 11 |
| Evidence of forfeiture or surrender | 12 |
| Sale of forfeited or surrendered Shares | 12 |
| **6 Transfer of Shares** | **12** |
| **Form of Transfer** | **13** |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | 13 |
| Suspension of transfers | 13 |
| Company may retain instrument of transfer | 13 |
| Notice of refusal to register | 13 |
| **7 Transmission of Shares** | **13** |
| Persons entitled on death of a Member | 13 |
| Registration of transfer of a Share following death or bankruptcy | 14 |
| Indemnity | 14 |
| Rights of person entitled to a Share following death or bankruptcy | 14 |
| **8 Alteration of capital** | **14** |
| Increasing, consolidating, converting, dividing and cancelling share capital | 14 |
| Dealing with fractions resulting from consolidation of Shares | 15 |
| Reducing share capital | 15 |
| **9 Redemption and purchase of own Shares** | **15** |
| Power to issue redeemable Shares and to purchase own Shares | 15 |
| Power to pay for redemption or purchase in cash or in specie | 16 |
| Effect of redemption or purchase of a Share | 16 |
| **10 Meetings of Members** | **16** |
| Annual and extraordinary general meetings | 16 |
| Power to call meetings | 17 |
| Content of notice | 17 |
| Period of notice | 18 |
| Persons entitled to receive notice | 18 |
| Accidental omission to give notice or non-receipt of notice | 18 |
| **11 Proceedings at meetings of Members** | **19** |
| Quorum | 19 |
| Lack of quorum | 19 |
| Chairman | 19 |
| Right of a Director to attend and speak | 19 |
| Accommodation of Members at Virtual Meeting | 20 |
| Security | 20 |
| Adjournment, postponement and cancellation | 20 |
| Method of voting | 20 |
| Outcome of vote by show of hands | 21 |
| Withdrawal of demand for a poll | 21 |
| Taking of a poll | 21 |
| Chairman's casting vote | 21 |
| Written resolutions | 21 |
| Sole-Member Company | 22 |
| **12 Voting rights of Members** | **22** |
| Right to vote | 22 |
| Rights of joint holders | 22 |
| Representation of corporate Members | 22 |
| Member with mental disorder | 23 |
| Objections to admissibility of votes | 23 |
| Form of proxy | 23 |
| How and when proxy is to be delivered | 24 |
| Voting by proxy | 25 |
| **13 Number of Directors** | **25** |
| **14 Appointment, disqualification and removal of Directors** | **25** |
| First Directors | 25 |
| No age limit | 25 |
| Corporate Directors | 25 |
| No shareholding qualification | 26 |
| Appointment of Directors | 26 |
| Board's power to appoint Directors | 26 |
| Removal of Directors | 26 |
| Resignation of Directors | 26 |
| Termination of the office of Director | 26 |
| **15 Alternate Directors** | **27** |
| Appointment and removal | 27 |
| Notices | 28 |
| Rights of alternate Director | 28 |
| Appointment ceases when the appointor ceases to be a Director | 28 |
| Status of alternate Director | 28 |
| Status of the Director making the appointment | 28 |
| **16 Powers of Directors** | **28** |
| Powers of Directors | 28 |
| Directors below the minimum number | 29 |
| Appointments to office | 29 |
| Provisions for employees | 30 |
| Exercise of voting rights | 30 |
| Remuneration | 30 |
| Disclosure of information | 30 |
| **17 Delegation of powers** | **31** |
| Power to delegate any of the Directors' powers to a committee | 31 |
| Local boards | 31 |
| Power to appoint an agent of the Company | 31 |
| Power to appoint an attorney or authorised signatory of the Company | 32 |
| Borrowing Powers | 32 |
| Corporate Governance | 32 |
| **18 Meetings of Directors** | **32** |
| Regulation of Directors' meetings | 32 |
| Calling meetings | 32 |
| Notice of meetings | 33 |
| Use of technology | 33 |
| Quorum | 33 |
| Chairman or deputy to preside | 33 |
| Voting | 33 |
| Recording of dissent | 33 |
| Written resolutions | 34 |
| Validity of acts of Directors in spite of formal defect | 34 |
| **19 Permissible Directors' interests and disclosure** | **34** |
| **20 Minutes** | **35** |
| **21 Accounts and audit** | **36** |
| Auditors | 36 |
| **22 Record dates** | **36** |
| **23 Dividends** | **37** |
| Source of dividends | 37 |
| Declaration of dividends by Members | 37 |
| Payment of interim dividends and declaration of final dividends by Directors | 37 |
| Apportionment of dividends | 38 |
| Right of set off | 38 |
| Power to pay other than in cash | 38 |
| How payments may be made | 38 |
| Dividends or other monies not to bear interest in absence of special rights | 39 |
| Dividends unable to be paid or unclaimed | 39 |
| **24 Capitalisation of profits** | **39** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | 39 |
| Applying an amount for the benefit of Members | 39 |
| **25 Share Premium Account** | **40** |
| Directors to maintain share premium account | 40 |
| Debits to share premium account | 40 |
| **26 Seal** | **40** |
| Company seal | 40 |
| Duplicate seal | 40 |
| When and how seal is to be used | 40 |
| If no seal is adopted or used | 40 |
| Power to allow non-manual signatures and facsimile printing of seal | 41 |
| Validity of execution | 41 |
| **27 Indemnity** | **42** |
| Release | 42 |
| Insurance | 42 |
| **28 Notices** | **42** |
| Form of notices | 42 |
| Electronic communications | 42 |
| Persons entitled to notices | 43 |
| Persons authorised to give notices | 43 |
| Delivery of written notices | 43 |
| Joint holders | 44 |
| Signatures | 44 |
| Giving notice to a deceased or bankrupt Member | 44 |
| Date of giving notices | 44 |
| Saving provision | 45 |
| **29 Authentication of Electronic Records** | **45** |
| Application of Articles | 45 |
| Authentication of documents sent by Members by Electronic means | 45 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 45 |
| Manner of signing | 46 |
| Saving provision | 46 |
| **30 Transfer by way of continuation** | **46** |
| **31 Winding up** | **47** |
| Distribution of assets in specie | 47 |
| No obligation to accept liability | 47 |
| **32 Amendment of Memorandum and Articles** | **47** |
| Power to change name or amend Memorandum | 47 |
| Power to amend these Articles | 47 |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated<br> Articles of Association**

**of**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**

(Adopted by special resolution passed on [●] and conditional upon and with effect from [●])

1 Definitions, interpretation and exclusion of Table A

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means the Nasdaq Capital Market in the United States of America for so long as any class of the Company's Shares are there listed and any other stock exchange on which any class of the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a unanimous written resolution;

**Ordinary Share** means an ordinary share in the capital of the Company, having the rights set out in these Articles;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.14; 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; and

**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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 Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means, in respect of any person attending a meeting, such person's
presence at a general meeting of Members (or any meeting of the holders of any class of Shares), which may be satisfied by means of such
person or, if a corporation or other non-natural person, its duly authorized representative (or, in the case of any Member, a proxy which
has been validly appointed by such Member in accordance with these Articles), being: (a) physically present at the meeting; or (b) in
the case of any meeting at which Electronic Communication Facilities are permitted in accordance with these Articles, including any Virtual
Meeting, connected by means of the use of such Electronic Communication Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

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| 2 | Shares |

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**Power to issue Shares and options, with or without special rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**Power to issue fractions of a Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Company may employ a broker in the issue of its capital and pay him any proper commission or brokerage.

**Trusts not recognised**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 For the purpose of Article 2.9(b), all the provisions of these Articles relating to general meetings apply,
mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with
the existing Shares of that class.

**No bearer Shares or warrants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Nothing in Article 2.16 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Every certificate shall bear legends required under the applicable laws, including the U.S. Securities
Act (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement share certificate,

as the Directors may determine, and (in the case of defacement or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares

**Nature and scope of lien**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Company may sell any Shares over which it has a lien if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen (14) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Lien Default Shares may be sold in such manner as the Board determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

**Form of Transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Subject to the following Articles about the transfer of Shares, and provided that such transfer complies
with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares to another person by completing an instrument
of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if such Shares are listed on the Designated Stock
Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The transferor shall be deemed to remain the holder of a Share until the name of the transferee is entered
into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Where the Shares of any class in question are not listed on or subject to the rules of any Designated
Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such Shares which are not Fully Paid
Up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Directors may also, but are not required to, decline to register any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (to the extent applicable) 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The registration of transfers may, on 14 Clear Days' notice being given by advertisement in such
one or more newspapers or by electronic means, be suspended and the register of Members closed at such times and for such periods as the
Directors may, in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not
be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 All instruments of transfer that are registered shall be retained by the Company.

**Notice of refusal to register**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 If the Directors refuse to register a transfer of any Shares of any class not listed on a Designated Stock
Exchange, they shall within three months 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 If a Member dies, the only persons recognised by the Company as having any title to the deceased Members'
interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Nothing in these Articles shall release the deceased Member's estate from any liability in respect
of any Share, whether the deceased was a sole holder or a joint holder.

**Registration of transfer of a Share following death or bankruptcy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A person becoming entitled to a Share in consequence of the death or bankruptcy of a Member may elect
to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 That person must produce such evidence of his entitlement as the Directors may properly require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 If the person elects to transfer the Share to another person then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 All the Articles relating to the transfer of Shares shall apply to the notice or, as appropriate, the
instrument of transfer.

**Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 To the fullest extent permitted by the Act, the Company may by Ordinary Resolution do any of the following
and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Whenever, as a result of a consolidation of Shares, any Members would become entitled to fractions of
a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Subject to the Act and to any rights for the time being conferred on the Members holding a particular
class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 Act, 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

10 Meetings of Members

**Annual and extraordinary general meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Company may, but shall not (unless required by the applicable 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 All general meetings other than annual general meetings shall be called extraordinary general meetings.

**Power to call meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Directors may call a general meeting at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Directors must also call a general meeting if requisitioned in the manner set out in the next two
Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 The requisition must be in writing and given by one or more Members who together hold at least ten (10)
per cent of the rights to vote at such general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (5) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 If the Members call a meeting under the above provisions, the Company shall reimburse their reasonable
expenses.

**Content of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 In each notice there shall appear with reasonable prominence the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 At least five (5) Clear Days' notice must be given to Members for any general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Subject to the Act, a meeting may be convened on shorter notice, subject to the Act with the consent of
the Member or Members who, individually or collectively, hold at least ninety per cent of the voting rights of all those who have a right
to vote at that meeting.

**Persons entitled to receive notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors (if appointed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 The Board may determine that the Members entitled to receive notice of, attend and vote at a meeting are
those persons entered on the register of Members at the close of business on a day determined by the Board.

**Accidental omission to give notice or non-receipt of notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Proceedings at a meeting shall not be invalidated by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Save as provided in the following Article, no business shall be transacted at any meeting unless a quorum
is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 If a quorum is not present at the meeting within fifteen minutes of the time appointed for the meeting,
or if at any time during the meeting it becomes inquorate, then the following provisions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 In addition to any measures which the Board may be required to take due to the location or venue of the
meeting, the Board may make any arrangement and impose any restriction it considers appropriate and reasonable in the circumstances to
ensure the security of a meeting including, without limitation, the searching of any person attending the meeting and the imposing of
restrictions on the items of personal property that may be taken into the meeting place. The Board may refuse entry to, or eject from,
a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Should a meeting be adjourned for more than seven (7) Clear Days, whether because of a lack of quorum
or otherwise, Members shall be given at least seven (7) 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Act, a poll may be demanded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the chairman of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 A poll demanded on the question of adjournment shall be taken immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 as a
Virtual Meeting or in more than place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers
that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and
time when that can occur.

**Chairman's casting vote**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 not be entitled to a second or casting vote.

**Written resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 Members may pass a resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote are given notice of the resolution as if the same were being proposed at
a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Such written resolution shall be as effective as if it had been passed at a meeting of the Members entitled
to vote duly convened and held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 If a written resolution is described as a Special Resolution or as an Ordinary Resolution, it has effect
accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Unless their Shares carry no right to vote, or unless a call or other amount presently payable has not
been paid, all Members are entitled to vote at a general meeting, whether on a show of hands or on a poll, and all Members holding Shares
of a particular class of Shares are entitled to vote at a meeting of the holders of that class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Members may vote in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 On a show of hands, every Member shall have one vote. For the avoidance of doubt, an individual who represents
two or more Members, including a Member in that individual's own right, that individual shall be entitled to a separate vote for
each Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 On a poll a Member shall have one vote for each Share he holds, unless any Share carries special voting
rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 Save where otherwise provided, a corporate Member must act by a duly authorised representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 A corporate Member wishing to act by a duly authorised representative must identify that person to the
Company by notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 The Directors of the Company may require the production of any evidence which they consider necessary
to determine the validity of the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 An instrument appointing a proxy shall be in any common form or in any other form approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 The instrument must be in writing and signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 The Directors may require the production of any evidence which they consider necessary to determine the
validity of any appointment of a proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 A Member may revoke the appointment of a proxy at any time by notice to the Company duly signed in accordance
with Article 12.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 No revocation by a Member of the appointment of a proxy made in accordance with Article 12.19 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.21(a) and Article 12.21(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22 Where a poll is taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 12.21 before the time appointed
for the taking of the poll;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 12.21 before the time appointed
for the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23 If the form of appointment of proxy is not delivered on time, it is invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.26 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 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 11.10, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 There is no age limit for Directors save that they must be at least eighteen years of age.

**Corporate Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 The remaining Director(s) may appoint a Director even though there is not a quorum of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 For so long as Shares are listed on a Designated Stock Exchange, the Directors shall include at least
such number of Independent Directors as applicable law, rules or regulations or the Designated Stock Exchange Rules require as determined
by the Board.

**Board's power to appoint Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Each Director whose term of office expires shall be eligible for re-election at a meeting of the Members or re-appointment
by the Board.

**Removal of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 A Director may at any time resign office by giving to the Company notice in writing or, if permitted pursuant
to the notice provisions, in an Electronic Record delivered in either case in accordance with those provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 Unless the notice specifies a different date, the Director shall be deemed to have resigned on the date
that the notice is delivered to the Company.

**Termination of the office of Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 A Director may retire from office as a Director by giving notice in writing to that effect to the Company
at the registered office, which notice shall be effective upon such date as may be specified in the notice, failing which upon delivery
to the registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 An alternate Director shall cease to be an alternate Director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 An alternate Director shall carry out all functions of the Director who made the appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 Save where otherwise expressed, an alternate Director shall be treated as a Director under these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 An alternate Director is not the agent of the Director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 An alternate Director is not entitled to any remuneration for acting as alternate Director.

**Status of the Director making the appointment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject to the provisions of the Act, the Memorandum and these Articles the business of the Company shall
be managed by the Directors who may for that purpose exercise all the powers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 No prior act of the Directors shall be invalidated by any subsequent alteration of the Memorandum or these
Articles. However, to the extent allowed by the Act, Members may, by Special Resolution, validate any prior or future act of the Directors
which would otherwise be in breach of their duties.

**Directors below the minimum number**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5 The appointee must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6 Where a chairman is appointed he shall, unless unable to do so, preside at every meeting of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9 The Secretary or Officer must consent in writing to holding that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules (to the extent applicable);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Directors may delegate any of their powers to any committee consisting of one or more persons who
need not be Members. Persons on the committee may include non-Directors so long as the majority of those persons are Directors. For so
long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up of such number of Independent Directors
as required from time to time by the Designated Stock Exchange Rules or otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 The delegation may be collateral with, or to the exclusion of, the Directors' own powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 Unless otherwise permitted by the Directors, a committee must follow the procedures prescribed for the
taking of decisions by Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 For so long as Shares are listed on a Designated Stock Exchange, the Board shall, if required by the Designated
Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee. Each
of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 The Board may remove any person appointed under Article 17.10 and may revoke or vary the delegation.

**Borrowing Powers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 The Board may, from time to time, and except as required by applicable law or (to the extent applicable)
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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think
fit.

**Calling meetings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A Director participating in this way is deemed to be present in person at the meeting.

**Quorum**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 The quorum for the transaction of business at a meeting of Directors shall be two unless the Directors
fix some other number.

**Chairman or deputy to preside**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 A written resolution signed by a validly appointed alternate Director need not also be signed by the appointing
Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 A written resolution signed personally by the appointing Director need not also be signed by his alternate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 Subject to Article 19.4, a Director may vote at a meeting of Directors on any resolution concerning a
matter in which that Director has an interest or duty, whether directly or indirectly, so long as that Director discloses any material
interest pursuant to these Articles. The Director shall be counted towards a quorum of those present at the meeting. If the director votes
on the resolution, his vote shall be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 For the purposes of the preceding Article:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general notice that a Director gives to the other Directors that he is to be regarded as having an interest
of the nature and extent specified in the notice in any transaction or arrangement in which a specified person or class of persons is
interested shall be deemed to be a disclosure that he has an interest in or duty in relation to any such transaction of the nature and
extent so specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an interest of which a Director has no knowledge and of which it is unreasonable to expect him to have
knowledge shall not be treated as an interest of his.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 A Director shall not be treated as having an interest in a transaction or arrangement if he has no knowledge
of that interest and it is unreasonable to expect the director to have that knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 For so long as Shares are listed on a Designated Stock Exchange, 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;&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;&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;&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 19.4 to be a material interest in all
circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 Act) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 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.

---

| | |
|:---|:---|
| 20 | Minutes |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The Directors must ensure that proper accounting and other records are kept, and that accounts and associated
reports are distributed in accordance with the requirements of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 The books of account shall be kept at the registered office of the Company and shall always be open to
inspection by the Directors. No Member (other than a Director) shall have any right of inspecting any account or book or document of the
Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Unless the Directors otherwise prescribe, the financial year of the Company shall end on 30 September
in each year and begin on 1 October in each year.

**Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors
determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The Auditors shall examine such books, accounts and vouchers; as may be necessary for the performance
of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Dividends may be declared and paid out of any funds of the Company lawfully available for distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 Subject to the requirements of the Act regarding the application of a company's Share premium account
and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out of any share premium account.

**Declaration of dividends by Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Subject to the provisions of the Act, the Company may by Ordinary Resolution declare dividends in accordance
with the respective rights of the Members but no dividend shall exceed the amount recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 Subject to the provisions of the Act, in relation to the distinction between interim dividends and final
dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time to an amount equal to the amount or value of the premium paid on the issue of any Share or
capital contributed or such other amounts required by the Act.

**Debits to share premium account**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The following amounts shall be debited to any share premium account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 Notwithstanding the preceding Article, on the redemption or purchase of a Share, the Directors may pay
the difference between the nominal value of that Share and the redemption purchase price out of the profits of the Company or, as permitted
by the Act, out of capital.

---

| | |
|:---|:---|
| 26 | Seal |

---

**Company seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 Subject to the provisions of the Act, the Company may also have a duplicate seal or seals for use in any
place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of the original seal of the Company. However, if
the Directors so determine, a duplicate seal shall have added on its face the name of the place where it is to be used.

**When and how seal is to be used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

**Power to allow non-manual signatures and facsimile printing of seal**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.5 The Directors may determine that either or both of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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, fraud, wilful default or wilful neglect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 To the extent permitted by Act, the Company may make a payment, or agree to make a payment, whether by
way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director (including alternate Director), Secretary
or Officer of the Company in respect of any matter identified in Article 27.1 on condition that the Director (including alternate Director),
Secretary or Officer must repay the amount paid by the Company to the extent that it is ultimately found not liable to indemnify the Director
(including alternate Director), Secretary or that Officer for those legal costs.

**Release**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 To the extent permitted by Act, the Company may by Special Resolution release any existing or former Director
(including alternate Director), Secretary or other Officer of the Company from liability for any loss or damage or right to compensation
which may arise out of or in connection with the execution or discharge of the duties, powers, authorities or discretions of his office;
but there may be no release from liability arising out of or in connection with that person's own dishonesty, fraud, wilful default
or wilful neglect.

**Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 To the extent permitted by Act, the Company may pay, or agree to pay, a premium in respect of a contract
insuring each of the following persons against risks determined by the Directors, other than liability arising out of that person's
own dishonesty, fraud, wilful default or wilful neglect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 Save where these Articles provide otherwise, and subject to the Designated Stock Exchange Rules (to the
extent applicable), any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 Subject to the Act, (to the extent applicable) 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5 Any notice or other document to be given to a Member may be given by reference to the register of Members
as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as applicable) within
any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the Designated Stock Exchange Rules
and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice
or document or require the Company to give such item to any other person.

**Persons authorised to give notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.6 A notice by either the Company or a Member pursuant to these Articles may be given on behalf of the Company
or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 Save where these Articles provide otherwise, a notice in writing may be given personally to the recipient,
or left at (as appropriate) the Member's or Director's registered address or the Company's registered office, or posted
to that registered address or registered office.

**Joint holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8 Where Members are joint holders of a Share, all notices shall be given to the Member whose name first
appears in the register of Members.

**Signatures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 A written notice shall be signed when it is autographed by or on behalf of the giver, or is marked in
such a way as to indicate its execution or adoption by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.11 A notice given by Electronic Record shall be deemed sent if an Electronic Record is kept demonstrating
the time, date and content of the transmission, and if no notification of failure to transmit is received by the giver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.12 A notice given in writing shall be deemed sent if the giver can provide proof that the envelope containing
the notice was properly addressed, pre-paid and posted, or that the written notice was otherwise properly transmitted to the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 A Member present, either in person or by proxy, at any meeting of the Company or of the holders of any
class of Shares shall be deemed to have received due notice of the meeting and, where requisite, of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 A notice may be given by the Company to the persons entitled to a Share in consequence of the death or
bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Member, addressed
to them by name, or by the title of representatives of the deceased, or trustee of the bankrupt or by any like description, at the address,
if any, supplied for that purpose by the persons claiming to be so entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.16 A notice is given on the date identified in the following table

---

| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
| (B) By leaving it at the Member's registered address | At the time and date it was left |
| (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
| (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 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 |

---

**Saving provision**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.17 None of the preceding notice provisions shall derogate from the Articles about the delivery of written
resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 For example, where a sole Member signs a resolution and sends the Electronic Record of the original resolution,
or causes it to be sent, by facsimile transmission to the address in these Articles specified for that purpose, the facsimile copy shall
be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 If the Company is wound up the Members may, subject to these Articles and any other sanction required
by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 No Member shall be compelled to accept any assets if an obligation attaches to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3 The Directors are authorised to present a winding up petition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Subject to the Act and as provided in these Articles, the Company may, by Special Resolution, amend these
Articles in whole or in part.

## Exhibit 5.1

**Exhibit 5.1**

![](image_069.jpg)

---

| | |
|:---|:---|
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands | **D** **+852 3656 6054** |
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands | **E** **nathan.powell@ogier.com** |
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands | **D** **+852 3656 6073** |
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands | **E** **rachel.huang@ogier.com** |
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands |  |
| **ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.**<br>89 Nexus Way<br>Camana Bay<br>Grand Cayman<br>KY1-9009<br>Cayman Islands | Reference: NMP/RYH/505974.00001 |

---

30 June 2025

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD. (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form F-1, including all amendments and supplements thereto (the **Registration Statement**) as filed with the U.S. Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). The Registration Statement relates to the offering by the Company (the **Offering**) of 2,000,000 ordinary shares of US$0.0001 par value each of the Company (the **Ordinary Shares**), and plus an option for a period of 45 days granted to the underwriter, Prime Number Capital LLC (the **Underwriter**), of the Offering after the closing of the Offering to issue up to 300,000 Ordinary Shares, being 15% of the total number of the Ordinary Shares offered in the Offering, pursuant to an option (the **Over-allotment Option**) (collectively, the **IPO Shares**). The Company will also be issuing 115,000 warrants to the Underwriter, each whole warrant entitling the Underwriter to purchase 115,000 Ordinary Shares, which the aggregate will be equal to five (5%) percent of the total number of Ordinary Shares sold in the Offering (including any Ordinary Share issuable upon exercise of the Underwriter's Over-allotment Option) at a per share price equal to 125% of the public offering price pursuant to the terms of the Underwriting Agreement (as defined below).

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

1 Documents examined <br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 2 February 2023 issued by the Registrar of Companies
of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the certificate of good standing of the Company dated 27 June 2025 issued by the Registrar (the **Certificate of Good Standing**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the register of directors and officers of the Company printed on 4 March 2024 (the **ROD**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the register of members of the Company dated 26 February 2024 (the **ROM**, and together with the ROD,
the **Registers**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a certificate from a director of the Company dated 30 June 2025 as to certain matters of facts (the **Director's Certificate**);

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of written resolutions of all the directors of the Company dated 19 February 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of written resolutions by all of the members of the Company dated 19 February 2024 (the **Shareholder Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of written resolutions of all the directors of the Company dated 21 March 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the written resolutions of all the directors of the Company dated 30 June 2025 approving, among
other things, the Company's filing of the Registration Statement and issuance of the IPO Shares (together with the item (g) and (i) above,
the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a search of the Cayman Online Registry Information Service conduced against the Company at the Registrar
on 27 June 2025 (the **CORIS Search**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a draft form of the underwriting agreement between the Company and the Underwriter (the **Underwriting Agreement**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Registration Statement (together with the Underwriting Agreement the **Documents**).

2 Assumptions

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

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

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

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

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

(e) all copies of the Registration Statement are true and correct copies and where any Document has been provided
to us in draft or undated form, that Document conforms in every material respect to the latest drafts of the same produced to us and,
where any Document has been provided to us in successive drafts marked-up to indicate changes to such documents, all such changes have
been so indicated;

(f) the Board Resolutions were duly passed in accordance with the then memorandum and articles of association
of the Company and remain in full force and effect and each of the directors of the Company has acted in good faith with a view to the
best interests of the Company and has exercised the standard of care, diligence and skill that is required of him or her in approving
the Offering and no director has a financial interest in or other relationship to a party of the transactions contemplated by the Documents
which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Shareholders Resolutions remain in full force and effect;

(h) neither the directors nor the shareholders of the Company have taken any steps to appoint a liquidator
of the Company, restructuring officer and no receiver has been appointed over any of the Company's property or assets;

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

(j) the CORIS Search which we have examined is accurate and that the information disclosed by the CORIS Search
is true and complete and that such information has not since been altered;

(k) upon the issuance of the IPO Shares, the Company will receive consideration for the full issue price thereof
which shall be equal to at least the par value thereof; and

(l) no invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any IPO Shares and none of the IPO Shares have been offered or issued to residents of the Cayman Islands.

---

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

---

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

**Corporate status**

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

**Authorised share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the
Company is USD50,000 divided into 500,000,000 Ordinary shares of par value USD0.0001 each.

**Valid issuance of shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issuance and allotment of the IPO Shares have been duly authorised and, when issued and allotted in
accordance with the Registration Statement and the duly passed Board Resolutions and once consideration is paid for in accordance with
the Registration Statement, will be validly issued, fully paid and non-assessable. Once the register of members of the Company has been
updated to reflect the issuance as fully paid, the shareholders recorded in the register of members will be deemed to have legal title
to the IPO Shares set against their respective names.

**Registration statement - taxation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The statements contained in the Registration Statement in the section headed "*Cayman Islands Taxation* ", insofar as they purport to summarise the laws or regulations of the Cayman Islands, are accurate in all material
respects and that such statements constitute our opinion.

4 Limitations and Qualifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 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 Documents to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands; or

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

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

4.3 In **good standing** means only that as of the date of the Certificate of Good Standing 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.

4.4 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; (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 In this opinion, the phrase "non-assessable" means, with respect to the Ordinary Shares of
the Company, that a shareholder shall not, solely by virtue of its status as a shareholder, be liable for additional assessments or calls
on the Ordinary 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).

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 | Reliance |

---

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

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

Yours faithfully

<u>/s/ Ogier</u>

**Ogier**

## Exhibit 10.1

**Exhibit 10.1**

**[XXX Technology Holdings, Inc.]**

[DATE]:

[NAME]：

[Address]:

Re: <u>Director Offer Letter</u>

Dear Ms./Mr. [_],

[XXXX Technology Holdings, Inc.]., a Cayman Islands exempted company with limited liability (the "Company"), is pleased to offer you a position as of member of its Board of Directors (the "Board"). We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board and Class I director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Term</u>**. This Agreement is effective upon your acceptance and signature below. Your term as a Class I director shall commence on [ ], and continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election at the next annual shareholder's meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Services</u>**. You shall render services as a member of the Board and the Board's committees set forth on ***<u>Schedule A</u>*** attached hereto (hereinafter your "Duties"). During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Compensation</u>**. As compensation for your services to the Company, you will receive compensation as set forth on ***<u>Schedule B</u>*** attached hereto (hereinafter, the "Compensation") per year for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company. You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>No Assignment</u>**. Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Confidential Information; Non-Disclosure</u>**. In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **<u>Definition</u>**. For purposes of this Agreement the term "Confidential Information" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any information which is related to the business of the Company and is generally not known by non-Company personnel.

&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. Confidential Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **<u>Exclusions</u>**. Notwithstanding the foregoing, the term Confidential Information shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

&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. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information; 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. Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **<u>Documents</u>**. You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **<u>Confidentiality</u>**. You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **<u>Ownership</u>**. You agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "Inventions") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Non-Competition</u>**. You agree and undertake that you will not, so long as you are a member of the Board and for a period of 24 months following termination of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, 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; *<u>provided</u>*, *<u>however</u>*, 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 has no active role in the publicly owned company as director, employee, consultant or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Solicitation</u>**. So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Termination and Resignation</u>**. Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least a majority of the shares of the Company's issued and outstanding shares entitled to vote. Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Governing Law</u>**. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Entire Agreement; Amendment; Waiver; Counterparts</u>**. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Not an Employment Agreement</u>**. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Acknowledgement</u>**. You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| [Wuxin Technology Holdings, Inc.] | [Wuxin Technology Holdings, Inc.] |
| By: |  |
| Name: | [ ] |
| Title: | Chief Executive Officer |

---

AGREED AND ACCEPTED:

By: _______________________

Name: [ ]

**Schedule A**

The Director is offered to serve on the following Board committee(s):

---

| | |
|:---|:---|
| **Committee** | **Title** |
| Audit Committee | |
| Nominating and Governance Committee | |
| Compensation Committee | |

---

**Schedule B**

Compensation

During your term as a member of Board of Directors of the Company, you will receive cash compensation in the amount of $[ ], payable quarterly and [share]/[option] compensation as set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Share]/[Options] | Amount | Exercise Price | Vesting Schedule | Potential Forfeiture |

---

## Exhibit 10.2

**Exhibit 10.2**

![](image_047.jpg)

[ZEROLIMIT TECHNOLOGY HOLDING CO. LTD) [ADDRESS] [CONfACT INFORMATION) [DATE]August 15 , 2023 [NAME]Shaomei Zhang [Address] 1301 , Tefa Information Technology Building, No . 2 Qiongyu Road, Science Park Community, Yuehai Street, Nanshan District, Shenzhen Re : Director Offer Letter Dear Ms . /Mr . (Shaomei Zhang], (ZEROLIMIT TECHNOLOGY HOLDING CO . LTD] , a Cayman Islands exempted company with ]united liability (the "Company"), is pleased to offer you a position as of member ofits Board of Directors (the ''Board") . We believe your background and experience will be a significant asset to the Company and we look forward toyour participation on the Board . Should you choose to accept this position as a member of the Board and Class I director, this Jetter agreement (the "Agreement") shaJJ constitute an agreement between you and the Company and contains aJl the terms and conditions relating to the services you agree to provide to the Company . 1 1. Term . This Agreement is effective upon your acceptance and signature below. Your term as a Class I director shall commence on [ ], and continue subject to the pro vi sions in Section 8 below or until your successor is duly elected and qualified . The position shall be up for re - election at the next annual shareholder's meeting and upon re - election, the tenns and provisions of this Agreement shall remain in full force and effect . 2. Services . You shall render services as a member of the Board and the Board's committees set forth on Schedule A attached hereto (hereinafter your "Duties") . During the term of this Agreement, you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called . You may attend and participate at each such meeting via teleconference, video conference or in person . You shall consult with the other members of the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence . 3. Compensation . As compensation for your services to the Company, you wil 1 receive compensation as set forth on Schedule B attached hereto (hereinafter, the "Compensation") per year for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company . You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties . 4. No Assignment . Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without - the prior written consentofthe Company . · S. Confidential Information ; Non - Disclosure . In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows : a. Defini tion . For purposes of this Agreement the term "Confidential Information" means: i. Any infonnation which the Company possesses that has been created discovered or developed by or for the Company, and which has or could have commercial value'or utility in the business in which the Company is engaged ; or ii. Any information which is related to the business of the Company and is genera 11 y not known by non - Company pers · onnel . iii. . Confidential Information includes, without limitation, trade secrets and any infonnation concerning services provided by the Company, concepts, ideas, improvements, techniques, methods, research, data, know - how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements . b. Exclusions . Notwithstanding the foregoing, the term Confidential Information shall not

![](image_048.jpg)

2 include: i. Any infonnation which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you ; ii. Infonnation received from a third party in rightful possession of such infonnation who is not restricted from disclosing such infonnation ; and iii. lnfonnation known by you prior to receipt of such infonnation from the Company, which prior knowledge can be documented . c. Documents . You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, fonnulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Infonnation, nor will you make reproductions or copies of same . You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your tennination or Resignation, as defined in Section 8 herein . d. Confidentiality . You agree that you will hold in trust and confidence all Corifidential lnfonnation and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company . You further agree that you will not use any Confidential lnfonnation without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive tennination of this Agreement . e. Ownership . You agree that Company shall own all right, title and interest (including patent rights , copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know - how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (coJlectively, "Inventions") and you will promptly disclose and provide all Inventions to the Company . You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned . 6. 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 24 months following tennination of this Agreement for whatever reason, directly or directly as owner, partner, joint venture, shareholder, 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 has no active role in the publicly owned company as director, employee, consultant or otherwise . · 7. Non - Solicitation . So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure . 8. Termination and Resignation . Your membership on the Board or on a Board committee may be tenninated for any or no reason by a vote of the shareholders holding at least a majority of the shares of the Company's issued and outstanding shares entitled to vote . Your membership on the Board or on a Board committee shall be tenninated if you become of unsound mind or are prohibited by law from being so . You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company . Upon the effective date of the tennination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation

![](image_049.jpg)

3 (including the vested portion of the Shares) that you have already earned and to reim urse you for approved expenses already incurred in connection with your perfonnance of your Duties as . of the effective date of such tennination or Resignation . Any Shares that have not vested as of the effective date of such tennination or Resignation shall be forfeited and cancelled . 9. Governing Law . All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be detennined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in the State ofNewYork . 10. Entire Agreement ; Amendment ; Waiver ; Countemarts . This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and tenninates any prior oral or written agreements with respect to the subject matter hereof . Any term of this Agreement may be amended and observance of any tenn of ƒ this Agreement may be waived only with the written consent of the parties hereto . Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement . The failure of any party at any time to require perfonnance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement . This Agreein ¢ n(mgy be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature . - 11. Indemnification . The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence or willful misconduct . The Company shalJ advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable Jaw . Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition ofsuch proceeding promptly upon receipt by the Company of (a) written request for payment ; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought ; and (c) an undertaking adequate under applicable Jaw made by or on your behalf to repay the amounts so advanced if it shall ultimately be detennined pursuant to any non - appealable judgment or settlement that you are not entitled to be indemnified by the Company . 12. Not an Employment Agreement . This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company . 13. Acknowledgemen t . _ You accept this Agreement subject to all the tenns and provisions of this Agreement . You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement .

![](image_070.jpg)

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above . Sincerely, [ZEROLIMIT TECHNOLOGY HOLDING CO.LTD] By: z._h - U'liWi• 2 - " 1 Name: [Zhiwei Zhg] - (} Title: Chief Executive Officer AGREED AND ACCEPTED: 4 - By: Name:[haomei Zhang] U

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above. Sincerely, [ZEROLIMIT TECHNOLOGY HOLDING CO.LTD] 4 By: Name: [Zhiwei Zheng] Title: Chief Executive Officer AGREED AND ACCEPTED: By: Name:[haomei Zhang] U

![](image_072.jpg)

Schedule A The Director is offered to serve on the following Board committee(s) : 5 Committee Title Audit Committee Nominating and Governance Committee Compensation Committee

![](image_073.jpg)

Schedule 8 Compensation During your tenn as a member of Board of Directors of the Company, you wiJI receive cash compensation in the amount of$[ ], payable quarterly and [share]/[option] compensation as set forth below: 6 Potential Forfeiture Vesting Schedule Exercise Price Amount [Share]/[Options]

![](image_054.jpg)

Schedule C CONSENT OF Shaomei Zhang ZEROLIMIT TECHNOLOGY HOLDING CO . LID (the "Company'') intends to file a Registtation Statement on Form F - 1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering . As required by Rule 438 under the Securities Act of 1933 , as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee . Dated: , 2023 7 Shaomei Zhang

## Exhibit 10.3

**Exhibit 10.3**

![](image_055.jpg)

(ZEROLIMIT TECHNOLOGY HOLDING CO. LTD) [ADDRESS] [CONTACT INFORMATION] 15 / 08 / 2023 Xiaosha Hu Room l 302 , Tefa Infomation Technology Building , Nanshan District , Shenzhen , P . R . China Re : Director Offer Letter Dear Mr. Xiaosha Hu , (ZEROLIMIT TECHNOLOGY HOLDING CO . LTD] , a Cayman Islands exempted company with limited liability (the "Company ") , is pleased to offer you a position as of member of its Board of Directors (the " Board ") . We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board . Should you choose to accept this position as a member of the Board and Class I director, this letter agreement (the " Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company . 1. Term . This Agreement is effective upon your acceptance and signature below . Your term as a Class I director shall commence on [ ], and continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified . The position shall be up for re - election at the next annual shareholder ' s meeting and upon re - election , the terms and provisions of th is Agreement shall remain in full forc e and effect . 2. Services . You shall render services as a member of the Board and the Board ' s committees set forth on Schedule A attached hereto (hereinafter your " Duties") . During the term of this Agreement , you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called . You may attend and participate at each such meeting via teleconfe r ence , vi d e o conference or i n person . Y ou s h a ll con s ult w ith the othe r member s of the Board and comm i tte e(s) as necessary via telephone , electronic mail or other forms of correspondence . 3. Compensation . As compensation for your services to the Company , you will receive compensation as set forth on Schedule B attached hereto (hereinafter , the "Compensation") per year for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company . You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties . 4. No Assignment . Because of the personal nature of the services to be rendered by you , this Agreement may not be assigned by you without the prior written consent of the Company . 5. Confidential Information ; Non - Dis closure . In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company , you hereby represent and agree as follows : a. Definition . For purposes of this Agreement the term " Confidentia l Information" means : i. Any information which the Company possesses that has been created , discovered or developed by or for the Company , and which has or could have commercial value or utility in the business in which the Company is engaged ; or ii. Any information which is related to the business of the Company and is generally not known by non - Company personnel . iii. Confidential Information includes , without limitation , trade secrets and any information concerning services provided by the Company , concepts , ideas , imp rovements , techniques , methods , research , data , know - how , software , formats , marketing plans , and analyses , busine s s plans and analy s es , strategies , forecasts , customer and supplier identities , characteristics and agreements . b. Exclusions . Not w ith s tanding th e fo r egoing , the term C onfidential Information shall not include :

![](image_056.jpg)

i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement , or any other agreement requiring confidentiality between the Company and you ; ii. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information ; and iii. . Information known by you prior to receipt of such information from the Company, which prior knowledge can be documented . c. Documents . You agree that , without the express written consent of the Company, you will not remove from the Company's premises , any notes, formulas, programs , data, records , machines or any other documents or items which in any manner contain or constitute Confidential Information , nor will you make reproductions or copies of same . You shall promptly return any such documents or items , along with any reproductions or copies , to the Company upon the earliest of Company's demand , termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein . d. Confidentiality . You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly , any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe necessary in the course of your business relationship with the Company . You further agree that you will not use any Confidential Information without the prior written consent of the Company , except a s may be neces s a ry in th e cour se of your busine ss relationship with the Company , and that the pro v isions of this paragraph (d) shall survive termination of this Agreement . e. Ownership . You agree that Company shall own all right, title and interest (including patent rights , copyrights , trade secret rights , mask work rights , trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all in v entions (whether o r not pat e ntab le) , work s of autho r ship , mask works , designations , design s, know - how , ideas and information made or conceived or reduced to practice , in whole or in part , by you during the term of this Agreement and tha t arise out of y ou r Duties (collec t i v el y, " In v entions ") and you will promptly disclose and provide all Inventions to the Company . You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect , obtain, maintain, enforce , and defend any rights assigned . 6. 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 24 months following termination of this Agreement for whatever reason , directly or indirectly as owner, partner, joint venture , shareholder, 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 has no active role in the publicly owned company as director , employee , consultant or otherwise . 7. Non - So licitation . So long as you are a member of the Board and for a period of 24 months the reafter , you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure . 8. Termination and Resignation . Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least a majority of the shares of the Company ' s issued and outstanding shares entitled to v ote . Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so . You may also terminate your member s hip on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company (" Resignation "), and such Resignation shall be effective upon the time specified therein or , if no time is specified , upon receipt of the notice of Resignation by the Company . Upon the effecti v e date of the term i nation or Resignation , y our right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation (including the v ested portion of t he Shares) that y ou ha v e alread y earned and to reimburse you for 2

![](image_057.jpg)

3 approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignati on . Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled . 9. Governing Law . All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in the State ofNew York . 10. Entire Agreement ; Amendment ; Waiver ; Counterparts . This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof . Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto . Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement . The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement . This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature . 11. Indemnification . The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses , including reasonable attorney' s fees , judgments , fines, settlements and other legally permissible amounts ("Losses") , incurred in connection with any proceeding arising out of, or related to , your performance of your Duties, other than any such Losses incurred as a result of your negligence or willful misconduct . The Company shall advance to you any expenses, including reasonable attorneys ' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law . Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment ; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought ; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non - appealable judgment or settlement that you are not entitled to be indemnified by the Company . 12. Not an Employment Agreement . This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company . 13. Acknowledgement . You accept this Agreement subject to all the terms and provisions of this Agreement . You agree to accept as binding , conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement .

![](image_074.jpg)

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above. Sincerely , [ZEROLIMIT TECHNOLOGY HOLDING CO. LTD] 4 1 By yVl < w.e,; J/l { J: Name : [Zhiwei Zheng] T i tl e : Chief Executive Officer AGREED AND ACCEPTED : Y t' M>lJL By: _ Name: Xiaosha Hu

![](image_059.jpg)

5 Schedule A The Director is offered to serve on the following Board committee(s) : Title Committee Audit Committee Nominating and Governance Committee Compensation Committee

![](image_075.jpg)

Schedule B Compensation During your term as a member of Board of Directors of the Company , you will receive cash compensation in the amount of$[ ] , payable quarterly and [share] / [option] compensation as set forth below : 6 Potential Forfeiture Vesting Schedule Exercise Price Amount [Share] / [Options]

![](image_061.jpg)

Schedule C CONSENT OF Xiaosha Hu ZEROLIMIT TECHNOLOGY HOLDING CO . LTD (the "Company") intends to file a Registration Statement on Form F - 1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering . As required by Rule 438 under the Securities Act of 1933 , as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee . Dated: , 2023 7

## Exhibit 10.4

**Exhibit 10.4**

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[ZEROLIMIT TECHNOLOGY HOLDING CO . LTD] [ADDRESS] [CONTACT INFORMATION] [August 13, 2023] [Oliver Yucheng Chen] [ 4880 Merganser CT , Pleasanton California 94566 , USA] Re : Director Offer Letter Dear Ms . /Mr . [Oliver Yucheng Chen] , [ZEROLIMIT TECHNOLOGY HOLDING CO . LTD] , a Cayman Islands exempted company with limited liability (the " Company ") , is pleased to offer you a position as of member of its Board of Directors (the "Board") . We believe your background and experience will be a significant asset to the Company and we look forward to your participation on the Board . Should you choose to accept this position as a member of the Board and Class I director , this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company . 1. Term . This Agreement is effective upon your acceptance and signature below . Your term as a Class I director shall commence on [August 15 , 2023 ], and continue subject to the provisions in Section 8 below or until your successor is duly elected and qualified . The position shall be up for re - election at the ne x t annual shareholder ' s meeting and upon re - election , the terms and pro v isions of this Agreement shall remain in full force and effect . 2. Services . You shall render services as a member of the Board and the Board's committees set forth on Schedule A attached hereto (hereinafter your "Duties") . During the term of this Agreement , you shall attend and participate in such number of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called . You may attend and participate at each such meeting via teleconference , video conferenc e or i n p e rson . You s hall consult with the other members of the Board and committee(s) as necessary via telephone , electronic ma i l or other forms of correspondence . 3. Compensation . As compensation for your services to the Company , you will receive compensation as set forth on Schedule B attached hereto (hereinafter, the "Compensation") per year for serving on the Board during your term as a director, which shall be paid to you quarterly in arrears as determined by the Company . You shall be reimbursed for reasonable and approved expenses incurred by you in connection with the performance of your Duties . 4. No Assignment . Because of the personal nature of the services to be rendered by you , this Agreement may not be assigned by you without the prior written consent of the Company . 5. Confidential Information ; Non - Disclosure . In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company , you hereby represent and agree as follows : a. Definition . For purposes of this Agreement the term " Confidential Information" means: i. Any information which the Company possesses that has been created , discovered or developed by or for the Company , and which has or could have commercial value or utility in the business in which the Company is engaged ; or ii. Any information which is related to the business of the Company and is generally not known by non - Company personnel . iii. . Confidential Information includes , without limitation , trade secrets and any information concerning services provided by the Company , concepts, ideas , improvements, techniques , methods , research , data , know - how , software , formats , marketing plans , and analyses, business plans and analyses , strategies, forecasts , customer and supplier identities , characteristics and agreements . b. Exclusions . Notwith s tanding the foregoing , the term Confidential Information shall not include :

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i. Any information which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you ; ii. Information received from a third party in rightful possession of such information who is not restricted from disclosing such information ; and iii. Information known by you prior to receipt of such information from the Company , which prior knowledge can be documented . c. Documents . You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same . You shall promptly return any such documents or items, along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section 8 herein . d. Confidentiality . You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company , except as maybe necessary in the course of your business relationship with the Company . You further agree that you will not use any Confidential Information without the prior written consent of the Company , except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement . e. Ownership . You agree that Company shall own all right, title and interest (including patent rights, copyrights , trade secret rights , mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations , designs, know - how, ideas and information made or conceived or reduced to practice, in whole or in part , by you during the term of this Agreement and that arise out of your Duties (collectively, "Inventions") and you will promptly disclose and provide all Inventions to the Company . You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned . 6. 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 24 months following termination of this Agreement for whatever reason, directly as owner, partner, joint venture, broker, agent principal, 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 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 has no active role in the publicly owned company as director, employee, consultant or otherwise . 7. Non - Solicitation . So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit for employment any individual who was an employee of the Company during your tenure . 8. Termination and Resignation . Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least a majority of the shares of the Company's issued and outstanding shares entitled to vote . Your membership on the Board or on a Board committee shall be terminated if you become of unsound mind or are prohibited by law from being so . You may also terminate your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company ("Resignation") , and such Resignation shall be effective upon the time specified therein or , if no time is specified, upon receipt of the notice of Resignation by the Company . Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the 2

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3 effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation shall be forfeited and cancelled . 9. Governing Law . All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in the State ofNew York . 10. Entire Agreement ; Amendment ; Waiver ; Counterparts . This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof . Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto . Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement . The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement . This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature . 11. Indemnification . The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines , settlements and other legally permissible amounts (" Losses") , incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your negligence or willful misconduct . The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law . Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment ; (b) appropriate documentation evidencing the incurrence , amount and nature of the costs and expenses for which payment is being sought ; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non - appealable judgment or settlement that you are not entitled to be indemnified by the Company . 12. Not an Employment Agreement . This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with the Company . 13. Acknowledgement . You accept this Agreement subject to all the terms and provisions of this Agreement . You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of the Company of any questions arising under this Agreement .

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The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above . Sincerely, [ZEROLIMIT TECHNOLOGY HOLDING CO. LTD] 4 By: Name: Title: [zhiwei Zheng] Chief Executive Officer AGREED AND ACCEPTED: By: ------- Name: [Oliver Yucheng Chen]

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5 Schedule A The Director is offered to serve on the following Board committee(s): Title Committee Audit Committee Nominating and Governance Committee Compensation Committee

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6 Schedule B Compensation During your term as a member of Board of Directors of the Company, you will receive cash compensation in the amount of $[12,000], payable quarterly and [share]/[option] compensation as set forth below: Potential Forfeiture Vesting Schedule Exercise Price Amount [Share]/[Options]

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Schedule C CONSENT OF Oliver Yucheng Chen ZEROLIMIT TECHNOLOGY HOLDING CO . LTD (the " Company") intends to file a Registration Statement on Form F - 1 (together with any amendments or supplements thereto , the " Registration Statement") registering securities for issuance in its initial publ i c offering . As requ i red 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 : , 202 3 7

## Exhibit 10.5

**Exhibit 10.5**

**Sales Contract**

Contract No. <br>Place of Signing:

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| | |
|:---|:---|
| **Party A:** | **(hereinafter referred to as "Party A")** |
| Address: |  |

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**Party B: Zhenglian Technology (Shenzhen) Co., Ltd. (hereinafter referred to as "Party B")**

Address: 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen

Whereas Party B is legally authorized to provide the software products and related services described in this contract, and Party A wishes to purchase the said software products and services, both parties, after friendly negotiations, have reached the following contractual terms:

&nbsp;&nbsp;&nbsp;&nbsp;I. Contract Subject

Party B shall supply the following products to Party A at the prices specified below. All prices are inclusive of taxes:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Including (Per Set)** | **Including (Per Set)** |
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Software License** | **One-year Service** |
| **Total** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;II. Product Delivery and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery: Party A shall order the Cloud Data Base Station Node Software products from Party B through a contract or purchase order. Upon mutual confirmation, Party B shall deliver the software activation card, and the activation of the software shall be deemed as the completion of the product delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment: Party A shall pay a ___ deposit to Party B within ___ days after signing the contract. The remaining balance shall be remitted by Party A to the designated bank account of Party B within ___ days after the software activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Software system products sold by Party B and activated cannot be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A's Invoice Information:

Invoice Unit Name:

Taxpayer Identification Number:

Invoice Address and Phone:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B's Bank Account Information:

Account Name: Zhenglian Technology (Shenzhen) Co., Ltd.

Account Number: XXXXXXXXXXXXXXXXXXXXXX

Bank: Shenzhen Shennan Sub-branch, Bank of Communications

&nbsp;&nbsp;&nbsp;&nbsp;III. Product Warranty

The product warranty referred to in this contract shall be handled as agreed by the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall authorize and deliver the software to Party A for normal use in a single-machine version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may run the software in an independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The software services provided by Party B include post-sales technical support and automatic background version upgrade services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The software service period is one year. Software services beyond one year shall be agreed upon separately at market prices..

&nbsp;&nbsp;&nbsp;&nbsp;IV. Rights and Obligations

Party A's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A must take necessary confidentiality measures for any proprietary materials provided by Party B that are marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall not decipher, decode, or privately add any functions to the software provided by Party B without written permission from Party B.

Party B's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall provide Party A with product documentation and other proprietary materials that Party B deems disclosable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall provide mature and reliable products for Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B guarantees that it owns the intellectual property rights of the products provided to Party A. Any disputes arising therefrom shall be solely borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B's factors cause Party A to be unable to use the products or services normally, Party B shall resolve the issues as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall provide usable software products to Party A upon receipt of Party A's order..

&nbsp;&nbsp;&nbsp;&nbsp;V. Breach of Contract

Any breach of any provision of this contract by either party shall constitute a breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Exemption and Mitigation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The contracting parties unanimously agree that the following circumstances may exempt a party from liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure

In the event of a force majeure occurrence, the affected party shall provide written notice to the other party within 15 days and furnish official proof or written documentation detailing the incident and the inability to perform or the need for a delayed performance under this contract.

During the period of force majeure, the obligations under this contract shall be suspended, and neither party shall claim compensation or damages from the other party for any direct or indirect losses or damages arising from the force majeure event. However, if the force majeure event continues for more than 30 days, the parties shall, based on the principles of good faith, engage in negotiations to determine whether to continue performance, delay performance, or terminate this contract with respect to the rights and obligations under this contract.

Upon the cessation of the force majeure event, the affected party shall make reasonable efforts to resume the performance of this contract as soon as possible, and the affected party's performance period shall be extended accordingly.

Any delay in performance or inability to perform any of its obligations under this contract caused by force majeure shall not be considered a breach of contract and neither party hereto shall be liable for the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions

The contracting parties unanimously agree that the following circumstances, leading to a delay or impossibility of performance under this contract, may exempt the affected party from liability:

The introduction or adjustment of national laws and regulations and policies;

System failures caused by virus episodes not reasonably within the control of the contracting parties;

Network failures not due to circumstances beyond the reasonable control of the contracting parties;

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The contracting parties unanimously agree that the following circumstances may result in mitigation of liability:

After a breach has occurred, the defaulting party has taken all reasonable measures and efforts to remedy the situation. However, if the non-defaulting party fails to cooperate or allows the situation to further escalate or worsen.

System failure caused by a virus outbreak.

Network failure.

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Termination and Change of Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall take effect upon being signed and sealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For any additional functional requirements beyond the basic functions of the products ordered under this contract, the parties may enter into a separate cooperation agreement after mutual consultation and confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party requesting to amend the contract must notify the other party in writing one month in advance, and the amendment shall only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party breaches this contract, causing the contract to be unperformable, the other party has the right to terminate the agreement. After termination, the non-breaching party has the right to claim compensation for any economic losses suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate this contract must issue a written notice to the other party. Both parties shall negotiate the termination matters in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Dispute Resolution

Any disputes or controversies arising from or related to this contract shall be resolved through friendly negotiations. If no agreement can be reached or if no negotiation is conducted, the parties agree to:

Submit the dispute to the Shenzhen Court of International Arbitration for arbitration..

&nbsp;&nbsp;&nbsp;&nbsp;IX. Miscellaneous

This contract is made in <u>two copies,</u> with each party holding <u>one copy</u>, both of which shall have equal legal effect.

(End of Text)

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| | |
|:---|:---|
| Party A: | Party B: |
|  | Zhenglian Technology (Shenzhen) Co., Ltd. |
| Contracted representatives: __________________ | Contracted representatives: __________________ |
| Date: | Date: |

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## Exhibit 10.6

**Exhibit 10.6**

**Powers of Attorney**

I, Baifen Le, a [Chinese] citizen, PRC ID Card Number: XXXXXXXXXXXXXXXXXX, hold 5% equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) ("Equity Interests"). I hereby unconditionally and irrevocably authorize the natural person ("Authorized Person") designated by ZeroLimit Holdings (Shenzhen) Co., Ltd. ("ZeroLimit Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX)) to exercise the following rights relating to the Equity Interests during the term of this Powers of Attorney:

Authorizing the Authorized Person to exercise the following rights in relation to the Equity Interests on behalf of myself as the sole exclusive agent, including but not limited to, (1) attend the shareholders' meeting of Zhenglian Shenzhen and execute relevant shareholders' resolutions on behalf of myself; (2) exercise all shareholders' rights that I am entitled to under the PRC laws promulgated from time to time and the articles of association of Zhenglian Shenzhen amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the Equity Interests; (3) appoint and elect, as my authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements; (4) execute documents, meeting minutes and relevant filling documents in relation to the registration of Zhenglian Shenzhen kept by competent administrations of industry and commerce; and (5) exercise the voting right on behalf of the registered shareholders of Zhenglian Shenzhen when it is bankrupted.

Unless otherwise provided in this Powers of Attorney, the Authorized Person is entitled to declare, use or otherwise dispose of any cash dividends or bonuses generated by the Equity Interests or other non-cash earnings. Unless otherwise provided in this Powers of Attorney, the Authorized Person can take any actions in relation to Equity Interests at its own discretion without my written or oral instruction.

The Authorized Person is entitled to, within the scope of authorization, perform the Equity Interest Pledge Agreement and Exclusive Option Agreement executed on the same date of this Powers of Attorney to which I am a party in time, and execute the transaction contracts under such agreements (if applicable), and the exercise of such rights will not restrict this Power of Attorney.

All actions in relation to the Equity Interests by the Authorized Person shall be deemed as my actions, and all documents executed by the Authorized Person shall be deemed as executed by me, and acknowledge by me. If the Authorized Person intends to assign the authorized rights, the Authorized Person is entitled to assign its rights under the aforementioned matters and the exercise of my Equity Interests to other individual or entity, without my consent.

During the term of this Powers of Attorney, I hereby waive all rights in relation to the Equity Interests which have been granted to the Authorized Person by this Powers of Attorney and I will no longer exercise such rights. Where part of this Powers of Attorney becomes invalid or unenforceable as compulsorily required by laws, the remaining authorization shall continuously be effective.

This Power of Attorney shall be come into effect on the execution date as of May 24, 2023, and shall be irrevocably and continuously effective during the term when I am the shareholder of Zhenglian Shenzhen, commencing from the execution date of this Powers of Attorney. Once this Powers of Attorney is terminated in full or in part upon the written notice of ZeroLimit Shenzhen, I will immediately withdraw my authorization and assignment to ZeroLimit Shenzhen hereto, and immediately execute a power of attorney in the same format of this Powers of Attorney to make the same authorization and assignment to other persons nominated by ZeroLimit Shenzhen.

<u>/s/ Baifen Le</u> 

Baifen Le (Signature):

Date: May 24, 2023

**Powers of Attorney**

I, Kai Hu, a [Chinese] citizen, PRC ID Card Number: XXXXXXXXXXXXXXXXXX, hold 11% equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) ("Equity Interests"). I hereby unconditionally and irrevocably authorize the natural person ("Authorized Person") designated by ZeroLimit Holdings (Shenzhen) Co., Ltd. ("ZeroLimit Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) to exercise the following rights relating to the Equity Interests during the term of this Powers of Attorney:

Authorizing the Authorized Person to exercise the following rights in relation to the Equity Interests on behalf of myself as the sole exclusive agent, including but not limited to, (1) attend the shareholders' meeting of Zhenglian Shenzhen and execute relevant shareholders' resolutions on behalf of myself; (2) exercise all shareholders' rights that I am entitled to under the PRC laws promulgated from time to time and the articles of association of Zhenglian Shenzhen amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the Equity Interests; (3) appoint and elect, as my authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements; (4) execute documents, meeting minutes and relevant filling documents in relation to the registration of Zhenglian Shenzhen kept by competent administrations of industry and commerce; and (5) exercise the voting right on behalf of the registered shareholders of Zhenglian Shenzhen when it is bankrupted.

Unless otherwise provided in this Powers of Attorney, the Authorized Person is entitled to declare, use or otherwise dispose of any cash dividends or bonuses generated by the Equity Interests or other non-cash earnings. Unless otherwise provided in this Powers of Attorney, the Authorized Person can take any actions in relation to Equity Interests at its own discretion without my written or oral instruction.

The Authorized Person is entitled to, within the scope of authorization, perform the Equity Interest Pledge Agreement and Exclusive Option Agreement executed on the same date of this Powers of Attorney to which I am a party in time, and execute the transaction contracts under such agreements (if applicable), and the exercise of such rights will not restrict this Power of Attorney.

All actions in relation to the Equity Interests by the Authorized Person shall be deemed as my actions, and all documents executed by the Authorized Person shall be deemed as executed by me, and acknowledge by me. If the Authorized Person intends to assign the authorized rights, the Authorized Person is entitled to assign its rights under the aforementioned matters and the exercise of my Equity Interests to other individual or entity, without my consent.

During the term of this Powers of Attorney, I hereby waive all rights in relation to the Equity Interests which have been granted to the Authorized Person by this Powers of Attorney and I will no longer exercise such rights. Where part of this Powers of Attorney becomes invalid or unenforceable as compulsorily required by laws, the remaining authorization shall continuously be effective.

This Power of Attorney shall be come into effect on the execution date as of May 24, 2023, and shall be irrevocably and continuously effective during the term when I am the shareholder of Zhenglian Shenzhen, commencing from the execution date of this Powers of Attorney. Once this Powers of Attorney is terminated in full or in part upon the written notice of ZeroLimit Shenzhen, I will immediately withdraw my authorization and assignment to ZeroLimit Shenzhen hereto, and immediately execute a power of attorney in the same format of this Powers of Attorney to make the same authorization and assignment to other persons nominated by ZeroLimit Shenzhen.

<u>/s/ Kai Hu</u> 

Kai Hu (Signature):

Date: May 24, 2023

**Powers of Attorney**

I, Jian Gang, a [Chinese] citizen, PRC ID Card Number: XXXXXXXXXXXXXXXXXX, hold 11% equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) ("Equity Interests"). I hereby unconditionally and irrevocably authorize the natural person ("Authorized Person") designated by ZeroLimit Holdings (Shenzhen) Co., Ltd. ("ZeroLimit Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) to exercise the following rights relating to the Equity Interests during the term of this Powers of Attorney:

Authorizing the Authorized Person to exercise the following rights in relation to the Equity Interests on behalf of myself as the sole exclusive agent, including but not limited to, (1) attend the shareholders' meeting of Zhenglian Shenzhen and execute relevant shareholders' resolutions on behalf of myself; (2) exercise all shareholders' rights that I am entitled to under the PRC laws promulgated from time to time and the articles of association of Zhenglian Shenzhen amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the Equity Interests; (3) appoint and elect, as my authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements; (4) execute documents, meeting minutes and relevant filling documents in relation to the registration of Zhenglian Shenzhen kept by competent administrations of industry and commerce; and (5) exercise the voting right on behalf of the registered shareholders of Zhenglian Shenzhen when it is bankrupted.

Unless otherwise provided in this Powers of Attorney, the Authorized Person is entitled to declare, use or otherwise dispose of any cash dividends or bonuses generated by the Equity Interests or other non-cash earnings. Unless otherwise provided in this Powers of Attorney, the Authorized Person can take any actions in relation to Equity Interests at its own discretion without my written or oral instruction.

The Authorized Person is entitled to, within the scope of authorization, perform the Equity Interest Pledge Agreement and Exclusive Option Agreement executed on the same date of this Powers of Attorney to which I am a party in time, and execute the transaction contracts under such agreements (if applicable), and the exercise of such rights will not restrict this Power of Attorney.

All actions in relation to the Equity Interests by the Authorized Person shall be deemed as my actions, and all documents executed by the Authorized Person shall be deemed as executed by me, and acknowledge by me. If the Authorized Person intends to assign the authorized rights, the Authorized Person is entitled to assign its rights under the aforementioned matters and the exercise of my Equity Interests to other individual or entity, without my consent.

During the term of this Powers of Attorney, I hereby waive all rights in relation to the Equity Interests which have been granted to the Authorized Person by this Powers of Attorney and I will no longer exercise such rights. Where part of this Powers of Attorney becomes invalid or unenforceable as compulsorily required by laws, the remaining authorization shall continuously be effective.

This Power of Attorney shall be come into effect on the execution date as of May 24, 2023, and shall be irrevocably and continuously effective during the term when I am the shareholder of Zhenglian Shenzhen, commencing from the execution date of this Powers of Attorney. Once this Powers of Attorney is terminated in full or in part upon the written notice of ZeroLimit Shenzhen, I will immediately withdraw my authorization and assignment to ZeroLimit Shenzhen hereto, and immediately execute a power of attorney in the same format of this Powers of Attorney to make the same authorization and assignment to other persons nominated by ZeroLimit Shenzhen.

<u>/s/ Jian Gang</u> 

Jian Gang (Signature):

Date: May 24, 2023

**Powers of Attorney**

The Company, ZeroLimit Digital Technology Co., Ltd. (the "Company"), PRC USCI Number: XXXXXXXXXXXXXXXXXX, holds 73% equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) ("Equity Interests"). The Company hereby unconditionally and irrevocably authorizes the the natural person ("Authorized Person") designated by ZeroLimit Holdings (Shenzhen) Co., Ltd. ("ZeroLimit Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXXXXX) to exercise the following rights relating to the Equity Interests during the term of this Powers of Attorney:

Authorizing the Authorized Person to exercise the following rights in relation to the Equity Interests on behalf of the Company as the sole exclusive agent, including but not limited to, (1) attend the shareholders' meeting of Zhenglian Shenzhen and execute relevant shareholders' resolutions on behalf of the Company; (2) exercise all shareholders' rights that the Company is entitled to under the PRC laws promulgated from time to time and the articles of association of Zhenglian Shenzhen amended from time to time, including but not limited to, shareholders' rights to vote, sell, transfer, pledge or dispose of all or a portion of the Equity Interests; (3) appoint and elect, as the Company's authorized representative, the legal representative, chairman of the board of directors, directors, supervisors, general managers and other senior managements; (4) execute documents, meeting minutes and relevant filling documents in relation to the registration of Zhenglian Shenzhen kept by competent administrations of industry and commerce; and (5) exercise the voting right on behalf of the registered shareholders of Zhenglian Shenzhen when it is bankrupted.

Unless otherwise provided in this Powers of Attorney, the Authorized Person is entitled to declare, use or otherwise dispose of any cash dividends or bonuses generated by the Equity Interests or other non-cash earnings. Unless otherwise provided in this Powers of Attorney, the Authorized Person can take any actions in relation to Equity Interests at its own discretion without the Company's written or oral instruction.

The Authorized Person is entitled to, within the scope of authorization, perform the Equity Interest Pledge Agreement and Exclusive Option Agreement executed on the same date of this Powers of Attorney to which the Company is a party in time, and execute the transaction contracts under such agreements (if applicable), and the exercise of such rights will not restrict this Power of Attorney.

All actions in relation to the Equity Interests by the Authorized Person shall be deemed as the Company's actions, and all documents executed by the Authorized Person shall be deemed as executed by the Company, and acknowledge by the Company. If the Authorized Person intends to assign the authorized rights, the Authorized Person is entitled to assign its rights under the aforementioned matters and the exercise of the Company's Equity Interests to other individual or entity, without the Company's consent.

During the term of this Powers of Attorney, the Company hereby waive all rights in relation to the Equity Interests which have been granted to the Authorized Person by this Powers of Attorney and the Company will no longer exercise such rights. Where part of this Powers of Attorney becomes invalid or unenforceable as compulsorily required by laws, the remaining authorization shall continuously be effective.

This Power of Attorney shall be come into effect on the execution date as of May 24, 2023, and shall be irrevocably and continuously effective during the term when the Company is the shareholder of Zhenglian Shenzhen, commencing from the execution date of this Powers of Attorney. Once this Powers of Attorney is terminated in full or in part upon the written notice of ZeroLimit Shenzhen, the Company will immediately withdraw the Company's authorization and assignment to ZeroLimit Shenzhen hereto, and immediately execute a power of attorney in the same format of this Powers of Attorney to make the same authorization and assignment to other persons nominated by ZeroLimit Shenzhen.

ZeroLimit Digital Technology Co., Ltd. (Seal)

Authorized Representative (Signature):

Date: May 24, 2023

## Exhibit 10.7

**Exhibit 10.7**

**Equity Interest Pledge Agreement**

This Equity Interest Pledge Agreement ("Agreement") is made and entered into by and among the following Parties in Shenzhen, the People's Republic of China ("PRC") on May 24, 2023:

**Pledgor 1:** ZeroLimit Digital Technology Co., Ltd. PRC USCI Number: XXXXXXXXXXXXXXXXXX

**Pledgor 2:** Kai Hu

PRC ID Card Number: XXXXXXXXXXXXXXXXXX

**Pledgor 3:** Jian Gang

PRC ID Card Number: XXXXXXXXXXXXXXXXXX

**Pledgor 4:** Baifen Le

PRC ID Card Number: XXXXXXXXXXXXXXXXXX

(Pledgor 1, Pledgor 2, Pledgor 3 and Pledgor 4 are hereinafter collectively referred to as "Pledgors")

**Pledgee:** ZeroLimit Holdings (Shenzhen) Co., Ltd.

Address: [2005, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

PRC USCI Number: XXXXXXXXXXXXXXXXXX

**Target Company**: 3. Zhenglian Technology (Shenzhen) Co., Ltd.

Address: [2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

PRC USCI Number: XXXXXXXXXXXXXXXXXX

Each of the Pledgee, Pledgors and Target Company shall hereinafter be referred to as a "Party," and collectively as the "Parties."

**WHEREAS,**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Target Company is a limited liability company duly incorporated and validly existing in Shenzhen under the PRC laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the execution date of this Agreement, Pledgors together own directly, beneficially and of record 100% of equity interests in the Target Company in aggregate, of which, Pledgor 1 holds 73% of equity interests in the Target Company, representing RMB14,600,000 in the registered capital of the Target Company; Pledgor 2 holds 11% of equity interests in the Target Company, representing RMB2,200,000 in the registered capital of the Target Company; Pledgor 3 holds 11% of equity interests in the Target Company, representing RMB2,200,000 in the registered capital of the Target Company; and Pledgor 4 holds 5% of equity interests in the Target Company, representing RMB1,000,000 in the registered capital of the Target Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Pledgee is a wholly foreign-owned enterprise duly incorporated and validly existing in Shenzhen, PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Pledgee and the Target Company have entered into an Exclusive Consulting and Services Agreement on May 24, 2023 (See Schedule I the "Master Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Pursuant to the Master Agreement, the Pledgee is entitled to collect service fees from the Target Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To ensure the Target Company's fulfillment of all obligations under the Master Agreement, Pledgors are willing to pledge all of their current equity interests in the Target Company according to the terms and conditions of this Agreement to the Pledgee to secure its performance under the Master Agreement, and the Pledgee has agreed to accept such pledge.

**THEREFORE**, the Parties hereby mutually agree to execute this Agreement upon the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Definitions**

Unless otherwise provided herein, the terms below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. **"Pledged Equity Interest"** means 100% of the equity interests in the Target Company lawfully now held by Pledgors, and all rights and benefits in connection therewith (including without limitation to dividends from the Pledged Equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. **"Secured Indebtedness"** means the Target Company's obligations or indebtedness under the Master Agreement (including any renewal, amendments or supplements thereto), including without limitation to, the consulting service fees, content provision fees, development and maintenance fees, interests, liquidated damages, indemnifications, expenses incurred for the realization of creditors' rights , losses suffered by the Pledgee as a result of the Target Company's default and all other expenses payable by the Target Company to the Pledgee under the Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. **"** **Contractual Obligations"** means all the obligations of the Pledgors or the Target Company under the Master Agreement, the Exclusive Option Agreement signed by the Parties on May 24, 2023, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. **"Event of Default"** means any circumstances as set forth in Section 8 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. **"Notice of Default"** means the notice issued by the Pledgee in accordance with this Agreement declaring an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Equity Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. To secure the timely and complete payment when due (whether at stated maturity, by acceleration or otherwise) of any and all of the payments due by the Target Company under the Master Agreement, including without limitation to consulting and services fees payable to the Pledgee under the Master Agreement (regardless whether the payment is due as a result of the payment date, the requirement of advance payment, or other reasons), Pledgors hereby pledge to Pledgee the security interest in all of Pledgor's interest in the Equity Interest of the Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Pledge means the right held by the Pledgee to be compensated on a preferential basis with the conversion, auction or sales price of the Pledged Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. During the term of this Agreement, the Pledgee shall not be liable for any loss in the value of the Pledged Equity Interest, nor shall Pledgors have any right to request or otherwise request the Pledgee in any method to indemnify for such loss, unless such loss is caused by the Pledgee's willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. In accordance with the Section 2.3 of this Agreement, in the event of any possible apparent loss in the value of the Pledged Equity Interest that is sufficient to threaten the relevant interests of the Pledgee, the Pledgee is entitled to at any time auction or sell the Pledged Equity Interest on behalf of the Pledgors, and treat the proceeds as advance repayment to the secured indebtedness under the agreement with the Pledgors, or appoint the notary office where the Pledgee located to keep the proceeds (any expenses arising therefrom shall be borne by the Pledgors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. The Parties agree that once the value of the equity interests increases, including but not limited to, as a result of the Target Company's purchase of equity interests in other companies or the acquisition of material assets, when the Pledgee exercises the Pledge, the Pledgee will be compensated on a preferential basis with the price of the Pledged Equity Interest at the time of exercise, instead of at the time of the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. The Pledgee shall be entitled to receive all cash earnings such as dividends and bonuses and all non-cash earnings or other distributable benefits generated by the Pledged Equity Interest from the execution date of this Agreement to the termination date of the Pledge. From the execution date of this Agreement to the termination date of the Pledge, if Pledgors receive any dividends or bonuses generated by the Pledged Equity Interest, the Pledgors shall pay such dividend or bonus to the Pledgee as of the date of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Term of the Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Pledge shall become effective as of the date when the Pledge herein is registered with the administrations of industry and commerce, which will remain effective until the termination date or early termination of the Master Agreement, and when all payments due to the Pledgee under the Master Agreement have been settled or the Pledgee has realized its Pledge in accordance with the provisions of this Agreement ("Term of the Pledge").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. During the Term of the Pledge, in the event that the Target Company fails to make payments due to the Pledgee pursuant to the provisions of the Master Agreement, the Pledgee shall have the right, but without any obligation, to exercise or dispose of the Pledge in accordance with this Agreement and relevant PRC laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Registration of the Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Parties agree that, Pledgors and the Target Company shall register the Pledge in the register of members of the Target Company as of the execution date of this Agreement and submit an application to the administrations of industry and commerce for the registration of the pledge contemplated herein within 20 business days following the execution of this Agreement; in addition, Pledgors and the Target Company shall submit all necessary documents and go through all necessary formalities in accordance with PRC laws and regulations and requirements of competent administrations of industry and commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Where there is a change in the record of the Pledge and an amendment to such record is required under PRC laws, the Pledgee and Pledgors shall complete the amendment of the register of members as well as corresponding filling procedures with competent administrations of industry and commerce within 20 business days as of the date of change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Custody of Records for the Pledged Equity Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. During the Term of the Pledge provided in this Agreement, Pledgors shall procure the Target Company to execute the register of member, and deliver the duly

executed register of members to the Pledgee, and the Pledgee shall take custody of such documents during the Term of the Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Pledgors shall deliver the pledge registration certificate issued by the administration for industry and commerce within 5 business days from the registration of the Pledge, the Pledgee shall take custody of such documents during the Term of the Pledge provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Pledgee has the right to collect any and all dividends declared or generated in connection with the Pledged Equity Interest during the term of Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Representations and Warranties of Pledgors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. If the Pledgor is a natural person, he/she is a PRC citizen with full capacity, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation. If the Pledgor is not a natural person, it is a legal entity validly established and lawfully existing under the laws of the PRC, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. The execution and performance of this Agreement are based on the Pledgors' true expression of intention, the Pledgors have already obtained all necessary lawful authorizations, and all obligations borne by the Pledgors under this Agreement are lawful, effective and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The execution and performance of this Agreement shall not be in violation of or in contradiction with the articles of associations of the Target Company, internal regulations of the Target Company, any agreements between the Target Company and any third party and relevant PRC laws and regulations, the approvals, authorizations, consents, permissions of competent PRC government authorities or PRC courts' decisions or verdicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Pledgors are the sole legal owner of the Pledged Equity Interest, and shall have the right to set the first priority to the Pledgee on the Pledged Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Except for the equity purchase right granted under this Agreement and the Exclusive Option Agreement executed by and among Pledgors, the Pledgee and the Target Company dated as of May 24, 2023, Pledgors have not created any other pledge or any other form of third-party rights on their equity interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. The Pledged Equity Interest is free of any dispute of ownership, seizure, freezing, detention or supervision by any third party pursuant to the laws, and is not exempted by any litigations, enforcements, compulsory measures or other legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. Pledgors are not involved in any existing or potential event of default under this Agreement, and there is no such risk to the best of Pledgors' knowledge. There are no existing or continuously existing event of default under any contract to which the Pledgors are parties that may materially adversely affect the Pledgors, and there is no such risk to the best of Pledgors' knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. Pledgors have complied with and performed all relevant obligations provided in applicable PRC laws and regulations, and complied with all applicable authorizations and permissions. No conduct of Pledgors is in violation of any relevant PRC laws, regulations or rules or may cause material adverse effects to the validity, effectiveness, performance or enforceability of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. To the best knowledge of Pledgors, no legal or administrative proceeding has been initiated by any courts, arbitral tribunals or governmental authorities against Pledgors or the Pledged Equity Interest, and there is no such risk to the best of Pledgors' knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. All information (including documents, materials, statements and certificates) disclosed by Pledgors to the Pledgee is true, complete, accurate, effective and reasonable, without any false or misleading information, or neglecting to disclose any material matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11. The Pledgee may exercise its rights under the Pledge and dispose of the Pledged Equity Interests in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Covenant of Pledgors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Within the term of this Agreement, Pledgors hereby covenant to the Pledgee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Except for the performance of Exclusive Option Agreement and this Agreement, Pledgors shall not create any other security interests on all or a portion of the equity interests (regardless of any priority to the Pledge under this Agreement), without the prior written consent of the Pledgee, for the purpose of this Agreement, "Security Interest" means, including but not limited to, mortgages, pledges or other forms of third- party rights or interests, any equity purchase rights, acquisition rights, right of first refusal, right of set-off, liens or other security arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Without the prior written consent of the Pledgee, Pledgors shall not sell, lease, lend, transfer, assign, gift, re-pledge, custody, invest by the Pledged Equity Interest or otherwise dispose of all or part of the Pledged Equity Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Pledgors shall not by themselves or allow others to make use of the Pledged Equity Interest to engage in any conduct or event in violation of PRC laws and regulations or this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Upon the receipt of any notice, order, verdict, judgment or other document issued by any PRC governmental authorities, judicial or arbitral authorities in connection with the Pledged Equity Interest, Pledgors shall immediately notify the Pledgee, and take all necessary measures to mitigate the risks against the Pledge Equity arising from such notice, order or other documents within the term stipulated by the law. Whenever the Pledgee determines to be necessary, Pledgors shall initiate lawsuits, arbitrations or administrative proceedings in relation to such notice, order or other documents and bear relevant expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Pledgors hereby further agree that the rights acquired by the Pledgee in accordance with this Agreement with respect to the Pledge shall not be interrupted or impaired by Pledgors or any heirs or representatives of Pledgors or any other persons through any legal proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. To protect or perfect the security interests granted by this Agreement, Pledgors hereby undertake to execute in good faith, to cause other parties who have an interest in the pledge to execute all certificates, deeds, and/or to perform and cause other parties who have an interest in the pledge to perform actions required by the Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto by this Agreement, to enter into all relevant documents regarding ownership of Equity Interest with the Pledgee or designee(s) of the Pledgee (natural persons/legal persons), and to provide the Pledgee within a reasonable time with all notices, orders and decisions regarding the pledge that are required by pledge. To protect the interests of Pledgee, Pledgors hereby undertake to obey and perform all promises, covenants, agreements, representations and conditions. In the event that Pledgors fail to perform or fully perform promises, covenants, agreements, representations and conditions, Pledgors shall compensate the Pledgee for all losses incurred therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Event of Default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. The following events shall be deemed as an event of default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 The Target Company fails to timely and fully perform any of its obligations under the Master Agreement, or fails to pay any secured indebtedness in full on schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Any representation or warranty made by Pledgors under Section 6 of this Agreement is false, fraudulent, misleading or wrong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1.3 Pledgors violate any covenant under Section 7 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 Pledgors refuse or deliberately delay to carry out the procedures of registration and filling, and fail to correct within 10 days from the Pledgee's written request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5 In accordance with laws and due to the fault of Pledgors (including omissions of acts), the Pledgee cannot dispose of the Pledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 Any external loan, guarantee, indemnification, commitment or other debt repayment obligation of Pledgors (1) is required to be repaid or performed in advance due to breach of contract; or (2) is due but cannot be repaid or performed on time, which causes the Pledgee to reasonably believe Pledgors' capacity to perform obligations herein has been substantially and adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.7 Due to the promulgation of relevant laws and regulations and the fault of Pledgors (including omission of acts), this Agreement becomes invalid, revocable, unenforceable or Pledgors cannot timely and fully perform obligations herein respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.8 Due to the fault of Pledgors (including omission of acts), any consent, permission, approval, registration or authorization required for the enforceability or legality or effectiveness of this agreement is revoked, suspended, becomes invalid or incurs substantially adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.9 There are material adverse changes to the assets held by Pledgors, which causes the Pledgee to reasonably believe Pledgors' capacity to perform obligations herein has been substantially and adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.10 The successors of the Target Company can only partially perform or refuse to perform the payment obligations under the Master Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.1.11 Pledgors violate any other provisions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. In the event that Pledgors notice or shall notice the occurrence of any circumstance or event that may lead to the aforementioned circumstances described in Section 8.1 of this Agreement, Pledgors shall notify Pledgee in writing accordingly in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. Unless an Event of Default set forth in this Section 8.1 has been remedied at the request of the Pledgee within twenty (20) days upon receipt of the notice of the Pledgee to the Pledgors and/or the Target Company requesting the rectification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgors in writing at any time thereafter, requesting the exercise of the Pledge in accordance with Section 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. The default clause set forth in this Section 8 shall not prejudice the exercise of any other remedies enjoyed by both Parties in accordance with PRC laws and regulations effective on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Exercise of the Pledge**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Pledgee shall issue a Notice of Default to the Pledgors for the exercise of the Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. Subject to the provisions of Section 8.3, the Pledgee may exercise its right to dispose of the Pledge at any time after the issuance of the Notice of Default in accordance with Section 9.1. Upon the Pledgee's exercise of its right to dispose of the Pledge, the Pledgors shall no longer own any right and interest in respect of the Pledged Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. Upon the issuance of the Notice of Default in accordance with Section 9.1, the Pledgee is entitled to exercise all the remedies, rights and powers available to it under the PRC laws and this Agreement, including without limitation to converse, auction or sell the Pledged Equity Interest for prior satisfaction of indebtedness. The Pledgee shall not be held liable for any losses arising from its reasonable exercise of such rights and powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. The proceeds received by the Pledgee as a result of the exercise of the Pledge shall be first applied towards payment of the taxes and expenses payable in connection with the disposal of the Pledged Equity Interest and the performance of the Contractual Obligations and the repayment of the Secured Indebtedness to the Pledgee. Any remaining balance after the deduction of the foregoing payments, if any, shall be returned to the Pledgors or any other person who is entitled to such balance under applicable laws and regulations, or be deposited with the notary public at the place where the Pledgee is located, any costs incurred arising out of such deposit shall be borne by the Pledgors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. The Pledgee shall be entitled to elect to exercise, simultaneously or successively, any of its breach of contract remedies; the Pledgee shall not be required to first exercise other breach of contract remedies prior to exercising its right to converse, auction or sell the Pledged Equity Interest hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. The Pledgee shall be entitled to designate in writing its legal counsel or other agents to exercise on its behalf the Pledge, and neither the Pledgors nor the Target Company shall object thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. When the Pledgee disposes of the Pledge in accordance with this Agreement, the Pledgors and the Target Company shall provide necessary assistance to the Pledgee for its exercise of the Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Assignment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Without the Pledgee's prior written consent, Pledgors shall not assign or delegate all or part of their rights and obligations under this Agreement to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. This Agreement shall be binding on Pledgors and their successors and shall be binding on the Pledgee and each of its successors and assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. At any time, the Pledgee may assign all or a portion of its rights and obligations under the Master Agreement to its designee(s) (natural person or legal person), in which case the assignees shall have the rights and bear the obligations of the Pledgee under this Agreement, and Pledgors and/or the Target Company shall not raise any objection to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. In the event of a change in the Pledgee due to assignment, new parties to the pledge shall execute a new pledge agreement in the same format and with the same material terms as this Agreement, and Pledgors and the Target Company shall assist the new pledgee to execute relevant pledge agreements and complete the pledge registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Termination**

This Agreement shall terminate upon the expiration or termination in advance of the Master Agreement with the service fees and all obligations under the Master Agreement have been fully paid and fulfilled, and the Target Company no longer bears any obligations under the Master Agreement, or upon the transfer of the equity interests in the Target Company from Pledgors to the Pledgee and/or its designee(s) pursuant to the Exclusive Option Agreement. The Pledgee shall deregister the Pledge under this Agreement as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Handling Fees and Other Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. All fees relating to this Agreement, including but not limited to, legal fees, costs of production, stamp tax and any other taxes and fees, shall be borne by Pledgors and the Pledgee respectively pursuant to PRC laws and regulations, and Pledgors shall bear those fees not stipulated under PRC regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. In the event that Pledgors fail to pay any due taxes and fees, or for other reasons, the Pledgee shall be entitled to take all feasible remedial measures and all fees arising therefrom (including but not limited to, taxes fees, handling fees, management fees, litigation fees, legal fees and insurance fees) shall be borne by Pledgors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Force Majeure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. A "Force Majeure Event" means an event beyond the reasonable control of a Party, which the affected Party is unable to avoid even with reasonable attention, including but not limited to, governmental act, fire, explosion, geographical change, storm, flood, earthquake, tidal wave, lightening, and war. However, the shortage of credit, capital and financing shall not be deemed as a Force Majeure Event. The Party affected

by Force Majeure Event and seeking to be exempted from the obligations under this Agreement or any provisions of this Agreement shall notify the other Party about this exemption as soon as possible and take required steps to complete the performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. In the event that the performance of this Agreement is delayed or impeded as a result of Force Majeure Events, the party affected by the Force Majeure Event shall not bear any liability for it under this Agreement, on the condition that the affected Party shall make all reasonable and feasible efforts to perform this Agreement or to mitigate the effects of force majeure, to the extent of the obligations delayed and impeded. Once the cause of such exemption has been rectified and remedied, all Parties agree to make their best endeavor to resume the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. This Agreement shall be governed and construed by PRC laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Any dispute arising out of the interpretation and performance of this Agreement, shall be resolved through friendly negotiation among the Parties. If the dispute is not resolved through negotiation, either Party can submit the dispute to Shenzhen Court of International Arbitration for arbitration in Shenzhen. The arbitral awards shall be final and binding upon the Parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. Upon the request of either Party to the dispute, the court of competent jurisdiction can grant temporary reliefs, such as seizing or freezing the assets or the equity interests of the Party in breach in accordance with decisions or verdicts. After the arbitral award takes effect, any Party is entitled to apply to a court of competent jurisdiction for enforcement of such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Notice**

Any notice or other correspondence sent pursuant to this Agreement shall be written in Chinese and when the notice is delivered personally or by registered mail, postage prepaid, a reputable courier service or by facsimile transmission to the address of the relevant Party or each Party set forth below, the notice shall be deemed to be effectively delivered.

Pledgee: ZeroLimit Holdings (Shenzhen) Co., Ltd.

Address: [2005, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Attn: Guangqing Hu Phone: XXXXXXXXXXX

Pledgor 1: ZeroLimit Digital Technology Co., Ltd.

Address: [2008, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Attn: Guangqing Hu Phone: XXXXXXXXXXX

Pledgor 2: Kai Hu

Address: [2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Phone: XXXXXXXXXXX

Pledgor 3: Jian Gang

Address: [1302, Gate 2, Building 22, Fengqiaoyuan, Zhongbei Town, Xiqing District, Tianjin]

Phone: XXXXXXXXXXX

Pledgor 4: Baifen Le

Address: [2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Phone: XXXXXXXXXXX

Target Company: Zhenglian Technology (Shenzhen) Co., Ltd.

Address：[2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Attn: Guangqing Hu Phone: XXXXXXXXXXX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendment, Termination and Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. This Agreement may be amended, supplemented or terminated with the written consents from each Party and after each Party respectively obtaining necessary authorizations and approvals; and the attachments, appendices and any amendments and supplements thereof under this Agreement shall be an integral part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. The validity of all provisions set forth herein is independent to each other, and if any provision of the Agreement become invalid, the validity of the remaining provisions shall not in any way be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Waiver**

The Pledgee's failure to exercise or delayed exercise of any rights, remedies, powers or privileges hereunder shall not be deemed to be waiver of such rights, remedies, powers or privileges. The Pledgee's single or partial exercise of any rights, remedies, powers or privileges shall not exclude its exercise of any other rights, remedies, powers or privileges. The rights, remedies, powers and privileges hereunder are cumulative and in addition to any other rights, remedies, powers and privileges under any law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Effectiveness and Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. This Agreement shall come into effect upon execution by the Parties as of the date first above written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. This Agreement is written in English in seven copies and will be translated into Chinese for pledge registrations. Each Party shall hold one copy respectively and the remaining copies shall be used for pledge registrations or record. The English version shall prevail in case of any conflict or discrepancy between the Chinese version and the English version.

**Pledgor-1:** ZeroLimit Digital Technology Co., Ltd. (seal)

**Authorized Preventative:**

**Pledgor-2:** Kai Hu Signature:

**Pledgor-3:** Jian Gang Signature:

**Pledgor-4:** Baifen Le Signature:

**Pledgee:** ZeroLimit Holdings (Shenzhen) Co., Ltd. (seal)

**Authorized Representative:**

**Target Company:** Zhenglian Technology (Shenzhen) Co., Ltd. (seal)

**Authorized Representative:**

**Schedule I: Exclusive Consulting and Services Agreement**

## Exhibit 10.8

**Exhibit 10.8**

**Spouse Consent Letter**

To: ZeroLimit Holdings (Shenzhen) Co., Ltd.

I, Xiulan Qu (PRC ID Card Number: XXXXXXXXXXXXXXXXXX), the legal spouse of Mr. Jian Gang (PRC ID Card Number: XXXXXXXXXXXXXXXXXX). I hereby unconditionally and irrevocably agree that, the equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXX) held and registered in the name of my spouse Mr. Jian Gang ("Target Equity Interests"), shall be disposed of in accordance with the arrangement under a series of contractual agreements (including, the Exclusive Consulting and Services Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Powers of Attorney) ("Contractual Agreements") executed by my spouse on May 24, 2023.

In order to avoid possible disputes, I hereby unconditionally and irrevocably make the following commitment and confirmation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Target Equity Interests do not belong to the common property of Mr. Jian Gang and I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I fully acknowledge and agree Mr. Jian Gang to sign the Contractual Agreements. In particular, I fully acknowledge and independently and irrevocably agree to the agreement made in the Contractual Agreements regarding the limitation, pledge, transfer or disposal of Target Equity Interests in Zhenglian Shenzhen and its subsidiaries. I confirm that I will give full cooperation to the implementation of the Contractual Agreements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I hereby further undertake to not take any action for purpose of arising conflicts with the Contractual Agreements, including claiming the Target Equity Interests to be the common property of me and my spouse to influence or to impede my spouse's performance of the obligations under the Contractual Agreements. I hereby unconditionally and irrevocably waive any rights or interests in relation to the Target Equity Interests that may be granted to me under any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I confirm and agree that, the equity interests owned by my spouse under the Contractual Agreements ("Equity Interests Owned by the Spouse") shall be attribute to my spouse in any condition, and my spouse can pledge, sell or dispose of the Equity Interests owned by my Spouse pursuant to such agreements without my consent. I further confirm that, my spouse can perform the Contractual Arrangements and further amend or terminate the Contractual Arrangements without the authorization or consent from me. I have no right to claim any rights in relation to the Equity Interests Owned by my Spouse in any case, including but not limited to, voting right, disposal right and any economic benefits generated (if any). I undertake to execute all necessary documents, and to take all necessary actions to ensure the due performance of the Contractual Agreements (as amended from time to time). I agree and undertake that, if I obtain any equity interests in Zhenglian Shenzhen owned by my spouse for any reason, I will be bound by the Contractual Agreements (as amended from time to time) and comply with the obligations hereto as the shareholder of Zhenglian Shenzhen, and for this purpose, upon the request from the holders of the rights under the Contractual Agreements, I shall execute a series of written documents in the same formats and contents as the Contractual Agreements (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I further confirm, covenant and undertake that, in case of death or incapacity of my spouse, divorce or any other circumstance that may impact the exercise of the shareholder's rights in Zhenglian Shenzhen by my spouse, me and any of my successors, guardians, creditors and any other persons that are entitled to claim benefits or interests to the equity interests in Zhenglian Shenzhen held by my spouse, I will not take any actions that will influence or impede the performance of obligations under the Contractual Agreements by my spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The promises, confirmations, consents and authorizations made in this letter will not be revoked, reduced, invalid or otherwise adversely changed due to the increase, decrease, merger or other similar events of the equity interests of Zhenglian Shenzhen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The promises, confirmations, consents and authorizations made in this letter shall not be revoked, reduced, invalid or otherwise adversely changed due to the loss or limitation of civil capacity, death, or divorce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The promises, confirmations, consents and authorizations made in this letter will remain valid until written confirmation of termination is made by your company and I. Your company and Ms. Baifen Le do not need to make any monetary or non-monetary reimbursement to me due to my aforesaid commitment, confirmation, consent and authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This letter will be effective upon my signature, and its validity period is the same as that of the Exclusive Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any other matters not covered in this letter, including but not limited to applicable law, dispute resolution, definition and interpretation, are the same as those agreed in the Contractual Agreements (as amended from time to time).

<u>/s/ Xiulan Qu</u> 

Signature:

Date: May 24, 2023

**Spouse Consent Letter**

To: ZeroLimit Holdings (Shenzhen) Co., Ltd.

I, Xiaoxia Deng (PRC ID Card Number: XXXXXXXXXXXXXXXXXX), the legal spouse of Mr. Kai Hu (PRC ID Card Number: XXXXXXXXXXXXXXXXXX). I hereby unconditionally and irrevocably agree that, the equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXX) held and registered in the name of my spouse Mr. Kai Hu ("Target Equity Interests"), shall be disposed of in accordance with the arrangement under a series of contractual agreements (including, the Exclusive Consulting and Services Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Powers of Attorney) ("Contractual Agreements") executed by my spouse on May 24, 2023.

In order to avoid possible disputes, I hereby unconditionally and irrevocably make the following commitment and confirmation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Target Equity Interests do not belong to the common property of Mr. Kai Hu and I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I fully acknowledge and agree Mr. Kai Hu to sign the Contractual Agreements. In particular, I fully acknowledge and independently and irrevocably agree to the agreement made in the Contractual Agreements regarding the limitation, pledge, transfer or disposal of Target Equity Interests in Zhenglian Shenzhen and its subsidiaries. I confirm that I will give full cooperation to the implementation of the Contractual Agreements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I hereby further undertake to not take any action for purpose of arising conflicts with the Contractual Agreements, including claiming the Target Equity Interests to be the common property of me and my spouse to influence or to impede my spouse's performance of the obligations under the Contractual Agreements. I hereby unconditionally and irrevocably waive any rights or interests in relation to the Target Equity Interests that may be granted to me under any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I confirm and agree that, the equity interests owned by my spouse under the Contractual Agreements ("Equity Interests Owned by the Spouse") shall be attribute to my spouse in any condition, and my spouse can pledge, sell or dispose of the Equity Interests owned by my Spouse pursuant to such agreements without my consent. I further confirm that, my spouse can perform the Contractual Arrangements and further amend or terminate the Contractual Arrangements without the authorization or consent from me. I have no right to claim any rights in relation to the Equity Interests Owned by my Spouse in any case, including but not limited to, voting right, disposal right and any economic benefits generated (if any). I undertake to execute all necessary documents, and to take all necessary actions to ensure the due performance of the Contractual Agreements (as amended from time to time). I agree and undertake that, if I obtain any equity interests in Zhenglian Shenzhen owned by my spouse for any reason, I will be bound by the Contractual Agreements (as amended from time to time) and comply with the obligations hereto as the shareholder of Zhenglian Shenzhen, and for this purpose, upon the request from the holders of the rights under the Contractual Agreements, I shall execute a series of written documents in the same formats and contents as the Contractual Agreements (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I further confirm, covenant and undertake that, in case of death or incapacity of my spouse, divorce or any other circumstance that may impact the exercise of the shareholder's rights in Zhenglian Shenzhen by my spouse, me and any of my successors, guardians, creditors and any other persons that are entitled to claim benefits or interests to the equity interests in Zhenglian Shenzhen held by my spouse, I will not take any actions that will influence or impede the performance of obligations under the Contractual Agreements by my spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The promises, confirmations, consents and authorizations made in this letter will not be revoked, reduced, invalid or otherwise adversely changed due to the increase, decrease, merger or other similar events of the equity interests of Zhenglian Shenzhen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The promises, confirmations, consents and authorizations made in this letter shall not be revoked, reduced, invalid or otherwise adversely changed due to the loss or limitation of civil capacity, death, or divorce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The promises, confirmations, consents and authorizations made in this letter will remain valid until written confirmation of termination is made by your company and I. Your company and Ms. Baifen Le do not need to make any monetary or non-monetary reimbursement to me due to my aforesaid commitment, confirmation, consent and authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This letter will be effective upon my signature, and its validity period is the same as that of the Exclusive Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any other matters not covered in this letter, including but not limited to applicable law, dispute resolution, definition and interpretation, are the same as those agreed in the Contractual Agreements (as amended from time to time).

<u>/s/ Xiaoxia Deng</u> 

Signature:

Date: May 24, 2023

**Spouse Consent Letter**

To: ZeroLimit Holdings (Shenzhen) Co., Ltd.

I, Guangqing Hu (PRC ID Card Number: XXXXXXXXXXXXXXXXXX), the legal spouse of Ms. Baifen Le (PRC ID Card Number: XXXXXXXXXXXXXXXXXX). I hereby unconditionally and irrevocably agree that, the equity interests in Zhenglian Technology (Shenzhen) Co., Ltd. ("Zhenglian Shenzhen," PRC USCI Number: XXXXXXXXXXXXXXXXXX) held and registered in the name of my spouse Ms. Baifen Le ("Target Equity Interests"), shall be disposed of in accordance with the arrangement under a series of contractual agreements (including, the Exclusive Consulting and Services Agreement, the Exclusive Option Agreement, the Equity Interest Pledge Agreement and the Powers of Attorney) ("Contractual Agreements") executed by my spouse on May 24, 2023.

In order to avoid possible disputes, I hereby unconditionally and irrevocably make the following commitment and confirmation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Target Equity Interests do not belong to the common property of Ms. Baifen Le and I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I fully acknowledge and agree Ms. Baifen Le to sign the Contractual Agreements. In particular, I fully acknowledge and independently and irrevocably agree to the agreement made in the Contractual Agreements regarding the limitation, pledge, transfer or disposal of Target Equity Interests in Zhenglian Shenzhen and its subsidiaries. I confirm that I will give full cooperation to the implementation of the Contractual Agreements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I hereby further undertake to not take any action for purpose of arising conflicts with the Contractual Agreements, including claiming the Target Equity Interests to be the common property of me and my spouse to influence or to impede my spouse's performance of the obligations under the Contractual Agreements. I hereby unconditionally and irrevocably waive any rights or interests in relation to the Target Equity Interests that may be granted to me under any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I confirm and agree that, the equity interests owned by my spouse under the Contractual Agreements ("Equity Interests Owned by the Spouse") shall be attribute to my spouse in any condition, and my spouse can pledge, sell or dispose of the Equity Interests owned by my Spouse pursuant to such agreements without my consent. I further confirm that, my spouse can perform the Contractual Arrangements and further amend or terminate the Contractual Arrangements without the authorization or consent from me. I have no right to claim any rights in relation to the Equity Interests Owned by my Spouse in any case, including but not limited to, voting right, disposal right and any economic benefits generated (if any). I undertake to execute all necessary documents, and to take all necessary actions to ensure the due performance of the Contractual Agreements (as amended from time to time). I agree and undertake that, if I obtain any equity interests in Zhenglian Shenzhen owned by my spouse for any reason, I will be bound by the Contractual Agreements (as amended from time to time) and comply with the obligations hereto as the shareholder of Zhenglian Shenzhen, and for this purpose, upon the request from the holders of the rights under the Contractual Agreements, I shall execute a series of written documents in the same formats and contents as the Contractual Agreements (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I further confirm, covenant and undertake that, in case of death or incapacity of my spouse, divorce or any other circumstance that may impact the exercise of the shareholder's rights in Zhenglian Shenzhen by my spouse, me and any of my successors, guardians, creditors and any other persons that are entitled to claim benefits or interests to the equity interests in Zhenglian Shenzhen held by my spouse, I will not take any actions that will influence or impede the performance of obligations under the Contractual Agreements by my spouse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The promises, confirmations, consents and authorizations made in this letter will not be revoked, reduced, invalid or otherwise adversely changed due to the increase, decrease, merger or other similar events of the equity interests of Zhenglian Shenzhen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The promises, confirmations, consents and authorizations made in this letter shall not be revoked, reduced, invalid or otherwise adversely changed due to the loss or limitation of civil capacity, death, or divorce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The promises, confirmations, consents and authorizations made in this letter will remain valid until written confirmation of termination is made by your company and I. Your company and Ms. Baifen Le do not need to make any monetary or non-monetary reimbursement to me due to my aforesaid commitment, confirmation, consent and authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This letter will be effective upon my signature, and its validity period is the same as that of the Exclusive Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Any other matters not covered in this letter, including but not limited to applicable law, dispute resolution, definition and interpretation, are the same as those agreed in the Contractual Agreements (as amended from time to time).

<u>/s/ Guangqing Hu</u> 

Signature:

Date: May 24, 2023

## Exhibit 10.9

**Exhibit 10.9**

**Exclusive Consulting and Services Agreement**

This Exclusive Consulting and Services Agreement (the "Agreement") is entered into as of May 24, 2023 in Shenzhen by and between the following parties:

**Party A:** [ZeroLimit Holdings (Shenzhen) Co., Ltd.]

**PRC USCI Number**: XXXXXXXXXXXXXXXXXX

**Address:** 【2005, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen】

**Party B:** 【Zhenglian Technology (Shenzhen) Co., Ltd.】

**PRC USCI Number**: XXXXXXXXXXXXXXXXXX

**Address:** 【2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road,

Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen】

(Party A and Party B are hereinafter referred to collectively as the "Parties" and respectively a "Party".)

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party A, a wholly foreign-owned enterprise registered in the People's Republic of China (the "PRC") under the laws of the PRC, provides consulting and services as part of its permitted business in the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B is a limited liability company registered in the PRC, and is licensed by the competent governmental authorities to carry on the business of research & development, and sale of computer software and information system software (collectively, the "Principal Business").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Party A agrees to provide, by itself or by other parties designated by Party A (the "Designees"), Party B with exclusive technical and management consulting and services and Party B agrees to accept such technical and management consulting and services furnished by Party A or the Designees.

NOW THEREFORE, the parties through mutual negotiations agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Technical and Management Consulting and Services; Exclusivity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 During the term of this Agreement, the Party A agrees to, as the exclusive provider of the technical and management consulting and services to the Party B, provide technical and management consulting and services as further specified in Appendix 1 hereto to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Party B hereby agrees to accept the technical and management consulting and services to be provided by the Party A. Party B further agrees that, during the term of this Agreement, technical and management consulting and services shall be exclusively sourced by it from Party A and it shall not engage any third party to provide technical and management consulting and services the same as, similar to or comparable to or may replace the technical and management consulting and services for such business without the prior written consent of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Party A shall be the sole and exclusive owner of all rights, title and interests to any and all intellectual property rights arising from the provision of technical and management consulting and services under this Agreement, including, without limitation, any copyrights, patent, know-how, trade secrets and otherwise, whether developed by Party A or as improvements or derivatives resulting from Party A's intellectual property becoming known to, possessed under or developed by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Parties agree that Party A may designate the Designees to provide Party B with the Exclusive Services hereunder, without acquiring the prior consent from Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Service Fee and Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 During the term of this Agreement, subject to any applicable PRC laws, Party B shall pay an annual service fee to Party A in the equivalent amount of Party B's audited total amount of net income of such year (the "Service Fee") as decided or adjusted by the board of directors of Party A. In the event the board of directors of Party A does not adjust the aforesaid amount of the Service Fees, the Service Fees shall be the latest amount decided by the board of directors of Party A..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Parties agree that, during the term of this Agreement, Party A shall enjoy all economic benefits of, and bear all risks or losses arising from, the business operation of Party B; to ensure that Party B could meet its daily operating cash flow requirements and/or for the purpose of offsetting any operating loss incurred, regardless of Party B's actual occurrence of such operating losses, Party A may in its full discretion to provide financial support to Party B (to the extent permitted under PRC laws and regulations), and Party A may provide financial support to Part B in the form of loans, and the Parties

shall enter into independent loan agreements in relation to such loans; in the event that Party B incurs any operating loss or experiences significant operation difficulties, Party A is entitled to request Party B to cease its operations at any time, and Party B shall unconditionally accept the request of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 In the event that Party B fails to pay the Service Fee and other expenses in accordance with this Agreement, Party B shall additionally pay liquidated damage in an amount representing 0.05% late payment per day to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 If at its own expense, Party A is entitled to appoint its employees or other certified accountants or auditors in PRC or other countries (the "Authorized Representative of Party A") to examine Party B's accounts to review the calculation method and the amount of the Service Fee. For this purpose, Party B shall provide the Authorized Representative of Party A with all requested documents, accounts, records, data, and etc., so that the Authorized Representative of Party A can audit Party B's accounts and determine the amount of the Service Fee, and Party B consent to the disclosure of such information and materials by Party A's shareholders to the satisfaction of the requirements of securities regulations. Except for material mistakes, the amount of the Service Fee shall be the amount as determined by the Authorized Representative of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Party A and Party B hereby confirm that, the aforementioned Service Fee only includes the compensation that Party A shall be paid for the provision of Consultancy and Services. Party B shall bear all travel expenses, transportation expenses, postage and all expenses in relation to the engagement of the certified accountants or auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Party B shall make payment of the Service Fee to Party A without any deduction (such as bank commissions and etc.), and Party B shall bear all such deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Parties agree that, the services provided by Party A under this Agreement to Party B shall also be applicable to the subsidiaries controlled by Party B, and Party B shall procure each of its controlled subsidiaries to exercise rights and perform obligations in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Parties agree that both parties will jointly bear all economic losses incurred as a result of the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Party B's relevant shareholders will pledge their equity interests in Party B to Party A to secure all Service Fee, liquidated damages, actual expenses and indemnifications payable by Party B under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Obligations to Refrain from Acts**

Commencing from the signing date of this Agreement, unless obtained the written consent of Party A or the Designees, Party B shall not, and shall procure and ensure any of its subsidiaries not to conduct any of the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Any business not in the ordinary course of the company ("Business of the Company") or not consistent with the former practice of the company or conducted in an informal way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Any increase or decrease of registered capital of the company, any alternation on the structure of the company's registered capital in other manners, any adjustment in relation to the business scope of the company or any amendments of the articles of association of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Any change in the ordinary business procedure of the company, or any material amendment on the internal regulations and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Any material adjustment with respect to its business models, marketing strategies, management policies or customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Any contractual arrangements with any third parties with the purpose of controlling the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Any consolidation, merger, acquisition, joint venture or other forms of joint operation on the Business of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Any capital expenditure other than in the ordinary course of business of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 Execution of material contracts other than in the ordinary course of business of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.9 Dissolution or liquidation of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10 Adoption or change of any business plan or annual budget of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 Causing the company to bear any debt other than in the ordinary course of business of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12 Deferring any company's due debt to third parties ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Inheriting or providing guarantee for any debt other than in the ordinary course of business of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 Providing guarantees to any third party with its assets or intellectual properties, or creating any other encumbrances on the company's assets or interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 Sale, transfer, pledge, permission or disposition of the any assets in other forms (including without limitation, any kinds of tangible assets, intellectual properties and other assets or relevant rights on the assets, such as copyrights, patents, patent applications, trademarks, software, technology secrets, business secrets or other rights) (other than in the ordinary course of business of the company), the business or the lawful rights to the revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.16 Any external investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.17 Distribution of the profits and dividends in any form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18 Any material change on the accounting policy of the company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19 Any engagement or change of the company's auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1 Party A hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Party A is a company duly registered and validly existing under the laws of the PRC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Party A has full right, power, authority and capacity and all consents and approvals of any other third party or government necessary to execute and perform this Agreement, which shall not conflict with any enforceable and effective laws or contracts binding on or applicable to Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Once the Agreement has been duly executed by the Parties, it will constitute a legal, valid and binding obligation of Party A enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2 Party B hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Party B is a limited liability company duly registered and validly existing under the laws of the PRC. Party B has obtained all requisite permits and licenses for its operation of the Principal Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Party B has full right, power, authority and capacity and all consents and approvals of any other third party or government necessary to execute and perform this Agreement, which shall not conflict with any enforceable and effective laws or contracts binding on or applicable to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 Once the Agreement has been duly executed by the Parties, it will constitute a legal, valid and binding obligation of Party B enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Operation Management and Personnel Arrangement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Party B agrees to accept suggestions of Party A or the Designees in relation to employment, dismissal of the company's staff, daily operation and management of the company and financial management of the company, as well as to implement the above suggestions strictly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 To the extent of not violating PRC laws and regulations, Party B and/or any of its subsidiaries shall elect candidates recommend by Party A or the Designees as the company's directors/executive directors and senior managements (including the general manager, chief financial officer and other senior managements). Unless with the prior written consent from Party A or required by laws, Party B and/or any of its subsidiaries shall not refuse to elect Party A's recommended candidates with any reasons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Commencing from the execution date of this Agreement, unless with the prior consent from Party A or the Designees, Party B shall not, and shall procure and ensure any of its subsidiaries not to engage, dismiss any director/ executive director or any senior management of the company, or amend conditions with regard to appointment/engagement of directors/executive directors or senior managements of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Intellectual Property**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any intellectual properties developed during the performance of this Agreement, including without limitation, copyrights, patent rights, technical secrets, business secrets and any other intellectual properties, shall be owned by Party A, despite that such intellectual properties developed by Party A independently or by Party B based on Party A's intellectual properties or by Party A based on Party B's intellectual properties. The licensing of such intellectual properties shall be determined by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In the event that the development of the intellectual properties is carried out by Party A based on Party B's intellectual properties, Party B shall ensure that such intellectual properties are free from any defect, and in the event that Party A suffers any loss due to the aforementioned defects, Party B shall bear such losses. If Party A becomes liable for compensation to any third party consequently, then Party A is entitled to recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Within the term of this Agreement, all customer information (the "Customer Information") and other related materials in connection with Party B's Business and Services provided by Party A shall be owned by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Notwithstanding the termination of this Agreement, the Parties shall be obliged to keep in strict confidence the trade secrets and proprietary information of the other Party acquired during the performance of this Agreement, the Customer Information jointly owned by the Parties and any non-public information of the other Party (collectively, the "Confidential Information"). The receiving party of the Confidential Information (the "Receiving Party") shall not disclose the Confidential Information or any part thereof to any third parties unless it obtains prior written consent of the other Party, or required by relevant laws and regulations or requirements of relevant stock exchange. The Receiving Party may not use, directly or indirectly, such Confidential Information or any part thereof for purposes other than performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.3 The following information shall not constitute Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 any information which, as shown by written evidence, has previously been known to the Receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 any information which enters the public domain not due to the fault of the Receiving Party or is known by the public for other reasons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 any information lawfully acquired by the Receiving Party from another source subsequent to the receipt of relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Receiving Party may disclose the Confidential Information to its relevant employees, agents or professionals it retains, but shall secure that the above persons should be bound by this Agreement, keep the Confidential Information confidential, and use such Confidential Information solely for the purpose of performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Upon termination of this Agreement, the Receiving Party of the Confidential Information shall return any and all documents, information or software containing any such Confidential Information to the original owner or provider of such Confidential Information; or with prior consent of the original owner or provider, destroy and delete all of such Confidential Information from any electronic device, and cease to use it in all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The Parties agree that this Article shall survive the amendment, expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 During the valid term of this Agreement, Party B shall indemnify and keep Party A harmless from any and all losses Party A suffers or may suffers and pay the Service Fee in connection with all completed Services if Party B terminates this Agreement in advance without a course. Unless otherwise set forth in this Agreement, if Party B fails to fulfill its obligations under this Agreement whether in part or in full and does not correct it within 30 days of receipt of Party A's or the Designees' notice or has made untrue representation or warranty under this Agreement, it is in breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 If a Party breaches any representation, warranty or undertaking set forth herein, the innocent Party can send a notice in written to request a correction and take measures to promptly avoid the loss and continuously perform this Agreement within 30 days of the notice. In the occurrence of the loss, the default Party shall indemnify the innocent Party harmless from any and all losses and security its interests under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The default Party shall indemnify the innocent Party harmless from any and all costs, expenses or losses (including but not limited to the loss of profits of the Company) in connection with an event of default. The amount of indemnification shall equal the losses incurred to the innocent Party including the loss of reasonably expected profits but shall not exceed reasonable expectation of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 In the event that Party B does not follow Party A's or Designees' instruction, or misuse Party A's intellectual property or does not follow proper procedures, Party B shall take full responsibilities (for any and all losses). Party B shall promptly notify Party A and assist Party A in any action if it discovers a third party is using Party A's intellectual property without authority or license.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Each Party shall be responsible for its own default as set forth in this Agreement in the event that the Parties breach the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Party B shall indemnify and hold harmless Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or other demands against Party A arising from or caused by the Exclusive Services provided by Party A to Party B pursuant to this Agreement, except where such losses, injuries, obligations or expenses arise from the gross negligence or willful misconduct of Party A..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Effective Date and Term**

This Agreement shall be executed and come into effect as of the date first set forth above (the "Effective Date") and remain to be effective indefinitely unless early terminated as set forth in the Termination Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.1 Early Termination

Party A may terminate the Agreement unilaterally by serving a thirty (30) days' prior notice. Unless otherwise provided by law, in no case shall Party B have the right to unilaterally terminate or rescind the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.2 Survival.

Articles 7 and 8 shall survive after the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Dispute Resolution**

Any dispute arising from, out of or in connection with this Agreement shall be settled through amicable negotiations between the Parties. If the dispute cannot be settled through negotiations, the dispute shall, upon the request of either Party with notice to the other Party, be submitted to arbitration in Shenzhen, PRC, under the auspices of Shenzhen Court of International Arbitration. The place of arbitration shall be in Beijing. The language of the arbitration shall be in Chinese. The arbitration award shall be final and binding on all parties.

Upon the occurrence of any disputes arising from this Agreement or during the arbitration procedures for any dispute, except for the matters under dispute, the Parties shall continue to exercise their respective rights and perform their respective obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Force Majeure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Force Majeure shall refer to any event that is beyond the party's reasonable control and cannot be prevented with reasonable care, including acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning or war. However, any shortage of credit, capital or finance shall not be regarded as an event beyond the control of a party. The party affected by Force Majeure shall notify the other party about the release without delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by Force Majeure, only to the extent within the scope of such delay or prevention, the affected party will not be responsible for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the effects of Force Majeure and attempt to resume performance of the obligations delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, the Parties agree to use their best efforts to resume performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Notices.**

All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly received if so given) by hand delivery, facsimile transmission, or by mail (registered or certified mail, postage prepaid, return receipt requested) or by any courier service, providing proof of delivery. All communications hereunder shall be delivered to the respective parties at the following addresses or to such other address as the party to whom notice is given may have previously furnished to the other parties hereto in writing in the manner set forth above:

Party A: [2005, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Attn: Guangqing Hu

Phone: +XX (XXXX) XXXX XXXX

Facsimile:

Party B: [2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

Attn: Guangqing Hu

Phone: +XX (XXXX) XXXX XXXX

Facsimile:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. No Assignment**

Without Party A's prior written consent, Party B may not assign its rights and obligations under this Agreement to any third party.

Party B agrees that Party A may assign its obligations and rights under this Agreement to any third party upon a prior written notice to Party B, without the prior consent of Party B or Party C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Severability**

If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, and such provision will be fully severable and be void only under jurisdiction and scope of the applicable laws, and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Amendment and Supplement**

Any amendment and supplement of this Agreement shall come into force only after a written agreement is signed by the Parties. The amendment and supplement duly executed by the Parties shall be part of this Agreement and shall have the same legal effect as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Governing Law**

This Agreement shall be governed by and construed in accordance with the PRC laws.

IN WITNESS THEREOF the parties hereto have caused this Agreement to be duly executed on their behalf by a duly authorized representative as of the date first set forth above.

*(The Remainder of this page is intentionally left blank)*

**Party A:** [ZeroLimit Holdings (Shenzhen) Co., Ltd.】Authorized Representative]

**Party B: [**Zhenglian Technology (Shenzhen) Co., Ltd.】Authorized Representative]

**Appendix 1: The list of Technical Consulting and Services**

Party A shall provide the following technical consulting and services to Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Enterprise Management and Training;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Technology Research and Development of computer software, information system software and related products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Sale and marketing of computer software, information system software and related products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other related services as reasonably requested by Party B.

## Exhibit 10.10

**Exhibit 10.10**

**Exclusive Option Agreement**

This Exclusive Option Agreement (the "Agreement") is entered into on May 24, 2023, by and among the following Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **All the shareholders listed in Schedule A**, of which the information see Schedule A. (All the
shareholders listed in Schedule A separately and collectively referred to as the "Existing Shareholders");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **ZeroLimit Holdings (Shenzhen) Co., Ltd.** (the "WFOE")

Registered address: [2005, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

**PRC USCI Number**: XXXXXXXXXXXXXXXXXX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Zhenglian Technology (Shenzhen) Co., Ltd.** (the "Company")

Registered address: [2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

**PRC USCI Number**: XXXXXXXXXXXXXXXXXX

(In this Agreement, each Party shall be referred to as a "Party" respectively or as the "Parties" collectively.)

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Existing Shareholders currently are registered shareholders of the Company, lawfully and legally holding all the equity of the Company. As of the date of this Agreement, the amount of contribution of each Existing Shareholder in the registered capital is shown in Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Existing Shareholders agree to grant WFOE and/or any other entity or individual designated by the WFOE (the "Designees") an exclusive option to purchase all the equity held by the Existing Shareholders in the Company without prejudice to the law of People's Republic of China ("PRC", for the purpose of this agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region), and the WFOE agrees to accept such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company agrees to grant WFOE and/or the Designees an exclusive option to purchase all assets of the Company without prejudice to the PRC law, and the WFOE agrees to accept such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Existing Shareholders and the Company agree to irrevocably grant the exclusive Equity Call Option and Assets Call Option to the WFOE in order to complete the equity and assets transfer mentioned above. Without prejudice to the PRC law and according to the Equity Call Option and Assets Call Option, the Existing Shareholders or the Company shall transfer the Option Equity Interest and the Company Assets (defined as follows) to the WFOE and/or the Designees according to this Agreement at the request of the WFOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Company agrees that the Existing Shareholders grant the Equity Call Option to the WFOE pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Existing Shareholders agree that the Company grants Assets Call Option to the WFOE pursuant to this Agreement.

Therefore, the Parties hereby agree as follows upon mutual negotiations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Definition**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Unless otherwise required in the context, the following terms in this Agreement shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 **"PRC Law"** means the then effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 **"Equity Call Option"** means the option to purchase the equity interests in the Company granted by the Existing Shareholders to the WFOE pursuant to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 **"Assets Call Option"** means the option to purchase any assets of the Company granted by the Company to the WFOE pursuant to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4 **"Option Equity Interest"** means, in respect of each Existing Shareholder, the equity interest owned by him or her (including the additional equity interest obtained by him or her due to capital increase, share transfer or any other reasons) in the Registered Capital (defined as follows) of the Company, and in respect of all the Existing Shareholders, the 100% equity interests in the Registered Capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5 **"Registered Capital of the Company"** means the registered capital of the Company as of the signing date of this Agreement, i.e., RMB20,000,000, and includes any increased registered capital within the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.6 **"Target Equity Interests"** means the equity interests which the WFOE or its designated entity or individual is entitled to purchase from all Existing Shareholders or any Existing Shareholder at the request of the WFOE upon its exercise of the Equity Call Option in accordance with Section 3 hereof, the amount of which may be all or part of the Option Equity Interest and shall be determined by the WFOE at its sole discretion in accordance with the then effective PRC Law and its commercial needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.7 **"Target Assets"** means the assets of the Company which the WFOE or the Designees is/are entitled to purchase from the Company at the request of the WFOE upon its exercise of the Assets Call Option in accordance with Section 3 hereof, the amount of which may be all or part of the assets of the Company and shall be determined by the WFOE at its sole discretion in accordance with the then effective PRC Law and its commercial needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.8 **"Exercise"** means the exercise of the Equity Call Option or Assets Call Option by the WFOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.9 **"Transfer Price"** means the aggregate consideration payable to the Existing Shareholders or the Company by the WFOE or the Designees for the Target Equity Interests or the Target Assets in each Exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10 **"Operating Licenses"** means any approvals, permits, filings or registrations which are necessary for the lawful and effective operation by the Company of all its businesses, including without limitation to the Business License and other relevant licenses and permits as required by the then effective PRC Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11 **"Company Assets"** means all the tangible and intangible assets which the Company owns or is entitled to use within the term of this Agreement, including without limitation to any fixed assets, moveable assets and intellectual property, including trademarks, copyrights, patents, proprietary technology, domain names and software use rights, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.12 **"Material Agreement"** means any agreement to which the Company is a party which has material impact on the businesses or the assets of the Company, including without limitation to the Exclusive Consulting and Services Agreement entered into by and between the Company and the WFOE and other material agreements relating to the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.13 **"Purchase Rights"** means the rights to purchase equity or assets under the Equity Call Option or Assets Call Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.2 Any PRC Law referred to herein shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 include the amendments, changes, supplements and reenactments thereto, irrespective of whether they take effect before or after the execution of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 include the references to other decisions, notices or regulations enacted in accordance therewith or which become effective as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Grant of Equity Call Option and Assets Call Option**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Existing Shareholders hereby severally and jointly agree to irrevocably and unconditionally grant an exclusive Equity Call Option to the WFOE, according to which the WFOE may, to the extent permitted under the PRC Law and subject to the terms and conditions of this Agreement, request the Existing Shareholders to transfer the Option Equity Interest to the WFOE or the Designees. The WFOE agrees to accept such Equity Call Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Company hereby agrees to the grant of the Equity Call Option to the WFOE by the Existing Shareholders under Section 2.1 and other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Company hereby agrees to irrevocably and unconditionally grant an exclusive Assets Call Option to the WFOE, according to which the WFOE may, to the extent permitted under the PRC Law and subject to the terms and conditions of this Agreement, request the Company to transfer all or any of the Company Assets to the WFOE or the Designees. The WFOE agrees to accept such Assets Call Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Existing Shareholders hereby severally and jointly agree to the grant of the Assets Call Option to the WFOE by the Company under Section 2.3 and other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Exercise of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to the terms and conditions of this Agreement and to the extent permitted under the PRC Law, the WFOE shall have the sole discretion in deciding the schedule, manner and times of its Exercise; The WFOE is entitled to request the Existing Shareholders to transfer all or part of the equity interests or assets in the Company to the WFOE or the Designees at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Each of Existing Shareholders and the Company hereby warrants to the WFOE respectively that, once the WFOE is allowed to directly hold the Company's equity interests while the Company is allowed to continue the operation of its current business under the current PRC laws and regulations, the WFOE is entitled to exercise the Purchase Rights under this Agreement immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.3 For each exercise of the Equity Purchase Right by the WFOE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 Existing Shareholders shall, at the request of the WFOE, promptly adopt shareholders' resolutions to approve the transfer of equity interests to the WFOE and/or the Designees, and/or issue a written statement certifying its consent to waive any right of first refusal under the PRC laws and regulations and agreements among relevant shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 Existing Shareholders shall execute an equity interests transfer agreement with the WFOE and/or the Designees in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 The relevant Parties shall execute all other necessary agreements or documents, obtain all necessary government approvals and permits, and take all necessary actions to transfer the valid ownership of the Target Equity Interests to the WFOE and/or the Designees, taking free of any security interests, and cause the WFOE and/or the Designees to become the registered owner(s) of the Target Equity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4 Existing Shareholders and the Company shall take all necessary actions to ensure that the transfer of Target Equity Interests is undisturbed in substance or in procedure. Neither Existing Shareholders nor The Company shall impose any impediments or restrictions on the transfer of the Target Assets unless otherwise specified herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5 Existing Shareholders shall procure the Company to adopt shareholders' resolutions to approve the equity interests transfer by exercising the Equity Purchase Right and the amendment of the articles of association of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6 Existing Shareholders shall, together with the WFOE and/or the Designees, and all of the then other shareholders of the Company, procure and assist the Company to make registration filings to reflect the change with the relevant registration authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.7 Existing Shareholders shall handle other necessary matters to accomplish the Equity Purchase Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.4 For each exercise of the Asset Purchase Right by the WFOE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.1 The Company shall, at the request of the WFOE, promptly adopt shareholders' resolutions to approve the transfer of its assets to the WFOE and/or the Designees; and Existing Shareholders shall, at the request of the WFOE, vote for such transfer of assets to the WFOE and/or the Designees in the Company's internal decision procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.2 The Company shall enter into an asset transfer agreement with the WFOE and/or the Designees in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.3 The relevant Parties shall execute all other necessary agreements or documents, obtain all necessary government licenses and permits, and take all necessary actions to transfer valid ownership of the Target Assets to the WFOE and/or the Designees, taking free of any Security Interests, and cause the WFOE and/or the Designees to become the registered owner(s) of the Target Assets (if necessary); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.4 Existing Shareholders and the Company shall take all necessary actions to ensure the transfer of Target Assets undisturbed in substance or in procedure. Neither Existing Shareholders nor the Company shall impose any impediments or restrictions on the transfer of the Target Assets unless otherwise specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Transfer Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 In respect of the Equity Call Option, in each Exercise, the Transfer Price that WFOE or the Designees shall pay to the respective Existing Shareholders shall be the amount in proportion to their respective contributions to the Registered Capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 In respect of the Assets Call Option, in each Exercise, WFOE or the Designees shall pay the Company the net book value of the relevant assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 If relevant PRC Law then applicable to the WFOE's Exercise of Equity Call Option or Assets Call Option requires to make assess evaluation of the equity or assets to be transferred or makes restrictions on the transfer price of the equity or assets to be transferred, WFOE, the Existing Shareholders and the Company agree that the transfer price shall be the lowest price permitted by the PRC Law. If the lowest price permitted by the PRC Law is higher than the corresponding capital contribution of the transfer equity and/or the net book value of the purchased assets, the Existing Shareholders and/or the Company shall pay all the remaining of the excess amount to WFOE after deducting all the taxes and fees required by the applicable PRC Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Existing Shareholders hereby severally and not jointly represent and warrant as follows, except for the disclosure of Schedule A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 If the Existing Shareholder is a natural person, he/she is a PRC citizen with full capacity, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation. If the Existing Shareholder is not a natural person, it is a legal entity validly established and lawfully existing under the laws of the PRC, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Each of the Existing Shareholders has full power and authority to execute, deliver and perform this Agreement and all the other documents to be entered into by them which are related to the transaction contemplated hereunder, as well as to consummate the transaction hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 This Agreement is duly and lawfully executed and delivered by the Existing Shareholders and shall constitute legal, valid and binding obligations to them, which shall be enforceable against them in accordance with the terms herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.2 The Company hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The Company is a limited liability company duly registered and validly existing under PRC Law with an independent corporate legal person status. The Company has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and can act as an independent party in any lawsuits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 The Company has full power and authority to execute, deliver and perform this Agreement and all other documents relating to the transaction contemplated herein which are to be executed by it, and it has full power and authority to consummate the transaction contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 This Agreement is duly and lawfully executed and delivered by the Company and shall constitute legal, valid and binding obligations to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 The Company Assets are free and clear of any liens, mortgages, claims, other encumbrances or third-party rights. Pursuant to this Agreement, upon the Exercise, the WFOE and/or the Designees is/are entitled to the good ownership of the Company Assets free from any liens, mortgages, claims, any other security interests and third-party rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.3 The WFOE hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 It is a wholly foreign-owned enterprise duly incorporated and validly existing under PRC Law with an independent legal person status, and has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and can act as an independent party in any lawsuits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 It has full power and authority to execute, deliver and perform this Agreement and all other documents relating to the transaction contemplated herein which are to be executed to it, and it has full power and authority to consummate the transaction contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 This Agreement is duly and lawfully executed and delivered by WFOE and shall constitute legal, valid and binding obligations to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Undertakings by the Existing Shareholders**

Each of Existing Shareholders hereby severally and not jointly undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 During the term of this Agreement, without prior written consent of the WFOE, each of Existing Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 Shall not transfer or otherwise dispose of any Option Equity Interest or create any encumbrances or third-party interests upon any Option Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 Shall not increase or reduce the Registered Capital of the Company, or cause or agree to the merger of the Company with any other entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 Shall not dispose of, or procure the management of the Company to dispose of, any material Company Assets or create any encumbrances or third-party interests upon any Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 Shall not, and shall procure the management of the Company not to, terminate any Material Agreement to which the Company is a party, or enter into any other agreements which are in conflict with the existing Material Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 Shall not procure the Company to declare or distribute any distributable profits, dividends or other distributions;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.1.6 Shall not vote in favor of the Company's termination, liquidation or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.7 shall ensure that the Company shall not lend or borrow any money, or provide guarantee with assets of the Company or engage in security activities in any other forms, or bear any substantial obligations other than on the arm's length basis, without the prior written consent by the WFOE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 During the term of this Agreement, each of the Existing Shareholders shall not engage in any actions or omissions which may affect the validity of the Operating Licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Each of the Existing Shareholders hereby individually takes that he/she/it must make all his/her/its efforts during the term of this Agreement to develop the business of the Company, and ensures that the operations of the Company are legal and in compliance with the regulations and that is shall not engage in any actions or omissions which might harm the assets and/or interest of the Company or the Company's credit standing or affect the validity of any permissions/authorizations/certifications relating to the business and operation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Undertakings by the Company**

The Company undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 In the event the execution and performance of this Agreement and the grant of the Equity Call Option or the Assets Call Option hereunder is subject to any third party's consents, approvals, waivers, licenses, or any approvals, permits, waivers, registrations or filings from or with governmental authorities (as required by the laws), the Company shall make efforts to assist in the above procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Without prior written consent of the WFOE, the Company shall not assist or permit the Existing Shareholders to transfer or dispose of any Option Equity Interest or create any encumbrances or other third-party interest upon the Option Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Without prior written consent of the WFOE, the Company shall not transfer or otherwise dispose of any material Company Assets or create any encumbrances or other third-party interest upon any Company Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 It shall not take or allow any acts or actions which could have adverse effect upon the interests of the WFOE under this Agreement, including without limitation to any acts or actions as restricted under Clause 6.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Notwithstanding the termination of this Agreement, each Party shall keep confidential all of the business secrets, proprietary information, customer information as well as any other information of confidential nature it receives from the other Parties in connection with the execution and performance of this Agreement (collectively referred to as the "Confidential Information"). Without prior written consent of the disclosing party of the Confidential Information or unless required by relevant laws and regulations or requirements of the stock exchange on which a Party's affiliate is listed, any Party receiving the Confidential Information shall not disclose any such Confidential Information to any other third party, or use any such Confidential Information directly or indirectly for any purpose other than for the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.2 The following information shall not constitute the Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 Any information which, as shown by written evidence, has previously been known to the receiving Existing Shareholders way of legal means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 Any information which enters the public domain other than as a result of a fault of the receiving Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Any information lawfully acquired by the receiving Party from another source subsequent to the receipt of relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The receiving party may disclose Confidential Information to its relevant employees, agents or professionals engaged by it, provided that such receiving party shall ensure that the aforesaid persons are subject to the terms and conditions of this Agreement and the receiving party shall be liable for any liabilities arising from breach of the terms and conditions hereof by the aforesaid persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Notwithstanding any other provisions herein, the validity of this Clause 8 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Term of This Agreement**

This Agreement shall become effective as of the date of the execution by the Parties. This Agreement is the final agreement reached among the Parties on the exclusive option and relevant issues which shall supersedes any and all prior consultations, negotiations or discussions, representations, memorandum, agreements or other documents (including without limitation the Exclusive Option Agreement executed by and among the Company, the WFOE and the Existing Shareholders on May 24, 2023. In case of any conflict, contradiction or inconsistency, this Agreement shall prevail. This Agreement shall remain valid until all of the Option Equity Interest and the Company Assets have been lawfully transferred to the WFOE and/or the Designees in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any notice, request, demand and other correspondences as required by or made in accordance with this Agreement shall be delivered to the relevant Party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The above notice or other correspondences shall be deemed to have been delivered upon delivery when it is transmitted by facsimile or telex, or upon handed over to the receiver when it is delivered in person, or on the fifth (5) day after posting when it is delivered by mail, or on the date of receipt by the recipient if by express delivery. However, if the notice is returned due to the fault of the served party or the refusal of the served party to sign for it, the date on which the notice is returned shall be deemed as service. In case of simultaneous delivery in any of the above forms, the earliest deemed time of delivery shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Default Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Parties agree and acknowledge that if any Party (the "Defaulting Party") breaches any provision hereunder, or fails to perform or delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (the "Default") and that in such event, the non-defaulting Party/Parties (the "Non- Defaulting Party") shall have the right to demand the Defaulting Party to cure such Default or take remedial measures within a reasonable time. If the Defaulting Party fails to cure such Default or take remedial measures with such reasonable time or within ten (10) days of the Non-Defaulting Party notifying the Defaulting Party in writing and requesting it to cure such Default, the Non-Defaulting Party may elect, in its (their) discretion, to do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 if the Defaulting Party is any of Each of the Existing Shareholders or the Company, the WFOE shall have the right to terminate this Agreement and claim the Defaulting Party to indemnify the damages. For the avoidance of doubt, the responsibility of the Existing Shareholders or the responsibility among the Existing Shareholders and the Company is independent, and the shareholders do not bear any joint liability for any obligation or responsibility of the other Existing Shareholders or the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 if the Defaulting Party is the WFOE, the Non-defaulting Party has right to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary is provided by the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Notwithstanding any other provisions herein, the effectiveness of this Clause shall survive the suspension or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Governing Laws and Dispute Resolutions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The execution, effectiveness, interpretation, performance and dispute resolution of this Agreement shall be governed by the PRC laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Any dispute in connection with this Agreement or arising out of the performance of this Agreement, shall be resolved in first instance through friendly negotiations among the Parties. If the dispute is not resolved through negotiations within 60 days after the delivery of a written notice by one party in relation to the dispute, any party can submit the dispute to Shenzhen Court of International Arbitration in Shenzhen The arbitral awards shall be final and binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 During the proceeding of arbitration, except for the matters under dispute, the Parties shall continue their performance of obligations under this Agreement. The arbitrators shall have the right to make appropriate awards based on the actual circumstances and give the WFOE appropriate legal remedies, including restrictions on the business operations of Existing Shareholders and/or the Company, restrictions, prohibitions or enforced transfer or disposition of the equity interests or assets of Existing Shareholders and/or the Company, and liquidation of Existing Shareholders and/or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Upon the request of either Party to the dispute, the court of competent jurisdiction can grant temporary reliefs, such as seizing or freezing the assets of the defaulting Existing Shareholdersased on judicial decisions or verdicts. After the arbitral award takes effect, any Party is entitled to apply to a court of competent jurisdiction for enforcement of such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Unless otherwise awarded by the arbitration commission, the losing party shall bear all the arbitration or prepaid expenses (including but not limited to arbitration expense, arbitrator and lawyer's fee, travelling expense, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Miscellaneous Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Any rights, powers and remedies entitled to any Existing Shareholders any provision herein shall not preclude any other rights, powers and remedies entitled to such Party in accordance with laws and other provisions under this Agreement, and a Party's exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance with laws (the "Rights") shall be construed as a waiver of such Rights, and the waiver of any single or partial exercise of the Rights shall not preclude its exercise of such Rights in any other way or its exercise of other Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 The headings of the sections herein are for reference only, and in no circumstances shall such headings be used in or affect the interpretation of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Each provision contained herein shall be severable and independent from other provisions. If at any time one or several provisions herein shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of other provisions herein shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 This Agreement, upon its execution, supersedes any other legal documents executed by the Parties with respect to the same subject hereof. Any amendments or supplements to this Agreement shall be in writing and shall become effective upon duly execution by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 No Party shall assign any of its rights and/or obligations hereunder to any third parties without prior written consent from other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 This Agreement shall be binding on the legal transferees or successors of the Parties.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written.

**Signature of Existing Shareholders 1:** ZeroLimit Digital Technology Co., Ltd. Authorized Representative:

Signature of Existing Shareholders 2: Kai Hu:

**Signature of Existing Shareholders 3:** Jian Gang:

**Signature of Existing Shareholders 4:** Baifen Le:

**WFOE:** ZeroLimit Holdings (Shenzhen) Co., Ltd. Authorized Representative:

**The Company:** Zhenglian Technology (Shenzhen) Co., Ltd. Authorized Representative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule A**

**Basic information of the Company**

**Company Name:** Zhenglian Technology (Shenzhen) Co., Ltd.

**Registered Address: [**2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen]

**United Social Credit Code**: XXXXXXXXXXXXXXXXXX

**Registered Capital:** RMB 20,000,000

**Legal Representative:** Guangqing Hu

**Shareholding Structure:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **PRC USCI** | | |
| | | **Number/PRC ID** | &nbsp;&nbsp;&nbsp;**Registered Capital** | **Shareholding** |
| **#** | &nbsp;&nbsp;&nbsp;**Shareholder's Name** | **Card Number** | &nbsp;&nbsp;&nbsp;**(RMB)** | **Percentage** |
| 1 | &nbsp;&nbsp;&nbsp;ZeroLimit Digital Technology Co., Ltd. | XXXXXXXXXXXXXX<br> XXXX | <br> 14600000 | <br> 73% |
|  |  | XXXXXXXXXXXXXX |  |  |
| 2 | &nbsp;&nbsp;&nbsp;Kai Hu | XXXX | 2200000 | 11% |
|  |  | XXXXXXXXXXXXXX |  |  |
| 3 | &nbsp;&nbsp;&nbsp;Jian Gang | XXXX | 2200000 | 11% |
|  |  | XXXXXXXXXXXXXX |  |  |
| 4 | &nbsp;&nbsp;&nbsp;Baifen Le | XXXX | 1000000 | 5% |
|  | Total |  | 20000000 | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule B**

**Form of the Exercise Notice**

To: ZeroLimit Digital Technology Co., Ltd., Kai Hu, Jiang Gang, Baifen Le

In view of the Exclusive Option Agreement dated as of May 24, 2023 (the "Option Agreement") entered into by and among the undersigned, the Company and ZeroLimit Digital Technology Co., Ltd., Kai Hu, Jiang Gang, Baifen Le, pursuant to which you shall, upon request by us and to the extent permitted by the PRC laws and regulations, transfer the assets of the Company to us or any third party designated by us.

Therefore, we hereby issue this notice to you as follows:

We hereby request the exercise of the Assets Call Option under the Option Agreement and that the equity you have in the Company (the "Proposed Transferred Assets") be transferred to us/ [name of company/individual] designated by us. You are required to promptly transfer all the Proposed Transferred Assets to us/ [name of the designated company/individual] upon receipt of this notice in accordance with the terms of the Option Agreement.

Yours faithfully,

ZeroLimit Holdings (Shenzhen) Co., Ltd.

(Company seal)

Authorized Representative:

Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Schedule C**

**Form of the Exercise Notice**

To: Zhenglian Technology (Shenzhen) Co., Ltd.

In view of the Exclusive Option Agreement dated as of May 24, 2023 (the "Option Agreement") entered into by and among the undersigned, your company and all the shareholders of your company at that time, pursuant to which the Company shall, upon request by us and to the extent permitted by the PRC laws and regulations, transfer the assets of the Company to us or any third party designated by us.

Therefore, we hereby issue this notice to your company as follows:

We hereby request the exercise of the Assets Call Option under the Option Agreement and that the assets of the Company as list in the schedule attached hereto (the "Proposed Transferred Assets") be transferred to us/ [name of company/individual] designated by us. You are required to promptly transfer all the Proposed Transferred Assets to us/ [name of the designated company/individual] upon receipt of this notice in accordance with the terms of the Option Agreement.

Yours faithfully,

ZeroLimit Holdings (Shenzhen) Co., Ltd.

(Company seal)

Authorized Representative:

Date:

## Exhibit 10.11

**Exhibit 10.11**

**Software License Agreement**

**Party A (Authorizing Party): Zhenglian Technology (Shenzhen) Co., Ltd.**

Tel: 0755-86538929

Address: 2001-2009, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen

**Party B (Authorized Party): ZeroLimit Digital Technology Co., Ltd.**

Tel: 15007462720

Address: 2008, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen

In accordance with the relevant provisions of the Civil Code of the People's Republic of China and related laws and regulations, Party A and Party B, on the basis of equality, voluntariness, fairness, and good faith, and through full consultation, have reached the following agreement for both parties to comply with:

**Article 1**

Party A authorizes Party B to continue using its developed software, namely "Distributed Cloud Disk Software", "Distributed Domain Name Software", "Rushujiazhen Software", "Huashengren Software" (hereinafter referred to as the "Software") along with related documentation. Party B may promote its products, services, brands, and related activities through various channels using the Software.

**Article 2**

While operating the software products, Party B has the right to use the Software and enjoy the associated legal rights. Throughout the period of software usage, Party B shall comply with the relevant laws and regulations of China and shall not perform any modifications, reverse engineering, or any other activities not stipulated in the contract.

**Article 3**

The ownership, copyright, and other intellectual property rights of the Software and related documentation belong to Party A. Party B shall not infringe upon Party A's intellectual property rights.

**Article 4**

This agreement is valid from March 1, 2024, to February 28, 2025. Upon expiration, both parties may negotiate a renewal based on the actual situation. If no renewal is needed, Party B shall cease using the Software upon the expiration of the term.

**Article 5 Fees and payments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Party B shall settle and pay the software license fee every six months. Specifically, Party B shall pay the software license fee for the period from March 1, 2024, to August 31, 2024, by September 30, 2024, in the amount of RMB ¥120,000.00 (one hundred and twenty thousand yuan). Party B shall pay the software license fee for the period from September 1, 2024, to February 28, 2025, by March 31, 2025, in the amount of RMB ¥120,000.00 (one hundred and twenty thousand yuan). If Party B fails to pay the software license fee on time, Party A has the right to suspend Party B's software authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Upon mutual agreement between Party A and Party B, the total software license fee for the period from March 1, 2024, to February 28, 2025, is RMB

¥240,000.00 (two hundred and forty thousand yuan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Party A agrees that Party B shall pay the software license fee via bank transfer. The designated bank account information for receiving the payment is as follows:

Payee Name: Zhenglian Technology (Shenzhen) Co., Ltd.

Payee Account: XXXXXXX

Payee Bank: Bank of China, Shenzhen Shennan Branch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Within 5 days of receiving Party B's payment, Party A shall issue a valid invoice to Party B. Party B's invoicing information is as follows:

Company Name: ZeroLimit Digital Technology Co., Ltd.

Bank: China Merchants Bank Shenzhen Sihai Branch

Account: XXXXXXX

Tax Identification Number: XXXXXXXXXXXXXXXXXX

Address: 2008, Haowei Technology Building, No. 2, South 8th Keji Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen

Phone: 15007462720

**Article 6**

During the software usage period, if Party B discovers any defects in the software that are not attributable to the design or testing by Party A, Party B shall promptly notify Party A and cooperate in investigating and resolving the issues.

**Article 7**

Party A has the right to upgrade and revise the software based on actual usage conditions and provide Party B with updated versions and patches.

**Article 8**

Both parties shall ensure the legality and authenticity of signing this agreement. Neither party shall violate the terms to exercise the rights stipulated in this agreement.

**Article 9**

During the software usage period, any breach of this agreement by either party will be considered a breach of contract. The breaching party shall be liable for compensation for any losses caused to the non-breaching party, including but not limited to attorney fees, arbitration fees, security fees, and preservation fees incurred by the non-breaching party in pursuing the breach.

**Article 10 Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any technical and business information provided by either party to the other for the execution of this agreement constitutes confidential information unless the providing party explicitly indicates that the information is non-confidential. The receiving party shall not disclose or allow any third party to access the confidential information without the consent of the providing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This confidentiality obligation is a statutory ancillary obligation of this agreement's performance. The confidentiality obligations shall not be waived due to the termination of this agreement.

**Article 11 Delivery**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The addresses, contact persons, and communication terminals confirmed by both parties at the beginning of this agreement shall be legally effective delivery methods. Any documents, legal instruments, etc., delivered to these addresses by either party shall be considered effectively delivered. If one party provides a false address or changes the contact address without written notice to the other party, and if delivery is unsuccessful, the party providing the false address or changing the contact address shall bear the legal consequences of the failed delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 In any disputes arising from the performance of this agreement, Party B agrees that judicial authorities (including but not limited to courts and arbitration institutions) can deliver legal documents (including but not limited to litigation and arbitration documents) via modern communication methods such as SMS and email, or by mail to the addresses specified in this agreement.

**Article 12**

This agreement shall take effect upon being sealed by both parties and shall be legally binding. Unless stipulated in the agreement or by law, neither party shall arbitrarily modify, terminate, or rescind this agreement.

**Article 13**

Any disputes arising from the execution of this agreement or related to this agreement shall be resolved through friendly negotiation between both parties. If the negotiations fail, both Party A and Party B have the right to apply for arbitration with the Shenzhen International Arbitration Court.

**Article 14 Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Any matters not covered in this agreement shall be subject to separate negotiations and the signing of supplementary agreements. If there are differences between the supplementary agreement and this agreement, the supplementary agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The annexes to this agreement are an integral part of this agreement and have the same legal effect as this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 This agreement is made in duplicate, with each party holding one copy, both of which have the same legal effect.

(No text below)

Party A (seal) Party B (seal) <br>Date Date

## Exhibit 10.12

**Exhibit 10.12**

**Trademark Licensing Agreement**

**Trademark Licensor (Party A):** Zerolimit Digital Technology Co., Ltd.

**Trademark Licensee (Party B):** Zhenglian Technology (Shenzhen) Co., Ltd.

In accordance with the "Trademark Law of the People's Republic of China" and the "Regulations for the Implementation of the Trademark Law" and other related regulations, both parties, adhering to the principles of voluntariness and good faith, have concluded this trademark licensing agreement through friendly negotiation in Nanshan District, Shenzhen.

**Article 1: Scope of Trademark Authorization**

1. Party A licenses the following registered trademarks to Party B for the production/customization/sales of <u>the distributed network component software</u> products and for the corresponding product promotion and sales.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **No.** | **Rights Holder** | **Trademark** | **Registration No.** | **Exclusive Rights Period** | **Class** |
| 1 | Zerolimit Digital Technology Co., Ltd. | ![A black and white logo AI-generated content may be incorrect.](image_032.jpg) | 41786339 | Until July 27, 2030 | 42 |
| 2 | Zerolimit Digital Technology Co., Ltd. | ![A black and white logo AI-generated content may be incorrect.](image_033.jpg) | 41792948 | Until August 13, 2030 | 9 |
| 3 | Zerolimit Digital Technology Co., Ltd. | ![A black and white logo AI-generated content may be incorrect.](image_034.jpg) | 50016488 | Until May 27, 2031 | 42 |
| 4 | Zerolimit Digital Technology Co., Ltd. | ![A black and white logo AI-generated content may be incorrect.](image_035.jpg) | 50038109 | Until May 27, 2031 | 42 |
| 5 | Zerolimit Digital Technology Co., Ltd. | ![A black and white logo AI-generated content may be incorrect.](image_036.jpg) | 50023269 | Until June 13, 2031 | 42 |
| 6 | Zerolimit Digital Technology Co., Ltd. | ![](image_037.jpg) | 57327737 | Until January 20, 2032 | 42 |
| 7 | Zerolimit Digital Technology Co., Ltd. | ![A logo with text on it AI-generated content may be incorrect.](image_038.jpg) | 57319298 | Until April 13, 2032 | 42 |
| 8 | Zerolimit Digital Technology Co., Ltd. | ZEROLIMIT DIGITAL | 57348832 | Until April 13, 2032 | 42 |
| 9 | Zerolimit Digital Technology Co., Ltd. | ![](image_041.jpg) | 58210371 | Until April 13, 2032 | 42 |

---

2. Authorized Territory: Within the territory of the People's Republic of China.

3. Authorized Usage Period: From <u>January 1, 2021</u> to <u>December 31, 2025</u>. Upon the expiration of the agreement, if an extension of the usage period is required, a separate trademark licensing agreement shall be renewed by both parties.

4. Specific Usage Forms: Party B may use the trademarks on product packaging, promotional materials, and product descriptions.

**Article 2: Rights and Obligations of Both Parties**

1. Party B may use Party A's trademarks within the authorized scope.

2. Party B must ensure that the products produced under the authorized trademarks
comply with national health, quality, measurement, environmental protection, packaging, industry standards, and statutory explanatory
text requirements.

3. Party B shall not arbitrarily change the text, graphics, or combination of Party
A's registered trademarks, nor use Party A's registered trademarks beyond the permitted product range.

4. Both parties shall negotiate whether to continue the trademark authorization two
months before the expiration of the trademark licensing agreement. If the agreement is renewed, a new "Trademark Licensing Agreement"
shall be signed. If the agreement is not renewed, it will automatically terminate.

5. After the termination of the agreement, Party B shall not use Party A's authorized
trademarks and logos on its products. Otherwise, Party A has the right to pursue legal action for infringement.

**Article 3: Conditions for Agreement Termination**

1. The licensing period of the trademark licensing agreement expires without renewal.

2. If Party B violates relevant laws and regulations, produces shoddy products, or
deceives consumers using Party A's registered trademarks, thereby seriously damaging Party A's reputation, Party A has the right
to unilaterally terminate the agreement and pursue full compensation for all losses suffered, including but not limited to direct losses,
indirect losses, and expenses such as attorney fees, arbitration fees, guarantee fees, and preservation fees.

3. Other breach situations

**Article 4: Liability for Breach of Contract**

Party B is limited to using the authorized trademarks on products produced by its enterprise and shall not sublicense Party A's authorized trademarks to any third party for any reason or form, nor use them as an investment to establish a new legal entity for production, sales, and profit with a third party. If Party B violates this agreement, it shall pay Party A a penalty of 100,000 RMB.

**Article 5: Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;1. This agreement is governed by and interpreted in accordance with
the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any disputes related to this agreement shall first be resolved
through friendly negotiation between both parties. If negotiations fail, either party shall submit the dispute or controversy to the
Shenzhen International Arbitration Court for arbitration.

**Article 6: Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;1. Any other written agreements signed by both parties under this
agreement shall be considered part of this agreement and have the same legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. This agreement is made in duplicate, with each party holding one
copy, both of which have the same legal effect.

(No text below)

**Licensor (Party A):** Zerolimit Digital Technology Co., Ltd.

Legal Representative: <u>________________________</u>

Date: _________________________

**Licensee (Party B):** Zhenglian Technology (Shenzhen) Co., Ltd.

Legal Representative: <u>_____________________</u>

Date: _______________________

## Exhibit 10.13

**Exhibit 10.13**

**Sales Contract**

Contract No. <br>Place of Signing:

**Party A: Guangdong Lightning Cat New Energy Technology Co., Ltd (hereinafter referred to as "Party A")**

Address: Room 911, Oriental Technology Building, No. 16 Keyuan Road, Kejiyuan Community, Yuehai Street, Nanshan District, Shenzhen

**Party B: Zhenglian Technology (Shenzhen) Co., Ltd. (hereinafter referred to as "Party B")**

Address: 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen

Whereas Party B is legally authorized to provide the software products and related services described in this contract, and Party A wishes to purchase the said software products and services, both parties, after friendly negotiations, have reached the following contractual terms:

&nbsp;&nbsp;&nbsp;&nbsp;I. Contract Subject

Party B shall supply the following products to Party A at the prices specified below. All prices are inclusive of taxes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Including (Per Set)** | **Including (Per Set)** |
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Software License** | **One-year Service** |
| Cloud Data Base Station Node Software |  |  |  |  |  |
| **Total** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;II. Product Delivery and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery: Party A shall order the Cloud Data Base Station Node Software products from Party B through a contract or purchase order. Upon mutual confirmation, Party B shall deliver the software activation card, and the activation of the software shall be deemed as the completion of the product delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment: Party A shall pay a ___ deposit to Party B within ___ days after signing the contract, followed by another payment of ___ within ___ working days. The remaining balance shall be remitted by Party A to the designated bank account of Party B within ___ days after the software activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Software system products sold by Party B and activated cannot be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A's Invoice Information:

Invoice Unit Name: Guangdong Lightning Cat New Energy Technology Co., Ltd

Taxpayer Identification Number: XXXXXXXXXXXXXXXXXX

Invoice Address: Room 911, Oriental Technology Building, No. 16 Keyuan Road, Kejiyuan Community, Yuehai Street, Nanshan District, Shenzhen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B's Bank Account Information:

Account Name: Zhenglian Technology (Shenzhen) Co., Ltd.

Account Number: XXXXXXXXXXXXXXXXXX

Bank: Bank of Communications Shenzhen Shennan Branch

&nbsp;&nbsp;&nbsp;&nbsp;III. Product Warranty

The product warranty referred to in this contract shall be handled as agreed by the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall authorize and deliver the software to Party A for normal use in a single-machine version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may run the software in an independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The software services provided by Party B include post-sales technical support and automatic background version upgrade services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The software service period is one year. Software services beyond one year shall be agreed upon separately at market prices..

&nbsp;&nbsp;&nbsp;&nbsp;IV. Rights and Obligations

Party A's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A must take necessary confidentiality measures for any proprietary materials provided by Party B that are marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall not decipher, decode, or privately add any functions to the software provided by Party B without written permission from Party B.

Party B's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall provide Party A with product documentation and other proprietary materials that Party B deems disclosable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall provide mature and reliable products for Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B guarantees that it owns the intellectual property rights of the products provided to Party A. Any disputes arising therefrom shall be solely borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B's factors cause Party A to be unable to use the products or services normally, Party B shall resolve the issues as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall provide usable software products to Party A upon receipt of Party A's order..

&nbsp;&nbsp;&nbsp;&nbsp;V. Breach of Contract

Any breach of any provision of this contract by either party shall constitute a breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Exemption and Mitigation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The contracting parties unanimously agree that the following circumstances may exempt a party from liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure

In the event of a force majeure occurrence, the affected party shall provide written notice to the other party within 15 days and furnish official proof or written documentation detailing the incident and the inability to perform or the need for a delayed performance under this contract.

During the period of force majeure, the obligations under this contract shall be suspended, and neither party shall claim compensation or damages from the other party for any direct or indirect losses or damages arising from the force majeure event. However, if the force majeure event continues for more than 30 days, the parties shall, based on the principles of good faith, engage in negotiations to determine whether to continue performance, delay performance, or terminate this contract with respect to the rights and obligations under this contract.

Upon the cessation of the force majeure event, the affected party shall make reasonable efforts to resume the performance of this contract as soon as possible, and the affected party's performance period shall be extended accordingly.

Any delay in performance or inability to perform any of its obligations under this contract caused by force majeure shall not be considered a breach of contract and neither party hereto shall be liable for the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions

The contracting parties unanimously agree that the following circumstances, leading to a delay or impossibility of performance under this contract, may exempt the affected party from liability:

The introduction or adjustment of national laws and regulations and policies;

System failures caused by virus episodes not reasonably within the control of the contracting parties;

Network failures not due to circumstances beyond the reasonable control of the contracting parties;

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The contracting parties unanimously agree that the following circumstances may result in mitigation of liability:

After a breach has occurred, the defaulting party has taken all reasonable measures and efforts to remedy the situation. However, if the non-defaulting party fails to cooperate or allows the situation to further escalate or worsen.

System failure caused by a virus outbreak.

Network failure.

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Termination and Change of Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall take effect upon being signed and sealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For any additional functional requirements beyond the basic functions of the products ordered under this contract, the parties may enter into a separate cooperation agreement after mutual consultation and confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party requesting to amend the contract must notify the other party in writing one month in advance, and the amendment shall only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party breaches this contract, causing the contract to be unperformable, the other party has the right to terminate the agreement. After termination, the non-breaching party has the right to claim compensation for any economic losses suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate this contract must issue a written notice to the other party. Both parties shall negotiate the termination matters in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Dispute Resolution

Any disputes or controversies arising from or related to this contract shall be resolved through friendly negotiations. If no agreement can be reached or if no negotiation is conducted, the parties agree to:

Submit the dispute to the Shenzhen Court of International Arbitration for arbitration..

&nbsp;&nbsp;&nbsp;&nbsp;IX. Miscellaneous

This contract is made in <u>two copies,</u> with each party holding <u>one copy</u>, both of which shall have equal legal effect.

(End of Text)

---

| | |
|:---|:---|
| Party A: | Party B: |
| Guangdong Lightning Cat New Energy Technology Co., Ltd | Zhenglian Technology (Shenzhen) Co., Ltd. |
| Contracted representatives: __________________ | Contracted representatives: __________________ |
| Date: | Date: |

---

## Exhibit 10.14

**Exhibit 10.14**

**Sales Contract**

Contract No. <br>Place of Signing:

**Party A: Chongqing Shenghong Technology Co., Ltd (hereinafter referred to as "Party A")**

Address: No. 9, Middle Section of Zhongshan Avenue, Yongchuan District, Chongqing

**Party B: Zhenglian Technology (Shenzhen) Co., Ltd. (hereinafter referred to as "Party B")**

Address: 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen

Whereas Party B is legally authorized to provide the software products and related services described in this contract, and Party A wishes to purchase the said software products and services, both parties, after friendly negotiations, have reached the following contractual terms:

&nbsp;&nbsp;&nbsp;&nbsp;I. Contract Subject

Party B shall supply the following products to Party A at the prices specified below. All prices are inclusive of taxes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Including (Per Set)** | **Including (Per Set)** |
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Software License** | **One-year Service** |
| Cloud Data Base Station Node Software |  |  |  |  |  |
| **Total** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;II. Product Delivery and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery: Party A shall order the Cloud Data Base Station Node Software products from Party B through a contract or purchase order. Upon mutual confirmation, Party B shall deliver the software activation card, and the activation of the software shall be deemed as the completion of the product delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment: Party A shall pay a ___ deposit to Party B within ___ days after signing the contract. The remaining balance shall be remitted by Party A to the designated bank account of Party B within ___ days after the software activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Software system products sold by Party B and activated cannot be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A's Invoice Information:

Invoice Unit Name: Chongqing Shenghong Technology Co., Ltd

Taxpayer Identification Number: XXXXXXXXXXXXXXXXXX

Invoice Address: No. 9, Middle Section of Zhongshan Avenue, Yongchuan District, Chongqing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B's Bank Account Information:

Account Name: Zhenglian Technology (Shenzhen) Co., Ltd.

Account Number: XXXXXXXXXXXXXXXXXX

Bank: Bank of Communications Shenzhen Shennan Branch

&nbsp;&nbsp;&nbsp;&nbsp;III. Product Warranty

The product warranty referred to in this contract shall be handled as agreed by the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall authorize and deliver the software to Party A for normal use in a single-machine version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may run the software in an independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The software services provided by Party B include post-sales technical support and automatic background version upgrade services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The software service period is one year. Software services beyond one year shall be agreed upon separately at market prices..

&nbsp;&nbsp;&nbsp;&nbsp;IV. Rights and Obligations

Party A's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A must take necessary confidentiality measures for any proprietary materials provided by Party B that are marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall not decipher, decode, or privately add any functions to the software provided by Party B without written permission from Party B.

Party B's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall provide Party A with product documentation and other proprietary materials that Party B deems disclosable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall provide mature and reliable products for Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B guarantees that it owns the intellectual property rights of the products provided to Party A. Any disputes arising therefrom shall be solely borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B's factors cause Party A to be unable to use the products or services normally, Party B shall resolve the issues as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall provide usable software products to Party A upon receipt of Party A's order.

&nbsp;&nbsp;&nbsp;&nbsp;V. Breach of Contract

Any breach of any provision of this contract by either party shall constitute a breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Exemption and Mitigation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The contracting parties unanimously agree that the following circumstances may exempt a party from liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure

In the event of a force majeure occurrence, the affected party shall provide written notice to the other party within 15 days and furnish official proof or written documentation detailing the incident and the inability to perform or the need for a delayed performance under this contract.

During the period of force majeure, the obligations under this contract shall be suspended, and neither party shall claim compensation or damages from the other party for any direct or indirect losses or damages arising from the force majeure event. However, if the force majeure event continues for more than 30 days, the parties shall, based on the principles of good faith, engage in negotiations to determine whether to continue performance, delay performance, or terminate this contract with respect to the rights and obligations under this contract.

Upon the cessation of the force majeure event, the affected party shall make reasonable efforts to resume the performance of this contract as soon as possible, and the affected party's performance period shall be extended accordingly.

Any delay in performance or inability to perform any of its obligations under this contract caused by force majeure shall not be considered a breach of contract and neither party hereto shall be liable for the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions

The contracting parties unanimously agree that the following circumstances, leading to a delay or impossibility of performance under this contract, may exempt the affected party from liability:

The introduction or adjustment of national laws and regulations and policies;

System failures caused by virus episodes not reasonably within the control of the contracting parties;

Network failures not due to circumstances beyond the reasonable control of the contracting parties;

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The contracting parties unanimously agree that the following circumstances may result in mitigation of liability:

After a breach has occurred, the defaulting party has taken all reasonable measures and efforts to remedy the situation. However, if the non-defaulting party fails to cooperate or allows the situation to further escalate or worsen.

System failure caused by a virus outbreak.

Network failure.

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Termination and Change of Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall take effect upon being signed and sealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For any additional functional requirements beyond the basic functions of the products ordered under this contract, the parties may enter into a separate cooperation agreement after mutual consultation and confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party requesting to amend the contract must notify the other party in writing one month in advance, and the amendment shall only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party breaches this contract, causing the contract to be unperformable, the other party has the right to terminate the agreement. After termination, the non-breaching party has the right to claim compensation for any economic losses suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate this contract must issue a written notice to the other party. Both parties shall negotiate the termination matters in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Dispute Resolution

Any disputes or controversies arising from or related to this contract shall be resolved through friendly negotiations. If no agreement can be reached or if no negotiation is conducted, the parties agree to:

Submit the dispute to the Shenzhen Court of International Arbitration for arbitration..

&nbsp;&nbsp;&nbsp;&nbsp;IX. Miscellaneous

This contract is made in <u>two copies,</u> with each party holding <u>one copy</u>, both of which shall have equal legal effect.

(End of Text)

---

| | |
|:---|:---|
| Party A: | Party B: |
| Chongqing Shenghong Technology Co., Ltd | Zhenglian Technology (Shenzhen) Co., Ltd. |
| Contracted representatives: __________________ | Contracted representatives: __________________ |
| Date: | Date: |

---

## Exhibit 10.15

**Exhibit 10.15**

**Sales Contract**

Contract No. <br>Place of Signing:

**Party A: Shenzhen Huawang Supply Chain Co., Ltd (hereinafter referred to as "Party A")**

Address: 2nd Floor, Building 2, Liumashi Industrial Zone, Xikeng Community, Yuanshan Street, Longgang District, Shenzhen

**Party B: Zhenglian Technology (Shenzhen) Co., Ltd. (hereinafter referred to as "Party B")**

Address: 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen

Whereas Party B is legally authorized to provide the software products and related services described in this contract, and Party A wishes to purchase the said software products and services, both parties, after friendly negotiations, have reached the following contractual terms:

&nbsp;&nbsp;&nbsp;&nbsp;I. Contract Subject

Party B shall supply the following products to Party A at the prices specified below. All prices are inclusive of taxes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Including (Per Set)** | **Including (Per Set)** |
| **Product Item** | **Quantity** | **Price** | **Total Amount** | **Software License** | **One-year Service** |
| Cloud Data Base Station Node Software |  |  |  |  |  |
| **Total** |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;II. Product Delivery and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delivery: Party A shall order the Cloud Data Base Station Node Software products from Party B through a contract or purchase order. Upon mutual confirmation, Party B shall deliver the software activation card, and the activation of the software shall be deemed as the completion of the product delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment: Party A shall pay a ___ deposit to Party B within ___ days after signing the contract, followed by another payment of ___ within ___ working days. The remaining balance shall be remitted by Party A to the designated bank account of Party B within ___ days after the software activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Software system products sold by Party B and activated cannot be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party A's Invoice Information:

Invoice Unit Name:Shenzhen Huawang Supply Chain Co., Ltd

Taxpayer Identification Number: XXXXXXXXXXXXXXXXXX

Invoice Address: 2nd Floor, Building 2, Liumashi Industrial Zone, Xikeng Community, Yuanshan Street, Longgang District, Shenzhen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B's Bank Account Information:

Account Name: Zhenglian Technology (Shenzhen) Co., Ltd.

Account Number: XXXXXXXXXXXXXXXXXX

Bank: Bank of Communications Shenzhen Shennan Branch

&nbsp;&nbsp;&nbsp;&nbsp;III. Product Warranty

The product warranty referred to in this contract shall be handled as agreed by the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall authorize and deliver the software to Party A for normal use in a single-machine version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A may run the software in an independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The software services provided by Party B include post-sales technical support and automatic background version upgrade services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The software service period is one year. Software services beyond one year shall be agreed upon separately at market prices..

&nbsp;&nbsp;&nbsp;&nbsp;IV. Rights and Obligations

Party A's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A must take necessary confidentiality measures for any proprietary materials provided by Party B that are marked as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall not decipher, decode, or privately add any functions to the software provided by Party B without written permission from Party B.

Party B's Rights and Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B shall provide Party A with product documentation and other proprietary materials that Party B deems disclosable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall provide mature and reliable products for Party A's use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party B guarantees that it owns the intellectual property rights of the products provided to Party A. Any disputes arising therefrom shall be solely borne by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If Party B's factors cause Party A to be unable to use the products or services normally, Party B shall resolve the issues as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Party B shall provide usable software products to Party A upon receipt of Party A's order.

&nbsp;&nbsp;&nbsp;&nbsp;V. Breach of Contract

Any breach of any provision of this contract by either party shall constitute a breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Exemption and Mitigation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The contracting parties unanimously agree that the following circumstances may exempt a party from liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure

In the event of a force majeure occurrence, the affected party shall provide written notice to the other party within 15 days and furnish official proof or written documentation detailing the incident and the inability to perform or the need for a delayed performance under this contract.

During the period of force majeure, the obligations under this contract shall be suspended, and neither party shall claim compensation or damages from the other party for any direct or indirect losses or damages arising from the force majeure event. However, if the force majeure event continues for more than 30 days, the parties shall, based on the principles of good faith, engage in negotiations to determine whether to continue performance, delay performance, or terminate this contract with respect to the rights and obligations under this contract.

Upon the cessation of the force majeure event, the affected party shall make reasonable efforts to resume the performance of this contract as soon as possible, and the affected party's performance period shall be extended accordingly.

Any delay in performance or inability to perform any of its obligations under this contract caused by force majeure shall not be considered a breach of contract and neither party hereto shall be liable for the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions

The contracting parties unanimously agree that the following circumstances, leading to a delay or impossibility of performance under this contract, may exempt the affected party from liability:

The introduction or adjustment of national laws and regulations and policies;

System failures caused by virus episodes not reasonably within the control of the contracting parties;

Network failures not due to circumstances beyond the reasonable control of the contracting parties;

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The contracting parties unanimously agree that the following circumstances may result in mitigation of liability:

After a breach has occurred, the defaulting party has taken all reasonable measures and efforts to remedy the situation. However, if the non-defaulting party fails to cooperate or allows the situation to further escalate or worsen.

System failure caused by a virus outbreak.

Network failure.

Hacker attacks.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Termination and Change of Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract shall take effect upon being signed and sealed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For any additional functional requirements beyond the basic functions of the products ordered under this contract, the parties may enter into a separate cooperation agreement after mutual consultation and confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party requesting to amend the contract must notify the other party in writing one month in advance, and the amendment shall only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party breaches this contract, causing the contract to be unperformable, the other party has the right to terminate the agreement. After termination, the non-breaching party has the right to claim compensation for any economic losses suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate this contract must issue a written notice to the other party. Both parties shall negotiate the termination matters in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Dispute Resolution

Any disputes or controversies arising from or related to this contract shall be resolved through friendly negotiations. If no agreement can be reached or if no negotiation is conducted, the parties agree to:

Submit the dispute to the Shenzhen Court of International Arbitration for arbitration..

&nbsp;&nbsp;&nbsp;&nbsp;IX. Miscellaneous

This contract is made in <u>two copies,</u> with each party holding <u>one copy</u>, both of which shall have equal legal effect.

(End of Text)

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| | |
|:---|:---|
| Party A: | Party B: |
| Shenzhen Huawang Supply Chain Co., Ltd  | Zhenglian Technology (Shenzhen) Co., Ltd. |
| Contracted representatives: __________________ | Contracted representatives: __________________ |
| Date: | Date: |

---

## Exhibit 10.16

**Exhibit 10.16**

**Internet Data Center Business Agreement**

**Party A: Zhenglian Technology (Shenzhen) Co., Ltd.**

**Party B: China Mobile Communications Group Jilin Co., Ltd. Tonghua Branch Internet Data Center Business Agreement**

**Article 1 Parties to the Agreement**

**Party A:** Zhenglian Technology (Shenzhen) Co., Ltd (hereinafter referred to as "Party A")

Address: [2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen ]

Legal Representative/Responsible Person: [Hu Guangqing]

**Party B:** China Mobile Communications Group Jilin Co., Ltd. Tonghua Branch (hereinafter referred to as "Party B")

Address: [3900 Xinhua Street, Tonghua City]

Legal representative/responsible person: [Jiang Yipeng]

Given that Party A intends to use the Internet Data Center (IDC) business and Party B is willing and capable of providing the IDC business, Party A and Party B, based on the principle of equality and voluntarism, and after friendly negotiation, have reached the following unanimous terms and conditions on the matter of Party B providing Party A with the IDC business:

**Article 2 Definitions**

"Internet Data Center (IDC) Business": refers to Party B's use of corresponding server room facilities to provide Party A's servers and other Internet or other network-related equipment with placement, agent maintenance, system configuration and management services on an outsourced basis, as well as the provision of database systems or servers and other equipment and the rental of their storage space. Party B can provide IDC services including hosting services, network access services, value-added services and ancillary, customized IDC services, etc., and the list of products is shown in the Annex.VIII "China Mobile IDC Product List".

**Article 3 Rights and Obligations of Party A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Party A has the right to enjoy the relevant services stipulated in the IDC business within the scope of this Agreement, and the type of its access business is [hosting and bandwidth], the use of which is [unit storage for self-use], and the address of which is [IDC room of China Mobile Tonghua Branch], and the specific types and quantities of the business are shown in detail in Attachment II. The opening time of the first batch of services is shown in Annex III, "Internet Data Center Service Billing Confirmation", and the opening time of subsequent services is subject to the "Internet Data Center Service Billing Confirmation" signed by both parties in accordance with the format of Annex III. Party A shall not change the above service type or usage without authorization. If Party A needs to change the type of service or usage, Party A shall submit a written application for business change to Party B seven working days in advance, and the business change can be carried out only after the consensus of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party A undertakes to continue to use Party B's IDC business during the validity period of this Agreement and pay Party B the fees as agreed in this Agreement, details of which are set out in Annex II to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 If the business activities carried out by Party A using this Agreement require the permission or approval of the relevant authorities, Party A shall obtain the relevant permission or approval before the business access, otherwise Party B has the right not to grant the business access. Relevant licenses or approvals include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party A shall use the hosting service and its IP address shall be filed in the local communication management department before use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the website service provided by Party A is a business website, Party A shall apply for the ICP license of business website in the local communication management department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the website service provided by Party A is a non-business website, Party A shall handle the ICP record of non-business website by itself in the local communication management department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If Party A opens columns of news, publication, education, medical care, drugs, medical devices, culture, radio, film and TV programs and electronic bulletin, it shall obtain approval from relevant departments or go through relevant filing procedures according to relevant regulations.

Party A shall ensure that the relevant licenses, approvals and filings obtained during the performance period of this Agreement shall remain valid, otherwise Party B shall have the right to terminate this Agreement, but the above right of Party B shall not be deemed to be any obligation of Party B to examine whether Party A has such licenses, approvals, filings, etc., or any responsibility to ensure that they are legally valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party A undertakes not to engage in any of the following activities or disseminate any information using the services and facilities provided by Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Engaging in activities prohibited by national laws, regulations, or policies or activities that violate public morality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Spreading rumors, disrupting social order, or undermining social stability; sending spam emails, distributing virus programs; engaging in hacking activities; committing infringements; engaging in gambling or gambling-related activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Harming national security, divulging state secrets, subverting state power, or undermining national unity; disseminating information that harms national honor and interests; inciting ethnic hatred, discrimination, or disrupting ethnic unity; violating the state's religious policies; propagating cults and feudal superstitions; disseminating obscene, pornographic, gambling, violent, homicidal, terroristic, or crime-inciting information; insulting or defaming others, infringing upon their legitimate rights and interests; disseminating information that jeopardizes the security of internet operations; disseminating negative information or content that damages the image of China Mobile; or any other information or content that undermines social order, public safety, or public morality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Publishing or disseminating content that violates other national laws, regulations, or policies.

Party A also undertakes not to provide any facilities for others to engage in the above activities or publish or disseminate the above information, and Party A shall bear all the responsibilities and consequences arising from Party A's violation of the above Agreement. Party A recognizes that Party B has the right to judge whether the activities engaged in by Party A under this Agreement or the information released by Party A is illegal, unlawful or in violation of the relevant provisions of this Agreement, and Party B has the right to take all the necessary measures, including but not limited to suspending the provision of the business under this Agreement or terminating this Agreement, and requesting Party A to carry out rectification and so on, under the circumstances of prior notification to Party A. However, the above right of Party B shall not be regarded as Party B's obligation to review the behavior or information content of Party A or to ensure its legal compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Party A shall not use the IDC business beyond the scope of this Agreement, and shall not use the rented IDC facilities, equipment, bandwidth, etc. for subletting, operating virtual hosting business or using as proxy servers without Party B's written consent, otherwise Party B has the right to unilaterally terminate this Agreement, and the corresponding responsibilities and consequences shall be borne by Party A. If Party B agrees in writing, Party A may sublet the rented IDC facilities, equipment, bandwidth, etc., but Party A shall provide Party B with the qualification and relevant information of the third party, and ensure that the third party actually using the IDC business complies with the requirements of this Agreement; if Party B suffers losses due to the violation of the relevant management regulations of Party B's IDC business by the third party, Party A shall bear the joint and several liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Party A shall not sell part or all of the JDC facilities, equipment and network resources provided by Party B under this Agreement to the customers listed in the list in Annex I. Otherwise, Party B shall have the right to terminate or partially terminate this Agreement unilaterally without any liability for breach of contract, and Party A shall bear all the legal liabilities and consequences arising from the aforesaid acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Party A's servers and other equipments shall comply with the technical interface indexes of the public communication network and the technical standards, electrical characteristics and communication methods of terminal communication, and shall not affect the security of the public network. If there is any hidden danger or situation affecting the safety of the public network, Party B has the right to request Party A to rectify the situation. If Party A delays or refuses to rectify the situation, Party B has the right to suspend the provision of services under this Agreement or terminate this Agreement. If Party A is unable to use the services normally due to Party A's equipment not complying with Party B's relevant technical specifications or having security or stability problems in the course of operation, Party A shall bear the responsibilities and consequences arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 If the resources used by Party A's servers and other equipments exceed the standard agreed by both parties, Party B has the right to suspend the provision of relevant services to Party A and require Party A to make up for the electricity and other resource occupation fees within the specified period. If Party A fails to pay the resource occupation fee within the specified period, Party B has the right to terminate the provision of relevant services to Party A. Party A shall bear the responsibilities and consequences arising therefrom and assume the responsibility of breach of contract to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 Party A has the right to carry out daily operations such as uploading and downloading of Party A's servers and other equipments related to the IDC services agreed in this Agreement, but Party A shall follow Party B's data center management specifications (see Annex V for details) to carry out the above operations. If it is necessary to carry out operations beyond those in Annex V, Party A shall consult with Party B in advance and carry out such operations after both parties have reached an Agreement. If Party A carries out operations beyond Annex V without Party B's consent, Party B has the right to terminate this Agreement, and Party A shall compensate Party B for any loss caused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 Party A guarantees that the configuration and operation of its equipment (including but not limited to servers, storage, network equipment, power supply, power consumption and clearance requirements, etc.) will continue to meet the requirements of the manufacturer's certificate of conformity and specification, and comply with Party B's relevant management regulations. If Party B or any other third party suffers any property loss or personal damage due to Party A's equipment and its configuration, or Party A's personnel's operation errors, Party A shall bear full responsibility for compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 During the performance period of this Agreement, if maintenance of servers and other equipment is required, Party A shall notify Party B in advance of [7] working days and carry out the work in the presence of Party B's staff, or Party B may be entrusted to carry out the maintenance of servers and other equipment and other work, but written authorization or authentication mailbox authorization from Party A is required and operation manuals are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 If Party A installs software on its servers and other equipment, it shall ensure that the software it installs is legally authorized. If the software on Party A's equipment infringes on the legal rights of a third party, Party A shall bear the responsibility and consequences arising therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 Party A shall be responsible for the normal operation of the hardware and software of the hosting equipment. If Party A's equipment has any situation that affects the stability of the Internet, including but not limited to Party A's equipment being attacked by hackers, being infected by viruses, sending a large number of spam emails or becoming the source of attacks, which causes major network security problems and affects other users, Party B has the right, after notifying Party A, to suspend Party A's network connection until Party A's equipment is removed from the situation affecting the stability of the Internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 If Party B suspends the provision of Internet Data Center (IDC) business due to Party A's reasons, including but not limited to, Party A's equipment and configuration does not comply with Party B's relevant management regulations, Party A is suspected of engaging in unlawful activities, Party A publishes unlawful and illegal information, Party A exceeds the scope of business use as applied by Party A and licensed by Party B, or Party A has filed incorrect information, Party B shall not bear any responsibility and Party A shall pay all the fees during the period of suspended business as usual during the business period of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 Party A shall ensure that the registration information of the business application is true, accurate and effective, and shall be obliged to cooperate with Party B in verifying the registration information. If Party A's registration information (including but not limited to company name, account, correspondence address, contact person and other relevant information) is changed, Party A shall notify Party B in writing of the relevant information and provide relevant information within 10 days before the change. If Party B finds that Party A's registration information is untrue or incorrect, resulting in Party B being unable to contact Party A or Party A failing to cooperate in correcting the above information in time, Party B has the right to suspend the provision of business under this Agreement or terminate this Agreement, and Party A shall bear the corresponding responsibilities and consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 Party A shall not unilaterally change the IP address assigned by Party B, and shall not engage in behavior that maliciously affects the operation of the network, including but not limited to using static ARP to modify the routing table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 Party A shall be responsible for the integrity and confidentiality of its own data stored on the server, and Party A shall bear the adverse consequences caused by Party A's management. Party A shall be responsible for its own data backup and complete the corresponding operation by itself; Party B shall not bear any responsibility for the data backup work or results carried out by Party A by itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 Party A shall, within [10] days after the termination of this Agreement, transfer the data in Party B's servers and other equipments to Party B by itself, Party B is not responsible for retaining such data, and if the data is lost or damaged, the related responsibility and loss shall be borne by Party A. During the period of transferring the relevant data, Party A shall pay Party B the costs in accordance with the cost standard agreed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 Party A undertakes to comply with the relevant management norms of Party B regarding Internet data center in Annex V and information security management system in Annex VI, as well as the relevant norms regarding the implementation of IP/ICP record filing in Annex IV. Before business access, Party A shall provide Party B with basic information on business management such as the person in charge of the IP address used, the website organizer and the domain name of the website, etc. If the filing information provided by Party A is untrue and inaccurate, Party B has the right to close down the accessed Party A's website according to the law, and Party A shall bear all the responsibilities and consequences arising from it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 In order to ensure the quality of user access, if Party A uses BGP to access services, Party A guarantees that the routes introduced through BGP direct connection shall provide Party B with specific entries of the routes issued by Party B. If Party A also accesses in other BGP access parties, the granularity of the routes issued by the BGP access parties shall be consistent; otherwise, Party A shall bear the responsibility for the consequences of the inconsistency of the routes issued by the BGP access parties due to the inconsistency of the routes issued by the different BGP access parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 Party A shall designate at least one interface person responsible for technical work to Party B, so as to facilitate the two parties to carry out the subsequent related work and enhance the scheduling optimization and troubleshooting efficiency, and Party B shall be notified of the change of the interface person in a timely manner.

**Article 4 Rights and Obligations of Party B**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Party B has the right to charge Party A in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Party B shall provide Party A with IDC business related services as agreed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 After this Agreement comes into effect, Party B shall complete the preparation work for Party A's first batch of services to be stationed in the IDC server room within [15] working days. Except for the delay of business start-up time caused by Party B, Party B shall start charging fees based on the IDC business start-up time and the number of resources agreed in Annex III; in case of the delay of business start-up time caused by Party B, Party B shall start charging fees based on the actual start-up time and the number of resources of IDC business; Party B shall be responsible for completing the installation and debugging of the equipments and the laying of the ancillary cables in accordance with the contract, and cooperating with Party A in the server debugging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Party B shall provide Party A with an IOC standard server room environment, including air conditioning, lighting, uninterruptible power supply, and flooring to meet anti-static requirements. Party B maintains and monitors the server (security, fire protection, anti-static, fire prevention, temperature in the server room, reboot of the machine, monitoring whether the network is normal) to ensure the normal operation of Party A's servers, and Party B is responsible for providing 7\*24 hour round-the-clock service, and the specific service level standards promised by Party B are detailed in Annex VII of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Party A's relevant technical personnel shall obtain Party B's prior consent before entering Party B's data center, otherwise Party B has the right to refuse Party A's personnel to enter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 During the period of performance of this Agreement, if hardware failure occurs in the server and other equipments provided by Party B, Party B shall promptly carry out maintenance or replace the equipments with the same configuration, so as to ensure that Party A can obtain normal services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 When Party B carries out network adjustment and maintenance, it should try to choose the time period when there are fewer network users. If it is necessary to interrupt the service for a short period of time, Party A shall be notified at least 3 working days in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 Party A shall inform Party B of the use of the servers in the server room, and Party B has the right to supervise the use of the servers by Party A, and has the right to supervise and inspect Party A's implementation of the information security management system and put forward corrective opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 After the termination or cancellation of this Agreement, Party A shall remove its server and ancillary equipment from Party B's server room within [3] days, otherwise it shall be deemed that Party A has abandoned the said server and ancillary equipment, and Party B has the right to dispose of them, and Party B shall not be liable for the loss of or damage to such server and ancillary facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 Any electronic documents, software or data stored on the server by Party A ("Party A's business data") belongs to Party A (except for those provided by Party B), without Party A's consent, Party B shall not copy, disseminate, transfer or license others to use the above Party A's business data, otherwise Party B shall bear the corresponding responsibilities according to law. If Party B has the right to cooperate with the relevant state authorities in their legal inquiries or access to Party A's business data in accordance with relevant laws and regulations, and has the obligation to disclose the same to third parties or administrative or judicial organizations, Party A shall cooperate with Party B in their legal inquiries and access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 Party B guarantees that Party B has the subjective qualifications and relevant required qualifications for negotiating, signing and performing this Contract and has obtained all the authorizations, consents, approvals or licenses for negotiating, signing and performing this Contract which are fully valid and irrevocable, and Party B shall provide Party A with a copy of Party B's business license and relevant qualifications required by Party A. However, the above rights and obligations of Party B shall not be regarded as Party A's obligation to review Party B's behavior or information content or any responsibility to ensure its legal compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 If Party B, based on its independent judgment, believes that Party A's use of the Business seriously interferes with the normal operation of Party B's related business, Party B has the right to restrict or terminate Party A's use of all or part of the Business in accordance with the relevant management regulations, without assuming any breach of contract, and the corresponding responsibilities or consequences shall be borne by Party A itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 Party B shall designate at least one interface person in charge of technical work to Party A, so as to facilitate the two parties to carry out the subsequent related work and enhance the scheduling optimization and troubleshooting efficiency, and Party A shall be notified of the change of the interface person in a timely manner.

**Article 5 Billing and Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Fees and Taxes: Except for the delay of service opening time caused by Party B, Party B shall charge Party A the fees for IDC services in accordance with the tariffs stipulated in Attachment II of this Agreement and the service opening time set out in the "Confirmation of Billing for Internet Data Center Services". The tariff prices under this Agreement are all taxinclusive prices including value-added tax (VAT), and the tax rate is [6]%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Billing rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Hosted Services Fee: During the contract period, Party B will charge Party A on a monthly basis based on the actual quantity of resources used by Party A. For the first and last month of the contract, if the usage period is less than a full month, the fee will be calculated as follows: [Monthly Hosted Services Fee / Total days in the month \* Number of days actually used in the month] (If the usage period is less than one day, it will be calculated as one day). The minimum unit for rack settlement is one rack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Internet Access Service Fee: During the contract period, Party B will charge Party A on a monthly basis based on the actual quantity of resources used by Party A. For the first and last month of the contract, if the usage period is less than a full month, the fee will be calculated as follows: [Monthly Internet Access Service Fee / Total days in the month \* Number of days actually used in the month] (If the usage period is less than one day, it will be calculated as one day). The minimum unit for bandwidth settlement is 10 Mbps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The starting date of billing is based on the IDC service activation date stated in the "Internet Data Center Service Billing Confirmation Form" signed by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The billing period is from the first day of each month to the last day of each month (i.e., one natural month);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In case of error in billing traffic confirmation, the billing data shall be determined in the following manner: [Billing].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Billing: The bill shall be issued by Party B's billing system in accordance with paragraph 5.1, and shall contain the actual occurrence of each operation in the billing cycle, the settlement amount, and other operation information required for reconciliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Business Reconciliation: Within [10] working days after the end of each billing period, Party B will send the billing statement of the billing period to Party A's designated contact person by email, and Party A will reconcile with Party B within [3] working days after receiving Party B's billing statement of the billing period, confirm the total settlement amount of the billing period and notify Party B's designated contact person by email. If there is any error in the reconciliation between Party A and Party B, when the error does not exceed [5]% of the total settlement amount listed in Party B's bill, Party A and Party B shall take the total settlement amount listed in Party B's bill as the basis for settlement; when the error in the reconciliation between Party A and Party B exceeds [5]% of the total settlement amount listed in Party B's bill, Party A and Party B shall rereconcile the account and determine the amount of the settlement to be made within [5] working days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The re-reconciliation carried out by Party A and Party B will not affect the normal progress of fund settlement. The settlement of funds shall still be carried out in accordance with the amount listed in the bill issued by Party B, and the adjustment of the reconciliation difference shall be carried out in the next settlement cycle. For the reconciliation differences in the last settlement cycle, both parties will make up for the difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Payment of Fees: Party A shall pay the fees under this Agreement by [bank transfer], and the fees shall be paid on a [monthly] basis. Party B shall send the bill for the billing period to Party A's designated contact person within [10] working days after the end of each billing period, and Party A shall make payment to Party B within [10] working days after receiving the bill.

Within [10] working days after Party B receives Party A's payment, Party B shall issue the corresponding VAT [special invoice or general invoice] to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 Each party shall bear the bank charges and taxes incurred in the execution of this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Information relating to the settlement between the parties is set out below:

Party A's account information:

Taxpayer Identification No.: [XXXXXXXXXXXXXXXXXX] Account Name: [Zhenglian Technology (Shenzhen) Co.

Bank of deposit: [Bank of China Shenzhen Shennan Sub-branch].

Bank line number: [XXXXXXXXXXX]

Account number: [XXXXXXXXXXX]

Party B's account information:

Taxpayer identification number: [XXXXXXXXXXXXXXXXXX]

Account Name: [China Mobile Communications Group Jilin Co., Ltd. Tonghua City Branch] Bank of Account: [Industrial and Commercial Bank of China, Tonghua Xinhua Sub-branch].

Account number: [XXXXXXXXXXXXXXXXXX]

Either party shall give the other party 10 days' written notice of any change in the above accounts. If the other party suffers a loss as a result of notification under this contract, the party that failed to notify in time shall be liable to pay compensation.

**Article 6 Liability for Breach of Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Failure by either party to perform any of the terms of this Agreement shall be considered a breach of contract. After receiving a written notice from the other party specifying the default, either party shall rectify the default and notify the other party in writing within 10 days if it confirms that the default actually exists; if it believes that the default does not exist, it shall submit a written objection or explanation to the other party within 10 days, in which case the parties may consult on the matter, and in case of failure to do so, the matter shall be resolved in accordance with the Dispute Settlement Provisions of this Agreement. The defaulting party shall bear the actual losses caused to the contracting party due to its own default behavior. If there is another Agreement in this Agreement, it shall follow its Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 If Party A fails to pay the fees as stipulated in this Agreement on time, Party B has the right to suspend the provision of IDC services to Party A. According to Article 34 of the "Telecommunications Regulations of the People's Republic of China," from the date of Party A's arrears until the date when Party A clears the arrears, Party B is entitled to charge Party A a penalty of 3‰ of the total amount of arrears per day. If Party A's monthly rental fees remain unpaid for three months after the end of the respective month, Party B has the right to unilaterally terminate this Agreement, terminate the IDC services provided to Party A, and continue to recover all outstanding fees and penalties from Party A. Party A shall bear the responsibility and consequences thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 If Party A defaults on the payment of fees and charges and fails to pay all outstanding fees and liquidated damages within three months, Party B has the right to retain the equipment and ancillary facilities placed by Party A. If Party A fails to pay all outstanding fees and liquidated damages within [60] days after the retention of the aforesaid equipment and ancillary facilities, Party B has the right to entrust a third-party organization to auction or sell Party A's equipment and ancillary facilities or to discount the price of the equipment and ancillary facilities, with the proceeds offsetting the fees and liquidated damages owed by Party A. If the proceeds are insufficient to offset the difference, Party B has the right to request Party A to make up the difference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 If Party A fails to go through the relevant filing or approval procedures in a timely manner as agreed in this Agreement, Party A shall bear all the responsibilities and consequences arising therefrom. According to national laws and regulations, regulations or notices of the communication management department, Party B has the right to suspend the provision of all or part of the services under this Agreement for Party A, or terminate or partially terminate this Agreement in advance, and Party B does not need to bear any responsibility for breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Unless otherwise provided by law or agreed in this Agreement, if either party fails to perform its obligations under this Agreement or the performance of its obligations is not in accordance with this Agreement, the non-defaulting party has the right to demand the defaulting party to bear the responsibility of continuing to perform, taking remedial measures in time, or compensating for the damages and so on. However, in any case, the total amount of indemnification by Party B for all claims under this Agreement shall not exceed the total amount of the actual expenses paid by Party A to Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 During the performance of this agreement, any disputes or litigation involving the parties, caused by reasons attributable to Party A (including but not limited to: labor disputes between Party A and its staff, infringement or breach of contract disputes arising from Party A's execution of this agreement with third parties, etc.), shall be solely borne by Party A (specific responsibilities include, but are not limited to: compensation, penalty, litigation fees, attorney fees, travel expenses, etc.). Party B shall not bear joint liability.

**Article 7 Confidentiality Clause**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 "Confidential Information" means information provided under this Agreement by the party in possession of the information ("Provider") to the other party ("Recipient") or information that the Recipient learns from the Provider in the course of the performance of this Agreement. Confidential information includes, but is not limited to, technical information, business information, trade secrets, documents, programs, plans, techniques, diagrams, models, parameters, data, standards, know-how, business or business methods and other confidential information, the terms of this Agreement and other information relating to this Agreement, and all information, data, materials, opinions, advice, and the like, developed in the course of the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Confidential information can only be used by the receiving party and its personnel for the purposes of this Agreement. Unless otherwise specified in this Agreement, the receiving party and its relevant personnel who have access to the confidential information shall not, without the prior written consent of the disclosing party, directly or indirectly provide or disclose such confidential information to any third party. However, either party may disclose confidential information to its affiliates (including the party's affiliated companies and their branches) for the purposes of this Agreement, and such disclosure is not subject to the restrictions of this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The Parties shall not disclose the User's information, data and transaction records to anyone, and unless otherwise provided by national laws and administrative regulations, the Parties shall have the right to refuse inquiries from any organization or individual other than the User; at the same time, the Parties shall make reasonable efforts to keep the Electronic Payment Transaction Data in a secure manner and prevent unauthorized access to or unlawful interception of the data when it is transmitted in the public, private or intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Recipient may disclose Confidential Information to the Recipient's lawyers, accountants, contractors and consultants if they need to know the Confidential Information for the purpose of providing professional assistance, provided that the Recipient requires them to enter into a confidentiality Agreement or to fulfill the obligation of confidentiality in accordance with the relevant professional ethical standards. The Recipient shall be liable to the Provider for any damages incurred by the Provider as a result of a breach of confidentiality by such professional advisors engaged by the Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 If the Recipient is required by a relevant governmental authority or regulatory body to disclose any Confidential Information, the Recipient may do so to the extent required by such governmental authority or body without incurring any duty of confidentiality under this Agreement. Provided that the Recipient shall promptly notify the Provider in writing of the information to be disclosed so that the Provider can take the necessary protective measures, and that such notification shall be made as far as possible prior to the disclosure of the information, and that the Recipient shall use commercially reasonable endeavors to ensure that the disclosed information is treated confidentially by the relevant governmental authority or agency.

7 .6 Confidential information does not include any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Information that is in the public domain other than as a result of a breach of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information that was already lawfully in the Recipient's possession before the Provider made a disclosure pursuant to this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Information that the receiving party has obtained from a third party who is authorized to disclose it

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Information that has been independently developed by the receiving party without the use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Both parties shall strictly abide by the confidentiality provisions and strictly fulfill the confidentiality obligations until the time when the relevant confidential information is legally disclosed. The termination, suspension, expiration or invalidity of this Agreement or any of its provisions shall not affect the validity of the Confidentiality Clause and its binding effect on both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 If the recipient of confidential information causes damage to the provider by failing to fulfill the obligation of confidentiality, the recipient shall compensate the provider for the resulting damage.

**Article 8 Force Majeure and Exemption Clause**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Force Majeure shall not be deemed to be a breach of this Agreement if it prevents a party (the "Obstructed Party") from performing its obligations under this Agreement, in whole or in part, in accordance with the agreed terms due to obstacles or delays in the performance of such party's obligations under this Agreement. Force majeure, as used in this Agreement, means objective circumstances that cannot be foreseen, avoided, or overcome, including, but not limited to, natural disasters such as earthquakes, floods, wars, and governmental actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 After the force majeure event is terminated or excluded, the obstructed party shall continue to fulfill this Agreement and shall promptly notify the other party. The obstructed party may extend the time for fulfilling its obligations, and the extension period shall be equal to the actual delay caused by the force majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 In the event of a force majeure event lasting 30 days or more, the Parties shall negotiate a modification or termination of this Agreement to the extent that such event affects the performance of this Agreement. If no Agreement can be reached within 10 days from the date of written notice of negotiation by either party, either party shall have the right to terminate this Agreement without liability for breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 In any case, Party B shall only be liable for direct damages caused to Party A through its fault, and such liability shall be based on the actual damages, and Party B shall not be liable for the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Claims by third parties against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Loss of or damage to our records or data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All indirect losses such as business losses of Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 During network adjustments and maintenance, there may be short interruptions in service or a decrease in server access speed for Party A due to blockages on the backbone network routes on the Internet. Party A acknowledges that such situations are considered normal and will not be deemed as a breach of contract by Party B. Considering the special nature of computers and the internet, events caused by hackers, viruses, technical adjustments by telecommunications authorities, or interruptions in backbone lines, will also not be considered as a breach of contract by Party B if Party B can provide relevant reasonable evidence or give advance notice to Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 If Party A rents the servers and other equipment provided by Party B, Party A shall back up all the data stored on such equipment by itself, and Party B shall not bear any responsibility for any loss of data caused by hardware failure of such equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Party B shall not be responsible for the loss of third parties who indirectly receive Party B's services through Party A. Party A shall be responsible for resolving complaints and disputes related thereto and shall bear full responsibility for them.

**Article 9 Dispute Settlement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Agreement's establishment, validity, interpretation, performance, signing, modification, termination, and dispute resolution shall be governed by the laws of the People's Republic of China.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Any dispute or claim relating to this Agreement shall be resolved by amicable negotiation between the parties to the Agreement. Consultation shall commence immediately after one party has served a written request for such consultation on the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 If the parties to the Agreement cannot resolve the dispute through negotiation, the parties agree to resolve it in the following [2] ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Submit the dispute to the [Tonghua] Arbitration Commission for arbitration in accordance with the arbitration rules of the Commission currently in force in [Tonghua]. Any arbitration award under this Agreement shall be final and binding on the Parties and may be enforced in any court or other competent authority having jurisdiction. Unless the arbitration award provides otherwise, the losing party shall pay all legal costs incurred by the Parties in connection with the arbitration, including, but not limited to, arbitration fees, appraisal fees, notary fees, preservation fees and attorneys' fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) File a lawsuit with the People's Court of the place where Party B has jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 During the course of litigation or arbitration, all parts of this Agreement shall remain in force and shall continue to be performed by the parties, except for those parts that are in dispute between them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 The parties expressly use the means set forth in the Notice and Delivery provisions of this Agreement for the service of subpoenas, notices or other documents relating to arbitration or the enforcement of an arbitral award. Nothing in the Notice and Delivery provisions of this Agreement shall affect a party's right to serve such subpoenas, notices or other documents in any other manner permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 The dispute resolution provisions of this Agreement stand on their own, and the modification, dissolution, termination or invalidity of this Agreement shall not affect the validity of these provisions.

**Article 10 Notice and Delivery**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 All notices required to be given under this Agreement shall be in writing and shall be given by hand delivery, express mail, facsimile or registered mail in a manner acceptable to both parties. The postmark shall be the date of delivery of the special delivery or registered mail. All the above written notices shall be marked with the addressees of both parties to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Written notices shall be given by the party giving such notice to the address of the receiving party as set out in this Agreement. If the address of either party changes, the other party must be notified in writing 10 days prior to the change. The party at fault shall be liable for any damages caused by late notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Both parties agree to determine the date of formal delivery of notices as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For notices delivered in person, the date of receipt as indicated by the recipient's signature shall be deemed as the date of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For notices sent via fax, the date indicated on the printout of the sending confirmation sheet, generated by the sender after sending, shall be deemed as the date of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For notices sent via express delivery within the same city, the third day after sending shall be deemed as the date of delivery. For notices sent to other domestic areas, the fifth day after sending shall be deemed as the date of delivery. For notices sent to Hong Kong, Macau, and Taiwan regions, the tenth day after sending shall be deemed as the date of delivery. For notices sent to other countries or regions overseas, the twentieth day after sending shall be deemed as the date of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For notices sent via registered mail within the same city, the seventh day after mailing shall be deemed as the date of delivery. For notices sent to other domestic areas, the fourteenth day after mailing shall be deemed as the date of delivery. For notices sent to Hong Kong, Macau, and Taiwan regions, the twentieth day after mailing shall be deemed as the date of delivery. For notices sent to other countries or regions overseas, the thirtieth day after mailing shall be deemed as the date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The addresses and contact details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If to Party A :

Name: [Zhenglian Technology (Shenzhen) Co., Ltd]

Address: [2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, Gaoxin District Community, Yuehai Street, Nanshan District, Shenzhen ].

Tel：[XXXX-XXXXXXXX]

Fax：[0755-86538929]

Postal Code: [518000].

Contact Person: [Hu Kai] Email：[XXXXXXXXX@XX.com]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If to Party B:

Name: [China Mobile Communications Group Jilin Co., Ltd. Tonghua Branch] Address: [No. 3900 Xinhua Street, Tonghua City].

Telephone: [ ]

Fax: [ / ]

Postal Code: 【134001 】.

**Article 11 Effectiveness and Termination of the Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The term of this Agreement is [One] year, effective from the date when the legal representatives or authorized representatives of both parties sign and affix the official seal or contract-specific seal. In case of inconsistency in the signing dates, the effective date shall be the later signing date. Upon expiration of the term, if both parties have no objections, the Agreement will be automatically extended for [One] year, and this will continue in the same manner. If either party intends not to renew the Agreement before its expiration, written notice of lease termination and other related matters should be given to the other party at least 30 days before the Agreement's expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 This Agreement is written in Chinese. Both handwritten and printed texts in this Agreement have equal legal validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 The annexes to this Agreement are an integral part of this Agreement and have the same legal effect as the main text of this Agreement. In case of any conflict between the annexes and the main text of the Agreement, the main text of the Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 This agreement is made in four copies, with each party holding two copies, all of which have equal legal validity.

 **Article 12 Other Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Both parties shall conduct their business activities in accordance with the law. If any provisions of this agreement conflict with mandatory regulations issued by the national or relevant industry regulatory authorities, the mandatory regulations shall prevail. The invalidity or modification of any part of the provisions shall not affect the validity of other provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Any matters not covered in this agreement shall be resolved through mutual consultation between both parties. Any modifications or supplements to this agreement and its attachments must be made in writing and signed by both parties to be valid. In case of any inconsistency between the modified or supplemented documents and this agreement, the modified or supplemented documents shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement has the following annexes:

Annex I: List of clients under paragraph 3.6

Annex II: Pricing Plan

Annex III. Billing Confirmation Form for Internet Data Center Services

Annex IV: China Mobile IP/ICP Record Implementation Specification

Annex V: China Mobile Internet Data Center Management Specifications

Annex VI: China Mobile IDC Customer Information Security Responsibility Commitment Letter

Annex VII: IDC Service Level Assurance (SLA)

Annex VIII: China Mobile IDC Product List

[The following is a signature page to the Agreement.]

[Signature Page]

**Internet Data Center Business Agreement**

Party A: Zhenglian Technology (Shenzhen) Co., Ltd.

Signature of the Legal Representative or Authorized Person:

Date of Signature:

Party B: China Mobile Communications Group Jilin Co., Ltd. Tonghua Branch Signature of the Legal Representative or Authorized Person:

Date of Signature:

**Annex III: Billing Confirmation Form for Internet Data Center Services**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Billing Confirmation Form for Internet Data Center Services | Billing Confirmation Form for Internet Data Center Services | Billing Confirmation Form for Internet Data Center Services | Billing Confirmation Form for Internet Data Center Services | Billing Confirmation Form for Internet Data Center Services | Billing Confirmation Form for Internet Data Center Services |
| Party A | Zhenglian Technology (Shenzhen) Co., Ltd. | Zhenglian Technology (Shenzhen) Co., Ltd. | Party B | China Mobile Communications<br>Group Jilin Co., Ltd. Tonghua Branch | China Mobile Communications<br>Group Jilin Co., Ltd. Tonghua Branch |
| Service Activation Date | To be confirmed and supplemented by both parties through mutual consultation | To be confirmed and supplemented by both parties through mutual consultation | To be confirmed and supplemented by both parties through mutual consultation | To be confirmed and supplemented by both parties through mutual consultation | To be confirmed and supplemented by both parties through mutual consultation |
| Data Center Name | Tonghua IDC Data Center | Tonghua IDC Data Center | Data Center Address | No. 3900, Xinhua Avenue,<br>Tonghua City, Mobile<br>Production Building | No. 3900, Xinhua Avenue,<br>Tonghua City, Mobile<br>Production Building |
| Network Access | Product Subcategory | Quantity and<br>Monthly<br>Total Price<br>| Hosting Services | Product Subcategory | Quantity and<br>Monthly<br>Total Price<br>|
| Network Access | IDC<br>Bandwidth<br>| 1G | Hosting Services | Cabinets/Cabinet Units | 5 |
| Network<br>Security<br>Services | Product Subcategory | Quantity and<br>Monthly<br>Total Price<br>| Operation and<br>Maintenance<br>Services | Product Subcategory | Quantity and<br>Monthly<br>Total Price<br>|
| Network<br>Security<br>Services | / | / | Operation and<br>Maintenance<br>Services | / | / |
| Other Value-<br>Added Services and Support | Product Subcategory | Quantity and<br>Monthly<br> Total Price<br>| Customized IDC Services | Product Subcategory | Quantity and<br>Monthly<br>Total Price<br>|
| Other Value-<br>Added Services and Support | / | / | Customized IDC Services | / | / |
| Party A Confirms Service Quantity and Monthly Total Price | Party A Confirms Service Quantity and Monthly Total Price | Party A Confirms Service Quantity and Monthly Total Price | Party B Confirms Service Quantity and Monthly Total Price | Party B Confirms Service Quantity and Monthly Total Price | Party B Confirms Service Quantity and Monthly Total Price |
| Signature | Zhenglian Technology (Shenzhen) Co., Ltd. | Zhenglian Technology (Shenzhen) Co., Ltd. | Signature | China Mobile Communications<br>Group Jilin Co., Ltd. Tonghua Branch | China Mobile Communications<br>Group Jilin Co., Ltd. Tonghua Branch |
| Seal |  |  | Seal |  |  |
| Date |  |  | Date |  |  |
| Remarks |  |  |  |  |  |

---

## Exhibit 10.17

**Exhibit 10.17**

**Sales Contract**

**Party A:** Zhenglian Technology (Shenzhen) Co., Ltd.

Address: Room 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, High-Tech Zone Community, Yuehai Subdsitrict, Nanshan District, Shenzhen

**Party B:** Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd.

Address: Room 9008-9009, No. 39, Heping South Street, Heping District, Shenyang, Liaoning Province

**Article 1: Subject of the Contract**

Party B acts as an agent for Party A, and Party A supplies the following products to Party B at the prices listed below. Party B is responsible for the marketing, sales, and customer service of the following products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Product Quotation

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Unit Price (CNY)** | **Total Price (CNY)** | **Notes** |
| Cloud Data Base Station<br>Node Software V1.0<br>|  |  |  |  |
| **Total** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Note: All the above prices are tax-inclusive for agent procurement.

**Article 2: Delivery and Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B orders the products from Party A by sending an order (hereinafter referred to as "the order"). After Party B confirms the order, it shall remit the full purchase price of the ordered products to the designated bank account of Party A within 3 days of sending the order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon confirming receipt of the order signed by Party B's authorized personnel and the corresponding payment, Party A shall provide the usable products or software copies to Party B within 3 working days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B remits the full amount of the contract price to Party A's designated bank account and Party A confirms the receipt, Party A shall deliver the contracted products to Party B in the manner agreed upon in this contract.

**Article 3: Product Warranty**

The product warranty mentioned in this contract shall be handled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. After receiving the software payment in Party A's designated account, Party A shall debug the software and deliver the software activation code and installation manual to Party B. Party B

shall confirm the software is correctly activated and sign a receipt confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license is a perpetual license, allowing Party B to operate the software in any independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A provides one-year after-sales service, including technical support, maintenance, and automatic background upgrade service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales service beyond one year, the service price shall be separately negotiated by both parties as needed.

This product warranty provided by Party A to Party B is transferred to Party B along with the delivery of Party A's products.

**Article 4: Rights and Obligations**

Rights and Obligations of Party A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with product documentation and other proprietary materials that Party A deems non-confidential and provide additional non-core confidential materials for sales promotion purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide mature and reliable products for Party B and offer comprehensive technical training and support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A guarantees that it holds the intellectual property rights for the products provided to Party B. Any disputes arising from these rights shall be solely borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any issue caused by Party A prevents the end-user from using the product or service normally, Party A shall promptly resolve the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. After confirming Party B's order and receiving the prepayment, Party A promises to provide usable products or software copies to Party B within 3 working days.

Rights and Obligations of Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B has the right to act as an agent for selling or promoting the products within the designated region and period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B must take necessary confidentiality measures for proprietary materials marked as confidential by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Without Party A's written permission, Party B shall not decrypt, decode, or add any functions to Party A's software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party B is fully responsible for all after-sales services to its customers for the promoted products of Party A.

**Article 5: Liability for Breach of Contract**

Any party that violates any provision of this contract shall be deemed in breach of the contract.

**Article 6: Exemption and Limitation of Liability**

Exemption:

Both parties agree that they can be exempted from liability under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure:

The affected party shall notify the other party in writing within 15 days, providing details of the incident and official proof or written documentation indicating the inability or need to delay performance of the contract. Obligations shall be suspended during the period of force majeure. Neither party shall claim any damages or losses from the other due to force majeure. If the force majeure lasts more than 30 days, both parties shall negotiate in good faith to decide whether to continue, delay, or terminate the contract.

Upon the cessation of the force majeure event, the affected party shall use its reasonable efforts to resume the performance of this contract as soon as possible, and the performance period of the affected party shall be extended accordingly.

Any delay or failure in the performance of any obligation under this contract due to force majeure shall not be considered a breach of contract, and neither party shall bear any liability for such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions:

Both parties agree that delays or failures due to the following reasons shall exempt the affected party from liability:

● New or adjusted national laws and regulations

● System failures caused by uncontrollable virus attacks

● Network failures beyond the control of the parties

● Hacker attacks

Limitation of Liability:

Both parties agree that that liability may be reduced under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the breaching party has taken all reasonable measures to remedy the situation but the non-breaching party does not cooperate, or if the non-breaching party allows the situation to worsen, the breaching party's liability can be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. System failures caused by virus attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Network failures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Hacker attacks.

**Article 7: Termination and Amendment of the Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract becomes effective upon stamping and upon the receipt of funds in Party A's designated account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the customer of Party B requires additional functionality beyond the basic features of the ordered products, a supplementary agreement may be signed upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party wishing to amend the contract must notify the other party in writing one month in advance, and amendments can only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party violates the terms of this contract, resulting in the inability to perform the contract, the other party has the right to terminate the agreement and claim compensation for economic losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate the contract must issue a written notice to the other party. The parties shall negotiate the termination in good faith. The contract shall be terminated within 30 days after reaching an agreement, and any outstanding amounts shall be settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the contract cannot be performed due to force majeure, the contract shall automatically terminate, and both parties must settle any outstanding amounts.

**Article 8: Dispute Resolution**

Any disputes arising from or related to this contract shall be resolved through friendly negotiation. If negotiation fails, both parties agree to submit the dispute to the People's Court of the place where this contract is signed.

**Article 9: Miscellaneous**

This contract is made in two copies, each party holding one copy, both having the same legal effect.

Party A: Zhenglian Technology (Shenzhen) Co., Ltd.

Bank: Bank of China Shenzhen, Shennan Branch

Account Number: XXXXXXXXXXX

Signed by:

Date:

Party B: Liaoning Pulian Suyuan Health Technology Information Consulting Co., Ltd.

Signed by:

Date:

## Exhibit 10.18

**Exhibit 10.18**

**Sales Contract**

**Party A:** Zhenglian Technology (Shenzhen) Co., Ltd.

Address: Room 2001-2009, Haowei Technology Building, No. 2, Keji South 8th Road, High-Tech Zone Community, Yuehai Subdsitrict, Nanshan District, Shenzhen

**Party B:** Shenzhen Jisu Distributed Network Technology Co., Ltd.

Address: Room 4011, 4th Floor, Tower C, Zhongke Nanneng Building, No. 6 Yuexing 6th Road, High-Tech Zone Community, Yuehai Subdistrict, Nanshan District, Shenzhen

**Article 1: Subject of the Contract**

Party B acts as an agent for Party A, and Party A supplies the following products to Party B at the prices listed below. Party B is responsible for the marketing, sales, and customer service of the following products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Product Quotation

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product Item** | **Quantity** | **Unit Price (CNY)** | **Total Price (CNY)** | **Notes** |
| Cloud Data Base Station<br>Node Software V1.0<br>|  |  |  |  |
| **Total** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Note: All the above prices are tax-inclusive for agent procurement.

**Article 2: Delivery and Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B orders the products from Party A by sending an order (hereinafter referred to as "the order"). After Party B confirms the order, it shall remit the full purchase price of the ordered products to the designated bank account of Party A within 3 days of sending the order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon confirming receipt of the order signed by Party B's authorized personnel and the corresponding payment, Party A shall provide the usable products or software copies to Party B within 3 working days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. After Party B remits the full amount of the contract price to Party A's designated bank account and Party A confirms the receipt, Party A shall deliver the contracted products to Party B in the manner agreed upon in this contract.

**Article 3: Product Warranty**

The product warranty mentioned in this contract shall be handled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. After receiving the software payment in Party A's designated account, Party A shall debug the software and deliver the software activation code and installation manual to Party B. Party B

shall confirm the software is correctly activated and sign a receipt confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The software license is a perpetual license, allowing Party B to operate the software in any independent third-party environment at any time and place after delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A provides one-year after-sales service, including technical support, maintenance, and automatic background upgrade service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For after-sales service beyond one year, the service price shall be separately negotiated by both parties as needed.

This product warranty provided by Party A to Party B is transferred to Party B along with the delivery of Party A's products.

**Article 4: Rights and Obligations**

Rights and Obligations of Party A:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A shall provide Party B with product documentation and other proprietary materials that Party A deems non-confidential and provide additional non-core confidential materials for sales promotion purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party A shall provide mature and reliable products for Party B and offer comprehensive technical training and support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A guarantees that it holds the intellectual property rights for the products provided to Party B. Any disputes arising from these rights shall be solely borne by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any issue caused by Party A prevents the end-user from using the product or service normally, Party A shall promptly resolve the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. After confirming Party B's order and receiving the prepayment, Party A promises to provide usable products or software copies to Party B within 3 working days.

Rights and Obligations of Party B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party B has the right to act as an agent for selling or promoting the products within the designated region and period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B must take necessary confidentiality measures for proprietary materials marked as confidential by Party A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Without Party A's written permission, Party B shall not decrypt, decode, or add any functions to Party A's software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Party B is fully responsible for all after-sales services to its customers for the promoted products of Party A.

**Article 5: Liability for Breach of Contract**

Any party that violates any provision of this contract shall be deemed in breach of the contract.

**Article 6: Exemption and Limitation of Liability**

Exemption:

Both parties agree that they can be exempted from liability under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Force Majeure:

The affected party shall notify the other party in writing within 15 days, providing details of the incident and official proof or written documentation indicating the inability or need to delay performance of the contract. Obligations shall be suspended during the period of force majeure. Neither party shall claim any damages or losses from the other due to force majeure. If the force majeure lasts more than 30 days, both parties shall negotiate in good faith to decide whether to continue, delay, or terminate the contract.

Upon the cessation of the force majeure event, the affected party shall use its reasonable efforts to resume the performance of this contract as soon as possible, and the performance period of the affected party shall be extended accordingly.

Any delay or failure in the performance of any obligation under this contract due to force majeure shall not be considered a breach of contract, and neither party shall bear any liability for such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Exemptions:

Both parties agree that delays or failures due to the following reasons shall exempt the affected party from liability:

● New or adjusted national laws and regulations

● System failures caused by uncontrollable virus attacks

● Network failures beyond the control of the parties

● Hacker attacks

Limitation of Liability:

Both parties agree that that liability may be reduced under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the breaching party has taken all reasonable measures to remedy the situation but the non-breaching party does not cooperate, or if the non-breaching party allows the situation to worsen, the breaching party's liability can be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. System failures caused by virus attacks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Network failures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Hacker attacks.

**Article 7: Termination and Amendment of the Contract**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This contract becomes effective upon stamping and upon the receipt of funds in Party A's designated account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the customer of Party B requires additional functionality beyond the basic features of the ordered products, a supplementary agreement may be signed upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any party wishing to amend the contract must notify the other party in writing one month in advance, and amendments can only be made upon mutual agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. If any party violates the terms of this contract, resulting in the inability to perform the contract, the other party has the right to terminate the agreement and claim compensation for economic losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any party deciding to terminate the contract must issue a written notice to the other party. The parties shall negotiate the termination in good faith. The contract shall be terminated within 30 days after reaching an agreement, and any outstanding amounts shall be settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the contract cannot be performed due to force majeure, the contract shall automatically terminate, and both parties must settle any outstanding amounts.

**Article 8: Dispute Resolution**

Any disputes arising from or related to this contract shall be resolved through friendly negotiation. If negotiation fails, both parties agree to submit the dispute to the People's Court of the place where this contract is signed.

**Article 9: Miscellaneous**

This contract is made in two copies, each party holding one copy, both having the same legal effect.

Party A: Zhenglian Technology (Shenzhen) Co., Ltd.

Bank: Bank of China Shenzhen, Shennan Branch

Account Number: XXXXXXXXXXXX

Signed by:

Date:

Party B: Shenzhen Jisu Distributed Network Technology Co., Ltd.

Signed by:

Date:

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

The detailed information of the Company and its consolidated subsidiaries and VIE are summarized as follows:

![](subsidiaries.jpg)

**Corporate Structure**

## Exhibit 23.1

![](image_043.jpg)

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Experts" and to our report dated January 10, 2025, with respect to the consolidated financial statements of Zerolimit Technology Holding Co. Ltd., for the years ended September 30, 2024 and 2023 in this Form F-1 of Zerolimit Technology Holding Co. Ltd. and the related Prospectus of Zerolimit Technology Holding Co. Ltd. filed with the Securities and Exchange Commission.

*/s/ TPS Thayer LLC*

TPS Thayer LLC

Sugar Land, Texas

June 30, 2025

## Exhibit 23.4

**Exhibit 23.4**

**Legal Opinion**

To:

**Zerolimit Technology Holding Co. Ltd. (the "Company")**

89 Nexus Way, Camina Bay, Grand Cayman, KY1-9009, Cayman Islands

**Date: June 28, 2025**

Dear Sir/Madam:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction** 

We are qualified lawyers of the People's Republic of China (the "**PRC**") and as such are qualified to issue this opinion (this "**Opinion**") on the PRC Law (as defined below).

We have acted as the PRC legal counsel for the Company, a corporation organized under the laws of the Cayman Islands, in connection with (a) the proposed initial public offering (the "**Offering**") of certain number of ordinary shares, par value $0.0001 per share (the "**Ordinary Shares**") of the Company, as set forth in the Company's registration statement on Form F-1 (File No.: 333-[\*]), including all amendments or supplements thereto (the "**Registration Statement**"), filed by the Company with the Securities and Exchange Commission under the U.S. Securities Act of 1933 (as amended) in relation to the Offering, and (ii) the Company's proposed listing of the Ordinary Shares on the Nasdaq Global Market (the "**Listing**").

In connection with the Offering, the Listing and the filing of the Registration Statement, we have been asked to provide this Opinion as to the PRC Group Companies including Zerolimit Holdings (Shenzhen) Co., Ltd. (零极控股(深圳)有限公司)（the "**WFOE**"）, Zheng Lian Technology (Shenzhen) Co., Ltd. (正链科技(深圳)有限公司)（the "**VIE**"） (shareholding information as listed in **<u>Annex A</u>**) and as to certain other matters.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PRC Law** 

This Opinion is rendered on the basis of the PRC Law, regulations, rules, orders, decrees, guidelines or notices effective as at the date hereof (the "**PRC Law**" excluding the laws of the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan) and there is no assurance that any of the PRC Law will not be changed, amended or replaced in the immediate future or in the longer term with or without retrospective effect.

We do not purport to be an expert on or to be generally familiar with or qualified to express legal opinions based on any laws other than the PRC Law. Accordingly, we express or imply no opinion directly or indirectly on the laws of any jurisdiction other than the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Assumptions** 

In so acting, we have examined the copies of documents provided to us by the Company and such other documents, corporate records, certificates issued by relevant governmental authorities in the PRC (the "**Governmental Agencies**", each a "**Governmental Agency**") and officers of the Company and other instruments as we have deemed necessary or advisable for the purposes of rendering this Opinion (collectively, the "**Documents**"). Where certain facts were not independently established by us, we have relied upon statements made by appropriate representatives of the Company.

![](image_046.jpg)

In giving this Opinion, we have assumed without further query:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the genuineness of all the signatures, seals and chops, the authenticity of the Documents submitted to
us as original and the conformity with authentic originals of the Documents submitted to us as copies and the authenticity of such originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the truthfulness, accuracy, fairness and completeness of the Documents, as well as the factual statements
contained in the Documents, and the Documents and the factual statements contained therein is and will remain to be non-misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that the Documents provided to us remain in full force and effect up to the date of this Opinion and that
none of the Documents has been revoked, amended, varied or supplemented except as otherwise indicated in such Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) that information provided to us by the Company and the PRC Group Companies in response to our enquiries
for the purpose of this Opinion is true, accurate, complete and not misleading, and that the Company and the PRC Group Companies have
not withheld anything that, if disclosed to us, would reasonably cause us to alter this Opinion in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that all licenses, consents, authorizations, sanctions, permissions, declarations, approvals, orders,
registrations, clearances, annual inspections, waivers, qualifications, certificates and permits from, and the reports to and filings
with, the Governmental Agencies pursuant to any applicable PRC Law and other official statement or documentation are obtained and completed
by lawful means in due course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that each of the parties to the Documents other than the PRC Group Companies is duly organized and is
validly existing in good standing under the laws of its jurisdiction of organization and/or incorporation (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that all parties other than the PRC Group Companies have the requisite power and authority to enter into,
execute, deliver and perform all the Documents to which they are parties and have duly executed, delivered, performed, and will duly perform
their obligations under all the Documents to which they are parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) all explanations and interpretations provided by government officials duly reflect the official position
of the relevant Governmental Agencies and are complete, true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) that all Documents submitted to us are legal, valid, binding and enforceable under all such laws as govern
or relate to them other than the PRC Law.

In addition, we have assumed and have not verified the truthfulness, accuracy and completeness as to factual matters of each Document we have received.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Opinion** 

Based on the foregoing and subject to the Registration Statement and the qualifications set out below, we are of the opinion that on the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Corporate Structure*. To the best of our knowledge after due inquiry, except as disclosed in the
Registration Statement, (i) the ownership structures of the VIE and the WFOE that have entered into VIE Agreements (the "**VIE Agreements**" means the documents as set forth in  **<u>Annex B</u>** hereto), both currently and immediately after giving effect
to the Offering, do not and will not result in any violation of PRC Law; (ii) each of the VIE Agreements is valid, binding and enforceable
under PRC Law, and both currently and immediately after giving effect to the Offering, does not and will not result in any violation of
any PRC Law. However, there are substantial uncertainties regarding the interpretation and application of PRC Law and future PRC law,
rules, regulations, statutes, orders, decrees, notices, circulars, judicial interpretations and other legislations, and there can be no
assurance that the Governmental Agencies will not take a view that is contrary to or otherwise different from our opinion stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Filing Rules on Overseas Listings*. On February 2023, China Securities Regulatory Commission (the
" **CSRC**") issued the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies
(the "**Trial Administrative Measures**") and supporting guidance (collectively, the "**Filing Rules on Overseas Listings** "), which came into effective on March 31, 2023. The Filing Rules on Overseas Listings, among other things, stipulate
that, after making initial applications with overseas stock markets for initial public offerings or listings, all China-based companies
shall file with the CSRC within three (3) working days; where China-based companies submits its application for initial public offering
and listing overseas by secret or non-public means, it may submit explanations at the time of filing with CSRC, apply for postponing the
disclosure of the information, and shall report to the CSRC within three (3) working days after the application for offering and listing
are made public overseas. After completing overseas offering and listing, China-based companies shall report to CSRC in accordance with
the guidance. Whereas the Filing Rules on Overseas Listings have come into effect on March 31, 2023, China-based companies applying for
overseas offering and listing after March 31, 2023, shall file with the CSRC within three (3) working days after submitting the filing
application for listing overseas. This means that the VIE, as a China-based company indirectly offering or listing overseas, shall comply
with the Filing Rules on Overseas Listings and go through the filing procedures with the CSRC before the overseas offering and listing.
The Company submitted initial filing documents to the CSRC on March 26, 2024, and the CSRC issued the filing confirmation on [\*] ,
2025 on this Offering and Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Statements in the Prospectus*. To our best knowledge after due inquiries and as confirmed by the
Company, the statements set forth in the Registration Statement under the captions "*Prospectus Summary* ", "*Risk Factors* ", "*Corporate History and Structure* ", "*Business* ", "*Taxation - PRC Taxation* ",
and "*Enforceability of Civil Liabilities*" (other than the financial statements and related schedules and other financial
data contained therein to which we express no opinion), to the extent that they constitute matters of PRC Law, are correct and accurate
in all material respects, and nothing has been omitted from such statements which would make the same misleading in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Enforceability of Civil Liabilities.* The recognition and enforcement of foreign judgments are provided
for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of
the PRC Civil Procedures Law and other applicable laws, regulations and interpretations 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 or the Cayman Islands that provide for the reciprocal recognition and enforcement of foreign
judgments. In addition, according to the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against a company
or its directors and officers if they decide that the judgment violates the basic principles of PRC Law or national sovereignty, security
or the public interest. As a result, it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court
in the United States or the Cayman Islands.

The foregoing opinions are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;(a) This Opinion is rendered only with respect to the PRC Law and we have made no investigations in any other
jurisdiction and no opinion is expressed or implied as to the laws of any other jurisdiction, and we have assumed that no such laws would
affect this Opinion. PRC Law as used in this Opinion refers to PRC Law publicly available and currently in force as of the date of this
Opinion and there is no guarantee that any of such PRC Law will not be changed, amended or revoked in the immediate future or in the longer
term with or without retrospective effect. This Opinion is given on the basis of the current laws and practice in the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This Opinion is subject to the discretion of any competent Governmental Agencies in exercising their authority
in the PRC in connection with the interpretation, implementation and application of relevant PRC Law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This Opinion is, in so far as it relates to the validity, effectiveness and enforceability, subject to
(i) any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors'
rights generally; (ii) possible judicial or administrative actions or any laws affecting creditors' rights generally; (iii) certain
equitable, legal or statutory principles affecting the enforceability of contractual rights generally under concepts of public interest,
state interest, national security, reasonableness, good faith and fair dealing, and applicable statutes of limitation; (iv) any circumstance
in connection with formulation, execution or implementation of any legal documents that would be deemed materially mistaken, clearly unconscionable,
unlawful, fraudulent, coercionary at the conclusions thereof; (v) judicial discretion with respect to the availability of indemnifications,
remedies or defenses, the calculation of damages, the entitlement to attorney's fees and other costs, the waiver of immunity from
jurisdiction of any court or from legal process; and (vi) the discretion of any competent PRC legislative, administrative or judicial
bodies in exercising their authority in connection with the interpretation, implementation and application of relevant PRC Law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 which the courts of the PRC 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 PRC courts. As used in this Opinion, the expression "*to the best of our knowledge after due inquiry*" or similar language with reference to matters of fact refers to the current, actual knowledge of the attorneys
of this firm who have worked on matters for the Company in connection with the Offering and the transactions contemplated thereby. 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 Group Companies and Governmental Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;(e) We have not undertaken any independent investigation, search or other verification action to determine
the existence or of any fact or to prepare this Opinion, 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 the PRC Group Companies or the rendering of this Opinion.

This Opinion is rendered to you and is intended to be used in the context which is specifically referred to herein and each paragraph hereof should be looked at as a whole and no part should be extracted and referred to independently.

This Opinion is given for the benefit of the Company in connection with the Offering and the Listing. It shall not be used or relied upon by you for any other purpose or by any other person, nor shall copies be delivered to any other person, without in each instance our prior written consent. You may, however, provide copies of this Opinion to your accountants, attorneys, other professional advisors, governmental regulatory agencies having jurisdiction over Company and the Underwriters (and their affiliates and attorneys), but this Opinion could not be relied on by them.

Yours faithfully,

_________________

**Global Law Office**

**Annex A**

**List of PRC Group Companies**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Zerolimit Holdings (Shenzhen) Co., Ltd. (零极控股(深圳)有限公司)

(shareholding: Zerolimit Technology Holding Co., Limited: 100%)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Zheng Lian Technology (Shenzhen) Co., Ltd. (正链科技(深圳)有限公司)

(shareholding: Zerolimit Digital Technology Co., Ltd: 73%; Kai Hu: 11%; Jian Gang:11%; Baifen Le: 5%)

**Annex B**

**List of VIE Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;1. *Exclusive Consulting and Services Agreement*. Exclusive Consulting and Services Agreement entered
into by the WFOE and VIE on May 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Exclusive Option Agreement.* Exclusive Option Agreement entered into by the WFOE, Zerolimit Digital
Technology Co., Ltd., Kai Hu, Jian Gang, Baifen Le and VIE on May 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Equity Interest Pledge Agreement.* Equity Interest Pledge Agreement entered into by the WFOE, Zerolimit
Digital Technology Co., Ltd., Kai Hu, Jian Gang, Baifen Le and VIE on May 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Powers of Attorney.* Powers of Attorney executed by Zerolimit Digital Technology Co., Ltd.,
Kai Hu, Jian Gang and Baifen Le respectively on May 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Spousal Consent.* Spouse Consent Letters executed by Guangqing Hu, Xiulan Qu and Xiaoxia Deng respectively
on May 24, 2023.

## Exhibit 99.2

**Exhibit 99.2**

![](image_045.jpg)

**Consent Letter**

To:

**Zerolimit Technology Holding Co. Ltd. (the "Company")**

89 Nexus Way

Camana Bay

Grand Cayman

KY1-9009

Cayman Islands

**Date: June 28, 2025**

Dear Sirs,

We hereby consent to the reference to our firm under the heading "Prospectus Summary", "Risk Factors", "Enforceability of Civil Liabilities", "Corporate History and Structure", "Business", "Taxation - PRC Taxation" and "Legal Matters" in the Company's registration statement on Form F-1, which will be filed with the Securities and Exchange Commission in June 30, 2025.

Yours faithfully,

_________________

**Global Law Office**

## Exhibit 99.3

**Exhibit 99.3**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.<br> AUDIT COMMITTEE CHARTER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Members</u>. The Board of Directors of Zerolimit Technology Holding Co. Ltd. (the "Company") appoints an Audit Committee of at least three members, consisting entirely of independent directors, and designates one member as chairperson or delegates the authority to designate a chairperson to the Audit Committee. Members of the Audit Committee are appointed by the Board of Directors upon the recommendation of the Nominating and Corporate Governance Committee. For purposes hereof, the term "independent" means a director who meets The Nasdaq Stock Market LLC ("Nasdaq") standards of independence for directors and audit committee members, as determined by the Board.

Each member of the Audit Committee must be financially literate, as determined by the Board. In addition, at least one member of the Committee must be an "audit committee financial expert," as determined by the Board in accordance with Securities and Exchange Commission ("SEC") rules. In addition, no member of the Committee may have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose, Duties, and Responsibilities</u>. The purpose of the Audit Committee, at a minimum, must be to:

● represent and assist the Board of Directors in discharging its oversight responsibility relating to: (a) the accounting and financial reporting processes of the Company and its subsidiaries, including the audits of the Company's financial statements and the integrity of the financial statements; (b) the Company's compliance with legal and regulatory requirements; (c) the outside auditor's qualifications and independence; and (d) the performance of the Company's internal audit function and the Company's outside auditor; and

● oversee preparation of the report required by the rules of the SEC to be included in the Company's annual proxy statement, if so required.

Among its specific duties and responsibilities, the Audit Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be directly responsible, in its capacity as a committee of the Board, for the appointment,
compensation, retention and oversight of the work of the outside auditor. In this regard, the Audit Committee will appoint and retain,
subject to ratification by the Company's stockholders, compensate, evaluate, and terminate when appropriate, the outside auditor,
which will report directly to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Obtain and review, at least annually, a report by the outside auditor describing:
(1) the outside auditor's internal quality-control procedures; and (2) any material issues raised by the most recent internal quality-control
review, or peer review, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years,
respecting one or more independent audits carried out by the outside auditor, and any steps taken to deal with any such issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Approve in advance all audit and permissible non-audit services to be provided
by the outside auditor, and establish policies and procedures for the pre-approval of audit and permissible non-audit services to be provided
by the outside auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At least annually, consider the independence of the outside auditor, and, consistent
with rules of the Public Company Accounting Oversight Board ("PCAOB"), obtain and review a report by the outside auditor describing
any relationships between the outside auditor, and the Company or individuals in financial reporting oversight roles at the Company, that
may reasonably be thought to bear on the outside auditor's independence and discuss with the outside auditor the potential effects
of any such relationships on independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review and discuss with the outside auditor the matters required to be discussed
by the outside auditor under Auditing Standard No. 1301, as adopted by the PCAOB and amended from time to time, including any problems
or difficulties the outside auditor encountered in the course of its audit work and management's response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Meet to review and discuss with management and the outside auditor the annual audited
and quarterly financial statements of the Company (including the Company's specific disclosures under "Management's
Discussion and Analysis of Financial Condition and Results of Operations") and the independent auditor's reports related to
the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Recommend to the Board based on the review and discussion described in paragraphs
(d) - (f) above, whether the financial statements should be included in the Annual Report on Form 20-F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Receive reports from the outside auditor and management regarding, and review and
discuss the adequacy and effectiveness of, the Company's internal controls, including any significant deficiencies in internal controls
and significant changes in internal controls reported to the Audit Committee by the outside auditor or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Receive reports from management regarding, and review and discuss the adequacy and effectiveness of, the
Company's disclosure controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Review and discuss with the principal internal auditor of the Company: (1) the
annual audit plan and the adequacy of internal audit resources; and (2) the results of the internal audit program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Annually review and discuss the performance and effectiveness of the internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Approve the appointment, and dismissal when appropriate, of the principal internal auditor, and the compensation
of the principal internal auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Review and discuss earnings press releases, and corporate practices with respect
to earnings press releases and financial information and earnings guidance provided to analysts and ratings agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Review and discuss the Company's practices with respect to risk assessment
and risk management, and risks related to matters including the Company's financial statements and financial reporting processes,
compliance, and information technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Oversee the Company's compliance program with respect to legal and regulatory
requirements, including the Company's code(s) of conduct and the Company's policies and procedures for monitoring compliance;
and at least annually, meet to review the implementation and effectiveness of the Company's compliance program with the Company's
executive officers, who shall have the authority to communicate directly to the Audit Committee, promptly, about actual and alleged violations
of law or the Company's code(s) of conduct, including any matters involving criminal or potential criminal conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Establish and oversee procedures for handling reports of potential misconduct,
including: (1) violations of law or the Company's code(s) of conduct; (2) complaints regarding accounting, internal accounting controls,
auditing and federal securities law matters; and (3) the confidential, anonymous submission of concerns by employees regarding accounting,
internal accounting controls, auditing and federal securities law matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Establish and periodically review policies and procedures for the review, approval
and ratification of related person transactions, as defined in applicable Securities and Exchange Commission rules, review related person
transactions, and oversee other related party transactions governed by applicable accounting standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Establish policies for the hiring of employees and former employees of the outside auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Annually evaluate the performance of the Audit Committee and assess the adequacy of the Audit Committee charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Outside Advisors</u>. The Audit Committee will have the authority to retain such outside counsel, accountants, experts and other advisors as it determines appropriate to assist it in the performance of its functions and will receive appropriate funding, as determined by the Audit Committee, from the Company for payment of compensation to any such advisors and for the payment of ordinary administrative expenses that are necessary or appropriate in carrying out the Audit Committee's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Meetings</u>. The Audit Committee will meet at least quarterly, at such times and places as the Audit Committee or its chairperson determines. The Audit Committee will meet separately in executive session, periodically, with each of management, the principal internal auditor of the Company, and the outside auditor and the Company's counsel. The Audit Committee will report regularly to the full Board of Directors with respect to its activities. The majority of the members of the Audit Committee constitutes a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Subcommittees</u>. The Audit Committee may delegate its duties and responsibilities to one or more subcommittees
as it determines appropriate.

*Adopted: _______________________*

## Exhibit 99.4

**Exhibit 99.4**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.<br> COMPENSATION COMMITTEE CHARTER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Members</u>. The Board of Directors of Zerolimit Technology Holding Co. Ltd. (the "Company") appoints a Compensation Committee of at least three members and designates one member as chairperson. Members of the Compensation Committee must qualify as "non-employee directors" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934, and as "outside directors" for purposes of Section 162(m) of the Internal Revenue Code. A subsequent determination that any member of the Compensation Committee does not qualify as a "non-employee director" or an "outside director" will not invalidate any previous actions by the Compensation Committee except to the extent required by law or determined appropriate to satisfy regulatory standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose, Duties, and Responsibilities</u>. The purpose of the Compensation Committee is to assist the Board in discharging its responsibilities relating to compensation of the Company's executive officers and directors. Among its specific duties and responsibilities, the Compensation Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Oversee the Company's overall compensation philosophy, policies and programs,
and assess whether the Company's compensation philosophy establishes appropriate incentives for management and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assess the results of the Company's most recent advisory vote on executive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review and approve corporate goals and objectives relevant to the compensation
of the Chief Executive Officer ("CEO"), evaluate the CEO's performance in light of those goals and objectives, approve
the grant of equity awards to the CEO, and recommend to the Board the CEO's compensation level based on this evaluation. The CEO
may not be present during voting or deliberations on his or her compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Oversee the evaluation of other executive officers and approve the grant of equity
awards to other executive officers, and recommend to the Board the compensation of other executive officers based upon the recommendation
of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Administer and make recommendations to the Board with respect to the Company's incentive compensation
and equity-based compensation plans that are subject to Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Approve the terms and grant of equity awards for executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Review and approve the design of other benefit plans pertaining to executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Approve, and amend or modify, the terms of other compensation and benefit plans as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Review and recommend to the Board employment and severance arrangements for executive
officers, including employment agreements and change-in-control provisions, plans or agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Review and discuss with management the Company's Compensation Discussion
and Analysis ("CD&A") and related disclosures that Securities and Exchange Commission ("SEC") rules require
be included in the Company's annual report and proxy statement, if any, recommend to the Board based on the review and discussions
whether the CD&A should be included in the annual report and proxy statement, if any, and oversee preparation of the compensation
committee report for inclusion in the Company's annual report and proxy statement, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Annually review compliance by executive officers and directors with the Company's stock ownership guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Annually review the form and amount of compensation of directors for service on
the Board and its committees and recommend changes in compensation to the Board as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Oversee succession planning for positions held by executive officers, and review
succession planning and management development at least annually with the Board, including recommendations and evaluations of potential
successors to fill these positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Oversee the assessment of the risks related to the Company's compensation
policies and programs applicable to officers and employees, and report to the Board on the results of this assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) At least annually, assess whether the work of compensation consultants involved
in determining or recommending executive or director compensation has raised any conflict of interest to be disclosed in the Company's
annual report and proxy statement, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Oversee the Company's engagement efforts with stockholders on the subject of executive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Oversee the administration of the Company's clawback policy, if any, and review and recommend changes
in the policy to the Board from time to time as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Oversee the Company's strategies and policies related to human capital management,
including with respect to matters such as diversity and inclusion, workplace environment and culture, and talent development and retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Annually review the Company's strategies and programs for leadership development (including considerations
of diversity) and for maintaining a talent pipeline for executive roles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Review and discuss with management the Company's diversity and inclusion initiatives, objectives and
progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Review and discuss with management the Company's organizational development
activities, including key policies, practices and trends related to: (1) the recruitment, development and retention of Company personnel;
(2) employee engagement and effectiveness; and (3) workplace environment and culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Annually evaluate the performance of the Compensation Committee and the adequacy of the Committee's
charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Subcommittees</u>. The Compensation Committee may delegate its duties and responsibilities to one or more subcommittees, consisting of not less than two members of the Committee, as it determines appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Outside advisers</u>. The Compensation Committee will have the authority, in its sole discretion, to retain or obtain the advice of such consultants, outside counsel and other advisers as it determines appropriate to assist it in the full performance of its functions, including any compensation consultant used to assist in the evaluation of director, CEO or executive compensation. The Compensation Committee will be directly responsible for the appointment, compensation and oversight of the work of any consultants, outside counsel and other advisers retained by the Compensation Committee, and will receive appropriate funding, as determined by the Compensation Committee, from the Company for payment of compensation to any such advisers. The Compensation Committee will assess the independence of consultants, outside counsel and other advisers (whether retained by the Compensation Committee or management) that provide advice to the Compensation Committee, in accordance with Nasdaq listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Meetings</u>. The Compensation Committee will meet as often as may be deemed necessary or appropriate, in its judgment, and at such times and places as the Compensation Committee or its chairperson determines. The majority of the members of the Compensation Committee constitutes a quorum. The Compensation Committee will report regularly to the full Board with respect to its activities.

*Adopted: __________________________________*

(a)

## Exhibit 99.5

**Exhibit 99.5**

**ZEROLIMIT TECHNOLOGY HOLDING CO. LTD.<br> NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Members</u>. The Board of Directors of Zerolimit Technology Holding Co. Ltd. (the "Company") appoints a Nominating and Corporate Governance Committee of at least three members and designates one member as chairperson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Purpose</u>, <u>Duties and Responsibilities</u>. The purpose, duties and responsibilities of the Nominating and Corporate Governance Committee are to engage in succession planning for the Board; identify individuals qualified to become Board members (consistent with criteria approved by the Board); recommend to the Board the Company's director candidates for election at the annual meeting of shareholders; develop and recommend to the Board a set of corporate governance principles; and perform a leadership role in shaping the Company's corporate governance. Among its specific duties and responsibilities, the Nominating and Corporate Governance Committee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Periodically review, and recommend to the Board, the skills, experience, characteristics and other criteria
for identifying and evaluating directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Annually evaluate the composition of the Board to assess whether the skills, experience,
characteristics and other criteria established by the Board are currently represented on the Board as a whole and in individual directors,
and to assess the criteria that may be needed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Identify, review the qualifications of, and recruit new candidates for election to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As part of the search process for each new director, include women and minorities
in the pool of candidates (and instruct any search firm the Committee engages to do so), and interview at least one woman and one minority
candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assess the qualifications, contributions and independence of incumbent directors in determining whether to
recommend them for reelection to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Discuss succession planning for the Board and key leadership roles on the Board and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Establish procedures for the consideration of Board candidates recommended for the Committee's consideration
by the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Recommend to the Board the Company's candidates for election or reelection to the Board at each annual
stockholders' meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Recommend to the Board candidates to be elected by the Board as necessary to fill vacancies and newly created
directorships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Develop and recommend to the Board a set of corporate governance principles, and annually review these principles
and recommend changes to the Board as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Annually review the Board's leadership structure and recommend changes to the Board as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Make recommendations to the Board concerning the size, structure, composition and functioning of the Board
and its committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Recommend committee members and chairpersons to the Board for appointment and consider periodically rotating
directors among the committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Review directorships at other for-profit organizations offered to directors and senior officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Review and assess the channels through which the Board receives information, and the quality and timeliness
of information received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Establish and periodically review policies and procedures for the review, approval
and ratification of related person transactions, as defined in applicable Securities and Exchange Commission rules, and review related
person transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Annually review the form and amount of compensation of directors for service on the
Board and its committees and recommend changes in compensation to the Board as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) At least annually, assess whether the work of compensation consultants involved in
determining or recommending director compensation has raised any conflict of interest that is required to be disclosed in the Company's
annual report and proxy statement (if a proxy statement is required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Oversee succession planning for positions held by senior executive officers, and review
succession planning and management development at least annually with the Board, including recommendations and evaluations of potential
successors to fill these positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Oversee the orientation process for new directors and ongoing education for directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Oversee the evaluation of the Board and its committees as well as executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Oversee the Company's stockholder engagement program, and make recommendations to the Board regarding
its involvement in stockholder engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Oversee and make recommendations to the Board regarding sustainability matters relevant to the Company's
business, including Company policies, activities and opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Review and make recommendations to the Board regarding the Company's political
contributions and lobbying activities and the Company's policies and practices regarding political contributions and lobbying activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Annually evaluate the performance of the Nominating and Corporate Governance Committee
and the adequacy of the Committee's charter and recommend changes to the Board as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Subcommittees</u>. The Nominating and Corporate Governance Committee may delegate its duties and responsibilities
to one or more subcommittees as it determines appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Outside advisers</u>. The Nominating and Corporate Governance Committee will have the authority to retain such outside counsel, experts, and other advisers as it determines appropriate to assist it in the full performance of its functions, including any search firm used to identify director candidates, and to approve the fees and other retention terms of any advisers retained by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Meetings</u>. The Nominating and Corporate Governance Committee will meet as often as may be deemed necessary or appropriate, in its judgment, and at such times and places as the Committee or its chairperson determines. The majority of the members of the Nominating and Corporate Governance Committee constitutes a quorum. The Nominating and Corporate Governance Committee will report regularly to the full Board with respect to its activities.

*Adopted: ________________________*

## Exhibit 99.6

**Exhibit 99.6**

**Consent of Independent Director Appointee Xiaosha Hu**

Zerolimit Technology Holding Co. Ltd. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 27, 2025

---

| |
|:---|
| /s/ *Xiaosha Hu* |
| Xiaosha Hu |

---

## Exhibit 99.7

**Exhibit 99.7**

**Consent of Independent Director Appointee Xiaosha Hu**

Zerolimit Technology Holding Co. Ltd. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 27, 2025

---

| |
|:---|
| /s/ *Shaomei Zhang* |
| Shaomei Zhang |

---

## Exhibit 99.08

**Exhibit 99.8**

**Consent of Independent Director Appointee Xiaosha Hu**

Zerolimit Technology Holding Co. Ltd. intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement"), registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

Dated: June 27, 2025

---

| |
|:---|
| /s/ *Oliver Yucheng Chen* |
| Oliver Yucheng Chen |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**F-1**

(Form Type)

**<u>Zerolimit Technology Holding Co. Ltd.</u>**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security<br> Type** | **Security <br> Class <br> Title** | **Fee <br> Calculation <br> or Carry <br> Forward <br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per**<br> **Unit** | **Maximum <br> Aggregate <br> Offering <br> Price** | **Fee<br> Rate** | **Amount of <br> Registration <br> Fee** | **Carry <br> Forward <br> Form <br> Type** | **Carry<br> Forward<br> File<br> Number** | **Carry<br> Forward<br> Initial<br> effective**<br> **date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with<br> Unsold<br> Securities<br> to be<br> Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be <br> Paid | Equity | Ordinary shares (includes 300,000 over-allotment) | 457(c) | 2,300,000 Ordinary Shares | $4.00 | $9200000 | $0.000153100 | $1408.52 |  |  |  |  |
| Fees to Be <br> Paid | Other | Warrants to purchase 115,000 shares (5% of Ordinary Shares) | 457(g) | 115,000 warrants | $5.00 | $575000 | $0.000153100 | $88.03 |  |  |  |  |
| Fees <br> Previously <br> Paid | – | – | – | – | – | – |  | – |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry <br> Forward <br> Securities | – | – | – | – |  | – |  |  | – | – | – | – |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $9775000 |  | $1496.55 |  |  |  |  |
|  | **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** |  |  |  | – |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $1496.55 |  |  |  |  |

---

[insert any footnotes here]