# EDGAR Filing Document

**Accession Number:** 0001885680
**File Stem:** 0001213900-23-004029
**Filing Date:** 2023-1
**Character Count:** 666771
**Document Hash:** 9ad72755f4cc87eaaaf543b931420b87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-004029.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001213900-23-004029

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cordyceps Sunshine Biotech Holdings Co., Ltd.
- **CENTRAL INDEX KEY:** 0001885680
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269315
- **FILM NUMBER:** 23540375

**BUSINESS ADDRESS:**
- **STREET 1:** 6TH FL., NO. 15, LANE 548
- **STREET 2:** RUIGUANG ROAD, NEIHU DISTRICT
- **CITY:** TAIPEI CITY
- **STATE:** F5
- **ZIP:** 00000
- **BUSINESS PHONE:** 886-2-27489091

**MAIL ADDRESS:**
- **STREET 1:** 6TH FL., NO. 15, LANE 548
- **STREET 2:** RUIGUANG ROAD, NEIHU DISTRICT
- **CITY:** TAIPEI CITY
- **STATE:** F5
- **ZIP:** 00000

#### As filed with the U.S. Securities and Exchange Commission on January 20 , 2023.
**Registration No. [\*]**

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

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

#### Cordyceps Sunshine Biotech Holdings Co., Ltd.

#### (Exact name of registrant as specified in its charter)
____________________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **2833** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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#### 6 <sup>th</sup> Fl., No. 15, Lane 548, Ruiguang Road, <br>Neihu District, <br>Taipei City, Taiwan <br>+886-2-27489091
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

____________________________

#### Cogency Global Inc. <br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor <br>New York, NY 10168 <br> +1-212-947-7200
(Name, address, including zip code, and telephone number, including area code, of agent for service)

____________________________

#### With a Copy to:

#### William Rosenstadt, Esq. <br>Mengyi "Jason" Ye, Esq. <br>Yarona Yieh, Esq. <br>Ortoli Rosenstadt LLP <br>366 Madison Ave, 3 <sup>rd</sup> Floor <br>New York, NY 10017 <br>(212) 588-0022
____________________________

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

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

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

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

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

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

Emerging growth company ☒

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

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

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

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

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|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION ON JANUARY 20, 2023** |

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**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

#### 11,120,000 Ordinary Shares
This prospectus relates to the resale of 11,120,000 ordinary shares, par value $0.0001 per share, of Cordyceps Sunshine Biotech Holdings Co., Ltd., a Cayman Islands company (the "Company"), by those shareholders named in the section of this prospectus entitled "Selling Shareholders" (each, a "Selling Shareholder" and collectively, the "Selling Shareholders"). We issued the 11,120,000 ordinary shares in connection with a Regulation S private placement conducted in August 2021.

We are not selling any ordinary shares in this offering, and we will not receive any proceeds from the sale of the ordinary shares by the Selling Shareholders.

The Selling Shareholders may offer all or part of the shares for resale from time to time through public or private transactions, at a fixed price of $0.02 per share until the ordinary shares are listed on a national securities exchange or quoted on the OTC Bulletin Board, OTCQX or OTCQB (as defined below), at which time they may be sold at prevailing market prices or in privately negotiated transactions. See "Plan of Distribution" beginning on page 35 for more information.

No underwriter or other person has been engaged to facilitate the sale of ordinary shares in this offering. The Selling Shareholders may be deemed underwriters of the ordinary shares that they are offering. We have agreed to pay certain expenses in connection with this registration statement, to which this prospectus forms a part. The Selling Shareholders will pay all underwriting discounts and selling commissions, if any, in connection with the sale of the ordinary shares.

No public market currently exists for our ordinary shares, and a public market may never develop, or, if any market does develop, it may not be sustained. Our ordinary shares are not traded on any exchange or on the over-the-counter market. After the effective date of the registration statement relating to this prospectus, we hope to have a market-maker file an application with the Financial Industry Regulatory Authority ("FINRA") for our ordinary shares to be eligible for quotation on the over-the-counter markets administered by the OTC Markets Group, Inc. ("OTC"). To be eligible for quotation, registrants must remain current in their periodic filings with the SEC. We plan to apply to be listed on the OTC's Venture Market (the "OTCQB"). If we are not able to pay the expenses associated with our reporting obligations, we will not be able to apply for quotation on the OTCQB. We currently do not have a market- maker who has agreed to file such application for quotation on the OTC. There can be no assurance that our ordinary shares will ever be quoted on a quotation service or listed on a stock exchange, or that any public market for our stock will develop.

**Investors are cautioned that you are not buying shares of a China**-based **operating company but instead are buying shares of a Cayman Islands holding company with operations conducted by our subsidiaries based in China and that this structure involves unique risks to investors.**

Cordyceps Sunshine Biotech Holdings Co., Ltd. is a holding company incorporated in Cayman Islands. As a holding company with no material operations of our own, we conduct a substantial majority of our operations through our subsidiaries established in the People's Republic of China, or "PRC" or "China". For purpose of this registration statement of which this prospectus forms a part, People's Republic of China does not include Taiwan and the special administrative regions of Hong Kong and Macau. Unless otherwise stated, as used in this prospectus and in the context of describing our operations and consolidated financial information, "we," "us," "our company," "our," or "Cordyceps Sunshine" refers to Cordyceps Sunshine Biotech Holdings Co., Ltd. and its subsidiaries, including but not limited to our subsidiaries in China.

Investors in our ordinary shares should be aware that they are purchasing equity solely in Cordyceps Sunshine Biotech Holdings Co., Ltd., our Cayman Islands holding company. They will not hold equity interests in the Chinese operating entities. Our ordinary shares offered in this offering are shares of our Cayman Islands holding company instead of shares of our subsidiaries in China. Because of our corporate structure, we as well as the investors are subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. We may also subject to sanctions imposed by PRC regulatory agencies including Chinese Securities Regulatory Commission if we fail to comply with their rules and regulations. If the Chinse regulatory authorities disallow our operating structure in the future, it will likely result in a material change in our financial performance and our results of operations and/or the value of our ordinary shares, which could cause the value of such securities to significantly decline or become worthless. For a description of relevant PRC-related risks to this offering, see "Risk Factors — Risks Relating to Doing Business in China" and "Risk Factors — Risks Relating to the Offering and Our Ordinary Shares."

Because of our corporate structure, we as well as the investors are subject to unique risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership of internet technology companies, and regulatory review of oversea listings of PRC companies through a holding company. We are also subject to the risks of uncertainty about any future actions of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies including the Chinese Securities Regulatory Commission ("CSRC") if we fail to comply with their rules and regulations. The Chinese regulatory authorities could disallow our operating structure in the future, and this would likely result in a material change in our financial performance, our results of operations, our actual operations in China, and/or the value of our ordinary shares, which could cause the value of such securities to significantly decline or become worthless. For a description of relevant PRC-related risks to this offering, see "Risk Factors — Risks Relating to Doing Business in China" and "Risk Factors — Risks Relating to the Offering and Our Ordinary Shares."

We face various legal and operational risks and uncertainties related to being based in and having all of our operations in China. The PRC government has significant authority to exert influence on the ability of a China-based company, such as us, to conduct its business, accept foreign investments, or list on U.S. or other foreign exchanges. For example, we face risks associated with regulatory approvals of offshore

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offerings, anti-monopoly regulatory actions, as well as oversight on cybersecurity and data privacy. Such risks could result in a material change in our operations and/or the value of our ordinary shares or could significantly limit or completely hinder our ability to offer or continue to offer our ordinary shares and/or other securities to investors and cause the value of such securities to significantly decline or be worthless. We do not believe that we are directly subject to these regulatory actions or statements, as we do not have a variable interest entity structure and our business does not involve the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Because these statements and regulatory actions are new, however, it is highly uncertain how soon legislative or administrative regulation making bodies in China will respond to them, or what existing or new laws or regulations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operations or our ability to accept foreign investments and list on an U.S. exchange. For a detailed description of risks related to doing business in China, see "Risk Factors — Risks Relating to Doing Business in China" and "Risks Relating to the Offering and Our Ordinary Shares."

Cordyceps Sunshine Cayman is permitted under the laws of Cayman Islands to provide funding to our subsidiaries in Hong Kong and PRC through loans or capital contributions without restrictions on the amount of the funds. Our subsidiary in Hong Kong is also permitted under the laws of Hong Kong SAR to provide funding to Cordyceps Sunshine Cayman through dividend distributions without restrictions on the amount of the funds. Current PRC regulations permit Cordyceps Sunshine WFOE to pay dividends to the Company only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations. As of the date of this prospectus, no cash or asset transfers, dividends, or distributions have occurred among the Company, its subsidiaries, and investors. We do not expect to pay any cash dividends in the foreseeable future. See "Prospectus Summary — Transfers of Cash to and from Our Subsidiaries" on page 8, "Prospectus Summary — Summary Financial Information" on page 15, and "Consolidated Financial Statements" starting on F-1.

Our ordinary shares may be prohibited from trading on a national exchange or over-the-counter under the Holding Foreign Companies Accountable Act (the "HFCAA") if the Public Company Accounting Oversight Board (United States) (the "PCAOB") is unable to inspect our auditors for three consecutive years beginning in 2021. On June 22, 2021, United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. Pursuant to HFCAA, the PCAOB issued a Determination Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate completely registered public accounting firms headquartered in: (1) mainland China of the People's Republic of China because of a position taken by one or more authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. In addition, the PCAOB's report identified the specific registered public accounting firms which are subject to these determinations.

On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.

As of the date of the prospectus, Keith K Zhen CPA, our auditor, is based in U.S and not subject to the determinations as to the inability to inspect or investigate registered firms completely announced by the PCAOB on December 16, 2021. See "Risk Factors — Risks Relating to Doing Business in China — Our ordinary shares may be prohibited from trading on the OTC markets as a result of the recent enactment of the Holding Foreign Companies Accountable Act" on page 24.

This prospectus provides a general description of the securities being offered. You should read this prospectus and the registration statement of which it forms a part before you invest in any securities.

#### Investing in our ordinary shares involves risks. You should review carefully the risks and uncertainties described under the heading "Risk Factors".

#### We are an "emerging growth company" under the federal securities laws and will be subject to reduced public company reporting requirements.
**NEITHER THE SECURITIES AND EXCHANGE COMMISSION (the "SEC") NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE ORDINARY SHARES OR DETERMINED THAT THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

#### The date of this prospectus is , 202 3 .

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#### **TABLE OF CONTENTS**

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|:---|:---|
|  | **PAGE** |
|  [PROSPECTUS SUMMARY](#T19) | 1  |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T18) | 16 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T17) | 17 |
|  [RISK FACTORS](#T16) | 18 |
|  [USE OF PROCEEDS](#T15) | 34 |
|  [DETERMINATION OF OFFERING PRICE](#T14) | 34 |
|  [MARKET PRICE OF ORDINARY SHARES](#T13) | 34 |
|  [PLAN OF DISTRIBUTION](#T351) | 35 |
|  [DESCRIPTION OF SECURITIES](#T352) | 37 |
|  [SELLING SHAREHOLDERS](#T353) | 39 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T354) | 41 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T355) | 42 |
|  [BUSINESS](#T356) | 52 |
|  [MANAGEMENT](#T7) | 70 |
|  [EXECUTIVE COMPENSATION](#T6) | 72 |
|  [PRINCIPAL SHAREHOLDERS](#T5) | 73 |
|  [RELATED PARTY TRANSACTIONS](#T4) | 74 |
|  [LEGAL MATTERS](#T3) | 76 |
|  [EXPERTS](#T2) | 76 |
|  [INTEREST OF NAMED EXPERTS AND COUNSEL](#T99203) | 76 |
|  [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#T99204) | 76 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T1) | 77 |
|  [INDEX TO FINANCIAL STATEMENTS](#T99205) | F-2 |

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You should not assume that the information contained in the registration statement to which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the ordinary shares being registered in that registration statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. The Selling Shareholders are offering to sell, and seeking offers to buy, ordinary shares only in jurisdictions where offers and sales are permitted. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

Until , 2022 (the 90<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions.

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#### PROSPECTUS SUMMARY
*This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that you should consider before investing in the ordinary shares. Before making an investment decision, you should carefully read the entire prospectus. In particular, attention should be directed to the sections entitled "Risk Factors", "Business", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the financial statements and related notes thereto contained herein.*

#### Prospectus Conventions
Except where the context otherwise requires and for purposes of this prospectus only, "we", "us", "our company", "Company", "our" and "Cordyceps Sunshine" refer to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps Sunshine Biotech Holdings Co., Ltd ("Cordyceps Sunshine Cayman" when individually referenced), a Cayman Islands company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps Sunshine Biotech Co., Limited. (Hong Kong) ("Cordyceps Sunshine HK"), a limited liability company incorporated in Hong Kong and a wholly-owned subsidiary of Cordyceps Sunshine Cayman;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chengdu Skyherb Biotechnology Co., Ltd. (China) ("Chengdu Skyherb" or "Cordyceps Sunshine WFOE"), a wholly foreign-owned enterprise ("WFOE") formed under the laws of the People's Republic of China (the "PRC") and a wholly-owned subsidiary of Cordyceps Sunshine HK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taiwan Branch of Cordyceps Sunshine Biotech Holdings Co., Ltd ("Cordyceps Sunshine Taiwan Branch")

Professional terms in the prospectus are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cordyceps" is a fungus that lives on certain caterpillars and is usually formed by stipe (defined below) and stroma (defined below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cordycepin" shall refer to a compound which is extracted from Cordyceps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Deep processing" shall refer to the processing of Cordyceps as raw material into finished Chinese medicinal material products or other Cordyceps products that can be consumed by customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Hyphae" shall refer to a long, branched filamentous structure in filamentous fungi. It is the structural unit of most fungi, which refers to the description of the state of fungi in the process of spread.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Mycelium" means a large number of hyphae filling with a carrier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stipe" means the grass body part of Cordyceps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Stroma" means the caterpillar body part of Cordyceps.

![](timage_003.jpg)

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Our business is conducted by Chengdu Skyherb, our subsidiary in the PRC, using RMB, the currency of China. Our consolidated financial statements are presented in United States dollars. In this prospectus, we refer to assets, obligations, commitments, and liabilities in our consolidated financial statements in United States dollars. These dollar references are based on the exchange rate of RMB to United States 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 United States 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).

#### Overview
Cordyceps Sunshine Biotech Holdings Co., Ltd ("Cordyceps Sunshine Cayman") was incorporated in Cayman Islands on May 4, 2020, and primarily conducts business through its wholly-owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd. (China) ("Chengdu Skyherb"). Chengdu Skyherb was incorporated under the laws of PRC on June 5, 2020 and focuses on cultivating and sales of cordyceps. We specialize in the research, development, manufacturing, and marketing of cordyceps.

#### Our Product
Our primary product is Cordyceps, *Ophiocordyceps Sinensis*, a valuable Chinese medicinal material with a long history of application in China. Based on some relevant documents and our own industry experience, we briefly introduce the product as follows:

Cordyceps is a species of parasitic fungus that is typically found in north-eastern mountainous China, and the Hepialidae, a kind of caterpillar. The base of the mushroom first originates from an insect larval host and ends at the club-like cap, including the stipe and stroma. The fruit body is dark brown to black, and the root of organism, the larval body pervaded by the mycelium, is yellowish to brown color. The immature larvae (host) on which Cordyceps grows usually lies about 6 inches below the surface of the ground. As the fungus approaches maturity, it consumes more than 90% of the infected insect effectively mummifying its host. Cordyceps contains various chemical compositions, such as nucleotide, polysaccharide, mannitol, superoxide dismutase and sterols, etc.

Some, but not all, of the precautions for taking Cordyceps are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps should not be taken in case of coagulation dysfunction, which may increase the risk of bruises or bleeding, because Cordyceps may slow down blood coagulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps should not be taken together with prescription drugs, such as Antidepressants, antiviral drug, Immunosuppressant, Diabetes drugs, Cyclophosphamide, etc. As drugs interaction may cause adverse side effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not suitable for pregnant women, lactating women or baby, which may inhibit the growth of the fetus or baby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not use for those who have been allergic to mold or yeast, which may induce allergic reaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patients with hypertension, stroke and tumor must be careful when using Cordyceps, otherwise it will increase blood pressure, induce intracerebral hemorrhage and even spread the tumor.

Based on market research, our Company produces two kinds of Cordyceps — dry Cordyceps and fresh Cordyceps. The production of Cordyceps begins only after receiving a customer order to ensure that every piece of fresh or dry Cordyceps received by customers is freshly produced.

Dry cordyceps has a long shelf life and is convenient to store and carry. It accounts for 90% of our Cordyceps products. Conversely, fresh Cordyceps has a short shelf life and is inconvenient to store and carry. It accounts for 10% of our cordyceps products.

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All Cordyceps products we provided to the market are cultivated using scientific breeding method. To ensure quality control, we commissioned Xi'an United Nations Quality Detection Technology Co., Ltd, a third party quality testing institution, to test Cordyceps Properties, content of lead, cadmium, arsenic, mercury, copper. Traditional breeding, also known as centralized breeding, refers to a cultivation method that hundreds of Cordyceps are cultivated in a container, which may cause more diseases and pests, but less labor cost. Scientific breeding requires one container for one Cordycep, which leads to more labor cost. The scientific breeding method has indeed reduced the cross infection among Cordyceps larvae, reduced the mortality of larvae, and effectively reduced the costs that needed to deal with cross infection. According to the management's experience and knowledge, we believe the scientific breeding method has reduced 20% – 40% of the total cultivation cost. We continue to achieve to reduce diseases and pests, improve management efficiency and reduce labor costs by using appropriate breeding equipment and technique. With our capacity of mass production of Cordyceps, we can not only fill the output gap in the market, but also develop more high-quality processing products of Cordyceps, so that customers can enjoy Cordyceps products in a more convenient way.

We care about the quality of each batch of Cordyceps delivered from our factory. To ensure quality control, we commissioned Xi'an United Nations Quality Detection Technology Co., Ltd, a third party quality testing institution, to perform quality testing for our Cordyceps sample for each batch. The items of inspection included Cordyceps Properties, content of lead, cadmium, arsenic, mercury, copper.

As of the date of this prospectus, regulatory bodies in China do not require Cordyceps that are cultivated to be assessed the safety or efficacy, and therefore our products are not required to be assessed the safety or efficacy. This third party professional quality assessment is a measure implemented by the company to ensure the quality of Cordyceps.

#### Sales and Marketing
Currently, our sales heavily depend on our connections with Cordyceps distributors and retail customers in Mainland China. This is a relatively small network since there is not many distributors, dealers, and retail customers in the Cordyceps industry. As of June 30, 2022, December 31, 2021 and December 31, 2020, we had three, five and two Cordyceps distributors and six, ten and zero retail customers, all of which are in Mainland China. As of June 30, 2022, December 31, 2021 and December 31, 2020, we did not have dealers. Generally, distributors purchase larger quantities of products continuously, while retailers purchase smaller quantities. We plan to engage more qualified distributors and retailers and to sign long-term cooperation agreements with them in order to strengthen our distribution network.

The sales department is responsible for keeping in touch with Cordyceps distributors and retail customers on a regular basis, and actively exploring new distributors and retail customers through Internet platforms, peer recommendations, industry exhibitions, etc. Our management and sales department review and approve the quotations provided by distributors and retailers, and determine whether to sign sales contracts with them.

After the sales contracts are signed, the staff of the sales department will deal with the sales process according to the contracts, including handling customers' instructions, arranging warehouse picking up and shipping, and coordinating payments from customers.

In case of disputes, the sales department will consider the requirements of the customers and determine the resolutions which are complied with our sales policies and will be finally approved by the management. As of the date of this prospectus, we have not had any disputes with the distributors and retailers.

Before we start to cultivate Cordyceps, customers sign contracts with us for a total consideration. We then cultivate and produce the Cordyceps in the workshop, and conduct inspection before delivering to the customers. Full payment should be settled before each shipment.

For the period from May 4, 2020 to December 31, 2020, 68% of our total revenues, in the amount of $91,262, was derived from training of Cordyceps cultivation, and the other 32% of our total revenue, in the amount of $43,458, was derived from product sales to a related party. In 2020, the Company provided one customer with training service to lean Cordyceps related knowledge and preliminary artificial cultivation technology. The customer wished to cooperate with the Company to join the Cordyceps artificial cultivation field. The Company recognizes training service revenue for cordyceps cultivation service over time as performance obligations are satisfied over the life of the service. This was a onetime transaction. The Company did not provide such training service during the six months ended June 30, 2022 and the fiscal year ended December 31, 2021.

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In the year ended December 31, 2021, we derived all our revenue from product sales of $879,318.

The Company sold cordyceps of $182,775 and $43,458 to Chengdu Zangqingyuan Herb Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020 respectively. The Company sold cordyceps of $93,012 and $0 to Foshan Xiongluyu Tea Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, respectively.

As a result, for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, we derived sales of 31.4% and 32.3% from related parties, respectively.

For the six months ended June 30, 2022, we derived all our revenue from product sales of $203,172. There was no related party sales transaction for the six months ended June 30, 2022.

Our current sales and distribution arrangements, including payment terms, are determined on a case-by-case basis. Our sales policy treats related parties and third parties alike.

Our Cordyceps is sold exclusively under our brand name and our product is in China. We understand the importance of branding and thus we conduct marketing activities to promote and enhance our image and brand name. Our marketing efforts are concentrated on interviews, news reports and roadshows.

#### Our Competitive Strength
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leading-edge Technology and R&D team

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Scientific Information Monitoring and Management System

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Largest Cultivating Center for Seedling and Thallus and Largest Research Center for Deep Processing and Extraction of Cordyceps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced management with a strong track record

#### Our Growth Strategies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase Brand Awareness to Achieve National Recognition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Integrate Our Internal Manufacturing Capability to Ensure Quality and Supply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further Expand Our Distribution Network to Increase the Prevalence of Our Products

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerate Technology Innovation and Joined the Industry of Biotechnology

#### Our Challenges
We have a very limited operating history on which to base an evaluation of our business and prospects. Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by companies in the early stages of their development. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we incur net losses in operation and negative operating cash flow for the past two fiscal years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate positive operating cash flow and finance our operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete in a competitive environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operations are currently subject to five major suppliers who supplied us the raw materials for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow and harvest sufficient Cordyceps to satisfy our production requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to protect our intellectual property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain an effective system of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future growth depends on new products development and marketing of existing single product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity surrounding U.S.-listed Chinese companies may unfairly harm our reputation and adversely affect our ability to access capital markets to grow our business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory and legal system in China is complex and developing, and future regulations may impose additional requirements on our business.

#### Going Concern Matter
The financial statements have been prepared by our auditor, Keith K Zhen CPA, "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

According to our auditor, Keith K Zhen CPA, the following factors among others raise substantial doubt about the ability to continue as a going concern for a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company incurred loss of $491,006 and $13,476 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2021, the Company had an accumulated deficit of $504,482.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company continued to incur negative operating cash flow of $179,008 and $296,482 for the six months ended June 30, 2022 and 2021 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company showed negative working capital of $2,019,519 and $1,790,698 as of June 30, 2022 and December 31, 2021.

In order to continue as a going concern, we will need, among other things, additional capital resources. Our plan is to obtain capital from management to meet our minimal operating expenses and seek third party equity and/or debt financing. However, management cannot provide any assurances that we will be successful in accomplishing any of our plans. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, we could experience operating losses and limit our marketing efforts as well as decrease or eliminate capital expenditures. If so, our operating results, our business results and our financial position would be adversely affected. For more information, see "Risks Factors — Risks relating to our business and industry — We may require substantial additional funding in the future for our ability to continue as a going concern. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, our business results and our financial position would be adversely affected" on page 28.

#### Summary of Risk Factors
Investing in our ordinary shares involves a high degree of risk. Below is a summary of material factors that make an investment in our ordinary shares speculative or risky. Importantly, this summary does not address all of the risks that we face. Please refer to the information contained in and incorporated by reference under the heading "Risk Factors" on page 18 of this prospectus.

#### Risks Relating to Doing Business in China

#### Risks and uncertainties record to doing business in China, beginning on page 18 of this prospectus, include but are not limited to the following:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The uncertainty regarding the enforcement of laws and the risk that rules and regulations in China can change quickly with little advance notice, which could limit the legal protection available to you and us.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale. Additionally, the governmental and regulatory interference 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 be worthless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PRC regulation of loans to and direct investment by offshore holding companies in PRC entities may delay or prevent us from making loans or additional capital contributions to our PRC operating companies, which could materially and adversely affect our liquidity and ability to fund and expand our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A failure by our stockholders or beneficial owners who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits, restrict our overseas and cross-border investment activities or subject us to liability under PRC laws, which could adversely affect our business and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act ("FCPA") and Chinese anti-corruption law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and resolve the matters. Any unfavorable results from the investigations could harm our business operations, this offering and our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is unclear whether we will be subject to the oversight of the Cyberspace Administration of China (CAC) and how such oversight may impact us. Our business could be interrupted or we could be subject to liabilities which may materially and adversely affect the results of our operation and the value of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ordinary shares may be prohibited from trading on the OTC markets as a result of the recent enactment of the Holding Foreign Companies Accountable Act.

#### Risks Relating to Our Business and Industry

#### Risks and uncertainties relating to our business and Industry, beginning on page 26 of this prospectus, include but are not limited to the following:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our current business is significantly based on a single product, which currently accounts for approximately 100 percent of our revenues, and we may not be able to generate significant revenue if this product fails

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to grow and harvest sufficient Cordyceps to satisfy our production requirements and any decline in the amount or quality of Cordyceps could reduce our sales and negatively affect our results of operations, financial condition and business prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our sales and reputation may be affected by product liability claims, product recalls, pests contamination risks, or adverse publicity in relation to our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our past results may not be indicative of our future performance and evaluating our business and prospects may be difficult.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our revenue for the six months ended June 30, 2022, the fiscal years ended December 31, 2021 and 2020 was from two, five and two major customers, respectively. The loss of any of these customers would reduce our revenues and our profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We had two, three and one major suppliers who supplied us the raw materials for our products for the six months ended June 30, 2022, the fiscal year ended December 31, 2021 and 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may require substantial additional funding in the future for our ability to continue as a going concern. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, our business results and our financial position would be adversely affected.

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#### Risks Relating to the Offering and Our Ordinary Shares
***Risks and uncertainties relating to the offering our ordinary shares, beginning on page 30 of this prospectus, include but are not limited to the following:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The highly concentrated ownership and voting power of the Company may impact shareholders' interests in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no public market for our ordinary shares, an active trading market for our ordinary shares may not develop, and you may not be able to resell our ordinary shares at or above the price you pay for them, or at all.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price for the ordinary shares may be volatile.

**See the "Risk Factors" section, beginning on page 18, and other information included in this prospectus for a discussion of these and other risks and uncertainties that we face.**

#### Holding Foreign Company Accountable Act
U.S. laws and regulations, including the Holding Foreign Companies Accountable Act, or HFCAA, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition candidates with substantial operations in China.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. On June 22, 2021, United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. If our auditor cannot be inspected by the Public Company Accounting Oversight Board, or the PCAOB, for two consecutive years, the trading of our securities on any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited. On September 22, 2021, the PCAOB adopted a final rule implementing the HFCAA, which provides a framework for the PCAOB to use when determining, as contemplated under the HFCAA, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions. On December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions.

On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China

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and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.

As of the date of the prospectus, Keith K Zhen CPA, our auditor, is based in U.S and not subject to the determinations as to inability to inspect or investigate registered firms completely announced by the PCAOB on December 16, 2021.

However, these recent developments would add uncertainties to our offering, and we cannot assure you whether Nasdaq or regulatory authorities would apply additional and more stringent criteria to us after considering the effectiveness of our auditor's audit procedures and quality control procedures, adequacy of personnel and training, or sufficiency of resources, geographic reach or experience as it relates to the audit of our financial statements. In the event it is later determined that the PCAOB is unable to inspect or investigate completely the Company's auditor because of a position taken by an authority in a foreign jurisdiction, then such lack of inspection could cause trading in the Company's securities to be prohibited under the HFCAA, and ultimately result in a determination by a securities exchange to delist the Company's securities. See "Risk Factors — Risks Related to Doing Business in China — Our ordinary shares may be prohibited from trading on the OTC markets as a result of the recent enactment of the Holding Foreign Companies Accountable Act" on page 24.

#### Transfers of Cash to and from Our Subsidiaries
Cordyceps Sunshine Cayman is permitted under the laws of the Cayman Islands to provide funding to our subsidiary incorporated in Hong Kong through loans or capital contributions without restrictions on the amount of the funds. Our subsidiary in HK is permitted under the respective laws of Hong Kong to provide funding to Cordyceps Sunshine Cayman through dividend distributions without restrictions on the amount of the funds. There are no restrictions on dividends transfers from HK to the Cayman Islands.

The PRC has currency and capital transfer regulations that require us to comply with certain requirements for the movement of capital. The Company is able to transfer cash (US Dollars) to its PRC subsidiary through an investment (by increasing the Company's registered capital in a PRC subsidiary). The Company's subsidiary in the PRC have not transferred any earnings or cash to the Company to date. As of the date of this prospectus, there has not been any assets or cash transfers between the holding company and its subsidiaries. As of the date of this prospectus, there has not been any dividends or distributions made to US investors. The Company's business is primarily conducted through its subsidiary. The Company is a holding company and its material assets consist solely of the ownership interests held in its PRC subsidiary. The Company will be dependent on dividends paid by its subsidiary for its working capital and cash needs, including the funds necessary: (i) to pay dividends or cash distributions to its shareholders, (ii) to service any debt obligations and (iii) to pay operating expenses. As a result of PRC laws and regulations (noted below) that require annual appropriations of 10% of after-tax income to be set aside in a general reserve fund prior to payment of dividends, the Company's PRC subsidiary is restricted in that respect, as well as in other respects noted below, in their ability to transfer a portion of their net assets to the Company as a dividend.

With respect to transferring cash from the Company to its subsidiary, increasing the Company's registered capital in a PRC subsidiary requires the filing with the local commerce department, while a shareholder loan requires a filing with the State Administration of Foreign Exchange or its local bureau. Aside from the declaration to the State Administration of Foreign Exchange, there is no restriction or limitations on such cash transfer or earnings distribution.

With respect to the payment of dividends, we note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined in accordance with PRC accounting standards and PRC regulations (an in-depth description of the PRC regulations is set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Our PRC subsidiary is required to set aside, at a minimum, 10% of their net income after taxes, based on PRC accounting standards, each year as statutory surplus reserves until the cumulative amount of such reserves reaches 50% of their registered capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Such reserves may not be distributed as cash dividends;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Our PRC subsidiary may also allocate a portion of their after-tax profits to fund their staff welfare and bonus funds; except in the event of a liquidation, these funds may also not be distributed to shareholders; the Company does not participate in a Common Welfare Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The incurrence of debt, specifically the instruments governing such debt, may restrict a subsidiary's ability to pay stockholder dividends or make other cash distributions.

If, for the reasons noted above, our subsidiary is unable to pay shareholder dividends and/or make other cash payments to the Company when needed, the Company's ability to conduct operations, make investments, engage in acquisitions, or undertake other activities requiring working capital may be materially and adversely affected. However, our operations and business, including investment and/or acquisitions by our subsidiary within China, will not be affected as long as the capital is not transferred in or out of the PRC.

We have not declared or paid any dividends on our ordinary shares since our inception, and have no current plans to pay dividends on our ordinary shares. The declaration and payment of future dividends to holders of our ordinary shares will be at the discretion of our director and will depend upon many factors, including our financial condition, earnings, legal requirements, restrictions in our debt agreements and other factors deemed relevant by our director. In addition, as a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization, agreements of our subsidiaries, or covenants of future indebtedness that we or they may incur. We do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our ordinary shares for return on your investment.

In the event we pay dividends in the future, you will be taxed on the U.S. dollar value of your dividends, if any, at the time you receive them, even if you actually receive a smaller amount of U.S. dollars when the payment is in fact converted into U.S. dollars. Specifically, if a dividend is declared and paid in a foreign currency, the amount of the dividend distribution that you must include in your income as a U.S. holder will be the U.S. dollar value of the payments made in the foreign currency, determined at the spot rate of the foreign currency to the U.S. dollar on the date the dividend distribution is includible in your income, regardless of whether the payment is in fact converted into U.S. dollars. Thus, if the value of the foreign currency decreases before you actually convert the currency into U.S. dollars, you may be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you will actually ultimately receive.

As of the date of this prospectus, no cash or asset transfers, dividends, or distributions have occurred among the Company, its subsidiaries, and investors. We do not expect to pay any cash dividends in the foreseeable future.

#### Regulatory Permission
Cordyceps Sunshine Cayman and our PRC subsidiary currently have received all material permissions and approvals required for our operations in compliance with the relevant PRC laws and regulations in the PRC. Currently, our PRC subsidiary is not required to obtain additional licenses or permits beyond a regular business license for its operations. Our PRC subsidiary is required to obtain a business license from the local branch of the State Administration for Market Regulation ("SAMR"). Our PRC subsidiary has obtained a valid business license for its respective business scope, and no application for any such license has been denied.

As of the date of this prospectus, except for the business license, Cordyceps Sunshine Cayman and our PRC subsidiary are not required to obtain any other permissions or approvals from any Chinese authorities to operate its business. As of the date of this prospectus , PRC subsidiary is not subject to permission requirements from the China Securities Regulatory Commission (the "CSRC"), the Cyberspace Administration of China (the "CAC") or any other entity that is required to approve of its PRC subsidiaries' operations. However, applicable laws and regulations may be tightened, and new laws or regulations may be introduced to impose additional government approval, license and permit requirements. If we or our subsidiaries fail to obtain and maintain such approvals, licenses, or permits required for our business, inadvertently conclude that such approval is not required, or respond to changes in the regulatory environment, we or our subsidiaries could be subject to liabilities, penalties and operational disruption, which may materially and adversely affect our business, operating results, financial condition and the value of our ordinary shares, significantly limit or completely hinder our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

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

On August 8, 2006, six PRC regulatory agencies jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which came into effect on September 8, 2006 and were amended on June 22, 2009. The M&A Rules requires that an offshore special purpose vehicle formed for overseas listing purposes and controlled directly or indirectly by PRC Citizens shall obtain the approval of the China Securities Regulatory Commission prior to overseas listing and trading of such special purpose vehicle's securities on an overseas stock exchange. Based on our understanding of the Chinese laws and regulations in effect at the time of this prospectus, we will not be required to submit an application to the CSRC for its approval of this offering and the listing and trading of ordinary shares on the over the counter trading market in the U.S under the M&A Rules. However, there remains some uncertainty as to how the M&A Rules will be interpreted or implemented, and the opinions of our PRC counsel 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 Chinese government agencies, including the CSRC, would reach the same conclusion.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Strictly Cracking Down on Illegal Securities Activities, which were made available to the public on July 6, 2021. The Opinions on Strictly Cracking Down on Illegal Securities Activities emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Pursuant to the Opinions, Chinese regulators are required to accelerate rulemaking related to the overseas issuance and listing of securities, and update the existing laws and regulations related to data security, cross-border data flow, and management of confidential information. Numerous regulations, guidelines and other measures are expected to be adopted under the umbrella of or in addition to the Cybersecurity Law and Data Security Law. As of the date of this prospectus, no official guidance or related implementation rules have been issued. As a result, the Opinions on Strictly Cracking Down on Illegal Securities Activities remain unclear on how they will be interpreted, amended and implemented by the relevant PRC governmental authorities. We will continue to closely monitor regulatory developments in China regarding any necessary approvals from the CSRC or other PRC governmental authorities required for overseas listings.

On December 24, 2021, the CSRC, together with other relevant government authorities in China issued the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and the Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) ("Draft Overseas Listing Regulations"). The Draft Overseas Listing Regulations requires that a PRC domestic enterprise seeking to issue and list its shares overseas ("Overseas Issuance and Listing") shall complete the filing procedures of and submit the relevant information to CSRC. The Overseas Issuance and Listing includes direct and indirect issuance and listing. Where an enterprise whose principal business activities are conducted in PRC seeks to issue and list its shares in the name of an overseas enterprise ("Overseas Issuer") on the basis of the equity, assets, income or other similar rights and interests of the relevant PRC domestic enterprise, such activities shall be deemed an indirect overseas issuance and listing (" Indirect Overseas Issuance and Listing") under the Draft Overseas Listing Regulations. Therefore, the proposed offering would be deemed an Indirect Overseas Issuance and Listing under the Draft Overseas Listing Regulations. However, it is uncertain when the Draft Overseas Listing Regulations will take effect or if they will take effect as proposed. If the Draft Overseas Listing Regulations comes into force before the proposed listing, we may be required to complete the filing procedures with the CSRC in accordance with the contents of the Draft if the Draft Overseas Listing Regulations is not amended.

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On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures (the "new Cybersecurity Review Measures") which took effect on February 15, 2022, and replaced the original Cybersecurity Review Measures. The current Cybersecurity Review Measures expand the cybersecurity review to online platform operators in possession of personal information of over one million users if the operators intend to list their securities in a foreign country. Pursuant to the new Cybersecurity Review Measures, if critical information infrastructure operators purchase network products and services, or network platform operators conduct data processing activities that affect or may affect national security, they will be subject to cybersecurity review. A network platform operator holding more than one million users/users' individual information also shall be subject to cybersecurity review before listing abroad. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments and risk of network data security after going public overseas.

As the new Cybersecurity Review Measures took effect on February 15, 2022, as of the date of this prospectus, we believe we are not subject to the cybersecurity review by the CAC for this offering, given that: (i) we are not a network platform operator holding more than one million users' individual information; and (ii) data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities and we will not be required to obtain any permission from the CAC. However, there remains uncertainty as to how the new Cybersecurity Review Measures will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the new Cybersecurity Review Measures. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we expect to take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us.

We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business, financial condition, and results of operations. For more details, see "Risk Factors — Risks Related to Doing Business in China — *It is unclear whether we will be subject to the oversight of the Cyberspace Administration of China (CAC) and how such oversight may impact us. Our business could be interrupted or we could be subject to liabilities which may materially and adversely affect the results of our operation and the value of your investment*."

#### Impact of Covid-19
The COVID-19 pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities globally. Substantially all of our business operations and our workforce are located in China. Given the uncertainty of the development of the COVID-19 pandemic, we believe there is a risk that our business, results of operations, and financial condition will be adversely affected. Potential impact to our results of operations will also depend on 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 COVID-19 pandemic or mitigate its impact, almost all of which are beyond our control.

The impacts of the COVID-19 pandemic on our business, financial condition, and results of operations include, but are not limited to, the following:

Our operating company in China was incorporated on June 5, 2020 and were not significantly impacted by the lockdown in China. However, because of the uncertainty surrounding the COVID-19 pandemic, the business disruption and the related financial impact related to the outbreak of and response to the coronavirus cannot be reasonably estimated at this time.

#### Corporate Information
Our principal executive office is located at 6<sup>th</sup> Fl., No. 15, Lane 548, Ruiguang Road, Neihu District, Taipei City, Taiwan, and our phone number is +886-2- 27489091. We maintain a corporate website at *http://cordyceps*-sunshine*.com/*. The information contained in, or accessible from, our website or any other website does not constitute a part of this prospectus.

As of the date of this prospectus, there is no public trading market for our ordinary shares and there is no assurance that a trading market for our ordinary shares will ever develop. We plan to list our ordinary shares on the OTCQB under the symbol "[\*]."

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The following diagram illustrates our corporate structure:

![](tflowchart_01.jpg)

#### Implications of Being an "Emerging Growth Company"
With less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" under the Jumpstart our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Section 404(b) of the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives (commonly referred to as "compensation discussion and analysis);

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are exempt from any proposed new requirements of the PCAOB rules relating to mandatory audit firm rotation and any requirement to include an auditor discussion and analysis narrative in our audit report.

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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 (i) the last day of the first fiscal year in which our annual gross revenues exceed US$1 billion, (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Securities Exchange Act of 1934 (the "Exchange Act"), which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter, or (iv) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

Investors should be aware that we will be subject to the "Penny Stock" rules adopted by the SEC, which regulate broker- dealer practices in connection with transactions in Penny Stocks. These regulations may have the effect of reducing the level of trading activity, if any, in the secondary market for our stock, and investors in our ordinary shares may find it difficult to sell their shares. Please see the disclosure under "Risk Factors — Risks Relating to the Offering and Our Ordinary Shares — Our ordinary shares may be considered a "penny stock" which is subject to restrictions on marketability, so you may not be able to sell your shares", so you may not be able to sell your shares" in this Prospectus for more information.

#### Implication of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Exchange Act of 1934. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

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

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

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#### The Offering
The summary below describes the principal terms of this offering. Please see the "Plan of Distribution" section for a more detailed description of the terms of the Offering.

---

| | |
|:---|:---|
|  Ordinary shares offered by Selling Shareholders: | <br>11,120,000 ordinary shares, par value $0.0001 |
|  Ordinary shares outstanding: | 111,120,000 ordinary shares |
|  Ordinary shares outstanding after <br>the Offering: | <br>111,120,000 ordinary shares |
|  Offering price per share: | $0.02 (until the ordinary shares are listed on a national securities exchange or quoted on the OTC Bulletin Board, OTCQX or OTCQB, at which time they may be sold at prevailing market prices or in privately negotiated transactions) |
|  Use of proceeds: | We will not receive any proceeds from the sale of ordinary shares by the Selling Shareholders. |
|  Trading Symbol: | [\*] |
|  Voting Rights: | Holders of our ordinary shares are entitled to one vote per ordinary shares at all shareholder meetings. See "Description of Securities." |
|  Dividend Policy: | We currently intend to retain future earnings, if any, to fund the development and growth of our business. Therefore, we do not currently anticipate paying cash dividends on our ordinary shares. |
|  Risk Factors: | An investment in our Company is highly speculative and involves a significant degree of risk. See "Risk Factors" and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our ordinary shares. |
|  Transfer Agent: | Vstock Transfer LLC |

---

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#### Summary Financial Information
In the table below, we provide you with selected financial data of our Company. This information is derived from our consolidated financial statements included elsewhere in this prospectus. Historical results are not necessarily indicative of the results that may be expected for any future period. When you read this historical selected financial data, it is important that you read it along with the historical statements and notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **For six<br>months ended<br>June 30,<br>2022** | **For the<br>year ended<br>December 31,<br>2021** | **For the <br>Period from<br>May 4, 2020<br>(Inception) to<br>December 31,<br>2020** |
|  Revenue | $203172 | $879318 | $134720 |
|  Cost of revenues | 310829 | 1055530 | 40648 |
|  **Gross profit** | (107657) | (176212) | 94072 |
|  Operating expenses: |  |  |  |
|  Selling expense | 2119 | 27298 | 7337 |
|  General and administrative | 284026 | 273670 | 78003 |
|  **Total operating expenses** | 286145 | 300968 | 85340 |
|  **Income (loss) from operations** |  |  |  |
|  Interest income | 5 | 13 | 7 |
|  Interest expense | (37188) | (12350) | (20284) |
|  Other income (expenses) | (2861) | (1138) | 11 |
|  Total other expense | (40044) | (13475) | (20266) |
|  **Loss before income taxes provisions** | (433846) | (490655) | (11534) |
|  Income tax provisions | 823 | 351 | 1942 |
|  **Net loss** | (434669) | (491006) | (13476) |
|  Other comprehensive income (loss) |  |  |  |
|  Foreign currency translation adjustment | 31745 | (4395) | 664 |
|  **Total comprehensive income (loss)** | $(402924) | $(495401) | $(12812) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br>June 30, <br>2022** | **As of December 31, 2021** | **As of December 31, 2020** |
|  Cash and cash equivalents | $46230 | $99684 | $294 |
|  Total current assets | 887943 | 1118309 | 949007 |
|  Total non-current assets | 1937771 | 2132210 | 1876704 |
|  Total assets | 2825714 | 3250519 | 2825711 |
|  Total current liabilities | 2935574 | 2909007 | 2413467 |
|  Total non-current liabilities | 568877 | 617325 | 425056 |
|  Total liabilities | 3504451 | 3526332 | 2838523 |
|  Total shareholders' equity | (678737) | (275813) | (12812) |
|  Total liabilities and shareholders' equity | $2825714 | $3250519 | $2825711 |

---

For the period from inception May 4, 2020 to December 31, 2020 and for the year ended December 31, 2021, there is no cash transfer transaction occurred between Cordyceps Sunshine Cayman, Cordyceps Sunshine HK and Chengdu Skyherb. Cordyceps Sunshine Cayman, as the listing parent company, received cash from investors and creditors, and pay the professional fees, various charges for listing in US security market.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus, including sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operation" and "Business," contains forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementation of our business strategies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our anticipated capital requirements and future operating performance.

Any statements that relate to future events or conditions, including, without limitation, the statements included in this prospectus that are not historical facts, that relate to industry prospects and that concern our prospective results of operations or financial position, may be deemed to be forward-looking statements. Often, however, our uses of the words "believe," "anticipate," "plan," "expect," "intend" and similar expressions will identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Although we believe that the expectations reflected in the forward- looking statements contained in this prospectus are reasonable, these statements represent our current expectations and are inherently uncertain. The factors discussed below under "Risk Factors," among others, could cause actual results, levels of activity, performance or achievements to differ materially from those indicated by these forward-looking statements. Forward-looking statements represent our views as of the date of this prospectus. While we may elect to update these forward-looking statements in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. For all of these reasons, you should not unduly rely on any forward-looking statements.

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated under the laws of the Cayman Islands because of certain benefits associated with being a Cayman Islands corporation, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of foreign exchange control or currency restrictions and the availability of professional and support services. However, the Cayman Islands has a less developed body of securities laws as compared to the United States and provides significantly less protection for investors than the United States.

Substantially all of our assets are located in the PRC. In addition, our directors and officer are national and resident of Taiwan and all or a substantial portion of his assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or our director and officer, or to enforce against us or him judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

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

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

It is uncertain that Cayman Islands courts would enforce: (1) judgments of U.S. courts obtained in actions against us or other persons that are predicated upon the civil liability provisions of the U.S. federal securities laws; or (2) original actions brought against us or other persons predicated upon the Securities Act. [\*] has informed us that there is uncertainty with regard to Cayman Islands law relating to whether a judgment obtained from the U.S. courts under civil liability provisions of the securities laws will be determined by the courts of Cayman Islands as penal or punitive in nature. Furthermore, there is currently no statutory enforcement or treaty between the United States and the Cayman Islands providing for enforcement of judgments. However, a judgment obtained in the United States may be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination on the merits of the underlying dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment: (i) is given by a foreign court of competent jurisdiction; (ii) is final; (iii) is not in respect of taxes, a fine or a penalty; and (iv) was not obtained in a manner and is not of a kind the enforcement of which is contrary to natural justice or public policy of the Cayman Islands.

The recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedure Law. PRC courts may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedure Law based either on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. There are no treaties between China and the United States for the mutual recognition and enforcement of court judgments, thus making the recognition and enforcement of a U.S. court judgment in China difficult.

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

#### Risks Relating to Doing Business 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.***

We conduct substantially all of our business operations in China. The SEC, U.S. Department of Justice and other authorities often have substantial difficulties in bringing and enforcing actions against non-U.S. companies and non-U.S. persons, including company directors and officers, in certain emerging markets, including China. Additionally, our public shareholders may have limited rights and few practical remedies in emerging markets where we operate, as shareholder claims that are common in the United States, including class action securities law and fraud claims, generally are difficult to pursue as a matter of law or practicality in many emerging markets, including 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 local 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, the regulatory cooperation with the securities regulatory authorities in the United States has not been efficient in the absence of a mutual and practical cooperation mechanism. According to Article 177 of the PRC Securities Law which became effective in March 2020, no foreign securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to foreign securities regulators.

As a result, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management or controlling shareholders than they would as public shareholders of a company incorporated in the United States.

***Adverse changes in political and economic policies of the PRC government could have a material adverse effect on the overall economic growth of China, which could reduce the demand for our products and services and materially and adversely affect our competitive position.***

Substantially all of our business operations are conducted in China. Accordingly, our business, results of operations, financial condition and prospects are subject to economic, political and legal developments in China. Although the Chinese economy is no longer a planned economy, the PRC government continues to exercise significant control over China's economic growth through direct allocation of resources, monetary and tax policies, and a host of other government policies such as those that encourage or restrict investment in certain industries by foreign investors, control the exchange between RMB and foreign currencies, and regulate the growth of the general or specific market.

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

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Furthermore, the PRC legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all and may have retroactive effect. As a result, we may not be aware of our violation of any of these policies and rules until sometime after the violation. Such unpredictability towards our contractual, property (including intellectual property) and procedural rights could adversely affect our business and impede our ability to continue our operations.

These government involvements have been instrumental in China's significant growth in the past 30 years. In response to the recent global and Chinese economic downturn, the PRC government has adopted policy measures aimed at stimulating the economic growth in China. If the PRC government's current or future policies fail to help the Chinese economy achieve further growth or if any aspect of the PRC government's policies limits the growth of our industry or otherwise negatively affects our business, our growth rate or strategy, our results of operations could be adversely affected as a result.

***The uncertainty regarding the enforcement of laws and the risk that rules and regulations in China can change quickly with little advance notice, which could limit the legal protection available to you and us.***

The Ministry of Commerce published a discussion draft of the proposed Foreign Investment Law in January 2015, or the 2015 FIL Draft, which expands the definition of foreign investment and introduces the principle of "actual control" in determining whether a company is considered a foreign-invested enterprise, or an FIE. On March 15, 2019, the National People's Congress approved the Foreign Investment Law of the PRC, or the FIL, which came into effect on January 1, 2020, repealing simultaneously the Law of the PRC on Sino-foreign Equity Joint Ventures, the Law of the PRC on Wholly Foreign-owned Enterprises and the Law of the PRC on Sino-foreign Cooperative Joint Ventures, together with their implementation rules and ancillary regulations. Pursuant to the FIL, foreign investment refers to any investment activity directly or indirectly carried out by foreign natural persons, enterprises, or other organizations, including investment in new construction project, establishment of foreign funded enterprise or increase of investment, merger and acquisition, and investment in any other way stipulated under laws, administrative regulations, or provisions of the State Council.

The PRC Foreign Investment Law also provides that foreign invested enterprises established according to the existing laws regulating foreign investment may maintain their structure and corporate governance within five years after the implementing of the PRC Foreign Investment Law.

In addition, the PRC Foreign Investment Law provides several protective rules and principles for foreign investors and their investments in the PRC, including, among others, that a foreign investor may freely transfer into or out of China, in Renminbi or a foreign currency, its contributions, profits, capital gains, income from disposition of assets, royalties of intellectual property rights, indemnity or compensation lawfully acquired, and income from liquidation, among others, within China; local governments shall abide by their commitments to the foreign investors; governments at all levels and their departments shall enact local normative documents concerning foreign investment in compliance with laws and regulations and shall not impair legitimate rights and interests, impose additional obligations onto FIEs, set market access restrictions and exit conditions, or intervene with the normal production and operation activities of FIEs; except for special circumstances, in which case statutory procedures shall be followed and fair and reasonable compensation shall be made in a timely manner, expropriation or requisition of the investment of foreign investors is prohibited; and mandatory technology transfer is prohibited.

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

As an offshore holding company of PRC operating companies, we may make loans or additional capital contributions to our PRC operating companies. Any loans to our PRC operating companies are subject to PRC regulations. For example, loans to our operating companies in China to finance their activities may not exceed statutory limits and must be registered with SAFE. If we decide to make capital contributions to our operating entities in the PRC, the PRC Ministry of Commerce, or MOFCOM, (or MOFCOM's local counterpart, depending on the amount involved) may need to approve these capital contributions. We cannot assure you that we will be able to obtain these government approvals on a timely basis, if at all, with respect to any such capital contributions. If we fail to receive such approvals, our ability to capitalize our PRC operations may be negatively affected, which could adversely affect our ability to fund and expand our business.

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***A failure by our stockholders or beneficial owners who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits, restrict our overseas and cross***-border ***investment activities or subject us to liability under PRC laws, which could adversely affect our business and financial condition*.**

On July 14, 2014, SAFE promulgated the Circular Relating to Foreign Exchange Administration of Offshore Investment, Financing and Return Investment by Domestic Residents Utilizing Special Purpose Vehicles ("SAFE Circular 37"). SAFE Circular 37 simplifies the registration process for PRC residents (including PRC individuals and PRC corporate entities as well as overseas individuals who do not hold any Mainland legal identity document, but who have habitual residences within the territory of China due to relationship of economic interests) to register with SAFE or its local branches in connection with their direct or indirect offshore investment activities. Also, for the first time overseas investments by Chinese individuals are formally legalized under SAFE Circular 37. SAFE Circular 37 further requires amendment to the SAFE registrations in the event of any changes with respect to the basic information of the offshore special purpose vehicle, such as change of a PRC individual shareholder, name and operation term, or any significant changes with respect to the offshore special purpose vehicle, such as increase or decrease of capital contribution, share transfer or exchange, or mergers or divisions.

According to the Notice of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment related Foreign Exchange Administration Policies ("Circular 13"), the foreign exchange registration under domestic direct investment and the foreign exchange registration under overseas direct investment, including the registration of PRC residents who engage in overseas investment and financing and inbound investment via special purpose vehicles under the SAFE Circular 37, is directly reviewed and handled by banks, and the SAFE and its branches shall perform indirect regulation over the direct investment-related foreign exchange registration through local banks. The Circular 13 also simplified handling formalities for certain direct investment-related foreign exchange business, for example, simplifying the administration of the confirmation and registration of foreign investors' contribution under domestic direct investment, cancelling the filing of overseas re-investment foreign exchange, and cancelling annual inspection of the direct investment-related foreign exchange.

None of our shareholders has permanent residences in PRC; they have not or currently do not hold any domestic rights and interests in domestic enterprises. They are not the PRC residents as specified in SAFE Circular 37. Therefore, there is no need to complete the required registrations for overseas investments with SAFE in accordance with the Circular 37. However, we may not at all times be fully aware or informed of the identities of all our beneficial owners who are PRC residents, and we may not always be able to compel our shareholders to comply with the SAFE Circular 37 requirements. As a result, we cannot assure you that all of our shareholders or beneficial owners who are PRC residents will at all times comply with, or in the future make or obtain any applicable registrations or approvals required by, SAFE Circular 37 or other related regulations. Failure by any such shareholders or beneficial owners to comply with SAFE Circular 37 could subject us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our subsidiaries' ability to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.

#### We may be exposed to liabilities under the U.S. Foreign Corrupt Practices Act ("FCPA") and Chinese anti-corruption law.
We are subject to the FCPA and other laws that prohibit improper payments or offers of payments to foreign governments, foreign government officials and political parties by U.S. persons as defined by the statute for purposes of obtaining or retaining businesses. We are also subject to the Chinese anti-corruption law, which strictly prohibits bribes to government officials. We may have agreements with third parties who may make sales in China and U.S., during the process of which we may be exposed to corruption. Activities in China create the risk of unauthorized payments or offers of payments by an employee, consultant or agent of the Company, because these parties are not always subject to our control.

Although we believe to date we have complied in all material aspects with the provisions of the FCPA and Chinese anti-corruption law, our existing safeguards and any future improvements may prove to be less than effective and any of our employees, consultants or agents may engage in corruptive conduct for which we might be held responsible. Violations of the FCPA or Chinese anti-corruption law may result in severe criminal or civil sanctions against the Company and individuals, and therefore could negatively affect our business, operating results and financial condition.

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***If we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have to expend significant resources to investigate and resolve the matters. Any unfavorable results from the investigations could harm our business operations, this offering and our reputation.***

Recently, U.S. public companies that have substantially all of their operations in China have been subjects of intense scrutiny, criticism and negative publicity by investors, financial commentators and regulatory agencies, such as the SEC. Much of the scrutiny, criticism and negative publicity has centered on financial and accounting irregularities, lack of effective internal control over financial accounting, inadequate corporate governance and ineffective implementation thereof and, in many cases, allegations of fraud. As a result of enhanced scrutiny, criticism and negative publicity, the publicly traded stocks of many U.S. listed Chinese companies have sharply decreased in value and, in some cases, have become virtually worthless or illiquid. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions and are conducting internal and external investigations into the allegations. It is not clear what effects the sector-wide investigations will have on our Company, our business and this offering. If we become a subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend significant resources to investigate such allegations and defend the Company. If such allegations were not proven to be groundless, the Company and our business operations would be severely hampered and our stock price could decline substantially. If such allegations were proven to be groundless, the investigation might significantly distract our management's attention.

#### We are exposed to currency exchange risk, and we cannot predict the effect of future exchange rate fluctuations on our business and operating results.
All of our business operations are in China. We have exposure to currency fluctuations because our sales and purchases are denominated in RMB. We cannot assure you that the effect of currency exchange fluctuations will not materially affect our revenues and net incomes in the future.

***Under the PRC Enterprise Income Tax Law (the "EIT Law"), we may be classified as a PRC resident enterprise, which could result in unfavorable tax consequences to us and our shareholders, and adversely affect our results of operations and the value of your investment.***

Under the PRC EIT Law, an enterprise established outside China with "de facto management bodies" within China is considered a "resident enterprise" for PRC enterprise income tax purposes and is generally subject to a uniform 25% enterprise income tax rate on its worldwide income. In 2009, the State Administration of Taxation, or the SAT, issued the *Notice Regarding the Determination of Chinese*-Controlled *Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies*, or 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 considered as located in China. Further to SAT Circular 82, the SAT issued the *Administrative Measures for Enterprise Income Tax of PRC*-Controlled *Offshore Incorporated Resident Enterprises* (Trial), or SAT.

Bulletin 45, effective in 2011, to provide more guidance on the implementation of SAT Circular 82. SAT Bulletin 45 clarified certain issues in the areas of resident status determination, post-determination administration and competent tax authorities' procedures.

Although SAT Circular 82 and SAT Bulletin 45 only apply to offshore incorporated enterprises controlled by PRC enterprises or PRC enterprise groups and not those controlled by PRC individuals or foreigners, the determination criteria set forth may reflect the SAT's general position on how the term "de facto management body" could be applied in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises, individuals or foreigners.

In addition, the SAT issued the *Announcement of the State Administration of Taxation on Issues Concerning the Determination of Resident Enterprises Based on the Standards of Actual Management Institutions* in January 2014 to provide more guidance on the implementation of SAT Circular 82. This bulletin further provides that, among other things, an entity that is classified as a "resident enterprise" in accordance with the circular shall file the application for classifying its status of residential enterprise with the local tax authorities where its main domestic investors are registered. From the year in which the entity is determined to be a "resident enterprise," any dividend, profit and other equity investment gain shall be taxed in accordance with the EIT Law and its implementing rules.

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If the PRC tax authorities determine that we or our non-PRC subsidiary is a PRC resident enterprise for PRC enterprise income tax purposes, then we or such non-PRC subsidiary could be subject to PRC tax at a rate of 25% on its world-wide income, which could materially affect our financial performance. In addition, we will also be subject to PRC enterprise income tax reporting obligations. If the PRC tax authorities determine that the Company is a PRC resident enterprise for PRC enterprise income tax purposes, gains realized on the sale or other disposition of ordinary shares may be subject to PRC tax, at a rate of 10% in the case of non-PRC enterprises or 20% in the case of non-PRC individuals (in each case, subject to the provisions of any applicable tax treaty), if such gains are deemed to be from PRC sources. Any such tax may reduce the returns on your investment.

***The Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and/or foreign investment in China***-based ***issuers, which could result in a material change in our operations and/or the value of the securities we are registering for sale.***

Additionally, the governmental and regulatory interference 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 be worthless.

The Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves of any interest we then hold in Chinese properties.

For example, the Chinese cybersecurity regulator announced on July 2, 2021, that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company's app be removed from smartphone app stores.

As such, the Company's business segments may be subject to various government and regulatory interference in the provinces in which they operate. The Company could be subject to regulation by various political and regulatory entities, including various local and municipal agencies and government sub-divisions. The Company may incur increased costs necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. The Company's operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry. Given that the Chinese government may intervene or influence our operations at any time, it could result in a material change in our operation and the value of our ordinary shares. Given recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted overseas, any such action 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 be worthless.

Furthermore, it is uncertain when and whether the Company will be required to obtain permission from the PRC government to list on U.S. exchanges in the future, and even when such permission is obtained, whether it will be denied or rescinded. Although the Company is currently not required to obtain permission from any of the PRC federal or local government to obtain such permission and has not received any denial to list on the U.S. exchange, our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations relating to its business or industry.

***It is unclear whether we will be subject to the oversight of the Cyberspace Administration of China (CAC) and how such oversight may impact us. Our business could be interrupted or we could be subject to liabilities which may materially and adversely affect the results of our operation and the value of your investment.***

Pursuant to the PRC Cybersecurity Law and the Measures for Cybersecurity Censorship (the "Cybersecurity Review Measures"), if a critical information infrastructure operator purchases internet products and services that affect or may affect national security, it should be subject to cybersecurity review by the CAC. Any internet product or service that affects or may affect national security as deemed by the cybersecurity review authorities may be subject to cybersecurity review. According to the Cybersecurity Review Measures, a critical information infrastructure operator refers to any

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operator identified by an authority for the protection of critical information infrastructures. As of the date hereof, we have not received any notice from such authorities identifying us as a critical information infrastructure operator or requiring us to going through cybersecurity review by the CAC.

On July 10, 2021, the CAC publicly issued the Measures for Cybersecurity Censorship (Revised Draft for Comments) ("Draft Measures") to collect public comments. The deadline for collecting comments was July 25, 2021. According to the Draft Measures, the scope of cybersecurity reviews is extended to data processing operators engaging in data processing activities that affect or may affect national security. The Draft Measures further require that any operator applying for listing on a foreign exchange must go through cybersecurity review if it possesses personal information of more than one million users. According to the Draft Measures, a cybersecurity review assesses potential national security risks that may be brought about by any procurement, data processing, or overseas listing. The review focuses on several factors, including, among others, (i) the risk of theft, leakage, corruption, illegal use or export of any core or important data, or a large amount of personal information, and (ii) the risk of any critical information infrastructure, core or important data, or a large amount of personal information being affected, controlled or maliciously exploited by a foreign government after a company is listed overseas. While the Draft Measures had been released for consultation purposes, there is still uncertainty regarding the Draft Measures as to the final content, adoption timeline or effective date, final interpretation and implementation, and other aspects. On November 14, 2021, the Cyberspace Administration of China released the Regulations on Network Data Security (draft for public comments) and accepted public comments until December 13, 2021. The draft Regulations on Network Data Security provide that data processors refer to individuals or organizations that autonomously determine the purpose and the manner of processing data. If a data processor that processes personal data of more than one million users intends to list overseas, it shall apply for a cybersecurity review. In addition, data processors that process important data or are listed overseas shall carry out an annual data security assessment on their own or by engaging a data security services institution, and the data security assessment report for the prior year should be submitted to the local cyberspace affairs administration department before January 31 of each year.

On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly promulgated the Cybersecurity Review Measures (the "new Cybersecurity Review Measures") which took effect on February 15, 2022, and replaced the original Cybersecurity Review Measures. Pursuant to the new Cybersecurity Review Measures, if critical information infrastructure operators purchase network products and services, or network platform operators conduct data processing activities that affect or may affect national security, they will be subject to cybersecurity review. A network platform operator holding more than one million users/users' individual information also shall be subject to cybersecurity review before listing abroad. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments and risk of network data security after going public overseas.

As the new Cybersecurity Review Measures took effect on February 15, 2022, we believe we are not subject to the cybersecurity review by the CAC for this offering, given that: (i) we are not a network platform operator holding more than one million users' individual information; and (ii) data processed in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities and we will not be required to obtain any permission from the CAC. We believe that we are compliant with the regulations or policies that have been issued by the CAC to date. However, there remains uncertainty as to how the new Cybersecurity Review Measures will be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new laws, regulations, rules, or detailed implementation and interpretation related to the new Cybersecurity Review Measures. If any such new laws, regulations, rules, or implementation and interpretation comes into effect, we expect to take all reasonable measures and actions to comply and to minimize the adverse effect of such laws on us.

We cannot assure you that PRC regulatory agencies, including the CAC, would take the same view as we do, and there is no assurance that we can fully or timely comply with such laws. In the event that we are subject to any mandatory cybersecurity review and other specific actions required by the CAC, we face uncertainty as to whether any clearance or other required actions can be timely completed, or at all. Given such uncertainty, we may be further required to suspend our relevant business, shut down our website, or face other penalties, which could materially and adversely affect our business, financial condition, and results of operations.

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***Our ordinary shares may be prohibited from trading on the OTC markets as a result of the recent enactment of the Holding Foreign Companies Accountable Act.***

Over the past decade, U.S. SEC and PCAOB and the Chinese counterparts, namely, the China Securities Regulatory Commission, or the CSRC, and PRC Ministry of Finance have been in an impasse over the ability of the PCAOB to have access to the audit work papers and inspect the audit work of China based accounting firms.

In May 2013, the PCAOB entered into a Memorandum of Understanding on Enforcement Cooperation (the "MOU") with the CSRC, and the PRC Ministry of Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents relevant to investigations undertaken by the PCAOB, the CSRC or the PRC Ministry of Finance in the United States and the PRC, respectively. Despite the MOU, on December 7, 2018, the SEC and the PCAOB issued a joint statement highlighting continued challenges faced by the U.S. regulators in their oversight of financial statement audits of U.S.-listed companies with significant operations in China.

On April 21, 2020, the SEC and the PCAOB reiterated in another joint statement the greater risk associated with the PCAOB's inability to inspect audit work paper and practices of accounting firms in China, with respect to their audit work of U.S. reporting companies.

On May 20, 2020, the U.S. Senate passed the Holding Foreign Companies Accountable Act requiring a foreign company to certify it is not owned or controlled by a foreign government if the PCAOB is unable to audit specified reports because the company uses a foreign auditor not subject to PCAOB inspection. If the PCAOB is unable to inspect the company's auditors for three consecutive years, the issuer's securities are prohibited to trade on a national securities exchange or in the over the counter trading market in the U.S. On December 2, 2020, the U.S. House of Representatives approved the Holding Foreign Companies Accountable Act. On December 18, 2020, the Holding Foreign Companies Accountable Act was signed into law.

On March 24, 2021, the SEC announced that it had adopted interim final amendments to implement congressionally mandated submission and disclosure requirements of the Act. The interim final amendments will apply to registrants that the SEC identifies as having filed an annual report on Forms 10-K, 20-F, 40-F or N-CSR with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB has determined it is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction. The SEC will implement a process for identifying such a registrant and any such identified registrant will be required to submit documentation to the SEC establishing that it is not owned or controlled by a governmental entity in that foreign jurisdiction, and will also require disclosure in the registrant's annual report regarding the audit arrangements of, and governmental influence on, such a registrant.

On June 22, 2021, United States Senate has passed the Accelerating Holding Foreign Companies Accountable Act (the "AHFCAA"), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer's securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.

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

On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

On December 16, 2021, the PCAOB issued a report on its determinations that it is unable to inspect or investigate completely PCAOB-registered public accounting firms headquartered in mainland China and in Hong Kong, because of positions taken by PRC authorities in those jurisdictions.

On August 26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the "SOP") with the China Securities Regulatory Commission and the Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations (together, the "SOP Agreement"), establishes a specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based

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in mainland China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong. However, whether the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control. The PCAOB continues to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023 and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated that it will act immediately to consider the need to issue new determinations with the HFCAA if needed.

Our auditor, Keith K Zhen CPA, the independent registered public accounting firm that issues the audit report included in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Keith K Zhen, CPA's compliance with applicable professional standards. Keith K Zhen CPA is headquartered in Brooklyn, New York and has been inspected by the PCAOB on a regular basis, with the last inspection in May 2022. Therefore, we believe that, as of the date of this prospectus, our auditor is not subject to the determinations as to the inability to inspect or investigate registered firms completely announced by the PCAOB on December 16, 2021.

#### The approval of the China Securities Regulatory Commission or other PRC regulatory agencies may be required in connection with this offering under PRC law.
The Regulations on Mergers of Domestic Enterprises by Foreign Investors, or the M&A Rules, purport to require offshore special purpose vehicles that are controlled by PRC companies or individuals and that have been formed for the purpose of seeking a public listing on an overseas stock exchange through acquisitions of PRC domestic companies or assets to obtain CSRC approval prior to publicly listing their securities on an overseas stock exchange. The interpretation and application of the regulations remain unclear. If CSRC approval is required, it is uncertain how long it will take for us to obtain such approval, and any failure to obtain or a delay in obtaining CSRC approval for this offering may subject us to sanctions imposed by the CSRC and other PRC regulatory agencies.

Our PRC legal advisor has advised us that, based on its understanding of the current PRC laws and regulations, we may not be required to submit an application to the CSRC for its approval of this offering and the listing and trading of the ordinary shares on the OTC markets under the M&A Rules because (i) the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus are subject to this regulation; (ii) Chengdu Skyherb is a wholly foreign-owned enterprise. However, our PRC legal advisor 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 as our PRC legal advisor.

Notwithstanding the foregoing, as of the date of this prospectus, there are no PRC laws and regulations in force explicitly requiring that we obtain any permission from PRC authorities to issue securities to foreign investors, and we have not received any inquiry, notice, warning, sanction or any regulatory objection to this offering from the CSRC or any other PRC authorities that have jurisdiction over our operations. Our PRC legal advisor has advised us that, based on the above and its understanding of the current PRC laws and regulations, as of the date of this prospectus, we are not required to submit an application to the CSRC for the approval of this offering and the trading of the ordinary shares on the OTC markets. However, our PRC legal advisor has further advised us there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory requirements related to overseas securities offering and other capital markets activities. If it is determined in the future that CSRC or other approval were required for this offering, we may face sanctions by the CSRC or other PRC regulatory agencies for failure to obtain or delay in obtaining CSRC approval for this offering. These regulatory agencies may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations in China, delay or restrict the repatriation of the proceeds from this offering into China or take other actions that could have a material adverse effect on our business, financial condition, results of operations and prospects, as well as the trading price of the ordinary shares. The CSRC or other PRC regulatory agencies also may take actions requiring us, or making it advisable for us, to halt this offering before settlement and delivery of the ordinary shares. Consequently,

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if you engage in market trading or other activities in anticipation of and prior to settlement and delivery, you do so at the risk that settlement and delivery may not occur. In addition, if the CSRC or other regulatory agencies later promulgate new rules requiring that we obtain their approvals for this offering, we may be unable to obtain a waiver of such approval requirements, if and when procedures are established to obtain such a waiver. Any uncertainties and/or negative publicity regarding such an approval requirement could have a material adverse effect on the trading price of the ordinary shares.

#### Risks Relating to Our Business and Industry
***Our current business is significantly based on a single product, which currently accounts for approximately 100 percent of our revenues, and we may not be able to generate significant revenue if this product fails.***

Approximately 100% of our sales for the fiscal years ended December 31, 2021 and 2020 and for the six months ended June 30, 2022 came from a single product, the Cordyceps, and our business may suffer a material adverse impact if our manufacture and sale of Cordyceps is disrupted due to supply chain disruption, extreme weather conditions, change in demand, heightened regulatory requirements. If we experience difficulties or obstacles in the manufacture and sale of the Cordyceps, we may not be able to generate significant revenues or any revenue at all, our business may fail, and you may lose all or part of your investment in our company.

***We may not be able to grow and harvest sufficient Cordyceps to satisfy our production requirements and any decline in the amount or quality of Cordyceps could reduce our sales and negatively affect our results of operations, financial condition and business prospects.***

Our Cordyceps business and financial results significantly depend on maintaining a consistent and cost-effective supply of Cordyceps. The availability, size and quality of Cordyceps for the production of our products are subject to risks inherent to growing, such as size, quality, and yield fluctuation caused by technical problems of growing, pest and disease problems, and other factors beyond our control. Because all Cordyceps used to produce our products are grown by us, we may not be able to find in a timely manner any third party suppliers who could provide us with sufficient materials to meet our production needs if we are not able to grow and harvest sufficient Cordyceps. Therefore, any interruptions to or decline in the amount or quality of our Cordyceps supply could materially disrupt our production and adversely affect our business and financial condition and financial prospects.

#### The regulations on Cordyceps in PRC are uncertain and may be changed in the future.
According to the Drug Administration Law of the People's Republic of China promulgated on August 26, 2019, the administration of the cultivation, collection and breeding of traditional Chinese medicinal materials shall be carried out according to provisions of the relevant laws and regulations. Before marketing a drug in China, it is imperative to obtain approval from the medical products administrative department under the State Council and the registration certificate for the drug, excluding traditional Chinese medicinal materials and traditional Chinese medicine decoction pieces which do not require examination and approval. According to the Reply of the State Food and Drug Administration on the legal application of non-drug counter sales of packaged gift box products with nourishing and health-care Chinese medicinal materials as the content promulgated and became effective on February 27, 2006, for non-pharmaceutical business units that sell nourishing and health care Chinese medicinal materials that have not yet been implemented for approval number management, no matter whether these nourishment and health care Chinese medicinal materials are packaged (packaged gift boxes), it does not need to obtain a "Drug Distribution License." According to the Law of the People's Republic of China on Traditional Chinese Medicine, the collection and storage as well as the initial processing of Chinese medicinal materials shall be in line with the relevant technical specifications, standards and administration requirements.

Notwithstanding the above, it is uncertain when and whether the Company will be required to obtain license from the PRC government to distribute Cordyceps in the future, and even when such license is obtained, whether it will be denied or rescinded. Although the Company is currently not required to obtain license from any of the PRC federal or local government and has not received any denial to distribute our products, our operations could be adversely affected, directly or indirectly, by future laws and regulations.

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#### Our sales and reputation may be affected by product liability claims, product recalls, pests contamination risks, or adverse publicity in relation to our products.
The sale of products for human consumption involves an inherent risk of injury to consumers. We face risks associated with product liability claims, litigation, or product recalls, if our products cause injury, or become adulterated or misbranded. Our products are subject to product tampering, and to contamination risks, such as mold, bacteria, insects, and other pests, and off-flavor contamination during the various stages of the procurement, production, transportation and storage processes. If any of our products were to be tampered with, or become tainted in any of these respects and we were unable to detect this, our products could be subject to product liability claims or product recalls. We cannot predict what impact such product liability claims or resulting negative publicity would have on our business or on our brand image. The successful assertion of product liability claims against us could result in potentially significant monetary damages, diversion of management resources and require us to make significant payments and incur substantial legal expenses.

We do not have product liability insurance and have not made provisions for potential product liability claims. Therefore, we may not have adequate resources to satisfy a judgment if a successful claim is brought against us. Even if a product liability claim is not successfully pursued to judgment by a claimant, we may still incur substantial legal expenses defending against such a claim. Finally, serious product quality concerns could result in governmental action against us, which, among other things, could result in the suspension of production or distribution of our products, loss of certain licenses, or other governmental penalties. In addition, product liability claims could have a material adverse effect on the demand for our products and on our business goodwill and reputation.

***We compete in an industry that is brand-conscious, and unless we are able to establish and maintain brand name recognition our sales may be negatively impacted.***

Our business is substantially dependent upon awareness and market acceptance of our products and brand by our targeted consumers. Although we believe that we have made progress towards establishing market recognition for our brand "Chengdu Skyherb" in the Cordyceps products industry, it is too early to determine whether our products and brand will achieve and maintain satisfactory levels of acceptance by our customers.

***Expansion of our business may put pressure on our management and operational infrastructure may impede our ability to meet any potential increased demand for our products and possibly hurting our future operating results.***

Our business plan is to grow our operations to meet anticipated growth in demand for our products. Growth in our business may place a significant strain on our personnel, management, financial systems and other resources. The evolution of our business also presents numerous risks and challenges, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully and rapidly expand sales to potential new distributors in response to potentially increasing demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with such growth, which are difficult to quantify, but could be significant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rapid technological change.

To accommodate any such growth and compete effectively, we may need to obtain additional funding to improve information systems, procedures and controls and expand, train, motivate and manage our employees, and such funding may not be available in sufficient quantities, if at all. If we are not able to manage these activities and implement these strategies successfully to expand to meet any increased demand, our operating results could suffer.

#### Our past results may not be indicative of our future performance and evaluating our business and prospects may be difficult.
We have a limited operating history. We may not be able to sign long-term agreements with customers, and our past operating results may not provide a meaningful basis for evaluating our business, financial performance and prospects.

#### We depend heavily on key personnel, and turnover of key employees and management could harm our business.
Our future business and results of operations depend in significant part upon the continued contributions of our key technical and management personnel. The expertise of management and technical innovation of the company give it a strong competitive advantage. We do not maintain key person insurance on the individuals. The loss of any of the

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key employees' services or any of our other management poses a risk to our business. We may not be able to attract or retain qualified management on acceptable terms in the future due to the intense competition for qualified personnel in our industry and as a result, our business could be adversely affected.

***Our revenue for the six months ended June 30, 2022, the fiscal years ended December 31, 2021 and 2020 was from two, five and two major customers, respectively. The loss of any of these customers would reduce our revenues and our profitability.***

We consider our major customers in each period to be those that accounted for more than 10% of our revenue in such period. We had five major customers, who accounted for 87.4% of our revenue for the fiscal year ended December 31, 2021, among which two related party customers accounted for 31.4% of the revenue. We had two major customers, who accounted for 100% of our revenue for the fiscal year ended December 31, 2020, among which one related party customer accounted for 32.3% of the revenue. For the six months ended June 30, 2022, we have two major customers, who accounted for 80.7% of our revenue. We did not sell cordyceps to related parties in the six months ended June 30, 2022. We sell Cordyceps products to these related party customers at the market price and deals with transaction disputes in the way of general industry practice.

There can be no assurance that we will maintain or improve the relationships with customers who do not have long-term contracts with us. If we cannot maintain long-term relationships with our major customers or replace major customers from period to period with equivalent customers, the loss of such sales would have an adverse effect on our business, financial condition and results of operations.

***We may require substantial additional funding in the future for our ability to continue as a going concern. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, our business results and our financial position would be adversely affected.***

The financial statements have been prepared by our auditor, Keith K Zhen CPA, "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

According to our auditor, Keith K Zhen CPA, the following factors among others raise substantial doubt about the ability to continue as a going concern for a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company incurred loss of $491,006 and $13,476 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2021, the Company had an accumulated deficit of $504,482.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company continued to incur negative operating cash flow of $179,008 and $296,482 for the six months ended June 30, 2022 and 2021 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company showed negative working capital of $2,019,519 and $1,790,698 as of June 30, 2022 and December 31, 2021.

In order to continue as a going concern, we will need, among other things, additional capital resources. Our plan is to obtain capital from management to meet our minimal operating expenses and seek third party equity and/or debt financing. However, management cannot provide any assurances that we will be successful in accomplishing any of our plans. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, we could experience operating losses and limit our marketing efforts as well as decrease or eliminate capital expenditures. If so, our operating results, our business results and our financial position would be adversely affected.

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***We had two, three and one major suppliers who supplied us the raw materials for our products for the six months ended June 30, 2022, the fiscal year ended December 31, 2021 and 2020.***

We consider our major suppliers in each period to be those that accounted for more than 10% of our purchase in such period. We had three major suppliers, who accounted for 79.8% of our supply for the fiscal year ended December 31, 2021. All of these three major suppliers are third party suppliers in 2021. We had only one major supplier, who accounted for 90% of our supply for the fiscal year ended December 31, 2020. This only supplier is Chengdu Zhonghe Sunshine Biotechnology Co., Ltd. ("Chengdu Zhonghe"), a related party of the Company. Chengdu Skyherb purchases raw materials from Chengdu Zhonghe at the market price and deals with transaction disputes in the way of general industry practice. Chengdu Skyherb completed a contract of purchasing 4.5 million Cordyceps larvae from Chengdu Zhonghe in 2020, and did not purchase any materials from Chengdu Zhonghe in 2021. For the six months ended June 30, 2022, we have two major suppliers, who accounted for 80.2% of our supply. All of these major suppliers were third parties individuals or companies for the six months ended June 30, 2022.

Our current sales and distribution arrangements, including payment terms, are determined on a case-by-case basis. Our sales policy treats related parties and third parties alike. As of today, we do not have long-term supply contracts with any of our suppliers. In case of disputes, the sales department will consider the requirements of the customers, combine our sales policies, and determine the resolutions which will be finally approved by the management. As of today, we have not had any disputes with the distributors and retailers. However, there can be no assurance that we will maintain or improve the relationship with the supplier. If we cannot maintain a long-term relationship with that supplier or replace such supplier from period to period with equivalent suppliers, there could be an adverse effect on our business, financial condition and results of operations.

#### Our inability to protect our intellectual property may prevent us from successfully marketing our products and competing effectively.
Failure to protect our intellectual property could harm our brands and our reputation, and adversely affect our ability to compete effectively. Further, enforcing or defending our intellectual property rights could result in the expenditure of significant financial and managerial resources. We produce, market and sell our products using the brand "Chengdu Skyherb". We regard our intellectual property, particularly our trademark to be of considerable value and importance to our business and our success. There can be no assurance that the steps taken by us to protect the proprietary rights will be adequate or that third parties will not infringe or misappropriate our rights. In addition, there can be no assurance that other parties will not assert infringement claims against us, and we may have to pursue litigation against other parties to assert our rights. Any such claim or litigation could be costly, and we may lack the resources required to defend against such claims. In addition, any event that would jeopardize our proprietary rights or any claims of infringement by third parties could have a material adverse effect on our ability to market or sell our brands, and profitably exploit our products.

#### We do not carry any business interruption insurance or third-party liability insurance for our production facilities.
Operation of our facilities involves many risks, including equipment failures, natural disasters, industrial accidents, power outages, labor disturbances and other business interruptions. Furthermore, if any of our products are faulty, then we may become subject to product liability claims or we may have to engage in a product recall. We do not carry any business interruption insurance, product recall or third-party liability insurance for our production facilities or with respect to our products to cover claims pertaining to personal injury or property or environmental damage arising from defects in our products, product recalls, accidents on our property or damage relating to our operations. As a result, we may be required to pay for financial and other losses, damages and liabilities, including those caused by natural disasters and other events beyond our control, out of our own funds, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our business was not significantly impacted by the COVID-19 pandemic. However, due to the uncertainty surrounding the COVID-19 pandemic, we could be harmed.
The COVID-19 pandemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities globally. Substantially all of our business operations and our workforce are located in China. Given the uncertainty of the development of the COVID-19 pandemic, we believe there is a risk that our business, results of operations, and financial condition will be adversely affected. Potential impact to our results of operations will

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also depend on 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 COVID-19 pandemic or mitigate its impact, almost all of which are beyond our control.

The impacts of the COVID-19 pandemic on our business, financial condition, and results of operations include, but are not limited to, the following:

Our operating company in China was incorporated on June 5, 2020 and was not significantly impacted by the lockdown in China. However, because of the uncertainty surrounding the COVID-19 pandemic, the business disruption and the related financial impact related to the outbreak of and response to the coronavirus cannot be reasonably estimated at this time.

#### Risks Relating to the Offering and Our Ordinary Shares

#### The highly concentrated ownership and voting power of the Company may impact shareholders' interests in the Company.
As of the date of this prospectus, Mr. Szu Hao Huang and Mr. Yenhung Liu, through Dalan Vincent Holdings Limited, indirectly owned approximately 59.3% of our ordinary shares and the voting power of the Company. It is anticipated that Mr. Szu Hao Huang and Mr. Yenhung Liu will continue to own a majority of ordinary shares of the Company and, correspondingly, will have the majority of the voting power of the Company. As such, you may not be able to influence the strategies, management or policies of the Company as you could at a company where the equity ownership is widely distributed.

***There has been no public market for our ordinary shares, an active trading market for our ordinary shares may not develop, and you may not be able to resell our ordinary shares at or above the price you pay for them, or at all.***

Prior to this offering, there has not been a public market for our ordinary shares. An active public market for our ordinary shares may not develop or be sustained, in which case the market price and liquidity of our ordinary shares may be materially and adversely affected. Shareholders may not be able to resell their ordinary shares at or above the purchase price, or at all. And our ordinary shares may be less attractive for margin loans, for investments by financial institutions, for consideration in future capital raising transactions or for other purposes.

After the effective date of the registration statement relating to this prospectus, we hope to have a market-maker file an application with FINRA for our ordinary shares to be eligible for quotation on the over-the-counter markets administered by the. To be eligible for quotation, registrants must remain current in their periodic filings with the SEC. We plan to apply for quotation on the OTCQB. We currently do not have a market- maker who has agreed to file such application for quotation on the OTC. There can be no assurance that our ordinary shares will ever be quoted on a quotation service or listed on a stock exchange, or that any public market for our stock will develop.

Even if we successfully applied for quotation on OTCQB, it is an unorganized, inter-dealer, over-the-counter market which provides significantly less liquidity than the Nasdaq Capital Market or other national securities exchange. These factors may have an adverse impact on the trading and price of our ordinary shares.

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."
We will become a public company and incur significant legal, accounting and other expenses that we do not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC, imposes various requirements on the corporate governance practices of public companies. As an "emerging growth company" pursuant to the JOBS Act, we may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costlier. After we are no longer an "emerging growth company," we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with increased disclosure requirements.

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***Our ordinary shares may be considered a "penny stock" which is subject to restrictions on marketability, so you may not be able to sell your shares.***

The SEC has adopted regulations which generally define "penny stock" 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 specific exemptions. Although there has not been a public market for our ordinary shares and such a public market may never develop, our ordinary shares may have a market price of less than $5.00 per share and therefore will be designated as a "penny stock" according to SEC rules. This designation requires any broker or dealer selling these securities to disclose some information concerning the transaction, obtain a written agreement from the purchaser and determine that the purchaser is reasonably suitable to purchase the securities. These rules may restrict the ability of brokers or dealers to sell the ordinary shares and may affect the ability of investors to sell their ordinary shares. These regulations may likely have the effect of limiting the trading activity of our ordinary shares and reducing the liquidity of an investment in our ordinary shares. In addition, investors may find it difficult to obtain accurate quotations of the ordinary shares and may experience a lack of buyers to purchase our ordinary shares or a lack of market makers to support the stock price.

If our ordinary shares become tradable in the secondary market, we will be subject to the penny stock rules adopted by the SEC that require brokers to provide extensive disclosure to their customers prior to executing trades in penny stocks. These disclosure requirements may cause a reduction in the trading activity of our ordinary shares, which in all likelihood would make it difficult for our shareholders to sell their shares.

***If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud.***

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the subsequent testing by our independent registered public accounting firm, if and when required, may reveal additional deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. If in the future we identify new material weaknesses in our internal control over financial reporting, including at some of our acquired companies, if we are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if and when applicable, our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our ordinary shares could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities are then listed, the SEC, or other regulatory authorities, which could require additional financial and management resources. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our ordinary shares.

#### The market price for the ordinary shares may be volatile.
The market price for the ordinary shares may be volatile and subject to wide fluctuations in response to factors including the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions and restrictions in Cordyceps industries;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of exchange rates between RMB and U.S. dollar or other foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or administrative investigations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of ordinary shares in large volumes by the Selling Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of transfer restrictions on the outstanding ordinary shares or sales of additional ordinary shares.

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

***We may need additional capital, and the sale of additional ordinary shares or other equity securities could result in additional dilution to the shareholders and the incurrence of indebtedness could increase our debt obligations.***

We can give no assurance that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs for the foreseeable future. We may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If our resources are insufficient to satisfy our capital requirements, we may seek to sell additional equity securities or obtain a credit facility. The sale of additional equity and equity-linked securities could result in additional dilution to our shareholders. We currently plan to satisfy our cash requirements for the next 12 months through earning from our subsidiaries and borrowings from our related parties or companies affiliated with our related parties. We believe we can satisfy our cash requirements so long as it is able to obtain financing from these affiliated parties. The related parties and affiliates are as follows: (1) Mr. Szuhao Huang, Director and CEO of the Company, (2) Mr. Yenhung Liu, Director of the Company, (3) Mr. Xusheng Niu, Legal representative of Chengdu Skyherb, (4) Mrs. Xiangtao Yao, Wife of Xusheng Niu, (5) Chengdu Zhonghe sunshine Biotechnology Co., Ltd ("Chengdu Zhonghe"), a company which legal representative is Mr. Yenhung Liu, and (6) Gasar Biotechnology Co., Ltd, a company which legal representative is Mr. Szuhao Huang. (7) Foshan Xiongluyu Tea Co., Ltd.,a company whose legal representative and principal shareholder is Mrs. Xiangtao Yao. and (8) Chengdu Zangqingyuan Herb Co., Ltd. a company whose legal representative and principal shareholder is Mrs. Xiangtao Yao.

The incurrence of indebtedness would cause increased debt service obligations and result in operating and financing covenants that could restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all, particularly in the aftermath of global economic crisis.

***Future sales or issuances, or perceived future sales or issuances, of substantial amounts of our ordinary shares could adversely affect the price of the ordinary shares.***

Sales, or perceived potential sales, by our existing shareholders might make it more difficult for us to issue new equity or equity-related securities in the future at a time and place we deem appropriate. The ordinary shares that have been registered with the SEC are eligible for immediate resale in the public market without restrictions, and the remaining ordinary shares may also be sold in the public market in the future subject to the restrictions contained in Rule 144 and Rule 701 under the Securities Act. If any existing shareholders sell a substantial amount of ordinary shares in the future, the prevailing market price for the ordinary shares could be adversely affected.

#### Risk of Selling Shareholders and broker-dealers or agents being deemed statutory underwriters; investors' cause of action limited.
The Selling Shareholders and any broker-dealers or agents that are involved in selling shares offered by the Selling Shareholders may be considered as underwriters within the meaning of the Securities Act for the sales. An underwriter is a person who has purchased shares from an issuer with a view towards distributing the shares to the public. Any commissions received by the broker-dealers or agents and any profit on the resale of the shares purchased by them may be considered to be underwriting commissions or discounts under the Securities Act.

Any purchaser acquiring ordinary shares covered by this registration statement may initiate legal proceedings against the parties enumerated under Section 11 of the Securities Act of 1933, including any person who signed the registration statement and our director. The Selling Shareholders will have potential liability for a mistake in the Company's prospectus as well. However, the ability of an investor to pursue an action against a Selling Shareholder may be difficult, and the likelihood of recovery may be minimal.

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***Because we are not subject to compliance with rules requiring the adoption of certain corporate governance measures, our shareholders have limited protections against interested director transactions, conflicts of interest and similar matters.***

The Sarbanes-Oxley Act of 2002, as well as rule changes proposed and enacted by the SEC, the New York Stock Exchange and the Nasdaq Stock Market, as a result of Sarbanes-Oxley, requires the implementation of various measures relating to corporate governance. These measures are designed to enhance the integrity of corporate management and securities markets and apply to securities which are listed on those exchanges. Because we are not presently required to comply with many of the corporate governance provisions, we have not yet adopted these measures.

We do not currently have independent audit or compensation committees. As a result, our director has the ability, among other things, to determine the level of compensation. Until we comply with such corporate governance measures, the absence of such standards of corporate governance may leave our shareholders without protections against interested director transactions, conflicts of interest and similar matters, and investors may be reluctant to provide us with funds necessary to expand our operations.

#### The Company's ordinary shares represent equity interests and are subordinate to the existing and future indebtedness.
Our ordinary shares represent equity interests in our Company and, as such, rank junior to any indebtedness of our Company, as well as to the rights of any preferred shares that may be issued in the future. In the future, we may incur substantial amounts of debt and other obligations that will rank senior to our ordinary shares or to which our ordinary shares will be structurally subordinated.

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

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

Our director has complete discretion as to whether to distribute dividends, subject to certain requirements of the Cayman Islands laws. Even if our director decides to declare and pay dividends, the timing, amount and form of future dividends will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by our director. Accordingly, the return on your investment in our ordinary shares will likely depend entirely upon any future price appreciation of our ordinary shares. We cannot guarantee that our ordinary shares will appreciate in value after this offering or even maintain the price at which you purchased the ordinary shares. You may not realize a return on your investment in our ordinary shares and you may even lose your entire investment in our ordinary shares.

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#### USE OF PROCEEDS
We will not receive any of the proceeds from the sale of our ordinary shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sales of ordinary shares offered by them under this prospectus. We have agreed to bear the expenses relating to the registration of the ordinary shares for the Selling Shareholders.

#### DETERMINATION OF OFFERING PRICE
The Selling Shareholders will offer ordinary shares at a fixed price of $0.02 per share until the ordinary shares are listed on a national securities exchange or quoted on the OTC Bulletin Board, OTCQX or OTCQB, at which time they may be sold at prevailing market prices or in privately negotiated transactions. The offering price of our ordinary shares does not necessarily bear any relationship to our book value, assets, past operating results, financial condition or any other established criteria of value. The $0.02 per share offering price is based on the price used in the August 2021 Regulation S offering. Our ordinary shares might not trade at market prices in excess of the offering price, as prices for ordinary shares in any public market will be determined in the marketplace and may be influenced by many factors, including the depth and liquidity.

#### MARKET PRICE OF ORDINARY SHARES
This is no public market for our ordinary shares. We intend to apply for listing our ordinary shares on the OTCQB after the effectiveness of this registration statement on Form F-1 of which this prospectus forms a part, but we cannot assure you that we will be successful or that a liquid public market for our ordinary shares will develop. If an active public market for our ordinary shares does not develop following the completion of this offering, the market price and liquidity of our ordinary shares may be materially and adversely affected.

#### DIVIDEND POLICY
We have not declared or paid any dividends on our ordinary shares since our inception, and have no current plans to pay dividends on our ordinary shares. The declaration and payment of future dividends to holders of our ordinary shares will be at the discretion of our director and will depend upon many factors, including our financial condition, earnings, legal requirements, restrictions in our debt agreements and other factors deemed relevant by our director. In addition, as a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization, agreements of our subsidiaries, or covenants of future indebtedness that we or they may incur. See "Risk Factors — Risks Related to the Offering and Our Ordinary Shares — Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on price appreciation of our ordinary shares for return on your investment."

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#### PLAN OF DISTRIBUTION
We are registering up to 11,120,000 shares of ordinary shares for resale by the Selling Shareholders. We plan to apply for quotation on the OTCQB after the effectiveness of this registration statement on Form F-1. There can be no assurance that our ordinary shares will ever be quoted on a quotation service or listed on a stock exchange, or that any public market for our stock will develop.

The ordinary shares held by the Selling Shareholders may be sold or distributed from time to time by the Selling Shareholders directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at prevailing market prices or in privately negotiated transactions.

The sale of the Selling Shareholders' ordinary shares offered by this prospectus may be effected in one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions involving cross or block trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers agreeing with the Selling Shareholders to sell a specified number of such shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "at the market" into an existing market for the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through the writing of options on the shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other methods permitted pursuant to applicable law.

The Selling Shareholders may, from time to time, pledge or grant a security interest in some or all of the ordinary shares owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the ordinary shares, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of Selling Shareholders to include the pledgee, transferee or other successors in interest as Selling Shareholders under this prospectus. The Selling Shareholders also may transfer the securities in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

In connection with the sale of our ordinary shares or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the ordinary shares in the course of hedging the positions they assume. The Selling Shareholders may also sell shares of our ordinary shares short and deliver these securities to close out their short positions, or loan or pledge the ordinary shares to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The aggregate proceeds to the Selling Shareholders from the sale of the ordinary shares offered by them will be the purchase price of the ordinary shares less discounts or commissions, if any. Each of the Selling Shareholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of ordinary shares to be made directly or through agents. We will not receive any of the proceeds from this offering.

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The Selling Shareholders also may resell all or a portion of their ordinary shares in open market transactions in reliance upon Rule 144 under the Securities Act, provided that they meet the criteria and conform to the requirements of that rule.

In order to comply with the securities laws of certain states, if applicable, the ordinary shares of the Selling Shareholders may be sold only through registered or licensed brokers or dealers. In addition, in certain states, such shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the registration or qualification requirement is available and complied with.

Brokers, dealers or agents participating in the distribution of the ordinary shares held by a Selling Shareholder as agents may receive compensation in the form of commissions, discounts, or concessions from the Selling Shareholder and/or purchasers of the ordinary shares for whom the broker-dealers may act as agent. Such Selling Shareholder may agree to indemnify any agent, dealer or broker-dealer that participates in transactions involving sales of the ordinary shares if liabilities are imposed on that person under the Securities Act.

To the extent required, the ordinary shares to be sold, the names of the Selling Shareholders, the respective purchase prices and public offering prices, the names of any agents, dealers or underwriters, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.

The Selling Shareholders and any underwriters, broker-dealers or agents that participate in the sale of the ordinary shares therein may be "underwriters" within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of the ordinary shares may be underwriting discounts and commissions under the Securities Act. Selling Shareholders who are "underwriters" within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities Act.

We have advised the Selling Shareholders that while they are engaged in a distribution of the ordinary shares included in this prospectus, they are required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the Selling Shareholders, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase, any securities which are the subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bid or purchase made in order to stabilize the price of securities in connection with the distribution of those securities. All of the foregoing may affect the marketability of the ordinary shares offered hereby in this prospectus.

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#### DESCRIPTION OF SECURITIES

#### General
We are authorized by our Memorandum and Articles of Association to issue an aggregate of 500,000,000 ordinary shares, par value $0.0001 per share, of which 111,120,000 were issued and outstanding as of the date of this prospectus.

This prospectus contains only a summary of the terms of the ordinary shares the Selling Shareholders are offering and is subject to, and qualified in its entirety by reference to, the terms and provisions of our Memorandum and Articles of Association. You should refer to, and read this summary together with, our Memorandum and Articles of Association to review all of the terms of our ordinary shares that may be important to you.

#### Ordinary Share

#### Shareholders' voting rights
Any action required or permitted to be taken by the shareholders must be taken at a duly called meeting of the shareholders entitled to vote on such action. At each meeting of shareholders, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each ordinary share. An action that may be taken by the shareholders at a meeting may also be taken by a resolution of shareholders consented to in writing.

#### Election of directors
The Company may by ordinary resolution appoint any person to be a Director. Delaware law permits cumulative voting for the election of directors only if expressly authorized in the certificate of incorporation. The laws of the Cayman Islands do not specifically prohibit or restrict the creation of cumulative voting rights for the election of directors. Cumulative voting is not a concept that is accepted as a common practice in the Cayman Islands, and we have made no provisions in our Memorandum and Articles of Association to allow cumulative voting for elections of directors. A Director shall hold office until such time as he is removed from office by the Company.

#### Meetings of shareholders
Any of our directors may convene a meeting of shareholders at any time and in any manner and place the director considers necessary or desirable. The director convening a meeting must not give less than seven days' notice of the meeting to those shareholders whose names appear as shareholders in the register of shareholders on the date of the notice and who are entitled to vote at the meeting, and to the other directors. The Directors shall convene a meeting of shareholders upon the written requisition of any shareholders entitled to attend and vote at general meeting of the Company who hold not less than 10 percent of the paid up voting share capital of the Company.

No business shall be transacted at any general meeting unless a quorum is present at the time when the meeting proceeds to business. A quorum shall consist of one or more shareholders present in person or by proxy holding at least a majority of the paid up voting share capital of the Company. If the Company has only one shareholder, that only shareholder present in person or by proxy shall be a quorum for all purposes. If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of shareholders, shall be dissolved. In any other case it shall stand adjourned to the same day in the next week, at the same time and place or to such other day and at such other time and place as the Directors may decide, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the shareholder or shareholders present and entitled to vote shall be a quorum.

#### Meetings of directors
Our business and affairs are managed by our board of directors, who will make decisions by voting on resolutions of directors. Our directors are free to meet at such times and in such manner and places within or outside the Cayman Islands as the directors determine to be necessary or desirable. A Director may at any time summon a meeting of the Directors. The quorum necessary for the transaction of the business may be fixed by the Directors, and unless so fixed, if there be more than two Directors shall be two, and if there be two or less Directors shall be one. A Director represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present. An action that may be taken by the directors at a meeting may also be taken by a resolution of directors consented to in writing by a majority of the directors.

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#### Pre-emptive rights
There are no pre-emptive rights applicable to the issue by us of new ordinary shares under either Cayman Islands law or our Memorandum and Articles of Association.

#### Transfer of Ordinary Shares
Subject to the restrictions in our Memorandum and Articles of Association and applicable securities laws, any of our shareholders may transfer all or any ordinary shares by written instrument of transfer signed by the transferor. The transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the Register of Members. The Directors may in their absolute discretion to decline to register any transfer of any share, whether or not it is a fully paid share, without assigning any reason for so doing. If the Directors refuse to register a transfer, they shall within 2 months of the date on which the transfer was lodged with the Company send to the transferor and transferee notice of the refusal.

#### Liquidation
If the Company shall be wound up, and the assets available for distribution among the shareholders as such shall be insufficient to repay the whole of the paid-up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the capital paid-up, or which ought to have been paid-up, at the commencement of the winding up on the shares held by them respectively. If on a winding up the assets available for distribution among the shareholders shall be more than sufficient to repay the whole of the capital paid-up at the commencement of the winding up, the excess shall be distributed among the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively.

#### Calls on ordinary shares and forfeiture of ordinary shares
Our directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least 14 days prior to the specified date of payment. When such a notice has been issued and its requirements have not been complied with, the directors may, at any time before the tender of payment, forfeit and cancel the ordinary shares to which the notice relates.

#### Issuance of ordinary shares
Our directors may authorize the issuance of shares at such times, to such persons, for such consideration and on such terms as they may determine by a resolution of the directors, subject to the Companies Laws (As amended) of the Cayman Islands, our Memorandum and Articles of Association and any applicable requirements imposed from time to time by the SEC, the FINRA, any stock exchange or the over-the-counter market on which our securities are listed.

#### Inspection of books and records
Holders of our ordinary shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of Association, (ii) our register of shareholders, (iii) our register of directors and (iv) minutes of meetings and resolutions of our shareholders, and to make copies and take extracts from these documents and records. However, our directors can refuse access if they are satisfied that to allow such access would be contrary to our interests. See "Where You Can Find More Information."

#### Rights of non-resident or foreign shareholders
There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

#### Listing
We plan to apply for quotation on the OTCQB after the effectiveness of this registration statement on Form F-1. There can be no assurance that our ordinary shares will ever be quoted on a quotation service or listed on a stock exchange, or that any public market for our stock will develop.

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#### SELLING SHAREHOLDERS
The ordinary shares being offered by the shareholders consist of a total of 11,120,000 ordinary shares issued to 65 Selling Shareholders upon their purchases of our ordinary shares with registration rights pursuant to the Regulation S offering at an offering price of $0.02 per ordinary share conducted in August 2021. We are registering the ordinary shares in order to permit the Selling Shareholders to offer the shares for resale from time to time.

The table below lists the Selling Shareholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the ordinary shares held by the Selling Shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholder** | **Number of Ordinary Shares <br>Owned <br>Prior to <br>Offering** | **Maximum Number of Ordinary Shares to <br>be Sold <br>Pursuant <br>to This <br>Prospectus** | **Number of <br>Ordinary <br>Shares Which May Be Sold in <br>This Offering <br>As a Percentage <br>of Currently <br>Outstanding <br>Shares<sup>(1)(2)</sup>** | **Number of <br>Ordinary Shares <br>Owned <br>After <br>Offering** | **Percentage <br>of Ordinary <br>Shares <br>Owned After <br>the Offering** |
|  CHANG, CHING-HSIU | 1000 | 1000 | \*% | 0 | 0% |
|  CHANG, CHIUNG-CHU | 10000 | 10000 | \*% | 0 | 0% |
|  CHANG, FANG-HAO | 10000 | 10000 | \*% | 0 | 0% |
|  CHANG, KAI-SHENG | 10000 | 10000 | \*% | 0 | 0% |
|  CHEN, CHUN-CHUNG | 10000 | 10000 | \*% | 0 | 0% |
|  CHENG, KAI-CHEN | 10000 | 10000 | \*% | 0 | 0% |
|  CHIU, WEI-CHEN | 11500 | 11500 | \*% | 0 | 0% |
|  CHUANG, JUI- CHIA | 5000 | 5000 | \*% | 0 | 0% |
|  HSIEH, CHANG-EN | 1000 | 1000 | \*% | 0 | 0% |
|  HSIEH, CHIN-YI | 1000 | 1000 | \*% | 0 | 0% |
|  HSIEH, TSUNG-LUN | 1000 | 1000 | \*% | 0 | 0% |
|  HUANG, CIAN-YUN | 25000 | 25000 | \*% | 0 | 0% |
|  HUANG, HSUAN-MO | 10000 | 10000 | \*% | 0 | 0% |
|  HUANG, JUN-RUI | 10000 | 10000 | \*% | 0 | 0% |
|  HUANG, SIH-JIA | 20000 | 20000 | \*% | 0 | 0% |
|  HUANG, WEN-LIN | 100000 | 100000 | \*% | 0 | 0% |
|  HUANG, YU-TING | 10000 | 10000 | \*% | 0 | 0% |
|  JHU, JAI-YI | 10000 | 10000 | \*% | 0 | 0% |
|  KAO, LIN-FEN | 10000 | 10000 | \*% | 0 | 0% |
|  LAI, JIN-YI | 10000 | 10000 | \*% | 0 | 0% |
|  LAO, CHIEN | 10000 | 10000 | \*% | 0 | 0% |
|  LIN, HSIU-YUN | 200000 | 200000 | \*% | 0 | 0% |
|  LIN, SU-YEN | 1000 | 1000 | \*% | 0 | 0% |
|  LIN, TSUNG-LIN | 150000 | 150000 | \*% | 0 | 0% |
|  LIN, YU-CHIN | 1000000 | 1000000 | \*% | 0 | 0% |
|  LU, CHEN-YU | 1500000 | 1500000 | 1.35% | 0 | 0% |
|  LU, CHUN-HUNG | 200000 | 200000 | \*% | 0 | 0% |
|  LU, HSIU-CHUAN | 50000 | 50000 | \*% | 0 | 0% |
|  LU, YU-HAN | 200000 | 200000 | \*% | 0 | 0% |
|  PI, MING-YEN | 25000 | 25000 | \*% | 0 | 0% |
|  TSENG, CHIUNG-YAO | 10000 | 10000 | \*% | 0 | 0% |
|  TSENG, LIU-JUNG | 10000 | 10000 | \*% | 0 | 0% |
|  TSENG, YUN-JU | 25000 | 25000 | \*% | 0 | 0% |
|  WANG, PO-YUAN | 10000 | 10000 | \*% | 0 | 0% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name of Selling Shareholder** | **Number of Ordinary Shares <br>Owned <br>Prior to <br>Offering** | **Maximum Number of Ordinary Shares to <br>be Sold <br>Pursuant <br>to This <br>Prospectus** | **Number of <br>Ordinary <br>Shares Which May Be Sold in <br>This Offering <br>As a Percentage <br>of Currently <br>Outstanding <br>Shares<sup>(1)(2)</sup>** | **Number of <br>Ordinary Shares <br>Owned <br>After <br>Offering** | **Percentage <br>of Ordinary <br>Shares <br>Owned After <br>the Offering** |
|  WANG, SHENG-MIN | 10000 | 10000 | \*% | 0 | 0% |
|  WU, CHUN-YI | 100000 | 100000 | \*% | 0 | 0% |
|  YAO, JHIH-SIANG | 1000 | 1000 | \*% | 0 | 0% |
|  YEH, CHI-WEI | 200000 | 200000 | \*% | 0 | 0% |
|  CHUNG, CHUNG-TSE | 10000 | 10000 | \*% | 0 | 0% |
|  HSIEH, CHEN CHUN-LUN | 10000 | 10000 | \*% | 0 | 0% |
|  HSU, SHU-CHING | 200000 | 200000 | \*% | 0 | 0% |
|  HUANG, CHENG-CHUNG | 200000 | 200000 | \*% | 0 | 0% |
|  HUANG, HSIANG-YUN | 25000 | 25000 | \*% | 0 | 0% |
|  HUANG, SHIH-HAN | 320000 | 320000 | \*% | 0 | 0% |
|  HUNG, WEI-JIE | 10000 | 10000 | \*% | 0 | 0% |
|  KUO, CHIEN-LIANG | 1500000 | 1500000 | 1.35% | 0 | 0% |
|  LEE, TSAI CHIN-HUA | 1000 | 1000 | \*% | 0 | 0% |
|  LIAO, HUI-SHAN | 1500 | 1500 | \*% | 0 | 0% |
|  LIN, AI-WEN | 500000 | 500000 | \*% | 0 | 0% |
|  LIN, CHIH-MIN | 2500000 | 2500000 | 2.25% | 0 | 0% |
|  LIN, HSING-FEN | 200000 | 200000 | \*% | 0 | 0% |
|  LIN, LI-YU | 150000 | 150000 | \*% | 0 | 0% |
|  LIOU, SHU-RONG | 1500 | 1500 | \*% | 0 | 0% |
|  LIU, CHAO-TING | 100000 | 100000 | \*% | 0 | 0% |
|  LIU, TZU-LIANG | 100000 | 100000 | \*% | 0 | 0% |
|  LIU, YU-LUN | 151500 | 151500 | \*% | 0 | 0% |
|  LU, YU-CHEN | 150000 | 150000 | \*% | 0 | 0% |
|  TAI, TZU-YI | 100000 | 100000 | \*% | 0 | 0% |
|  TSAI, BIN-HUI | 200000 | 200000 | \*% | 0 | 0% |
|  TSAI, JUNG-CHIN | 10000 | 10000 | \*% | 0 | 0% |
|  TSENG, YUNG-YING | 150000 | 150000 | \*% | 0 | 0% |
|  WANG, CHIU-MAN | 2000 | 2000 | \*% | 0 | 0% |
|  WANG, PIN-SIANG | 50000 | 50000 | \*% | 0 | 0% |
|  WU, CHIEN-HUI | 300000 | 300000 | \*% | 0 | 0% |
|  WU, MING-TENG | 200000 | 200000 | \*% | 0 | 0% |
|  **Total** | 11120000 | 11120000 | 4.95% | 0 | 0% |

---

____________

(1) Based on 111,120,000 ordinary shares issued and outstanding as of the date of this prospectus.

(2) "\*" means percentage less than 1%.

The Selling Shareholders named above acquired their respective ordinary shares in private placement offerings that were exempt from registration under the Securities Act pursuant to Regulation S. None of the Selling Shareholders or their beneficial owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has had a material relationship with us other than as a shareholder at any time within the past three years; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has ever been one of our officers or directors or an officer or director of our predecessors or affiliates.

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

#### SHARE ELIGIBILE FOR FUTURE SALE
We cannot make any prediction as to the effect, if any, that the sale of ordinary shares or the availability of ordinary shares for sale will have on the market price of our ordinary shares. The market price of our ordinary shares could decline because of the sale of a large number of ordinary shares or the perception that such sales could occur. These factors could also make it more difficult to raise funds through future offerings of ordinary shares.

#### Sale of Restricted Shares
Upon the effectiveness of this prospectus, 11,120,000 ordinary shares will be freely tradable without restriction under the Securities Act, except that any ordinary shares purchased by our affiliates may generally only be sold in compliance with the limitations of Rule 144 described below. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the issuer.

Approximately 100,000,000 of our ordinary shares are deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if they qualify for an exemption from registration under Rule 144, whose rule is summarized below, or any other applicable exemption under the Securities Act.

#### Rule 144
The availability of Rule 144 will vary depending on whether restricted securities are held by an affiliate or a non-affiliate. In general, once we have been subject to public company reporting requirements for at least 90 days, an affiliate who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding ordinary shares or the average weekly trading volume of our ordinary shares reported through the OTC markets during the four calendar weeks preceding such sale under Rule 144. Sales under Rule 144 are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about our Company. The volume limitations, manner of sale and notice provisions described above will not apply to sales by non-affiliates. For purposes of Rule 144, a non-affiliate is any person or entity who is not our affiliate at the time of sale and has not been our affiliate during the preceding three months. In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements for at least 90 days, a person (or persons whose ordinary shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for a least six months would be entitled to sell those ordinary shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those ordinary shares without regard to the provisions of Rule 144.

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

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL <br> CONDITION AND RESULTS OF OPERATIONS
*This discussion summarizes the significant factors affecting the operating results, financial condition, liquidity and cash flows of the Company for the periods from inception May 4, 2020 to December 31, 2020, the year ended December 31, 2021, and the six months ended June 30, 2022 and 2021. The discussion and analysis that follows should be read together with our financial statements and the notes to the financial statements included elsewhere in this Annual Report on Form F-1. Except for historical information, the matters discussed in this section are forward looking statements that involve risks and uncertainties and are based upon judgments concerning various factors that are beyond the Company's control. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report.*

#### Overview
We specialize in the research, development, manufacturing, and marketing of cordyceps, through our wholly-owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd. (China) ("Chengdu Skyherb").

Our primary product is Cordyceps, *Ophiocordyceps Sinensis*, a valuable Chinese medicinal material with a long history of application in China. Based on some relevant documents and our own industry experience, we briefly introduce the product as follows:

Cordyceps is a species of parasitic fungus that is typically found in north-eastern mountainous China, and the Hepialidae, a kind of caterpillar. The base of the mushroom first originates from an insect larval host and ends at the club-like cap, including the stipe and stroma. The fruit body is dark brown to black, and the root of organism, the larval body pervaded by the mycelium, is yellowish to brown color. The immature larvae (host) on which Cordyceps grows usually lies about 6 inches below the surface of the ground. As the fungus approaches maturity, it consumes more than 90% of the infected insect effectively mummifying its host. Cordyceps contains various chemical compositions, such as nucleotide, polysaccharide, mannitol, superoxide dismutase and sterols, etc.

Cordyceps is a unique product in China. Due to geographical and other factors limiting its growth, it can only be cultivated in China.

According to CN Research, it is predicted that by 2025, the market scale of Cordyceps in China will reach RMB73.656 billion.

![](tbarchart_01.jpg)

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

The invention patents and manufacturing patents currently owned and applied for are the first and key technologies to ensure efficient production. At present, our technology and scale are the first choice for manufacturers who can cooperate with the Tibetan region. Cooperation with the Tibetan region is an unrepeatable resource. As long as we continue to sign contracts and cooperate, we will ensure that we will become the only partner in cooperation with the Tibetan region in field cultivation in the future.

Currently, most of the Cordyceps products in the market is wildly picked and not produced on a large scale. We believe that our Cordyceps cultivation technology is able to provide mass production and stable output, which will make up the shortage in demand.

Based on our market research, we believe that at present, except for Chengdu Skyherb, there is no other companies that is able to complete the whole cultivation process of Cordyceps. There are individual Cordyceps farmers and retail merchants who collect wild Cordyceps in Tibet that sell their products to the market directly. However, due to their low annual output of retail Cordyceps, we do not consider these farmers and retail merchants as our competitors. We own a 1788 square meters (approximately 20,000 square feet) breeding center located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China. According to Professor Quansen Li, an expert in Cordyceps research for 40 years in Chongqing Institute of traditional Chinese medicine, currently there is no other institution that can completely cultivate and produce Cordyceps like Chengdu Skyherb Biotechnology Co., Ltd.

Currently, we have the following industry barriers, which makes it difficult for potential competitors to enter the Cordyceps industry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The technology of storing eggs and bacteria, planting bacteria and pathological section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detail experience, such as controlling soil temperature and humidity, controlling infection rate and grass rate, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place of origin that suitable for growing a large number of bat moth eggs and trichospora sinensis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large scale capital investment, for example, $4 million for a single Breeding center.

In summary, we strive to become the leader of the global Cordyceps industry in the future with our continuously improved Cordyceps breeding technology. All Cordyceps products we provided to the market are cultivated using scientific breeding method. To ensure quality control, we commissioned Xi'an United Nations Quality Detection Technology Co., Ltd, a third party quality testing institution, to test Cordyceps Properties, content of lead, cadmium, arsenic, mercury, copper. Traditional breeding, also known as centralized breeding, refers to a cultivation method that hundreds of Cordyceps are cultivated in a container, which may cause more diseases and pests, but less labor cost. Scientific breeding requires one container for one Cordycep, which leads to more labor cost. The scientific breeding method has indeed reduced the cross infection among Cordyceps larvae, reduced the mortality of larvae, and effectively reduced the costs that needed to deal with cross infection. According to the management's experience and knowledge, we believe the scientific breeding method has reduced 20%-40% of the total cultivation cost. We continue to achieve to reduce diseases and pests, improve management efficiency and reduce labor costs by using appropriate breeding equipment and technique. With our capacity of mass production of Cordyceps, we can not only fill the output gap in the market, but also develop more high-quality processing products of Cordyceps, so that customers can enjoy Cordyceps products in a more convenient way.

According to Chinese Pharmacopoeia, Volume I, 2020 Edition, "Cordyceps", the quality of Cordyceps could be assessed from two aspects, properties and metal content. "Good properties" may be described as follows:

This product is formed by connecting the worm body and the fungus sub-base that grows from the worm head. The body resembles a silk worm, 3.5cm in length and 0.4cm in diameter, the surface is yellowish brown with 25 ring patterns, the ring pattern near the head is finer, the head is reddish brown, 8 pairs of feet and 4 pairs in the middle, brittle and easy to break. The section is yellow. The pedestal is slender and cylindrical, 4.2cm long and 0.3cm in diameter, the surface is dark brown, flexible in texture, slightly fishy in smell and slightly bitter in taste.

Most of our Cordyceps products meet the above properties and are generally considered to have higher nutritional content from the Chinese Medicine perspective, and is traditionally considered as good-quality cordyceps product in China.

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

Metal content is also important for the quality of Cordyceps. Usually, the third party quality testing institution assess the content of lead, cadmium, arsenic, HG, and copper.

As of the date of this prospectus, regulatory bodies in China do not require Cordyceps that are cultivated to be assessed the safety or efficacy, and therefore our products are not required to be assessed the safety or efficacy.

#### Business Plan
1-3 years: To raise the breeding scale of single breeding center to 7-8 million larvae per year from 4-5 million larvae per year currently, and further promote the development of large-scale health industry. Deeply study the processing and extraction technology of Cordyceps, and invest US $300,000 a year to develop a series of Cordyceps processing commodities. We own a 1788 square meters (approximately 20,000 square feet) breeding center located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China.

3-5 years: To improve supporting equipment and facilities and shorten manufacturing cycle. Expand the production scale and develop 10 Cordyceps breeding centers in three years. Each breeding center is about US $4 million, with a total investment of US $40 million.

5-10 years: To accelerate the pace of bioengineering informatization, strengthen the construction of biological industry base, cooperate with other scientific research teams and develop new drugs for major diseases such as renal failure and lung adenocarcinoma.

#### Critical accounting policies and estimates
Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We continually evaluate our estimates and judgments, our commitments to strategic alliance partners and the timing of the achievement of collaboration milestones. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. These estimates and judgments are also based on historical experience and other factors that are believed to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical.

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

#### Results of Operations
We focus on the cultivating and sales of cordyceps.

*For the six months ended June 30, 2022 and 2021*

The results of operations are shown as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For<br> six months <br>ended <br>June 30, <br>2022** | **For <br>six months <br>ended <br>June 30, <br>2021** | **Fluctuation** | **%** |
|  Revenue-third party | $203172 | $42253 | 160919 | 380.8% |
|  Revenue-related party |  | 12844 | (12844) | (100.0)% |
|  Cost of revenues-third party | 310829 | 95405 | 215424 | 225.8% |
|  Cost of revenues-related party |  | 10797 | (10797) | (100.0)% |
|  **Gross profit** | (107657) | (51105) | (56552) | 110.7% |
|  | (52.99)% | (92.8)% |  |  |
|  Operating expenses: |  |  |  |  |
|  Selling expense | 2119 | 9526 | (7407) | (77.8)% |
| &nbsp;&nbsp;&nbsp; Advertising and promotion fees | 2119 | 7730 | (5611) | (72.6)% |
| &nbsp;&nbsp;&nbsp; Travel and lodging expenses |  | 1796 | (1796) | (100.0)% |
|  General and administrative | 254924 | 87568 | 167356 | 191.1% |
| &nbsp;&nbsp;&nbsp; Payroll and employee benefit | 20846 | 40901 | (20055) | (49.0)% |
| &nbsp;&nbsp;&nbsp; Professional fees | 31902 | 26749 | 5153 | 19.3% |
| &nbsp;&nbsp;&nbsp; Consultant fees | 34832 |  | 34832 | N/A |
| &nbsp;&nbsp;&nbsp; Tax expenses | 1834 | 1773 | 61 | 3.4% |
| &nbsp;&nbsp;&nbsp; Research and development expenses | 122661 |  | 122661 | N/A |
| &nbsp;&nbsp;&nbsp; Office expenses | 33606 | 18145 | 15461 | 85.2% |
| &nbsp;&nbsp;&nbsp; Travel and lodging expenses | 1359 |  | 1359 | N/A |
| &nbsp;&nbsp;&nbsp; Meal and entertainment | 7884 |  | 7884 | N/A |
| &nbsp;&nbsp;&nbsp; **Total operating expenses** | 257043 | 97094 | 159949 | 164.7% |
|  **Income (loss) from operations** | (364700) | (148199) |  |  |
|  Other Income (Expenses): |  |  |  |  |
|  Interest income | 5 | 3 | 2 | 66.7% |
|  Interest expense | (37188) | (19816) | (17372) | 87.7% |
|  Other income (expenses) | (2861) | 6977 | (9838) | (141.0)% |
| &nbsp;&nbsp;&nbsp; Total other expense | (40044) | (12836) | (27208) | 212.0% |
|  **Loss before income taxes provisions** | (404744) | (161035) | (243709) | 151.3% |
|  Income tax provisions | 823 | 84 | 739 | 879.8% |
|  **Net loss** | (405567) | (161119) | (244448) | 151.7% |
|  Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 30755 | (1863) | 32618 | (1750.8)% |
|  **Total comprehensive income(loss)** | $(374812) | $(162982) | (211830) | 130.0% |

---

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

*Revenue*

For the six months ended June 30, 2022 and 2021, we provided Cordyceps products and generated $203,172 and $55,097 in net revenues respectively. Most of which derived from third party customers. We expected rapid revenue growth in the next several years based on the increasing production capacity as our plant expands rapidly and the increasing Cordyceps product sales in the amount of $148,075, or growth rate of 268.8% for the six months ended June 30, 2022.

The Company sold cordyceps of $0 and $12,844 to Foshan Xiongluyu Tea Co., Ltd., a related party of the Company, for the six months ended June 30, 2022 and 2021, respectively.

*Gross Margin*

The overall gross margin improved from negative 92.8% for the six months ended June 30, 2021 to negative 53.0% for the six months ended June 30, 2022. The significant improvement resulted from the promotion of marketing for the six months ended June 30, 2022.

*Expenses*

The total expense increased from $97,094 for the six months ended June 30, 2021 to $257,043 for the six months ended June 30, 2022, representing an increase of $159,949, or 164.7%, The significant increase mainly resulted from increases in consultant fee of $34,832, office expense of $15,461 and research and development expense of $122,661. The Company began to develop deep processed products of Cordyceps, such as Cordyceps collagen powder, Cordyceps chicken essence, Cordyceps beverage, etc., during the six months ended June 30, 2022. The research and development expense of $122,661 mainly represents the third-party development and research costs for these deep processed products of Cordyceps.

*Net Income (net loss)*

For the six months ended June 30, 2022 and 2021, we created a net loss of $405,567 and $161,119 respectively.

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

*For the year ended December 31, 2021 and the period from May 4, 2020 to December 31, 2020.*

The results of operations are shown as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br>year ended <br>December 31, <br>2021** | **For the <br>Period from <br>May 4, 2020 <br>(Inception) to <br>December 31, <br>2020** | **Fluctuation** | **%** |
|  Revenue-third party | $603531 | $91262 | 512269 | 561.3% |
|  Revenue-related party | 275787 | 43458 | 232329 | 534.6% |
|  Cost of revenues-third party | 863111 |  | 863111 | 100.0% |
|  Cost of revenues-related party | 192419 | 40648 | 151771 | 373.4% |
|  **Gross profit** | (176212) | 94072 | (270284) | (287.3)% |
|  Operating expenses: |  |  |  |  |
|  Selling expense | 27298 | 7337 | 19961 | 272.1% |
| &nbsp;&nbsp;&nbsp; Advertising and promotion fees | 22735 |  | 22735 | 100.0% |
| &nbsp;&nbsp;&nbsp; Travel and lodging expenses | 4563 | 7337 | (2774) | (37.8)% |
|  General and administrative | 273670 | 78003 | 195667 |  |
| &nbsp;&nbsp;&nbsp; Payroll and employee benefit | 80225 | 42118 | 38107 | 90.5% |
| &nbsp;&nbsp;&nbsp; Professional fees | 109212 | 25000 | 84212 | 336.8% |
| &nbsp;&nbsp;&nbsp; Consultant fees | 7724 |  | 7724 | 100.0% |
| &nbsp;&nbsp;&nbsp; Tax expenses | 4110 | 1721 | 2389 | 138.8% |
| &nbsp;&nbsp;&nbsp; Research and development expenses | 25052 |  | 25052 | 100.0% |
| &nbsp;&nbsp;&nbsp; Office expenses | 23933 | 3645 | 20288 | 556.6% |
| &nbsp;&nbsp;&nbsp; Travel and lodging expenses | 13613 | 3769 | 9844 | 261.2% |
| &nbsp;&nbsp;&nbsp; Meal and entertainment | 9801 | 1750 | 8051 | 460.1% |
| &nbsp;&nbsp;&nbsp; **Total operating expenses** | 300968 | 85340 | 215628 | 252.7% |
|  **Income (loss) from operations** |  |  |  |  |
|  Other Income (Expenses): |  |  |  |  |
|  Interest income | 13 | 7 | 6 | 85.7% |
|  Interest expense | (12350) | (20284) | 7934 | (39.1)% |
|  Other income (expenses) | (1138) | 11 | (1149) | (10445.5)% |
| &nbsp;&nbsp;&nbsp; Total other expense | (13475) | (20266) | 6791 | (33.5)% |
|  **Loss before income taxes provisions** | (490655) | (11534) | (479121) | 4154.0% |
|  Income tax provisions | 351 | 1942 | (1591) | (81.9)% |
|  **Net loss** | (491006) | (13476) | (477530) | 3543.6% |
|  Other comprehensive income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (4395) | 664 | (5059) | (761.9)% |
|  **Total comprehensive income(loss)** | $(495401) | $(12812) | (482589) | 3766.7% |

---

*Revenue*

For the year ended December 31, 2021 and for the period from inception May 4, 2020 to December 31, 2020, we provided Cordyceps products and generated $879,318 and $134,720 in net revenues respectively. Most of which derived from third party customers. We expected rapid revenue growth in the next several years based on the increasing production capacity as our plant expands rapidly and the increasing Cordyceps product sales in the amount of $744,598,or growth rate of 552.7% for the fiscal year of 2021.

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

The Company sold cordyceps of $182,775 and $43,458 to Chengdu Zangqingyuan Herb Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively. The Company sold cordyceps of $93,012 and $0 to Foshan Xiongluyu Tea Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively.

We mainly depend on the connections with Cordyceps distributors and retail customers in Mainland China to sell our Cordyceps products. All of our Cordyceps product derived from Mainland China market.

*Gross Margin*

The overall gross margin decreased from 69.8% for the period from inception May 4, 2020 to December 31, 2020 to negative 20% for the year ended December 31, 2021. The significant decrease resulted from inventory allowance of $385,828 provided and the company's policy of lower sales price in order to expand the market for the year ended December 31, 2021.

*Expenses*

The total expense increased from $85,340 for the period from inception May 4, 2020 to December 31, 2020 to $300,968 for the year ended December 31, 2021, representing an increase of $215,628, or 252.7%, The significant increase mainly resulted from increases in payroll, professional fee and research and development expense.

*Net Income*

For the year ended December 31, 2021 and for the period from inception May 4, 2020 to December 31, 2020, we created a net loss of $491,006 and $13,476 respectively. We expected to create a net income for the next few years, with the rapid growth in revenue.

#### Liquidity and Capital Resources
Other than our growing experience and skills in Cordyceps cultivation and the growing demand for our products and services for the domestic and oversea markets, both of which we believe may increase our liquidity if they continue, we are not aware of any trends or any demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in our liquidity increasing or decreasing in any material way.

For 2022, we expect our main growth will be from our products sales in China. The demand for our products and services appears to be strengthening, from which we expect to generate more positive cash flow.

Our long-term future capital requirements will depend on many factors, including our level of revenue, the timing and extent of our spending to support the maintenance and growth of our operations, the expansion of our sales and the continued market acceptance of our products and services.

*Cash Flows*:

---

| | | |
|:---|:---|:---|
|  | **For <br>six months <br>ended <br>June 30, <br>2022** | **For <br>six months <br>ended <br>June 30, <br>2021** |
|  Cash Flows from Operating Activities | $(179008) | $(298992) |
|  Cash Flows from Investing Activities | (495) | 6985  |
|  Cash Flows from Financing Activities | 102288  | 311359  |
|  Effects of Currency Translations | 23761  | 2463 |
|  **Net increase in cash** | $(53454) | $21815  |

---

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

---

| | | |
|:---|:---|:---|
|  | **For year <br>ended <br>December 31, <br>2021** | **Inception <br>May 4, 2020 to <br>December 31, <br>2020** |
|  Cash Flows from Operating Activities | $(365363) | $(130549) |
|  Cash Flows from Investing Activities | (110815) | (1500709) |
|  Cash Flows from Financing Activities | 574504 | 1631537 |
|  Effects of Currency Translations | 1064 | 15 |
|  **Net increase in cash** | $99390 | $294 |

---

As of June 30, 2022, we had $887,943 in current assets and $2,907,462 in current liabilities and the working capital deficit is $2,019,519. In addition, we had total shareholders' equity of negative $650,625 as of June 30, 2022.

As of December 31, 2021, we had $1,118,309 in current assets and $2,909,007 in current liabilities and the working capital deficit is $1,790,698. In addition, we had total shareholders' equity of negative $275,813 as of December 31, 2021.

As of December 31, 2020, we had $949,007 in current assets and $2,413,467 in current liabilities and the working capital deficit is $1,464,460. In addition, we had total shareholders' equity of negative $12,812 as of December 31, 2020.

*Operating activities:*

We had net cash flow of $$179,008 used in operating activities for the six months ended June 30, 2022. which was mainly resulted from our net loss of $405,567, and a decrease of $14,886 in account payable, offset by depreciation of $87,502, provision for inventory impairment of $99,588, a decrease of advance to suppliers of $21,038, and an increase of $26,393 in accrued expense.

We had a negative cash flow from operations of $365,363 for the year ended December 31, 2021, which was mainly resulted from our net loss of $491,006, an increase of $353,665 in account receivable, an increase of $166,681 in inventory, offset by provision for inventory impairment of $385,828, depreciation of $149,238, and an increase of $105,846 in accounts payable.

We had a negative cash flow from operations of $130,549 during the period from inception May 4, 2020 to December 31, 2020, which was mainly resulted from our net loss of $13,476, an increase of $648,216 in inventory; offset by depreciation of $26,476, and an increase of $500,194 in account payable.

*Investment activities:*

We had net cash flow of $$495 used in investment activities for the six months ended June 30, 2022.Which was the cash outflow for purchasing property and equipment.

We had a negative cash flow from investment of $110,815 for the year ended December 31, 2021, which was resulted from purchasing property and equipment of $110,815.

We had a negative cash flow from investment of $1,500,709 during the period from inception May 4, 2020 to December 31, 2020, which was resulted from purchasing property and equipment of $1,111,749 and advances and loans made to related parties of $388,960.

*Financing activities:*

We had a positive cash flow from financing activity of $102,288 during the six months ended June 30, 2022, which was resulted from proceeds from related party of $259,551, and offset by repayment to related parties of 157,263.

We had a positive cash flow from financing activity of $574,504 for the year ended December 31, 2021, which was resulted from common stock subscription of $232,400 and proceeds from related parties of $582,806, offset by repayment to related parties of $240,702.

We had a positive cash flow from financing activity of $1,631,537 during the period from inception May 4, 2020 to December 31, 2020, which was resulted from proceeds from loans payable of $414,000, and proceeds from related parties of 1,235,228, offset by repayment to related parties of $17,691.

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The Company currently plans to satisfy its cash requirements for the next 12 months through earning from its subsidiaries and borrowings from its related parties or companies affiliated with its related parties and believes it can satisfy its cash requirements so long as it is able to obtain financing from these affiliated parties. The Company expects that money earned and borrowed will be used during the next 12 months to satisfy the Company's operating costs, professional fees and for general corporate purposes. There is no written funding agreement between the Company and its related parties.

We are a holding company with no or limited operations of our own and we depend on our subsidiaries for our cash requirements, including the servicing of our debt. Our PRC subsidiary, Chengdu Skyherb is subject to restrictions on paying dividends or making other payments to us, which may have a material adverse effect on our ability to conduct our business.

The PRC has currency and capital transfer regulations that require us to comply with certain requirements for the movement of capital. The Company is able to transfer cash (US Dollars) to its PRC subsidiary through an investment (by increasing the Company's registered capital in a PRC subsidiary). The Company's subsidiary in the PRC have not transferred any earnings or cash to the Company to date. As of the date of this prospectus, there has not been any assets or cash transfers between the holding company and its subsidiaries. As of the date of this prospectus, there has not been any dividends or distributions made to US investors. The Company's business is primarily conducted through its subsidiary. The Company is a holding company and its material assets consist solely of the ownership interests held in its PRC subsidiary. The Company will be dependent on dividends paid by its subsidiary for its working capital and cash needs, including the funds necessary: (i) to pay dividends or cash distributions to its shareholders, (ii) to service any debt obligations and (iii) to pay operating expenses. As a result of PRC laws and regulations (noted below) that require annual appropriations of 10% of after-tax income to be set aside in a general reserve fund prior to payment of dividends, the Company's PRC subsidiary is restricted in that respect, as well as in other respects noted below, in their ability to transfer a portion of their net assets to the Company as a dividend.

With respect to transferring cash from the Company to its subsidiary, increasing the Company's registered capital in a PRC subsidiary requires the filing with the local commerce department, while a shareholder loan requires a filing with the State Administration of Foreign Exchange or its local bureau. Aside from the declaration to the State Administration of Foreign Exchange, there is no restriction or limitations on such cash transfer or earnings distribution.

With respect to the payment of dividends, we note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined in accordance with PRC accounting standards and PRC regulations (an in-depth description of the PRC regulations is set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Our PRC subsidiary is required to set aside, at a minimum, 10% of their net income after taxes, based on PRC accounting standards, each year as statutory surplus reserves until the cumulative amount of such reserves reaches 50% of their registered capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Such reserves may not be distributed as cash dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Our PRC subsidiary may also allocate a portion of their after-tax profits to fund their staff welfare and bonus funds; except in the event of a liquidation, these funds may also not be distributed to shareholders; the Company does not participate in a Common Welfare Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The incurrence of debt, specifically the instruments governing such debt, may restrict a subsidiary's ability to pay stockholder dividends or make other cash distributions.

If, for the reasons noted above, our subsidiary is unable to pay shareholder dividends and/or make other cash payments to the Company when needed, the Company's ability to conduct operations, make investments, engage in acquisitions, or undertake other activities requiring working capital may be materially and adversely affected. However, our operations and business, including investment and/or acquisitions by our subsidiary within China, will not be affected as long as the capital is not transferred in or out of the PRC.

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#### Off-Balance Sheet Arrangements
As of June 30, 2022, December 31, 2021 and 2020, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act of 1934.

#### Contractual Obligations and Commitments
As of June 30, 2022, December 31, 2021 and 2020, we did not have any contractual obligations.

#### Critical Accounting Policies
Our significant accounting policies are described in the notes to our financial statements for the six months ended June 30, 2022 and 2021, and for the year ended December 31, 2021 and the period from inception May 4, 2020 to December 31, 2020, and are included elsewhere in this registration statement.

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#### BUSINESS

#### Overview
Cordyceps Sunshine Biotech Holdings Co., Ltd. ("Cordyceps Sunshine Cayman") was incorporated on May 4, 2020 under the laws of the Cayman Islands. On June 5, 2020, Cordyceps Sunshine Cayman established a wholly owned subsidiary, Cordyceps Sunshine Biotech Co., Ltd ("Cordyceps Sunshine HK") in Hong Kong. On June 5, 2020, Cordyceps Sunshine HK established a wholly owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd ("Chengdu Skyherb" or "Cordyceps Sunshine WFOE") in the People's Republic of China. On November 3, 2021, Cordyceps Sunshine Cayman established a branch ("Cordyceps Sunshine Taiwan Branch") in Taiwan, Republic of China. The Company specialize in cultivating and sales of cordyceps.

#### Corporate Structure
The following diagram illustrates our current corporate structure:

![](tflowchart_01.jpg)

Incorporated on May 4, 2020, Cordyceps Sunshine Cayman is a limited liability company formed under the laws of the Cayman Islands. Under our Memorandum and Article of Association, we are authorized to issue 500,000,000 ordinary shares of a single class, par value $0.0001 per ordinary share. In August 2021, we sold through a Regulation S offering a total of 11,120,000 ordinary shares to 65 shareholders, at a price of $0.02 per share for an aggregate purchase price of $222,400. Cordyceps Sunshine Cayman is currently not engaging in any active business and merely acting as a holding company.

Cordyceps Sunshine Biotech Co., Limited. (Hong Kong) ("Cordyceps Sunshine HK") was incorporated on June 5, 2020 under the laws of Hong Kong, with 100% of the equity interest held by Cordyceps Sunshine Cayman. As a result, Cordyceps Sunshine HK is our wholly-owned subsidiary. Cordyceps Sunshine HK is currently not engaging in any active business and merely acting as a holding company.

Chengdu Skyherb Biotechnology Co., Ltd. (China) ("Chengdu Skyherb" or "Cordyceps Sunshine WFOE") was incorporated under the laws of PRC on June 5, 2020, as a wholly-owned subsidiary of Cordyceps Sunshine HK.

Cordyceps Sunshine Biotech Holdings Co., Ltd. Taiwan ("Cordyceps Sunshine Taiwan") was incorporated on November 3, 2021, under the laws of Taiwan, with 100% of the equity interest held by Cordyceps Sunshine Cayman.

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#### Our Products
Our primary product is Cordyceps, *Ophiocordyceps Sinensis*, a valuable Chinese medicinal material with a long history of application in China. Based on some relevant documents and our own industry experience, we briefly introduce the product as follows:

Cordyceps is a species of parasitic fungus that is typically found in north-eastern mountainous China, and the Hepialidae, a kind of caterpillar. The base of the mushroom first originates from an insect larval host and ends at the club-like cap, including the stipe and stroma. The fruit body is dark brown to black, and the root of organism, the larval body pervaded by the mycelium, is yellowish to brown color. The immature larvae (host) on which Cordyceps grows usually lies about 6 inches below the surface of the ground. As the fungus approaches maturity, it consumes more than 90% of the infected insect effectively mummifying its host. Cordyceps contains various chemical compositions, such as nucleotide, polysaccharide, mannitol, superoxide dismutase and sterols, etc.

Some, but not all, of the precautions for taking Cordyceps are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps should not be taken in case of coagulation dysfunction, which may increase the risk of bruises or bleeding, because Cordyceps may slow down blood coagulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cordyceps should not be taken together with prescription drugs, such as Antidepressants, antiviral drug, Immunosuppressant, Diabetes drugs, Cyclophosphamide, etc. As drugs interaction may cause adverse side effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not suitable for pregnant women, lactating women or baby, which may inhibit the growth of the fetus or baby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not use for those who have been allergic to mold or yeast, which may induce allergic reaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Patients with hypertension, stroke and tumor must be careful when using Cordyceps, otherwise it will increase blood pressure, induce intracerebral hemorrhage and even spread the tumor.

By fully analyzing the market, listening to the needs of customers, and considering the strategic development plan, our Company produces two kinds of Cordyceps — dry Cordyceps and fresh Cordyceps. The production of Cordyceps begins only after a confirmed customer order is received to ensure that every piece of fresh or dry Cordyceps received by customers is freshly produced.

Dry cordyceps has a long shelf life and is convenient to store and carry. It accounts for 90% of our Cordyceps products. Conversely, fresh Cordyceps has a short shelf life and is inconvenient to store and carry. It accounts for 10% of our cordyceps products.

We care about the quality of each batch of Cordyceps delivered from our factory. To ensure quality control, we commissioned Xi'an United Nations Quality Detection Technology Co., Ltd, a third party quality testing institution, to perform quality testing for our Cordyceps sample for each batch. The items of inspection included Cordyceps Properties, content of lead, cadmium, arsenic, mercury, copper.

As of the date of this prospectus, regulatory bodies in China do not require Cordyceps that are cultivated to be assessed the safety or efficacy, and therefore our products are not required to be assessed the safety or efficacy. This third party professional quality assessment is a measure implemented by the company to ensure the quality of Cordyceps.

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We generated cultivation training service revenue of $0 and $91,262 for the year ended December 31, 2021 and for the period from May 4, 2020 to December 31, 2020. In 2020, the Company provided one customer with training service to lean Cordyceps related knowledge and preliminary artificial cultivation technology. The customer wished to cooperate with the Company to join the Cordyceps artificial cultivation field. The Company recognizes training service revenue for cordyceps cultivation service over time as performance obligations are satisfied over the life of the service. This was a onetime transaction. The Company did not provided such training service during the six months ended June 30, 2022 and the fiscal year ended December 31, 2021.

#### Manufacturing Process
Cordyceps is in insect form in winter and plant form in summer. Their spores can enter into a specific living insect — Hepialidae and kill the host by feeding. Their hyphae can grow from inside of the host. They can pass the winter inside the host, eventually forming fruiting bodies on the surface of host insect's cadaver in the summer. Cultivation of Cordyceps at solid state with various insect pupae and larvae have been studied for commercial use. Especially, nutritional requirements, environmental conditions and inoculum preparation were investigated for the cultivation.

The production of Cordyceps is mainly divided into five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) raising the Hepiaua larva: larva emerge out of shell after the meticulous management for 28 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) gathering the Cordyceps: fresh strains free of diseases and pests are gathered from May to the June each year. After cultivation, the spores are collected up to prepare for the infection of larva;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) combining larva with Cordyceps: After spraying the gathered Cordyceps onto the hatched larva, Cordyceps passes through the surface skin of larva to complete the infection, using the Cultivation and Preservation Device For Fungu, and grows together with larva;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) harvesting of Cordyceps: after larva dies and transforms into rigidified larva, it generates a stroma. With stroma growing into a certain length, fresh Cordyceps can be harvested; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) preliminary processing of Cordyceps: air-drying of harvested fresh Cordyceps to obtain the dry Cordyceps.

#### Our Research and Breeding Center
This breeding center has the capacity to cultivate 4.5 million Cordyceps larvae per year currently. We cultivated 2.70 million and 2.78 million Cordyceps larvae for the year ended December 31, 2021 and for the period from May 4, 2020 (inception) to December 31, 2020, respectively. For the six months ended June 30, 2022, we cultivated 0.17 million Cordyceps larvae.

Our cultivation equipment and related functions for breeding center mainly includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Refrigerating equipment.* In the roof of our factory, a fully-opened vent and large fan are installed as the first route of cooling strategy. Through the air showering of low power consumption, the temperature between roof and cold room is reduced, and power consumption is decreased. Through the professional refrigerating equipment, alpine temperature is created. In every Larva Raising Room, there are two refrigerating equipment; they are used alternately to avoid damage to the equipment that can cause death to the larva due to insufficient temperature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Disinfection equipment.* A disinfection means the method for killing pathogenic microorganisms but not always killing bacterial spores. Generally, chemical methods are adopted for disinfection Chemical drug for disinfection is called a disinfectant. In this building, the disinfectants are mixed with sewage for disinfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Alpine soil.* The soil is the most important technology for culturing of living larva. Some characteristics of soil for survival of living larva(such as quality, cleanliness, viscosity and humidity) are professional measures and are the most basic key factors for successful raising of living larva. A set of professional soil treatment equipment should be explored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Disinfection Room at entrance.* Air Shower Room is the passage necessary for entry into the clean rooms. It can reduce the contamination brought about when entering/leaving the clean room. Air Shower Room is a localized purifying equipment with stronger general use. It is installed between the clean room and non-clean room.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Copulation/Hatching Room.* Male Hepiahus sp and female Hepiahus sp copulate to produce eggs, which then wait for hatching of the larva in Hatching Room. After the completion of hatching, larva is cultured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Larva culturing basin.* As the raising features in the Larva Raising Room, the soil, feed and environment are the same as those in the wild areas. Through the alpine soil for professional culturing, the larva is raised not through feed but through the same living plants as those in wild area. Both temperature and humidity are controlled through professional method at the same level as that in wild area. Through the computer control system, the temperature and humidity can be set arbitrarily through the programming to realize an automatic control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Imago/planted fungus culturing pot.* It is a huge project to transfer between larva and imago. After the hatching, the larva is put into the soil with planted fungus to grow into an imago. Then, the imago is transferred to independent culturing bottle. In the independent culturing bottle, fungus is planted to ensure that every imago is covered with thallus. This culturing method is called as target culturing. Automatic filling system has been developed for which a patent has been applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Culturing of rigidified larva.* A patented target raising technology is adopted, at 3-6 months after the completion of infection, the larva with planted fungus is rigidified. Then, preparatory work is completed before the formation of cordyceps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Formation of imago.* As the most important link for formation of cordyceps, a series of steps for bionic breeding is completed. A plant, which completes the growth of grass from imago is obtained. This course is generally called as cordyceps formation.

#### Sales and Marketing
Currently, our sales heavily depend on our connections with Cordyceps distributors and retail customers in Mainland China. This is a relatively small network since there is not many distributors, dealers, and retail customers in the Cordyceps industry. As of June 30, 2022, December 31, 2021 and December 31, 2020, we had three, five and two Cordyceps distributors and six, ten and zero retail customers, all of which are in Mainland China. As of June 30, 2022, December 31, 2021 and December 31, 2020, we did not have dealers. Generally, distributors purchase larger quantities of products continuously, while retailers purchase smaller quantities. We plan to engage more qualified distributors and retailers and to sign long-term cooperation agreements with them in order to strengthen our distribution network.

The sales department is responsible for keeping in touch with Cordyceps distributors and retail customers on a regular basis, and actively exploring new distributors and retail customers through Internet platforms, peer recommendations, industry exhibitions, etc. Our management and sales department review and approve the quotations provided by distributors and retailers, and determine whether to sign sales contracts with them.

After the sales contracts are signed, the staff of the sales department will deal with the sales process according to the contracts, including handling customers' instructions, arranging warehouse picking up and shipping, and coordinating payments from customers.

In case of disputes, the sales department will consider the requirements of the customers and determine the resolutions which are complied with our sales policies and will be finally approved by the management. As of the date of this prospectus, we have not had any disputes with the distributors and retailers.

Before we start to cultivate Cordyceps, customers sign contracts with us for a total consideration. We then cultivate and produce the Cordyceps in the workshop, and conduct inspection before delivering to the customers. Full payment should be settled before each shipment.

For the period from May 4, 2020 to December 31, 2020, 68% of our total revenues, in the amount of $91,262, was derived from training of Cordyceps cultivation, and the other 32% of our total revenue, in the amount of $43,458, was derived from product sales to a related party. In 2020, the Company provided one customer with training service to lean Cordyceps related knowledge and preliminary artificial cultivation technology. The customer wished to cooperate with the Company to join the Cordyceps artificial cultivation field. The Company recognizes training service revenue for cordyceps cultivation service over time as performance obligations are satisfied over the life of the service. This was a onetime transaction. The Company did not provide such training service during the six months ended June 30, 2022 and the fiscal year ended December 31, 2021.

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In the year ended December 31, 2021, we derived all our revenue from product sales of $879,318.

The Company sold cordyceps of $182,775 and $43,458 to Chengdu Zangqingyuan Herb Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020 respectively. The Company sold cordyceps of $93,012 and $0 to Foshan Xiongluyu Tea Co., Ltd., a related party of the Company, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, respectively.

As a result, for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, we derived sales of 31.4% and 32.3% from related parties, respectively.

For the six months ended June 30, 2022, we derived all our revenue from product sales of $203,172. There was no related party sales transaction for the six months ended June 30, 2022.

Our current sales and distribution arrangements, including payment terms, are determined on a case-by-case basis. Our sales policy treats related parties and third parties alike.

Our Cordyceps is sold exclusively under our brand name and our product is in China. We understand the importance of branding and thus we conduct marketing activities to promote and enhance our image and brand name. Our marketing efforts are concentrated on interviews, news reports and roadshows.

#### Competitive Strengths
We believe that our success to date and potential for future growth can be attributed to a combination of our strengths, including the following:

#### Leading-edge Technology and R&D team
We conduct the optimal selection and culturing of strains and have the Target Culturing and Raising Technology, a brand-new patented technology that is able to feed Hepialidae precisely, to get Hepialidae be infected by Cordyceps accurately, and to improve the infection rate.

Our research and development team has a strong and extensive technology background. Currently we have 23 technicians in our R&D and Production Department. The head of our R&D and Production Department, Mr. Yen Hung Liu, is a lead expert in the field of Mycology in Taiwan.

#### Scientific Information Monitoring and Management System
Our company developed the first set of big data information management system in China for growth of Cordyceps to optimize the lifetime of larva. We use Internet of Things (IoT) monitoring system to monitor and collect data such as temperature, humidity, carbon dioxide concentration, airflow, and air pressure of larvae and Cordyceps growth environment. By comparing the natural environmental conditions where Cordyceps grow, the monitoring system uses mathematical modeling to calculate the data and then provides us with those most suitable environmental conditions to cultivate Cordyceps. By this IoT monitoring system, we improve the infection rate, formation rate and quality rate of our products.

#### Largest Cultivating Center for Seedling and Thallus and Largest Research Center for Deep Processing and Extraction of Cordyceps
Our company has the largest research and cultivating center for seedling and thallus in China. We cooperate with one of the country's Cordyceps fodder planting bases in Heishui, Sichuan, and plant Sichuan Heishui Ginseng Fruit and Polygonum Vulgare which are, according to research and tests, the best fodders for feeding Hepialidae.

We also have the technical research center for deep processing and extraction of cordyceps in Taiwan. Through proper solvents and methods, Cordyceps is extracted and retained in the form of lyophilized powder, which reduces the moisture, prolongs the shelf life and thus effectively retains the essences of Cordyceps.

#### Experienced management with a strong track record
Our management has extensive operating experience and industry knowledge. Szu Hao Huang, our director, chief executive officer, and chief Financial Officer has more than 10 years' experience in operational management and business development. We believe that our management's experience and capabilities have contributed greatly to our growth in the past year.

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#### Growth Strategies

#### Increase Brand Awareness to Achieve National Recognition
We believe that building brand awareness is the primary means to generate and sustain profitable growth in the future. In order to become a national brand, we intend to develop brand recognition through promoting our products and expanding our marketing efforts. We plan to refine and improve the production technologies and the Scientific Information Management System that we have now in research and development aspects, and market our products to more retail chains and distributors throughout China.

#### Integrate Our Internal Manufacturing Capability to Ensure Quality and Supply
We plan to further integrate and optimize our production facilities, manufacturing procedures and quality control system to make sure our products meet high quality standards, so that our products can gain a competitive advantage in the Cordyceps industry. Our proprietary production know-how allows us to provide the products to our customers in a timely fashion. We plan to continue to invest in manufacturing and operations to accelerate the pace at which we produce our products to the market. Additionally, we leverage our technology in order to maintain, protect, and enhance existing systems and develop new systems to keep pace with changes in technology.

#### Further Expand Our Distribution Network to Increase the Prevalence of Our Products
Our current sales depend heavily on the connections with Cordyceps distributors and retail customers. To support our rapid growth in sales, we plan to further expand our distribution network by finding qualified distributors and signing long-term agreements with them. We maintain constant communications with the distributors to keep us informed regarding consumer preferences.

#### Accelerate Technology Innovation and Joined the Industry of Biotechnology
We believe that the development of new technology is critical to our success. We will continuously improve the quality of our products through new technologies. We expect to cooperate with research institutes in order to develop new drugs for major diseases such as kidney failure and lung adenocarcinoma.

#### Our Challenges
We have a very limited operating history on which to base an evaluation of our business and prospects. Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by companies in the early stages of their development. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we incur net losses in operation and negative operating cash flow for the past two fiscal years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate positive operating cash flow and finance our operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to compete in a competitive environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operations are currently subject to five major suppliers who supplied us the raw materials for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to grow and harvest sufficient Cordyceps to satisfy our production requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to protect our intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain an effective system of internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future growth depends on new products development and marketing of existing single product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity surrounding U.S.-listed Chinese companies may unfairly harm our reputation and adversely affect our ability to access capital markets to grow our business; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory and legal system in China is complex and developing, and future regulations may impose additional requirements on our business.

#### Going Concern Matter
The financial statements have been prepared by our auditor, Keith K Zhen CPA, "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

According to our auditor, Keith K Zhen CPA, the following factors among others raise substantial doubt about the ability to continue as a going concern for a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company incurred loss of $491,006 and $13,476 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2021, the Company had an accumulated deficit of $504,482.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company continued to incur negative operating cash flow of $179,008 and $296,482 for the six months ended June 30, 2022 and 2021 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company showed negative working capital of $2,019,519 and $1,790,698 as of June 30, 2022 and December 31, 2021.

In order to continue as a going concern, we will need, among other things, additional capital resources. Our plan is to obtain capital from management to meet our minimal operating expenses and seek third party equity and/or debt financing. However, management cannot provide any assurances that we will be successful in accomplishing any of our plans. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, we could experience operating losses and limit our marketing efforts as well as decrease or eliminate capital expenditures. If so, our operating results, our business results and our financial position would be adversely affected. For more information, see "Risks Factors — Risks relating to our business and industry — We may require substantial additional funding in the future for our ability to continue as a going concern. There is no assurance that additional financing will be available to us. If we were unable to meet our future funding requirements for working capital and for general business purposes, our business results and our financial position would be adversely affected" on page 28.

#### Industry
Cordyceps is a kind of traditional and rare nourishment Chinese herbs. Modern clinic research has proved that the most active ingredients in Cordyceps are polysaccharides, mannitol, cordycepin adenosine and galactose. Because of the rarity and high prices of the wild collected variety, attempts have long been made to cultivate Cordyceps. Due to the development of modern biotechnology-based cultivation methods, the availability of this previously rare health supplement has greatly increased in the last 20 years.

The demand for Cordyceps has also compounded exponentially, partly because of the opening of China to trade with the West in the 1970s, exposing many more people around the world to the concepts and practices of traditional Chinese medicine. As Cordyceps has always been highly revered in traditional Chinese medicine, we believe that with increased exposure to traditional Chinese medicine, the demand for this plant has also increased. Such an increase has led to overharvesting of the wild stocks and a subsequent shortage of wild collected varieties of Cordyceps. International markets for Cordyceps are mainly in the United States, Canada, Japan, Korea, Hong Kong and Southeast Asia. The European and Australian markets are also emerging. According to the Industry Information Network Research Consulting Analysis of the Cordyceps Industry in 2020, the export volume from China to the international market is 1.6 tons and is expected to reach 3.6 tons by 2025. The Chinese domestic market demand is about 200 tons a year with an annual growth rate of over 10%. In China, there is an aggregate production capacity of only 159 tons a year, which is a big gap between supply and demand and therefore a great potential market for our product. Also, it is predicted that by 2025, the market scale of Cordyceps in China will reach RMB73.656 billion.

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![](tbarchart_011.jpg)

#### Suppliers and Customers

#### Suppliers
The main raw materials for cultivating Cordyceps include eggs, larvae, ginseng fruit, etc. The following table sets forth information as to the suppliers that accounted for 10% or more of the Company's purchase for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months ended <br>June 30, 2022 <br>(unaudited)** | **For six months ended <br>June 30, 2022 <br>(unaudited)** | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Period from <br>May 4, 2020 <br>(Inception) to<br>December 31, <br>2020** | **For the <br>Period from <br>May 4, 2020 <br>(Inception) to<br>December 31, <br>2020** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
|  Supplier A | $— |  | $— |  | $523483 | 90.0% |
|  Supplier B |  |  |  |  | 54462 | 9.0% |
|  Supplier C | 4902 | 61.0% | 116564 | 42.5% |  |  |
|  Supplier D | 1546 | 19.2% | 64481 | 23.5% |  |  |
|  Supplier E |  |  | 37476 | 13.7% |  |  |
|  | $6448 | 80.2% | $218521 | 79.7% | $577945 | 99.0% |

---

***Customers***

We have expanded our customers from two customers for the Period from May 4, 2020 (Inception) to December 31, 2020 to five main customers for year ended December 31, 2021. The following table sets forth information as to the customers that accounted for 10% or more of the Company's revenue for the periods presented.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For six months ended <br>June 30, 2022 <br>(unaudited)** | **For six months ended <br>June 30, 2022 <br>(unaudited)** | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Year Ended <br>December 31, <br>2021** | **For the <br>Period from <br>May 4, 2020 <br>(Inception) to<br>December 31, <br>2020** | **For the <br>Period from <br>May 4, 2020 <br>(Inception) to<br>December 31, <br>2020** |
|  | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
|  Customer A | $86258 | 42.5% | $— |  | $91262 | 68.0% |
|  Customer B-related party |  |  | 182775 | 20.8% | 43458 | 32.0% |
|  Customer C-related party |  |  | 93012 | 10.6% |  |  |
|  Customer D | 47753 | 23.5% | 225410 | 25.6% |  |  |
|  Customer E | 49389 | 24.3% | 137618 | 15.7% |  |  |
|  Customer F |  |  | 129692 | 14.7% |  |  |
|  | $183400 | 90.3% | $768507 | 87.4% | $134720 | 100.0% |

---

#### Employees
As of the date of this prospectus, we have 39 full time employees on our payroll, among which 7 are in general administration, 2 in finance and accounting, 7 in operation management and 23 in R&D and Production Department.

Our employees are not represented by a labor organization or covered by a collective bargaining agreement. We believe that we maintain a good working relationship with our employees, and we have not experienced any major labor disputes.

#### Description of property

#### Intellectual Properties

#### Trademarks
Chengdu Skyherb, our PRC subsidiary, has obtained the trademark(s) as below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Trademark** | **Registration Code** | **Registered Country** | **Registered<br>Date** | **Category** | **Status** |
|  1 | ![](timage_001.jpg) | 48464693 | PRC | July 28, 2020 | Class 5 | Registered |
|  2 | ![](timage_001.jpg) | 48454391 | PRC | July 28, 2020 | Class 35 | Registered |

---

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Chengdu Skyherb had applied for the trademark(s) as below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **No.** | **Trademark** | **Registration Code** | **Registered Country** | **Registered<br>Date** | **Category** | **Status** |
|  1 | ![](timage_002.jpg) | 54272206 | PRC | March 12, 2021 | Class 5 | Pending |
|  2 | ![](timage_002.jpg) | 54272197 | PRC | March 12, 2021 | Class 35 | Pending |
|  3 | ![](timage_002.jpg) | 110018894 | Taiwan | March 22, 2021 | Class 35 | Pending |

---

#### Patents
Chengdu Skyherb is licensed by Yen Hung Liu, one of our founders and directors, to use the following three patents.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **No.** | **Patent Name** | **Patent Code** | **Registered Country** | **Expiration Date** | **Category** |
| 1 | Cultivation and Preservation Device for Fungus | M543537 | Taiwan | December 28, 2026 | Utility Models |
| 2 | Customizable Cultivation Cordyceps Equipment for Exclusive Recipes | M540473 | Taiwan | December 28, 2026 | Utility Models |
| 3 | Environment Control Cultivation Equipment | M540472 | Taiwan | December 28, 2026 | Utility Models |

---

On June 6, 2020, Chengdu Skyherb entered into a non-exclusive licensing agreement with Mr. Yen Hung Liu, pursuant to which Mr. Liu agreed to grant Chengdu Skyherb non-exclusive rights to use the three cultivation technologies that Mr. Liu developed as listed above. According to this licensing agreement, Chengdu Skyherb is allowed to use these technologies globally beginning on June 6, 2020 until December 28, 2026, the expiration date of the patents. Both parties agreed that there is no licensing fee under this agreement.

These three cultivation technologies reflect the three important processes of cultivation of Cordyceps, which runs through the whole production process of cultivation of Cordyceps. The production process can be concentrated and summarized in two stages; Stage one is to cultivate fungi for injection into the larvae. Stage two is to cultivate the larvae into Cordyceps products. Only by injecting the cultivated fungi into the larvae can the larvae grow into cordyceps products.

Cultivation and Preservation Device for Fungus is an equipment of cultivating fungus used in stage one.

Customizable Cultivation Cordyceps Equipment for Exclusive Recipes is used to adapt the wild Cordyceps fungi to the cultivation environment.

Environment Control Cultivation Equipment provides an environment suitable for mass production of strains and cultivation of Cordyceps.

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#### Tangible property
Chengdu Skyherb currently has an owned Cordyceps breeding center, a leased office, and dormitories for its operations:

*Owned Properties*

*There is no private land and property ownership in China. The right to possess the property is held by the government and the right to use the property has been transferred to us.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Property Location** | **Description and tenure** | **Space (m<sup>2</sup>)** | **Functions** |
| 1 | No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China | The property is subject to a right to use the land for a term until June 4, 2063 for industrial purposes. | 1788 | Breeding Center |

---

*Leased Properties*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No.** | **Property Location** | **Material Lease Term** | **Space (m<sup>2</sup>)** | **Functions** |
| 1 | 6<sup>th</sup> Fl., No. 15, Lane 548, Ruiguang Road, Neihu District, Taipei City, Taiwan | Chengdu Skyherb leases this property for the use of our executive office under a lease that expires on December 31, 2025. The annual rent is NTD146,000 (approximately USD21,150). | N/A | Office |
| 2 | No. 30, Group 3, Yucai Community, Shouan Town, Pujiang County, Chendu City, Sichuan Province, China | Chengdu Skyherb leases this property for the use of employees' dormitory under a lease that expires on July 31, 2024. The annual rent is RMB32,000 (approximately USD4,640). | 140 | Staff dormitory |
| 3 | Chengdu Industrial Support Complex Apt 228, Shouan Industrial Development Zone, Pujiang County, Chendu City, Sichuan Province, China | Chengdu Skyherb leases this property for the use of employees' dormitory under a lease that expires on November 7, 2021. The annual rent is RMB23,400 (approximately USD3,390). | 55 | Staff dormitory |

---

#### Legal Proceedings
We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business. As of the date hereof, neither we nor any of our subsidiaries is a party to any pending legal proceedings, nor are we aware of any such proceedings threatened against us or our subsidiaries.

#### Seasonality
We believe our operation and sales of Cordyceps do not experience seasonality.

#### Insurance
We do not have any business liability, interruption or litigation insurance coverage for our operations in China. Insurance companies in China offer limited business insurance products. While business interruption insurance is available to a limited extent in China, we have determined that the risks of interruption, cost of such insurance and the difficulties associated with acquiring such insurance on commercially reasonable terms make it impractical for us to have such insurance. Therefore, we are subject to business and product liability exposure. See "Risk Factors — Risks Relating to Our Business and Industry — Our sales and reputation may be affected by product liability claims, litigation, product recalls, or adverse publicity in relation to our products."

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#### REGULATIONS

#### Regulation on Cordyceps in PRC
According to the Interim Measures for the Administration of the Trade of Cordyceps in the Tibet Autonomous Region became effective on October 1, 2009, Cordyceps sales refer to the transaction behavior of companies holding business licenses selling cordyceps to consumers. The purchase of Cordyceps refers to a transaction in which an enterprise that holds a business license and obtains a license for the purchase of Cordyceps directly purchases Cordyceps from the collector. Trading enterprises that have already applied for the "Drug Production License" and "Drug Distribution License" shall no longer apply for a license for the purchase of Cordyceps. Those who sell cordyceps should have a fixed business site and obtain a business license before they sell it.

According to the Notice of the State Food and Drug Administration on Stopping Cordyceps in the Pilot Work of Health Food the related application and approval work of health food containing Cordyceps is carried out in accordance with the relevant provisions of the Administrative Measures for the Registration and Record-filing of Health Food Products, and no production or sale is allowed without approval. According to the Administrative Measures for the Registration and Record-filing of Health Food Products promulgated on July 1, 2016, Health food products that use raw materials other than those included in the catalogue of raw materials for health food products shall apply for registration of health food products.

According to the Notice of the Ministry of Health on Further Regulating the Management of Health Food Raw Materials, Cordyceps does not fall in the List of items that can be used in Health Food Products and the List of prohibited items in Health Food Products.

According to the Drug Administration Law of the People's Republic of China promulgated on August 26, 2019, the administration of the cultivation, collection and breeding of traditional Chinese medicinal materials shall be carried out according to provisions of the relevant laws and regulations. Before marketing a drug in China, it is imperative to obtain approval from the medical products administrative department under the State Council and the registration certificate for the drug, excluding traditional Chinese medicinal materials and traditional Chinese medicine decoction pieces which do not require examination and approval. Traditional Chinese medicinal materials shall be packaged for shipment. On each package, such information as the product name, place of origin, date, and supplier shall be indicated, along with a mark of acceptable quality.

According to the Reply of the State Food and Drug Administration on the legal application of non-drug counter sales of packaged gift box products with nourishing and health-care Chinese medicinal materials as the content promulgated and became effective on February 27, 2006, for non-pharmaceutical business units that sell nourishing and health care Chinese medicinal materials that have not yet been implemented for approval number management, no matter whether these nourishment and health care Chinese medicinal materials are packaged (packaged gift boxes), it does not need to obtain a "Drug Distribution License".

According to the Law of the People's Republic of China on Traditional Chinese Medicine, the collection and storage as well as the initial processing of Chinese medicinal materials shall be in line with the relevant technical specifications, standards and administration requirements.

#### Regulation on Product Liability
Manufacturers and vendors of defective products in the PRC may incur liability for losses and injuries caused by such products. Under the Civil Code of the PRC, which became effective on January 1, 2021, manufacturers or retailers of defective products that cause property damage or physical injury to any person will be subject to civil liability.

The principal legal provisions governing product liability are set out in the Product Quality Law of the PRC, which was amended on and became effective on December 29, 2018. The Product Quality Law is applicable to all activities of production and sale of any product within the territory of the PRC, and the producers and sellers shall be liable for product quality in accordance with the Product Quality Law. According to the Product Quality Law, consumers who suffer personal injury or property loss due to product defects may demand compensation from the producer as well as the seller. Violations of the Product Quality Law may result in the imposition of fines. In addition, the seller or the producer may be ordered to suspend operation and its business license may be revoked. Criminal liability may be incurred in serious cases.

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#### Restriction on Foreign Ownership
According to the Foreign Investment Law the PRC adopted by the National People's Congress of the PRC on March 15, 2019, the National People's Congress adopted the Foreign Investment Law of the PRC, which became effective on January 1, 2020 and came into effective on January 1, 2020.

Under the Foreign Investment Law, the State shall implement the management systems of pre-establishment national treatment and negative list for foreign investment, according to which the treatment given to foreign investors and their investments during the investment access stage shall be not lower than that given to their domestic counterparts, and the State shall give national treatment to foreign investment beyond the negative list where special administrative measures for the access of foreign investment in specific fields is specified. Besides, the State shall protect foreign investors' investment, earnings and other legitimate rights and interests within the territory of China in accordance with the law. The State will take measures to prompt foreign investment such as ensuring fair completion for foreign-invested enterprises to participate in government procurement activities, and protection of intellectual property rights of foreign investors and foreign-invested enterprises. In respect of administration of foreign investment, foreign investment shall go through relevant verification and record-filing formalities if required by relevant state laws and regulations. While the organization form, institutional framework, and standard of conduct of a foreign-funded enterprise shall be subject to the provisions of the Company Law or the Partnership Enterprise Law of the PRC, if applicable.

On June 23, 2020, the Ministry of Commerce and the NDRC promulgated the Special Management Measures for the Market Entry of Foreign Investment (Negative List) (2020 Version), or the Negative List, which took effective from July 23, 2020. The Negative List sets out the revised list of restricted foreign-invested industries and prohibited foreign-invested industries in lieu of that set out in the Catalogue. These restrictive measures include requirements for shareholding and senior officers, but do not include restrictive measures consistently applicable to domestic and foreign investments and restrictive measures irrelevant to access. According to the Negative List, no foreign investor may engage in prohibited items listed in the Negative List, and no foreign-invested partnership may be established for the engagement in prohibited items subject to limitations on proportion of foreign investment.

According to the Catalogue of Industries for Encouraging Foreign Investment (2020 Version), planting and cultivation of traditional Chinese medicine herbs falls within the Encouraging Catalogue. Our PRC subsidiary is mainly engaged in cultivation and sales of Cordyceps, which fall into the "permitted" category under the Negative List and the Catalogue.

#### Regulation on Foreign Exchange Control
Foreign exchange in China is primarily regulated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Foreign Currency Administration Regulations (1996), as amended on January 14, 1997 and August 5, 2008; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Administration Rules of the Settlement, Sale and Payment of Foreign Exchange (1996), or the Administration Rules.

Under the Foreign Currency Administration Regulations, the Renminbi is convertible for current account items, including the distribution of dividends, interest payments and trade and service-related foreign exchange transactions. Conversion of Renminbi into foreign currency for capital account items, such as, loans, investment in securities and repatriation of investments, however, remains subject to the registration of the SAFE or its local counterparts as required by law. Under the Administration Rules, foreign-invested enterprises may buy, sell and remit foreign currencies at banks authorized to conduct foreign exchange transactions for settlement of current account transactions after providing valid commercial documents and, in the case of capital account item transactions, only after registration with the SAFE and, as the case may be, other relevant PRC government authorities as required by law. Capital investments directed outside of China by foreign-invested enterprises are also subject to restrictions, which include registration filing with MOFCOM. If the investment is made to the sensitive countries, districts, or industries, it needs to be approved by MOFCOM.

The value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in China's political and economic conditions. The conversion of Renminbi into foreign currencies, including U.S. dollars, has been based on rates set by the People's Bank of China. On July 21, 2005, the PRC government

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changed its policy of pegging the value of the Renminbi to the U.S. dollar. Under the new policy, the Renminbi will be permitted to fluctuate within a band against a basket of certain foreign currencies. We receive a significant portion of our revenue in Renminbi, which is not a freely convertible currency.

Under our current structure, our income may rely on dividend payments from our PRC subsidiaries. Under existing PRC foreign exchange regulations, the distribution of dividends, interest payments and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval of SAFE if certain procedural requirements are complied with. Specifically, under the existing exchange restrictions, without prior approval of SAFE, cash generated from the operations of our PRC subsidiaries in China may be used to pay dividends to our company. We cannot assure you whether fluctuations in RMB exchange rate may be a disadvantage to us.

#### Regulation on Wholly Foreign-owned Enterprises
According to the PRC Company Law, adopted on December 29, 1993 and last amended on October 26, 2018. Under the PRC Company Law, companies are generally classified into two categories, namely, limited liability companies and joint stock limited companies. The PRC Company Law also applies to foreign-invested limited liability companies. In accordance with the PRC Company Law, any stipulations by other PRC laws governing foreign investment shall prevail over the PRC Company Law.

Pursuant to the Measures for Foreign Investment Information Reporting which was promulgated on December 30, 2019 and became effective on January 1, 2020, where foreign investors carry out investment activities in Mainland China directly or indirectly, the foreign investors or foreign investment enterprises shall submit investment information to competent commerce departments. Foreign investors or foreign investment enterprises shall report investment information to competent commerce departments via the enterprise registration system and the national enterprise credit information disclosure system.

#### Regulation on Foreign Exchange Registration of Offshore Investment by PRC Residents
Pursuant to the Circular on Relevant Issues Relating to Domestic Residents' Investment and Financing and Round-Trip Investment through Special Purpose Vehicles ("Circular 37") promulgated by the SAFE and became effective on July 4, 2014, a "special purpose vehicle "means an overseas enterprise directly established or indirectly controlled by a domestic resident (including domestic institution and domestic individual residents) for the purpose of engaging in investment and financing with the domestic enterprise assets or interests he legally holds, or with the overseas assets or interests he legally holds. And the registration for and the relevant foreign exchange administration over a special purpose vehicle established by a domestic resident shall be subject to the Circular 37.

According to the Notice of the State Administration of Foreign Exchange on Further Simplifying and Improving the Direct Investment related Foreign Exchange Administration ("Circular 13"), the foreign exchange registration under domestic direct investment and the foreign exchange registration under overseas direct investment, including the registration of PRC residents who engage in overseas investment and financing and inbound investment via special purpose vehicles under the Circular 37, is directly reviewed and handled by banks, and the SAFE and its branches shall perform indirect regulation over the direct investment-related foreign exchange registration through local banks. The Circular 13 also simplified handling formalities for certain direct investment-related foreign exchange business, for example, simplifying the administration of the confirmation and registration of foreign investors' contribution under domestic direct investment, canceling the filing of overseas re-investment foreign exchange, and canceling annual inspection of the direct investment-related foreign exchange.

According to the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Administrative Provisions on Capital Account Foreign Exchange Settlement ("Circular 16") promulgated by SAFE and became effective on June 19, 2016, domestic enterprises may all settle their external debts in foreign currencies according to the method of voluntary foreign exchange settlement. A domestic institution may use its foreign exchange earnings under capital account and the RMB funds obtained from the settlement thereof for current account expenditure within the scope of its business, as well as for capital account expenditure permitted by laws and regulations.

According to the Regulations on Foreign Exchange Control of the PRC promulgated by the State Council on January 14, 1997 and amended and became effective on August 5, 2008, Renminbi is freely convertible without the approval from the SAFE of its local counterpart for current account transactions, including payment of dividends to foreign investors, payment of interests, international trade of goods, service-related foreign exchange transactions, on

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a basis of true and lawful transactions, while capital account transactions including direct investments and repayment of foreign currency loans are subject to significant foreign exchange control and require the prior approval of the SAFE or its local counterpart and/or registration with the authority.

#### Regulation on Dividend Distributions
Our PRC subsidiary, Chengdu Skyherb is a wholly foreign-owned enterprise (limited liability company) under the PRC law. According to the Company Law of the PRC revised and became effective on October 26, 2018, wholly foreign-owned enterprises in China may pay dividends only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. In addition, an enterprise in China is required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year to its general reserves until its cumulative total reserve funds reaches 50% of its registered capital. The board of directors of a wholly foreign-owned enterprise has the discretion to allocate a portion of its after-tax profits to its employee welfare and bonus funds. These reserve funds, however, may not be distributed as cash dividends.

According to the Treaty on the Avoidance of Double Taxation and Tax Evasion between Mainland and Hong Kong promulgated on August 21, 2006, if the non-PRC parent company of a PRC enterprise is a Hong Kong resident which beneficially owns a 25% or more interest in the PRC enterprise, the 10% withholding tax rate applicable under the EIT Law may be lowered to 5% for dividends and 7% for interest payments once record filings have been performed with the relevant tax authorities.

Pursuant to the Circular of the State Administration of Taxation on Relevant Issues Concerning the Implementation of Dividend Clauses in Tax Treaties, which was promulgated on and with effect from 20 February 2009, all of the following requirements should be satisfied where a fiscal resident of the other party to the tax agreement needs to be entitled to such tax agreement treatment as being taxed at a tax rate specified in the tax agreement for the dividends paid to it by a PRC resident company: (a) such a fiscal resident who obtains dividends should be a company as provided in the tax agreement; (b) owner's equity interests and voting shares of the PRC resident company directly owned by such a fiscal resident reaches a specified percentage; and (c) the equity interests of the PRC resident company directly owned by such a fiscal resident, at any time during the 12 months prior to the obtainment of the dividends, reaches a percentage specified in the tax agreement.

In addition, the State Administration of Taxation promulgated the Administrative Measures for Entitlement of Non-resident Taxpayer to Agreement Treatment, which was promulgated on October 14, 2019 and came into effect on January 1, 2020. Under the Administrative Measures for Entitlement of Non-resident Taxpayer to Agreement Treatment, any non-resident taxpayer meeting conditions for enjoying the convention treatment may be entitled to the convention treatment itself/himself when filing a tax return or making a withholding declaration through a withholding agent, subject to the subsequent administration by the tax authorities.

#### M&A Rules
On August 8, 2006, six PRC regulatory agencies, MOFCOM, the State Assets Supervision and Administration Commission, the State Administration for Taxation, the State Administration for Industry and Commerce, China Securities Regulatory Commission ("CSRC") and SAFE, jointly adopted the Regulation on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which became effective on September 8, 2006 and subsequently amended on June 22, 2009. The M&A Rules purport, among other things, to require that offshore SPVs that are controlled by PRC companies or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic interests held by such PRC companies or individuals, obtain the approval of the CSRC prior to publicly listing their securities on an overseas stock exchange.

Pursuant to the Foreign Investment Access Management Guidance Manual, which was issued and became effective on 18 December 2008 by the MOFCOM, notwithstanding the fact that (i) the domestic shareholder is connected with the foreign investor or not; or (ii) the foreign investor is the existing shareholder or the new investor, the M&A Provisions shall not apply to the transfer of an equity interest in an incorporated foreign-invested enterprise from the domestic shareholder to the foreign investor.

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#### Regulations on Trademarks
According to the Trademark Law of the PRC revised by the Standing Committee of the National People's Congress ("SCNPC")) on April 23, 2019 and taking effect on November 1, 2019, the registered trademark has a validity period of 10 years starting from the registration date. The trademark registrant enjoys the exclusive right to use the trademark. Additionally, pursuant to the Trademark Law and other relevant PRC laws and regulations, in the event that a company uses trademarks in relation to production in the PRC without the required authorization, the company may be asked to cease the infringement. Any dispute in connection with the activities the infringe the exclusive right to use a registered trademark shall be resolved by the relevant parties through negotiation. If the relevant parties refuse to negotiate or the negotiation fails, the trademark registrant or the relevant stakeholders may file a lawsuit in the people's court or turn to the industrial and commercial administrative department for handling. Meanwhile, we have successfully obtained two trademarks.

#### Regulations on Patents
According to the PRC Patent Law revised by the SCNPC on October 17, 2020 and taking effect on June 1, 2021, the PRC patent Law provides for patentable inventions, utility models and designs, which must meet three conditions: novelty, inventiveness and practical applicability. The State Intellectual Property Office is responsible for examining and approving patent applications. A patent is valid for a term of twenty years in the case of an invention patent and a term of ten years in the case of utility models and designs. We are licensed to use three utility models patents which are registered in Taiwan.

#### PRC Taxation and Foreign exchange
Under the Enterprise Income Tax Law or EIT Law amended on December 29, 2018, and the Implementation Regulations on the EIT Law, enterprises are classified as resident enterprises and non-resident enterprises. A uniform income tax rate of 25% will be applied to domestic enterprises, foreign-invested enterprises and foreign enterprises that have established production and operation facilities in the PRC,

The Notice of the State Administration of Taxation ("SAT") on Issues Relevant to Foreign-registered Chinese-invested Holding Enterprises Determined as Resident Enterprises in Accordance with Actual Management Organization Standard ("Circular 82") issued by the SAT in April 2009 provides certain specific criteria for determining whether the "de facto management body" of a PRC-controlled offshore incorporated enterprise is located in China. Pursuant to the SAT Circular 82, a PRC- controlled offshore incorporated enterprise has its "de facto management body" in China only if all of the following conditions are met: (a) the senior management and core management departments in charge of its daily operations function have their presence mainly in the PRC; (b) its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC; (c) its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and (d) more than half of the enterprise's directors or senior management with voting rights habitually reside in the PRC. The Administrative Measures for Income Tax of Chinese-Controlled Resident Enterprises Registered Abroad (For Trial Implementation) ("Bulletin 45") issued by the SAT on September 1, 2011, provides more guidance on the implementation of the SAT Circular 82 and provides for procedures and administration details on determining resident status and administration on post-determination matters.

According to Provisional Regulations on Value-added Tax of the PRC issued by the State Council on December 13, 1993 and taking effect on January 1, 1994 and amended respectively on November 5, 2008, February 6, 2016 and November 19, 2017 ("Provisional Regulations on VAT"), the Detailed Rules for the Implementation of the Interim Regulations of the People's Republic of China on Value-Added Tax revised by SAT on October 28, 2011 and came into effect on November 1, 2011, all the entities and persons engaged in sales of goods or provision of processing, repair and maintenance labour, sales of services, intangible assets or real estate or import of goods in China shall be subject to value-added tax. The taxable value shall be calculated based on the output tax and input tax. Unless otherwise specified by the Provisional Regulations on VAT, for the sales of goods, labour, tangible asset lease services or import of goods by the taxpayer, the VAT rate shall be 17%; for the sales of transportation, postal, basic telecom, construction and real estate lease service, sales of real estate, transfer of land use right, sales and import of special goods listed in the Provisional Regulations on VAT by the tax payer, the VAT rate shall be 11%; for the sales of services and intangible assets by the tax payer, the VAT rate shall be 6%. Unless otherwise specified, the VAT rate for

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the export of goods by the taxpayer shall be zero; and the VAT rate for the cross-border sales of services and intangible assets within the scope as specified in the regulations of the State Council by the domestic institutions and individuals shall be zero.

On March 23, 2016, the Ministry of Finance ("MOF") and the SAT jointly issued the Circular on Full Implementation of Business Tax to Value-added Tax Reform which has been partially repealed on July 1, 2017 and January 1, 2018, confirms that business tax would be completely replaced by VAT from May 1, 2016.

On April 4, 2018, the SAT and the MOF jointly issued Circular on Adjusting Value-added Tax Rate to further adjust the VAT rate, including the change of tax rate from 17% and 11% to 16% and 10% respectively for the taxable sales or import of goods by the tax payer.

On March 20, 2019, the SAT, the General Administration of Customs of the PRC ("GACC") and the MOF jointly issued Announcement on Policies Concerning Deepening the Reform of Value-added Tax which shall come into effect as of April 1, 2019 to further adjust the VAT rate, including the change of tax rate from 16% and 10% to 13% and 9% respectively for the taxable sales or import of goods by the tax payer.

#### Employment Laws
The Labor Law of the PRC, which was amended on December 29, 2018, provides that an employer shall develop and improve its rules and regulations to safeguard the rights of its workers. An employer shall develop and improve its labor safety and health systems, stringently implement national protocols and standards on labor safety and health, conduct labor safety and health education for workers, guard against labor accidents and reduce occupational hazards. Labor safety and health facilities must comply with relevant national standards. An employer must provide workers with the necessary labor protection equipment that complies with labor safety and health conditions stipulated under national regulations, as well as provide regular health checks for workers that are engaged in operations with occupational hazards. Workers engaged in special operations shall have received specialized training and obtained the pertinent qualifications. An employer must develop a vocational training system. Vocational training funds must be set aside and used in accordance with national regulations and vocational training for workers must be carried out systematically based on the actual conditions of the company.

The Labor Contract Law of the PRC, which was amended on December 28, 2012, and came into effect on July 1, 2013, and the Implementation Regulations on Labor Contract Law, which was promulgated on September 18, 2008, and came into effect on the same day, regulate employer and the employee relations and contain specific provisions involving the terms of the labor contract. Labor contracts must be made in writing and may, after reaching agreement upon due negotiations, be for a fixed-term, an un-fixed term, or conclude upon the completion of certain work assignments. In the event that no written labor contract is concluded at the time when a labor relationship is established, such a contract shall be concluded within one month as of the date when the employing unit employs a worker. An employer may legally terminate a labor contract and dismiss its employees after reaching an agreement upon due negotiations with the employee or by fulfilling the statutory conditions.

According to the Social Insurance Law of the PRC, enterprises are obliged to provide their employees in the PRC with welfare schemes covering basic pension insurance, unemployment insurance, maternity insurance, work injury insurance and medical insurance. If an enterprise fails to pay social insurance premiums in full within the time period specified by the authorities, a daily fine of 0.05% on any delinquent payments may be imposed on it. If an enterprise fails to make such payments on time, it may be liable to a fine equal to one to three times the overdue amount.

According to the Regulations on the Administration of Housing Provident Funds, enterprises should undertake registration at the competent managing center of housing fund and then, upon the examination by such managing center of housing fund, undergo the procedures of opening the account of housing fund for their employees at the relevant bank. Enterprises are also obliged to timely pay and deposit then housing fund in the full amount. In the event that an enterprise fails to pay housing provident fund within the time period according to the regulation, the PRC authorities may order it to pay the fund within a time limit. If the enterprise still fails to make overdue contributions, such relevant PRC authorities may apply to court for compulsory execution. If the enterprise fails to undertake registration of housing provident fund or fail to open housing fund account for its employees, the competent PRC authorities shall order the enterprise to complete such registration procedure regarding housing provident fund within a prescribed time limit. If the enterprise fails to do so within the prescribed time limit, a penalty ranging from RMB 10,000 to RMB 50,000 may be imposed.

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#### Foreign trade and customs
According to the Foreign Trade Law of the PRC amended on April 2004 and became effective on July 1, 2004, and last amended on November 7, 2016, any foreign trade business operator that is engaged in the import and export of goods or technologies shall make registration for record with the administrative department of foreign trade of the State Council or the institution entrusted by it, but those that are exempted from registration for record by laws, administrative rules and rules of the department in charge of foreign trade under the State Council shall be excluded. If the foreign trade business operator fails to complete such registration for record, the customs will not process the procedures of declaration, inspection and release for the import or export of goods.

According to the Customs Law of the PRC last amended on April 29, 2021, and the Administrative Provisions of the Customs of the PRC on the Registration of Customs Declaration Entities effective as of July 1, 2018, the import and export of goods are subject to the customs 'control. Consignees of import goods and consignors of export goods have the obligation to make true declarations to the customs. Duties shall be levied by the customs in respect of the goods allowed to be imported and exported. Consignees of import goods and consignors of export goods are required to be registered with the local customs.

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#### MANAGEMENT
Our directors, executive officer and key employees are listed below. Directors hold office until the next annual meeting of the Board or until his successors have been duly elected and qualified. Officer is elected by the Board and his term of office is, except to the extent governed by employment contract, at the discretion of the Board.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  Szu Hao Huang | 43 | Director, CEO and CFO |
|  Yenhung Liu | 51 | Director |

---

The following is a brief biography of our directors and executive officer:

**Szu Hao Huang**.

Mr. Huang has served as our Director, CEO and CFO since May 2020. From May 2018 to May 2020, he was the Vice President of Overseas Business Department of Zhonghe Sunshine Asset Management Co., Ltd., during this period he was responsible for overseas market business development. From January 2015 to January 2018, Mr. Huang served as the CEO of Mega Sun Bio-medical Co., Ltd., where he was in charge of corporate governance and business operations. During this time, he led the company to expand its business overseas and led the research and development of the main product "Negative Hydrogen Smart Water Purification System," which has obtained the patent in Germany, Japan, China and Taiwan, and was awarded seven invention awards in 2015 and 2016 from four major invention exhibitions in the world. From November 2013 to November 2014, Mr. Huang served as the general manager of the well-known Taiwanese beverage brand "Tiger Yazi" Aerobic Life Co., Ltd. for 30 years, where he was mainly responsible for operation management and business marketing. During the time, he successfully improved the company's operating strategy and increased the company's performance by 300%. Mr. Huang acquired his bachelor's degree in civil engineering from Tungnan University in 1999 in Taiwan.

**Yenhung Liu**.

Mr. Yenhung Liu has been our Director since July 2022. From June 2020 to July 2022, he was the Chief Technology Officer of Chengdu Skyherb. From July 2017 to June 2020, he served as the Technical advisor of Taiwan Metcon Co., Ltd. From May 2014 to July 2017, he was the General Manager of Eric Biotechnology Co., Ltd and was mainly responsible for the research and development of new technology in biochemical products. Prior to that, he served as the Manager of Yongxu Biotechnology Co., Ltd and was responsible for the R & D and production of herbal products imported from India. He earned his Bachelor degree in Electronics Engineering from the St John's University of Taipei, Taiwan in 1993.

#### Board Committees
We currently have two directors, Szu Hao Huang and Yenhung Liu, therefore we have not established any committees, including an audit committee, a compensation committee, a nominating committee or any committee performing a similar function. The functions of those committees are being undertaken by the directors.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, our directors or executive officer has not, during the past ten years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which such person was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, by any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self- regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

#### Code of Conduct and Ethics
We have adopted a code of business conduct and ethics that applies to our directors, officer and all employees.

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#### EXECUTIVE COMPENSATION
For the fiscal year ended December 31, 2021 and for the period from May 4, 2020 (inception) to December 31, 2020, we did not pay any compensation to our CEO, CFO and Directors, Szu Hao Huang and Yenhung Liu.

#### Employment Agreement and Offer Letter
On May 6, 2020, we entered into an employment agreement with Szu Hao Huang, our CEO, CFO and director. The agreement provides a term from May 6, 2020 to December 31, 2025 and did not provide for compensation. Pursuant to the employment agreement, Szu Hao Huang will not receive any compensation.

On July 1, 2022, Yenhung Liu, a director, has received and signed the offer letter provided by us. The term shall continue until his successor is duly elected and qualified. The Board may terminate the position as a director for any or no reason. The position shall be up for re-appointment every year by the board of directors of the Company. The offer letter did not provide compensation.

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#### 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;&nbsp;&nbsp;&nbsp;&nbsp;• each director and executive officer who beneficially owns our ordinary shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to own beneficially more than 5.0% of our ordinary shares.

Beneficial ownership includes voting or investment power with respect to the securities. Except as indicated below, 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 111,120,000 ordinary shares issued and outstanding as of the date of this prospectus.

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, all persons listed have sole voting and investment power for all ordinary shares shown as beneficially owned by them. As of the date of this prospectus, we have a total of 92 shareholders of record, 3 of which hold beneficial ownership of 5% or more, and none of which is located in the United States.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares<br>Beneficially Owned<br>Prior to this Offering** | **Ordinary Shares<br>Beneficially Owned<br>Prior to this Offering** | **Ordinary Shares<br>Beneficially Owned<br>After this Offering** | **Ordinary Shares<br>Beneficially Owned<br>After this Offering** | **Percentage of<br>Votes Held<br>After this<br>Offering** |
|  | **Number** | **Percent** | **Number** | **Percent** | **Percent** |
|  **Director and Executive Officer:** |  |  |  |  |  |
|  Szu Hao Huang<sup>(1)</sup> | 65847400 | 59.3% | 65847400 | 59.3% | 59.3% |
|  Yenhung Liu<sup>(1)</sup> |  |  |  |  |  |
|  **5% Shareholder:** |  |  |  |  |  |
|  Dalan Vincent Holdings Limited<sup>(1)</sup> | 65847400 | 59.3% | 65847400 | 59.3% | 59.3% |
|  AJRD Holdings Limited<sup>(2)</sup> | 19999000 | 18% | 19999000 | 18% | 18% |
|  Silver Spring Asia Holdings Limited<sup>(3)</sup> | 7000000 | 6.3% | 7000000 | 6.3% | 6.3% |

---

____________

(1) Dalan Vincent Holdings Limited is a company incorporated in the British Virgin Islands. Szu Hao Huang owns 50% of the equity interest in Dalan Vincent Holdings Limited. Yen Hung Liu holds 50% of the equity interest in Dalan Vincent Holdings Limited. According to the acting-in-concert agreement between Szu Hao Huang and Yen Hung Liu dated September 30, 2021, Mr. Huang has the power to direct the voting and disposition of the ordinary shares held by Dalan Vincent Holdings Limited.

(2) Shih Han Huang beneficially owns 19,999,000 ordinary shares indirectly through AJRD Holdings Limited, a company incorporated under the laws of the British Virgin Islands and of which Ms. Huang has voting and dispositive control.

(3) Hsiao Ling Lee beneficially owns 7,000,000 ordinary shares indirectly through Silver Spring Asia Holdings Limited, a company incorporated under the laws of the British Virgin Islands and of which Ms. Lee has voting and dispositive control.

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#### RELATED PARTY TRANSACTIONS
The Company had transactions with the following related parties for the years ended December 31, 2021, the period from May 4, 2020 (inception) to December 31, 2020, the six months ended June 30, 2022 and the period from June 30, 2022 up to the date of this prospectus:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Nature of Relationship** |
|  Mr. Szuhao Huang | Director, Chief Executive Officer ("CEO") |
|  Mr. Yenhung Liu | Director |
|  Mr. Xusheng Niu | Legal representative of Chengdu Skyherb |
|  Mrs. Xiangtao Yao | Wife of Xusheng Niu |
|  Chengdu Zhonghe sunshine Biotechnology Co., Ltd ("Chengdu Zhonghe") | A company whose legal representative is Mr. Yenhung Liu, a director of the Company |
|  Gasar Biotechnology Co., Ltd | A company managed by Mr. Szuhao Huang, the CEO and a director of the Company |
|  Foshan Xiongluyu Tea Co., Ltd. | A company whose legal representative and principal shareholder is Mrs. Xiangtao Yao |
|  Chengdu Zangqingyuan Herb Co., Ltd. | A company whose legal representative and principal shareholder is Mrs. Xiangtao Yao |

---

(1) Sales to related parties

The Company did not sell cordyceps to related parties in the six months ended June 30, 2022. The Company sold cordyceps of $182,775 and $43,458 to Chengdu Zangqingyuan Herb Co., Ltd, a related company whose legal representative and principal shareholder is Mrs. Xiangtao Yao, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020 respectively. As of June 30, 2022 and as of the date of this prospectus, the Company had a balance of account receivable form Chengdu Zangqingyuan Herb Co., Ltd of $89,116 and $0, which was settled in August 2022.

The Company sold cordyceps of $93,012 and $0 to Foshan Xiongluyu Tea Co., Ltd. in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively.

(2) Loan receivable-related parties

The Company made loans to an unrelated party in the amount of $146,040 for the period from May 4, 2020 (inception) to December 31, 2020. The loan is non-interest bearing and has a maturity date of August 30, 2021 which was extended to August 30, 2023. The outstanding loan balance was $146,040 as of December 31, 2020, December 31, 2021, June 30, 2022 and the date of this prospectus.

On August 29, 2021, Mr. Szuhao Huang, our CEO, assumed the liability to payback this loan. As of the date of this prospectus, the outstanding loan balance remained $146,040.

(3) Purchase from a related party

On June 28, 2020, the Company, Chengdu Zhonghe, Chengdu Helian Industrial Park Investment Co., Ltd, from whom Chengdu Zhonghe bought the breeding center before it was completed, signed certain rights and obligation transfer agreement whereby Chengdu Zhonghe will transfer its rights to the breeding center to the Company for $670,891 (RMB 4,380,000). The Company has paid the full amount for the purchase as of December 31, 2020. The breeding center is located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China, with a construction area of 1,788 square meters. The construction of the breeding center was completed in December 2020, and Chengdu Skyherb began to use the center for its cordyceps cultivating since then. As of the date of this prospectus, the title transfer procedures are still in process.

On June 15, 2020, the Company purchased certain fixed assets and inventory from Chengdu Zhonghe in the amount of $1,574,603 (RMB10,280,000). The balance of accounts payable to Chengdu Zhonghe was $1,115,902 and $1,093,552 as of December 31, 2021 and 2020, respectively. The balance of accounts payable to Chengdu Zhonghe was $1,061,136 and $1,115,902 as of June 30, 2022 and December 31, 2021, respectively. As of the date of this prospectus, the balance of accounts payable to Chengdu Zhonghe decreased to $228,698.

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On September 10, 2021, the Company paid $100,000 to purchase certain office equipment and fixture from Gasar Biotechnology Co., Ltd to use in the Taiwan office. These fixed assets are depreciated over the office lease term of 49 months, using a straight-line method.

(4) Due from related parties

The Company advanced fund to Mr. Szuhao Huang, our CEO, to work as the petty cash fund for the Company, such as registering the Company's trademark in Taiwan, business entertainment for the Company, etc. The company also advanced fund to Gasar Biotechnology Co., Ltd, a company controlled by Mr. Szuhao Huang, to work as the petty cash fund for the Company. On the other hand, due to lack of cash resources, Mr. Szuhao Huang made fund to Cordyceps Sunshine Taiwan Branch to finance its operation. These funds are non-interest bearing, non-secured, due on demand, and without a written agreement. As of the date of this prospectus, Gasar Biotechnology Co., Ltd and Mr. Szuhao Huang have paid off all of the debt owed to the Company.

Due from related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Mr. Szuhao Huang | $— | $(12519) | $142182 |
|  Gasar Biotechnology Co., Ltd | 148900 | 148900 | 98900 |
|  Less: Allowance for doubtful accounts |  |  |  |
|  Total, net | $148900 | $136381 | $241082 |

---

Both the balances due from Mr. Szuhao Huang and due from Gasar Biotechnology Co., Ltd were $0 as of the date of this prospectus.

(5) Due to related parties

On June 27, 2020, Chengdu Skyherb entered into a loan agreement to borrow $1,263,665 (RMB 8,250,000) from Mr. Xusheng Niu and Mrs. Xiangtao Yao as working capital to purchase fixed assets and inventory above. The Company repaid $17,691 and accrued interest expense of $20,284 for the period from May 4, 2020 Inception) to December 31, 2020. the balances due to Mr. XuSheng Niu and Mrs. Xiangtao Yao is $378,799 and $906,760, respectively, as of December 31, 2020. Such balances bear annual interest of 5%, are personally guaranteed by Mr. Szuhao Huang, and with a maturity date of December 31, 2022.

In 2021, Mr. Xusheng Niu and Mrs. Xiangtao Yao continued to make fund to Chengdu Skyherb to finance its operations due to lack of cash rescuers. Such funds bear annual interest of 5%, non-secured, due on demand, and without a written loan agreement. In the year ended December 31, 2021, the Company repaid $157,953 and accrued interest expenses of $12,350. The balance due to Mr. Xusheng Niu and Mrs. Xiangtoa Yao was $768,714 and $790,051, respectively, as of December 31, 2021. The Company accrued interest expenses of $34,297 in the six months ended June 30, 2022. The balance due to Mr. Xusheng Niu and Mrs. Xiangtoa Yao was $755,536 and $695,661, respectively, as of June 30, 2022.

The balance due to Mr. Xusheng Niu and Mrs. Xiangtoa Yao was $778,054 and $562,997, respectively, as of the date of this prospectus.

In 2021 and 2022, due to lack of cash resources, Mr. Szuhao Huang made fund to Cordyceps Sunshine Taiwan Branch to finance its operation. These funds are non-interest bearing, non-secured, due on demand, and without a written agreement. The balance due to Mr. Szuhao Huang was $165,646 and $12,519, as of June 30, 2022 and December 31, 2021, respectively. The balance due to Mr. Szuhao Huang was $160,794 as of the date of this prospectus.

Due to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Mr. Xusheng Niu | $755536 | $768714 | $378799 |
|  Mrs. Xiangtao Yao | 695661 | 790051 | 906760 |
|  Mr. Szuhao Huang | 165646 |  |  |
|  Total | $1616843 | $1558765 | $1285559 |

---

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#### LEGAL MATTERS
The validity of the ordinary shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by [\*], our counsel as to Cayman Islands law. Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. Legal matters as to PRC law will be passed upon for us by Tianyuan Law Firm.

The current address of [\*] is [\*]. The current address of Ortoli Rosenstadt LLP is 366 Madison Avenue, 3<sup>rd</sup> Floor, New York, NY 10017. The current address of Tianyuan Law Firm is 10<sup>th</sup> Floor, Tower B, China Pacific Insurance Plaza, 28 Fengsheng Hutong, Xicheng District, Beijing 100032, PRC.

#### EXPERTS
The financial statements as of December 31, 2021 and 2020 included in this prospectus have been so included in reliance on the report of Keith K Zhen CPA an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

#### INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the ordinary shares was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant. Nor was any such person connected with the registrant as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.

#### DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION <br>FOR SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has 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.

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the ordinary shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the ordinary shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES

#### FINANCIAL REPORT

#### At June 30, 2022 and December 31, 2021, and<br>For the six months ended June 30, 2022 and 2021

------

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES
**<u>INDEX</u>**

---

| | |
|:---|:---|
|  | **PAGE** |
|  [**CONSOLIDATED BALANCE SHEETS**](#T1001) | **F-3** |
|  [**CONSOLIDATED STATEMENTS OF OPERATIONS**](#T1002) | **F-4** |
|  [**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY <br>(DEFICIT)**](#T1003) | **F-5** |
|  [**CONSOLIDATED STATEMENTS OF CASH FLOWS**](#T1004) | **F-6** |
|  [**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**](#T1005) | **F-7 – F-20** |

---

---

| | |
|:---|:---|
|  [**INDEPENDENT AUDITOR'S REPORT**](#T1006) | **F-21** |
|  [**CONSOLIDATED BALANCE SHEETS**](#T1007) | **F-23** |
|  [**CONSOLIDATED STATEMENTS OF OPERATIONS**](#T1008) | **F-24** |
|  [**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY <br>(DEFICIT)**](#T1009) | **F-25** |
|  [**CONSOLIDATED STATEMENTS OF CASH FLOWS**](#T1010) | **F-26** |
|  [**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**](#T1011) | **F-27 – F-39** |

---

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2022** | **December 31, 2021** |
|  | (unaudited) | |
|  ASSETS |  |  |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $46230 | $99684 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net (Note 4) | 322659 | 358006 |
| &nbsp;&nbsp;&nbsp; Others receivable | 10974 | 16476 |
| &nbsp;&nbsp;&nbsp; Advances and prepayments to suppliers | 5728 | 27410 |
| &nbsp;&nbsp;&nbsp; Inventory (Note 5) | 353452 | 480352 |
| &nbsp;&nbsp;&nbsp; Due from related parties (Note 7 – (4)) | 148900 | 148900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Assets | 887943 | 1130828 |
|  Loan receivable-related parties (Note 7 – (2)) | 146040 | 146040 |
|  Property, plant and equipment, net (Note 6) | 1550951 | 1713954 |
|  Operating lease right of use asset, net | 240780 | 272216 |
|  Total Assets | $2825714 | $3263038 |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $37640 | $111696 |
| &nbsp;&nbsp;&nbsp; Accounts payable-related party (Note 7 – (3)) | 1115902 | 1115902 |
| &nbsp;&nbsp;&nbsp; Accrued expenses (Note 9) | 79196 | 56407 |
| &nbsp;&nbsp;&nbsp; Due to related parties (Note 7 – (5)) | 1616843 | 1571284 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities – current | 57881 | 66237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Liabilities | 2907462 | 2921526 |
|  Long-term Loans payable (Note 10) | 414000 | 414000 |
|  Operating lease liabilities – noncurrent | 154877 | 203325 |
|  Total Liabilities | 3476339 | 3538851 |
|  Commitments and Contingencies (Note 13) |  |  |
|  Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock, par value $0.0001, 500,000,000 shares authorized; 100,000, 0000 shares issued and outstanding as of December 31, 2021 and 2020 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp; Common Stock to-be Issued | 222400 | 222400 |
| &nbsp;&nbsp;&nbsp; Shares Subscription Receivable |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp; Retained Earnings (Accumulated deficit) | (910049) | (504482) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | 27024 | (3731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders' Equity (Deficit) | (650625) | (275813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Shareholders' Equity (Deficit) | $2825714 | $3263038 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended** | **For the Six Months ended** |
|  | **June 30, <br>2022** | **June 30, <br>2021** |
|  | (unaudited) | (unaudited) |
|  Sales | $203172 | $55097 |
|  Costs of goods sold | 310829 | 106202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Profit | (107657) | (51105) |
|  Operating Expenses |  |  |
| &nbsp;&nbsp;&nbsp; Selling expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising and promotion fees | 2119 | 7730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel and lodging expenses  |  | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total selling expenses | 2119 | 9526 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroll and employee benefit | 20846 | 40901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 31902 | 26749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consultant fees | 34832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses | 1834 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development expenses | 122661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office expenses | 33606 | 18145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel and lodging expenses | 1359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meal and entertainment | 7884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general and administrative expenses | 254924 | 87568 |
|  Total Operating Expenses | 257043 | 97094 |
|  Income (Loss) from Operation | (364700) | (148199) |
|  Other Income (Expenses) |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 5 | 3 |
| &nbsp;&nbsp;&nbsp; Interest expenses | (37188) | (19816) |
| &nbsp;&nbsp;&nbsp; Other income (expenses) | (2861) | 6977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Income (Expenses) | (40044) | (12836) |
|  Lose before Provision for Income Tax | (404744) | (161035) |
|  Provision for Income Tax | 823 | 84 |
|  Net Loss | $(405567) | $(161119) |
|  Other comprehensive income (loss) |  |  |
| &nbsp;&nbsp;&nbsp; Effects of foreign currency conversion | 30755 | (1863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income (loss) | $(374812) | $(162982) |
|  Basic and Fully Diluted Loss per Share | $(0.00) | $(0.00) |
|  Weighted average shares outstanding | 100000000 | 100000000 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)<br>(unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares <br>Par Value $0.0001 <br>per share** | **Ordinary Shares <br>Par Value $0.0001 <br>per share** | **Common Stock<br> to-be <br>Issued** | **Shares Subscription Receivable** | **Additional Paid-in Capital** | **Retained Earnings (Accumulated Deficit)** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total <br>Shareholders' <br>Equity <br>(Deficit)** |
|  | **Shares** | **Amount** | **Common Stock<br> to-be <br>Issued** | **Shares Subscription Receivable** | **Additional Paid-in Capital** | **Retained Earnings (Accumulated Deficit)** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total <br>Shareholders' <br>Equity <br>(Deficit)** |
|  Balance at January 1, 2021 | 100000000 | $10000 | $— | $(10000) | $— | $(13476) | $664 | $(12812) |
|  Receipt of share subscription receivable |  |  |  | 10000.00 |  |  |  | 10000 |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  |  |  | (161119) |  | (161119) |
|  Other comprehensive income |  |  |  |  |  |  | (1863) | (1863) |
|  Balances at June 30, 2021 | 100000000 | $10000 | $— | $— | $— | $(174595) | $(1199) | $(165794) |
|  Balance at January 1, 2021 | 100000000 | $10000 | $222400 | $— | $— | $(504482) | $(3731) | $(275813) |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  |  |  | (405567) |  | (405567) |
|  Other comprehensive income |  |  |  |  |  |  | 30755 | 30755 |
|  Balances at June 30, 2022 | 100000000 | $10000 | $222400 | $— | $— | $(910049) | $27024 | $(650625) |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS<br>(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months ended** | **For the Six Months ended** |
|  | **June 30,<br>2022** | **June 30,<br>2021** |
|  Cash Flows from Operating Activities |  |  |
|  Net loss | $(405567) | $(161119) |
|  Adjustments to reconcile net loss |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 87502 | 72940 |
| &nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 38229 | 2011 |
| &nbsp;&nbsp;&nbsp; Provision for inventory impairment | 99588 |  |
| &nbsp;&nbsp;&nbsp; Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 18556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others receivable | 6114 | (1746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments to suppliers | 21038 | (36133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 7469 | (324204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (14886) | 117839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 26393 | 33620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (63444) | (2200) |
|  Net cash used by operating activities | (179008) | (296482) |
|  Cash Flows from Investing Activities  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment | (495) | (7005) |
| &nbsp;&nbsp;&nbsp; Advances and loans made to related parties |  | 13990  |
|  Net cash provided (used) by investing activities | (495) | 6985 |
|  Cash Flows from Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from common stock subscription |  | 10000 |
| &nbsp;&nbsp;&nbsp; Precedes from loans payable |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from related parties | 259551 | 317093 |
| &nbsp;&nbsp;&nbsp; Repayment to related parties | (157263) | (15734) |
|  Net cash provided (used) by financing activities | 102288 | 311359 |
|  Effect on changes in foreign exchange rate | 23761 | 2463  |
|  Increase (decrease) in cash | (53454) | 21815 |
|  Cash at beginning of period | 99684  | 294  |
|  Cash at end of period | $46230  | $22109  |
|  Supplemental Disclosures of Cash Flow Information: |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | $2891 | $3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax | $823 | $84 |
|  Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp; Termination of ROU assets and lease liabilities | $20639 | $— |

---

#### The accompanying notes are an integral part of these consolidated financial statements.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**Note 1 — ORGANIZATION**

Cordyceps Sunshine Biotech Holdings Co., Ltd. ("Cordyceps Sunshine Cayman") was incorporated on May 4, 2020 under the laws of the Cayman Islands. On June 5, 2020, Cordyceps Sunshine Cayman established a wholly owned subsidiary, Cordyceps Sunshine Biotec Co., Ltd ("Cordyceps Sunshine HK") in Hongkong. On June 5, 2020, Cordyceps Sunshine HK established a wholly owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd ("Chengdu Skyherb" or "Cordyceps Sunshine WFOE") in the People's Republic of China ("PRC"). On November 3, 2021, Cordyceps Sunshine Cayman established a branch ("Cordyceps Sunshine Taiwan Branch") in Taiwan, Republic of China.

Cordyceps Sunshine Cayman, its Taiwan branch, and its wholly owned subsidiaries are collectively referred to herein as the "Company", "we" and "us", unless specific reference is made to an entity.

The Company focus on cultivating and sales of cordyceps.

**Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

#### Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts of the Company, its Taiwan branch, and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Certain amounts in the prior year's consolidated financial statements and notes have been revised to conform to the current year presentation.

#### Interim Financial Statements
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for audited annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the condensed consolidated financial statements not misleading have been included.

The unaudited condensed consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and the notes for the year ended December 31, 2021. The results of operations for the nine and three months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year.

#### Foreign Currency Translation
The accompanying consolidated financial statements are presented in United States dollar ("USD"), which is the reporting currency of the Company. The functional currency of Cordyceps Sunshine HK is Hong Kong dollar ("HKD"). The functional currency of Chengdu Skyherb is Renminbi ("RMB"). The functional currency of Cordyceps Sunshine Taiwan Branch is New Taiwan dollar ("TWD").

The Company maintains its books and record in its functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. The resulting exchange differences are recorded in the statements of operations.

The reporting currency of the Company is the United States Dollars ("US$"), and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830- 30, "Translation of Financial Statements", assets and liabilities of the Company whose functional currency is not US$ are translated into US$,

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive gain (loss) within the statements of changes in shareholders' deficit.

The exchange rates used for foreign currency translation were as follows:

(1) USD$1 = HKD

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance<br>Sheet Date** | **Average <br>Rates** |
|  Six months ended June 30, 2022 | 7.8472 | 7.8260 |
|  Six months ended June 30, 2021 | 7.7658 | 7.7617 |

---

(2) USD$1 = RMB

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance<br>Sheet Date** | **Average <br>Rates** |
|  Six months ended June 30, 2022 | 6.6981 | 6.4791 |
|  Six months ended June 30, 2021 | 6.4566 | 6.4702 |

---

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through local authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

(3) USD$1 = TWD

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance<br>Sheet Date** | **Average <br>Rates** |
|  Six months ended June 30, 2022 | 29.7400 | 28.7290 |
|  Six months ended June 30, 2021 | 27.9100 | 28.0314 |

---

#### Statements of Cash Flows
In accordance with FASB ASC 830-230, "Statement of Cash Flows", cash flows from the Company's operations is calculated based upon the functional currency. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.

#### Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as operating environment changes. Significant estimates and assumptions by management include, among others, estimated life and impairment of long-lived assets, allowance for doubtful accounts, contingencies, valuation of inventories and income taxes including the valuation allowance for deferred tax assets.

While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Fair Value of Financial Instruments
The Company adopted ASC 820 "Fair Value Measurements," which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follow:

---

| | |
|:---|:---|
|  **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, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|  **Level 3:** | Inputs to the valuation methodology are unobservable and significant to the fair value. |

---

As of the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each year.

#### Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all other highly liquid instruments with original maturities of three months or less.

#### Accounts Receivable
Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for doubtful receivables. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. 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. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income (loss). Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is remote. In circumstances in which the Company receives payment for accounts receivable that have previously been written off, the Company reverses the allowance and bad debt.

#### Inventory
Inventories, consisting of raw materials, work-in-process, and finished goods are stated at the lower of cost or net realizable value utilizing the weighted average method.

Work-in-process inventoried costs on cultivating cordyceps includes direct materials, direct cultivating labor costs, and applicable overhead, which includes fringe benefits, cultivating related utility, and cultivating facilities management salaries and services. To the extent a material amounts of such costs are related to an abnormal event or are fixed costs not appropriately attributable to cordyceps cultivation, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to cordyceps cultivation with long-term production cycles, a portion of which is not expected to be realized within one year.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The determination of net realizable value of long-term cordyceps cultivation costs is based upon quarterly reviews of costs incurred and estimated costs to complete the cultivating process. When costs incurred and the estimate to complete exceed the net realizable value of cordyceps cultivated, a loss provision is recorded.

The Company review and identify impaired inventory quarterly, including excess or obsolete inventory, based on expected production usage, abnormal production cycle. Impaired inventories are charged to cost of revenues in the period the impairment occurs. The allowance for inventory impairment are removed from the accounts when the relevant inventory is sold or disposed.

#### Property, plant and equipment
Property and equipment primarily consist of cultivation equipment, office equipment, furniture, tools and construction in progress. Cultivation equipment, office equipment, furniture and tools are stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with residual value rate of 5% based on the estimated useful lives as follows:

<u> Buildings and cultivation facilities </u>   <u> 20 years (by local laws) </u> <br> <u> Machinery and equipment </u>   <u> 3 – 10 years </u> <br> <u> Office equipment and furniture </u>   <u> 5 years </u>

The Company constructs its cultivation facilities, which is accounted for as construction in progress before completed. In addition to cost under the construction contracts, interest cost and external costs directly related to the construction of such facilities, including equipment installation and shipping costs, are capitalized.

Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of income.

#### Intangible assets, net
Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method based on their estimated useful lives.

#### Impairment of long-lived assets
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was recognized for the six months ended June 30, 2022 and 2021.

#### Operating lease
The Company leases are classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.

At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. No impairment for right-of-use lease assets incurred in the six months ended June 30, 2022 and 2021.

#### Research & Development Expenses
Research and development expenses relating to the development of new products and processes, including significant improvements and refinements to existing products, are expensed when incurred in accordance with the FASB ASC 730, "Research and Development." Research and development costs were $122,661 and $0 for the six months ended June 30, 2022 and 2021 respectively.

#### Comprehensive Income (Loss)
ASC 220 "Comprehensive Income" established standards for reporting and display of comprehensive income/loss, its components and accumulated balances. Components of comprehensive income/loss include net income/loss and foreign currency translation adjustments. The component of accumulated other comprehensive income (loss) consisted of foreign currency translation adjustments.

#### Revenue Recognition
The Company adopted ASC 606 upon inception. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

A performance obligation is a promise in a contract to transfer a distinct goods to the customer and is the unit of account in ASC 606. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised goods or services is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Revenue is recognized for sales of cordyceps at the point in time when the cordyceps are delivered to or picked up by, and accepted by customers. Costs accumulated during the cordyceps cultivating process are recognized as inventory; and charged to cost of goods sold upon cordyceps delivery to or pick up by customers.

The Company's return policy allows for the return of damaged or defective products, and the Company absorbs the shipping fee for the return. The Management believes the return is immaterial because the customers inspect and accept the goods upon delivery or pick up. There were no return in the six months ended June 30, 2022 and 2021.

Payments for cordyceps sales received in advance in accordance to the contract is recognized as deferred revenues when received.

#### Income Taxes
The Company accounts for income taxes under the provision of FASB ASC 740- 10, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The Company accounts for income taxes in interim periods in accordance with FASB ASC 740-270, "Interim Reporting." The Company has determined an estimated annual effective tax rate. The rate will be revised, if necessary, as of the end of each successive interim period during the Company's fiscal year to its best current estimate. The estimated annual effective tax rate is applied to the year- to-date ordinary income (or loss) at the end of the interim period.

#### Earnings per share
Basic earnings per ordinary share is computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary 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 earnings per share. For the six months ended June 30, 2022 and 2021, the Company had no dilutive stocks.

#### Concentration of Credit Risk
Financial instruments the Company holds that are subject to concentrations of credit risk are cash, restricted cash, notes receivables and accounts receivable arising from its normal business activities. The Company places its cash and restricted cash in what it believes to be credit-worthy financial institutions. The Company routinely assesses the credit status of its customers and, based upon factors surrounding the credit risks, establishes an allowance, if required, for uncollectible accounts. The company believes its notes receivable and accounts receivable credit risk exposure beyond such allowance is limited.

#### Related Parties Transactions
A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered as a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts of related party transactions due to their related party nature.

#### Segment Reporting
ASC 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's chief operating decision maker organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined the Company's operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: cultivating and sales of cordyceps.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Recently Issued Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its the consolidated financial position, statements of operations and cash flows.

#### Note 3 — GOING CONCERN
The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern. The Company incurred loss of $405,567 and $161,119 for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company had an accumulated deficit of $910,049. These factors among others raise substantial doubt about the ability to continue as a going concern for a reasonable period of time.

In order to continue as a going concern, The Company will need, among other things, additional capital resources. Management's plan is to obtain such resources by obtaining capital from management sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

#### Note 4 — ACCOUNTS RECEIVABLE
Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  | (unaudited) | |
|  Accounts receivable | $233543 | $224097 |
|  Accounts receivable-related party | 89116 | 133909 |
|  Less: Allowance for doubtful accounts |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | $322659 | $358006 |

---

Bad debt expense charged to operations was $0 for the six months ended June 30, 2022 and 2021.

Refer to Note 7 (1) — Sales of Cordyceps to Related Party for accounts receivable of related party.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 5 — INVENTORIES
Inventories consist of following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2020** |
|  | (unaudited) | |
|  Finished goods | $137530 | $466449 |
|  Work-in-progress | 420731 | 390588 |
|  Supplies and packing materials | 13204 | 13878 |
|  Less: Allowance for obsolete inventory | (218013) | (390563) |
| &nbsp;&nbsp;&nbsp; Total, net | $353452 | $480352 |

---

The Company recorded impairment of obsolete or slow-moving inventory of $99,588 and $nil for the six months ended June 30, 2022 and 2021, respectively.

#### Note 6 — PROPERTY, PLANT AND EQUIPMENT
The following is a summary of property, plant and equipment:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2020** |
|  | **June 30,<br>2022** | **December 31,<br>2020** |
|  | (unaudited) | |
|  Buildings and cultivation facilities | $653917 | $687318 |
|  Machinery and equipment | 1049060 | 1102141 |
|  Office equipment and furniture | 104203 | 104417 |
| &nbsp;&nbsp;&nbsp; Total | 1807180 | 1893876 |
|  Less: Accumulated depreciation | (256229) | (179922) |
| &nbsp;&nbsp;&nbsp; Total property, plant and equipment, net | $1550951 | $1713954 |

---

Depreciation expense charged to operations was $87,502 and $72,940 for six months ended June 30, 2022 and 2021, respectively.

**Note 7 — RELATED PARTY TRANSACTIONS**

The Company had transactions with the following related parties:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Nature of Relationship** |
|  Mr. Szuhao Huang | Director, Chief Executive Officer ("CEO") |
|  Mr. Yenhung Liu | Director of the Company |
|  Mr. Xusheng Niu | Legal Representative of Chengdu Skyherb |
|  Mrs. Xiangtao Yao | Wife of Xusheng Niu |
|  Chengdu Zhonghe sunshine Biotechnology Co., Ltd ("Chengdu Zhonghe") | A company whose legal representative is Mr. Yenhung Liu  |
|  Gasar Biotechnology Co., Ltd | A company managed by Mr. Szuhao Huang, |
|  Foshan Xiongluyu Tea Co., Ltd. | A company whose legal representative is Mrs. Xiangtao Yao |
|  Chengdu Zangqingyuan Herb Co., Ltd. | A company whose legal representative is Mrs. Xiangtao Yao |

---

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 7 — RELATED PARTY TRANSACTIONS (cont.)
(1) Sales to related parties

The Company did not sell cordyceps to related parties in the six months ended June 30, 2022, and sold cordyceps of $12,844 to Foshan Xiongluyu Tea Co., Ltd. in the six months ended June 30, 2021.

Accounts receivable from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  | (unaudited) | |
|  Chengdu Zangqingyuan Herb Co., | $89116 | $133609 |
|  Foshan Xiongluyu Tea Co., Ltd. |  |  |
|  Less: Allowance for doubtful accounts |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net | $89116 | $133609 |

---

(2) Loan receivable-related parties

The Company made loans to an unrelated party in the amount of $146,040 for the period from May 4, 2020 Inception) to December 31, 2020. The loan is non-interest bearing and has a maturity date of August 30, 2021 which was extended to August 30, 2023. The outstanding loan balance was $146,040 as of December 31, 2020.

On August 29, 2021, Mr. Szuhao Huang, our CEO, assumed the liability to payback this loan. The outstanding loan balance was $146,040 as of June 30, 2022, which was subsequently paid off in September 2022, as more fully disclosed in Note 14, Subsequent events.

(3) Purchase from a relate party

On June 28, 2020, the Company, Chengdu Zhonghe, and Chengdu Helian Industrial Park Investment Co., Ltd, from whom Chengdu Zhonghe bought the breeding center before it was completed, signed certain rights and obligation transfer agreement whereby Chengdu Zhonghe will transfer its rights to the breeding center to the Company for $670,891 (RMB 4,380,000). The Company has paid the full amount for the purchase as of December 31, 2020. The breeding center is located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China, with a construction area of 1,788 square meters. The construction of the breeding center was completed in December 2020, and Chengdu Skyherb began to use the center for its cordyceps cultivating since then. As of the filling date, the transfer procedures, such as changing the building's title, are still in process.

On June 15, 2020, the Company purchased certain fixed assets and inventory from Chengdu Zhonghe in the amount of $1,574,603 (RMB10,280,000). The balance of accounts payable to Chengdu Zhonghe was $1,061,136 and $1,115,902 as of June 30, 2022 and December 31, 2021, respectively.

On September 10, 2021, the Company paid $100,000 to purchase certain office equipment and fixture from Gasar Biotechnology Co., Ltd to use in the Taiwan office. These fixed assets are depreciated over the office lease term of 49 months, using a straight-line method.

(4) Due from related parties

The company advanced fund to Gasar Biotechnology Co., Ltd, a company controlled by Mr. Szuhao Huang, to work on the Company's project. When the projects were completed, Gasar Biotechnology Co., Ltd. either refund to the Company, or reported expenses to the Company, which recorded such expenses in the period incurred. As of the date of this report, the amount due from Gasar Biotechnology Co., Ltd. became zero, as more fully disclosed in Note 14, Subsequent events.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 7 — RELATED PARTY TRANSACTIONS (cont.)
Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  | (unaudited) | |
|  Gasar Biotechnology Co., Ltd | $148900 | $148900 |
|  Less: Allowance for doubtful accounts |  |  |
| &nbsp;&nbsp;&nbsp; Total, net | $148900 | $148900 |

---

(5) Due to related parties

On June 27, 2020, Chengdu Skyherb entered into a loan agreement to borrow $1,263,665 (RMB 8,250,000) from Mr. Xusheng Niu and Mrs. Xiangto Yao as working capital to purchase fixed assets and inventory. The Company repaid $17,691 and accrued interest of $20,284 for the period from May 4, 2020 Inception) to December 31, 2020, the balances due to Mr. XuSheng Niu is $1,285,559 as of December 31, 2020. Such balances bear annual interest of 5%, are personally guaranteed by Mr. Szuhao Huang, and with a maturity date of December 31, 2022.

In 2021 and 2022, Mr. Xusheng Niu and Mrs. Xiangtao Yao continued to make fund to Chengdu Skyherb to finance its operations due to lack of cash rescuers. Such funds bear annual interest of 5%, non-secured, due on demand, and without a written loan agreement. The Company accrued interest expenses of $34,297 and $16,388 in the six months ended June 30, 2022 and 2021, respectively.

The Company advanced fund to Mr. Szuhao Huang, our CEO, to work on the Company's projects in 2020. When the projects were completed, Mr. Huang reported expenses to the Company, which recorded such expenses in the period incurred. In 2021 and 2022, due to lack of cash resources, Mr. Szuhao Huang made fund to Cordyceps Sunshine Taiwan Branch to finance its operation. These funds are non-interest bearing, non-secured, due on demand, and without a written agreement.

Due to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2020** |
|  | (unaudited) | |
|  Mr. Xusheng Niu | $755536 | $768714 |
|  Mrs. Xiangtao Yao | 695661 | 790051 |
|  Mr. Szuhao Huang | 165646 | 12519 |
| &nbsp;&nbsp;&nbsp; Total | $1616843 | $1571284 |

---

**Note 8 — LEASES**

The Company has operating leases for corporate offices and employees' accommodation. These leases have remaining lease terms of 1 month to 4 years. The Company has elected to not recognize lease assets and liabilities for leases with a term less than twelve months.

The Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rates for these leases based primarily on lease terms were 4.75% in PRC, and 3.94% in Taiwan.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 8 — LEASES (cont.)
The components of lease costs, lease term and discount rate with respect of corporate offices and employees' accommodation leases with an initial term of more than 12 months are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30,<br>2022** | **June 30,<br>2021** |
|  | (unaudited) | (unaudited) |
|  Operating lease cost | $36475 | $2322 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  | (unaudited) |  |
|  Weighted Average Remaining Lease Term – Operating leases | 3.5 years | 3.93 years |
|  Weighted Average Discount Rate – Operating leases | 3.94% | 3.98% |

---

As of June 30, 2022, the future maturity of lease liabilities is as follows:

---

| | |
|:---|:---|
|  **For the years ended December 31,** | **Operating <br>Leases** |
|  Remaining of 2022 | $32548 |
| 2023 | 65096 |
| 2024 | 65096 |
| 2025 | 65096 |
|  Total undiscounted cash flows | 227836 |
|  Less: imputed interest | (15078) |
|  Present value of lease liabilities | 212758 |
|  Less: current portion | 57881 |
|  Non-current lease liabilities | $154877 |

---

**Note 9 — ACCRUED EXPENSES**

Accrued expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **December 31,<br>2021** |
|  | (unaudited) | |
|  Accrued pension and employee benefit | $78795 | $54203 |
|  Accrued office expenses |  | 1785 |
|  Taxes payable | 401 | 419 |
| &nbsp;&nbsp;&nbsp; Total | $79196 | $56407 |

---

**Note 10 — LONG**-TERM **LOANS PAYABLE**

In 2020, Cordyceps Sunshine Cayman entered into loan agreements to borrow totally $414,000 from six individuals to finance its operation. These loans were non-interest bearing, non-secured, and had a term of one year which was subsequently extended two more years. The outstanding balance of these loans amounted to $414,000 as of June 30, 2022 and 2021.

**Note 11 — EQUITY CAPITAL**

On May 4, 2020, Cordyceps Sunshine Cayman issued 1 common shares to Sertus Nominees (Cayman) Limited, and Sertus Nominees (Cayman) Limited then transferred the share to Mr. Szu Hao Huang.

On July 17, 2020, Cordyceps Sunshine Cayman repurchased all of the share of Mr. Szu Hao Huang and issued a total of 100,000,000 shares with a par value of $0.0001 per share for $10,000, which was subsequently received in 2021.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 11 — EQUITY CAPITAL (cont.)
On August 13, 2021, the Company entered private replacement subscription agreements with 65 investors to offer a total of 11,120,000 shares of common stock, at a price of $0.02 per share for an aggregate purchase price amount of $222,400, which was received in 2021 and recorded as common stock to-be issued as of December 31, 2021, because such shares were subsequently issued in July 2022.

**Note 12 — INCOME TAXES**

#### Cayman Islands
Under the current laws of Cordyceps Sunshine Cayman is not subject to tax on income or capital gain. In addition, payments of dividends by the Company to their shareholders are not subject to withholding tax in the Cayman Islands

#### Hong Kong
Cordyceps Sunshine HK is incorporated in Hong Kong and has no operating profit or tax liabilities during the periods. Cordyceps Sunshine HK is subject to tax at 8.25% on the first HKD2,000,000 profit and 16.5% on the remaining profits arising in or derived from Hong Kong.

#### Taiwan, Republic of China
Cordyceps Sunshine Biotech Holdings Co., Ltd. is incorporated in the Cayman Islands, and has established a branch in Taiwan. It is a branch office of a foreign company and is not an independent legal entity, subject to the provisions of the For-profit Income Tax Act. The applicable sales tax rate is 5%, and the applicable income tax rate is 20%.

#### China, PRC
Chengdu Skyherb was incorporated in the PRC and are subject to PRC Enterprise Income Tax ("EIT") on the taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People's Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

The components of income tax expense as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2022** | **June 30,<br>2021** |
|  | (unaudited) | (unaudited) |
|  Current income tax | $823 | $84 |
|  Deferred income tax |  |  |
|  | $823 | $84 |

---

Accounting for Uncertainty in Income Taxes

The tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company's PRC entities' tax filings results are subject to examination. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company's PRC entities' tax filings, which may lead to additional tax liabilities.

ASC 740 requires recognition and measurement of uncertain income tax positions using a "more-likely than-not" approach. The management evaluated the Company's tax positions and concluded that no provision for uncertainty in income taxes was necessary as of June 30, 2022 and 2021.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — CONCENTRATIONS, RISKS AND UNCERTAINTIES

#### Concentration
The Company offers one product (cordyceps) for sale while depends on limited suppliers for materials. Accordingly, the Company has a concentration risk related to its customers and suppliers. Failure to maintain existing relationships with the customers and suppliers or to establish new relationships in the future could negatively affect the Company's ability to generate revenue and obtain materials in a timely manner.

The concentration on customers' sales is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **Amount** | **%** | **Amount** | **%** |
|  Customer B | $86258 | 42.45% | $— |  |
|  Customer D-related party |  |  | 12884 | 23.4% |
|  Customer E | 47753 | 23.5% |  |  |
|  Customer F | 49389 | 24.3% |  |  |
|  Customer A |  |  | 38007 | 69.0% |
|  | $183400 | 90.3% | $50891 | 92.4% |

---

The concentration on suppliers' purchases is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2021** |
|  | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  Supplier A | $— |  | $23887 | 15.7% |
|  Supplier B |  |  | 116054 | 19.2% |
|  Supplier C | 4902 | 61.0% |  |  |
|  Supplier D | 1546 | 19.2% |  |  |
|  | $6448 | 80.2% | $139941 | 35.0% |

---

#### Credit risk
Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. The Company held cash and cash equivalents which were deposited in financial institutions located in Mainland China, and each bank account is insured by the local government authority with the maximum limit of RMB 500,000 (equivalent to approximately $71,821). The Company also held cash and cash equivalents which were deposited in financial institutions located in Taiwan, and each bank account is insured by the local government authority with the maximum limit of TWD 3,000,000 (equivalent to approximately $108,147).To limit exposure to credit risk relating to deposits, the Company primarily place cash and cash equivalent deposits with large financial institutions which management believes are of high credit quality and the Company also continually monitors their credit worthiness.

The Company's operations are carried out in China. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC's economy. In addition, the Company's business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — CONCENTRATIONS, RISKS AND UNCERTAINTIES (cont.)

#### Liquidity risk
The Company is also exposed to liquidity risk which is risk that it is unable to provide sufficient capital resources and liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn to other financial institutions and the shareholders to obtain short-term funding to meet the liquidity shortage.

#### Foreign currency risk
Substantially all of the Company's operating activities and the Company's assets and liabilities are denominated in RMB, which 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.

#### Other risk
The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, such as the COVID- 19 outbreak and spread, which could significantly disrupt the Company's operations.

#### Note 14 — SUBSEQUENT EVENTS

#### Issuance of common stock
On August 13, 2021, the Company entered private replacement subscription agreements with 65 investors to offer a total of 11,120,000 shares of common stock, at a price of $0.02 per share for an aggregate purchase price amount of $222,400, which was received by the Company in 2021. The 11,120,000 shares of common stock were subsequently issued in July 2022.

#### The amounts due from Mr. Huang and Gasar Biotechnology Co., Ltd. became zero as of the date of this report.
The Company advanced fund to Gasar Biotechnology Co., Ltd, a company controlled by Mr. Szuhao Huang, our CEO, to work on the Company's projects. When the projects were completed, Gasar Biotechnology Co., Ltd. either refund to the Company, or reported expenses to the Company, which recorded such expenses in the period incurred. As of June 30, 2022, the balance due from Gasar Biotechnology Co., Ltd was $148,900. As of the date of this report, the balance due from Gasar Biotechnology Co., Ltd. became zero.

The Company made loans to an unrelated party in the amount of $146,040 for the period from May 4, 2020 Inception) to December 31, 2020. The loan is non-interest bearing and has a maturity date of August 30, 2021 which was extended to August 30, 2023. On August 29, 2021, Mr. Szuhao Huang, our CEO, assumed the liability to payback this loan. The outstanding loan balance was $146,040 as of June 30, 2022, which was subsequently paid off in September 2022.

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![](tkeithkzhen_header.jpg)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of<br>Cordyceps Sunshine Biotech Holdings Co., Ltd.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Cordyceps Sunshine Biotech Holdings Co., Ltd. and subsidiaries (the Company) as of December 31, 2021 and 2020, and the related consolidated statements of income, comprehensive income, stockholders' equity (deficit), and cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, 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 December 31, 2021 and 2020, and the results of its operations and its cash flows for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

#### Going Concern Matter
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has incurred recurring net losses with significant accumulated deficit, and negative cash flows from operations. These conditions raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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#### Related Parties Transactions
The Company has significant transactions with related parties. The evaluation of the Company's identification of related parties and related party transactions required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management's procedures performed to identify related parties and related party transactions of the Company.

Our audit procedures related to the Company's identification of related parties and related party transactions included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inquired with executive officers, key members of management, the Board of Directors and others within the Company regarding related party relationships and transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read agreements and contracts with and between related parties and, in certain cases third parties, and evaluated whether authorization and approvals were obtained and the terms and other information about transactions are consistent with explanations from inquiries and other audit evidence obtained about the business purpose of the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Analysed the general ledger detail and inspected journal entries to identify potential additional transactions with related parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared the Company's reconciliation of applicable accounts to related parties' records of transactions and balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received confirmations from related parties, and, in certain cases third parties, and compared responses to the Company's records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed the following procedures to identify information related to potential additional transactions between the Company and related parties that may also include third parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read the Company's minutes from meetings of the Board of Directors and related committees of the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inspected annual questionnaires completed by the Company's directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read publicly available sources including the Company's public filings and press releases as well as certain analyst and industry reports

---

| |
|:---|
|  */S/ Keith K Zhen CPA* |
|  **Keith K Zhen CPA**<br> PCAOB ID 6673<br>We have served as the Company's auditor since 2022<br>Brooklyn, NY<br>September 20, 2022 |

---

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2021** | **December 31,<br>2020** |
|  ASSETS |  |  |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | $99684 | $294 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net (Note 4) | 358006 |  |
| &nbsp;&nbsp;&nbsp; Others receivable | 16476 | 2764 |
| &nbsp;&nbsp;&nbsp; Advances and prepayments to suppliers | 27410 | 19457 |
| &nbsp;&nbsp;&nbsp; Inventory (Note 5) | 480352 | 685410 |
| &nbsp;&nbsp;&nbsp; Due from related parties (Note 7 – 4) | 136381 | 241082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Assets | 1118309 | 949007 |
|  Loan receivable-related parties (Note 7 – 2) | 146040 | 146040 |
|  Property, plant and equipment, net (Note 6) | 1713954 | 1712162 |
|  Operating lease right of use asset, net | 272216 | 18502 |
|  Total Assets | $3250519 | $2825711 |
|  LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $111696 | $123 |
| &nbsp;&nbsp;&nbsp; Accounts payable-related party (Note 7 – 3) | 1115902 | 1093557 |
| &nbsp;&nbsp;&nbsp; Accrued expenses (Note 9) | 56407 | 29529 |
| &nbsp;&nbsp;&nbsp; Due to related parties (Note 7 – 5) | 1558765 | 1285559 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities – current | 66237 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Current Liabilities | 2909007 | 2413467 |
|  Long-term Loans payable (Note 10) | 414000 | 414000 |
|  Operating lease liabilities – noncurrent | 203325 | 11056 |
|  Total Liabilities | 3526332 | 2838523 |
|  Commitments and Contingencies (Note 13) |  |  |
|  Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock, par value $0.0001, 500,000,000 shares authorized; 100,000, 0000 shares issued and outstanding as of December 31, 2021 and 2020 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp; Common Stock to-be Issued | 222400 |  |
| &nbsp;&nbsp;&nbsp; Shares Subscription Receivable |  | (10000) |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital |  |  |
| &nbsp;&nbsp;&nbsp; Retained Earnings (Accumulated deficit) | (504482) | (13476) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income | (3731) | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Shareholders' Equity (Deficit) | (275813) | (12812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Shareholders' Equity (Deficit) | $3250519 | $2825711 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

---

| | | |
|:---|:---|:---|
|  | **For the Year <br>Ended <br>December 31, <br>2021** | **For the <br>Period from <br>May 4, <br>2020 <br>(Inception) to <br>December 31, <br>2020** |
|  Revenue |  |  |
| &nbsp;&nbsp;&nbsp; Sales of Cordyceps | $879318 | $43458 |
| &nbsp;&nbsp;&nbsp; Training of Cordyceps cultivation |  | 91262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 879318 | 134720 |
|  Costs of Revenue |  |  |
| &nbsp;&nbsp;&nbsp; Sales of Cordyceps | 1055530 | 40648 |
| &nbsp;&nbsp;&nbsp; Training of Cordyceps cultivation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total of costs of revenue | 1055530 | 40648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross Profit | (176212) | 94072 |
|  Operating Expenses |  |  |
| &nbsp;&nbsp;&nbsp; Selling expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising and promotion fees | 22735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel and lodging expenses | 4563 | 7337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total selling expenses | 27298 | 7337 |
| &nbsp;&nbsp;&nbsp; General and administrative expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payroll and employee benefit | 80225 | 42118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 109212 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consultant fees | 7724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expenses | 4110 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development expenses | 25052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office expenses | 23933 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel and lodging expenses | 13613 | 3769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meal and entertainment | 9801 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general and administrative expenses | 273670 | 78003 |
|  Total Operating Expenses | 300968 | 85340 |
|  Income (Loss) from Operation | (477180) | 8732 |
|  Other Income (Expenses) |  |  |
| &nbsp;&nbsp;&nbsp; Interest income | 13 | 7 |
| &nbsp;&nbsp;&nbsp; Interest expenses | (12350) | (20284) |
| &nbsp;&nbsp;&nbsp; Other income (expenses) | (1138) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Income (Expenses) | (13475) | (20266) |
|  Lose before Provision for Income Tax | (490655) | (11534) |
|  Provision for Income Tax | 351 | 1942 |
|  Net Loss | $(491006) | $(13476) |
|  Other comprehensive income (loss) |  |  |
| &nbsp;&nbsp;&nbsp; Effects of foreign currency conversion | (4395) | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total comprehensive income (loss) | $(495401) | $(12812) |
|  Basic and Fully Diluted Loss per Share | $(0.00) | $(0.00) |
|  Weighted average shares outstanding | 100000000 | 100000000 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares <br>Par Value $0.0001 <br>per share** | **Ordinary Shares <br>Par Value $0.0001 <br>per share** | **Common <br>Stock <br>to-be <br>Issued** | **Shares <br>Subscription <br>Receivable** | **Additional <br>Paid-in <br>Capital** | **Retained <br>Earnings <br>(Accumulated <br>Deficit)** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total <br>Shareholders' <br>Equity <br>(Deficit)** |
|  | **Shares** | **Amount** | **Common <br>Stock <br>to-be <br>Issued** | **Shares <br>Subscription <br>Receivable** | **Additional <br>Paid-in <br>Capital** | **Retained <br>Earnings <br>(Accumulated <br>Deficit)** | **Accumulated <br>Other <br>Comprehensive <br>Income (Loss)** | **Total <br>Shareholders' <br>Equity <br>(Deficit)** |
|  Balance at May 4, 2020 (Inception) |  | $— | $— | $— | $— | $— | $— | $— |
|  Issuance of ordinary shares | 100000000 | 10000 |  | (10000) |  |  |  |  |
|  Net income |  |  |  |  |  | (13476) |  | (13476) |
|  Other comprehensive income |  |  |  |  |  |  | 664 | 664 |
|  Balances at December 31, 2020 | 100000000 | $10000 | $— | $(10000) | $— | $(13476) | $664 | $(12812) |
|  Receipt of share subscription receivable |  |  |  | 10000 |  |  |  | 10000 |
|  Proceeds from share subscription |  |  | 222400 |  |  |  |  | 222400 |
|  Net income |  |  |  |  |  | (491006) |  | (491006) |
|  Other comprehensive income |  |  |  |  |  |  | (4395) | (4395) |
|  Balances at December 31, 2021 | 100000000 | $10000 | $222400 | $— | $— | $(504482) | $(3731) | $(275813) |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **For the Year <br>Ended <br>December 31, <br>2021** | **For the <br>Period from <br>May 4, <br>2020 <br>(Inception) to <br>December 31, <br>2020** |
|  Cash Flows from Operating Activities |  |  |
|  Net loss | $(491006) | $(13476) |
|  Adjustments to reconcile net loss |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | 149238 | 26635 |
| &nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 9846 | 1873 |
| &nbsp;&nbsp;&nbsp; Provision for inventory impairment | 385828 |  |
| &nbsp;&nbsp;&nbsp; Changes in assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (353665) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others receivable | (13533) | (2614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and prepayments to suppliers | (7386) | (18401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (166681) | (648216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 105846 | 500194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 25838 | 27927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (9688) | (4471) |
|  Net cash used by operating activities | (365363) | (130549) |
|  Cash Flows from Investing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property and equipment | (110815) | (1111749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances and loans made to related parties |  | (388960) |
|  Net cash provided (used) by investing activities | (110815) | (1500709) |
|  Cash Flows from Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from common stock subscription | 232400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Precedes from loans payable |  | 414000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from related parties | 582806 | 1235228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment to related parties | (240702) | (17691) |
|  Net cash provided (used) by financing activities | 574504 | 1631537 |
|  Effect on changes in foreign exchange rate | 1064 | 15 |
|  Increase (decrease) in cash | 99390 | 294 |
|  Cash at beginning of period | 294 |  |
|  Cash at end of period | $99684 | $294 |
|  Supplemental Disclosures of Cash Flow Information: |  |  |
| &nbsp;&nbsp;&nbsp; Cash paid during the year for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax | $351 | $1942 |
|  Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recognition of ROU assets and lease liabilities | $261351 | $19371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities assumed in connection with purchase of property and equipment | $— | $534138 |

---

**The accompanying notes are an integral part of these consolidated financial statements.**

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 1 — ORGANIZATION
Cordyceps Sunshine Biotech Holdings Co., Ltd. ("Cordyceps Sunshine Cayman") was incorporated on May 4, 2020 under the laws of the Cayman Islands. On June 5, 2020, Cordyceps Sunshine Cayman established a wholly owned subsidiary, Cordyceps Sunshine Biotec Co., Ltd ("Cordyceps Sunshine HK") in Hongkong. On June 5, 2020, Cordyceps Sunshine HK established a wholly owned subsidiary, Chengdu Skyherb Biotechnology Co., Ltd ("Chengdu Skyherb" or "Cordyceps Sunshine WFOE") in the People's Republic of China ("PRC"). On November 3, 2021, Cordyceps Sunshine Cayman established a branch ("Cordyceps Sunshine Taiwan Branch") in Taiwan, Republic of China.

Cordyceps Sunshine Cayman, its Taiwan branch, and its wholly owned subsidiaries are collectively referred to herein as the "Company", "we" and "us", unless specific reference is made to an entity.

The Company focus on cultivating and sales of cordyceps.

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The consolidated financial statements include the accounts of the Company, its Taiwan branch, and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Certain amounts in the prior year's consolidated financial statements and notes have been revised to conform to the current year presentation.

#### Foreign Currency Translation
The accompanying consolidated financial statements are presented in United States dollar ("USD"), which is the reporting currency of the Company. The functional currency of Cordyceps Sunshine HK is Hong Kong dollar ("HKD"). The functional currency of Chengdu Skyherb is Renminbi ("RMB"). The functional currency of Cordyceps Sunshine Taiwan Branch is New Taiwan dollar ("TWD")

The Company maintains its books and record in its functional currency. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. The resulting exchange differences are recorded in the statements of operations.

The reporting currency of the Company is the United States Dollars ("US$"), and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, "Translation of Financial Statements", assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from the translation of financial statements are recorded as a separate component of accumulated other comprehensive gain (loss) within the statements of changes in shareholders' deficit.

The exchange rates used for foreign currency translation were as follows:

(1) USD$1 = HKD

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance <br>Sheet Date** | **Average <br>Rates** |
|  Year ended December 31, 2021 | 7.7996 | 7.7727 |
|  Year ended December 31, 2020 | 7.7563 | 7.7563 |

---

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
(2) USD$1 = RMB

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance <br>Sheet Date** | **Average <br>Rates** |
|  Year ended December 31, 2021 | 6.3726 | 6.4508 |
|  Year ended December 31, 2020 | 6.5286 | 6.9032 |

---

The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through local authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation.

(3) USD$1 = TWD

---

| | | |
|:---|:---|:---|
|  **Period Covered** | **Balance<br>Sheet Date** | **Average <br>Rates** |
|  Year ended December 31, 2021 | 27.7400 | 27.9366 |
|  Year ended December 31, 2020 | 28.0800 | 29.4568 |

---

#### Statements of Cash Flows
In accordance with FASB ASC 830-230, "Statement of Cash Flows", cash flows from the Company's operations is calculated based upon the functional currency. As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.

#### Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as operating environment changes. Significant estimates and assumptions by management include, among others, estimated life and impairment of long-lived assets, allowance for doubtful accounts, contingencies and litigation, total costs in connection with service revenues, valuation of inventories and income taxes including the valuation allowance for deferred tax assets.

While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

#### Fair Value of Financial Instruments
The Company adopted ASC 820 "Fair Value Measurements," which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments and management believes their

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follow:

---

| | |
|:---|:---|
|  **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, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|  **Level 3:** | Inputs to the valuation methodology are unobservable and significant to the fair value. |

---

As of the balance sheet date, the estimated fair values of the financial instruments approximated their fair values due to the short-term nature of these instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates the hierarchy disclosures each year.

#### Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and cash in time deposits, certificates of deposit and all other highly liquid instruments with original maturities of three months or less.

#### Accounts Receivable
Accounts receivable, net represent the amounts that the Company has an unconditional right to consideration, which are stated at the original amount less an allowance for doubtful receivables. The Company reviews the accounts receivable on a periodic basis and makes general and specific allowances when there is doubt as to the collectability of individual balances. The Company usually determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. 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. The provision is recorded against accounts receivables balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income (loss). Delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is remote. In circumstances in which the Company receives payment for accounts receivable that have previously been written off, the Company reverses the allowance and bad debt.

#### Inventory
Inventories, consisting of raw materials, work-in-process, and finished goods are stated at the lower of cost or net realizable value utilizing the weighted average method.

Work-in-process inventoried costs on cultivating cordyceps includes direct materials, direct cultivating labor costs, and applicable overhead, which includes fringe benefits, cultivating related utility, and cultivating facilities management salaries and services. To the extent a material amounts of such costs are related to an abnormal event or are fixed costs not appropriately attributable to cordyceps cultivation, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to cordyceps cultivation with long-term production cycles, a portion of which is not expected to be realized within one year.

The determination of net realizable value of cordyceps cultivation costs is based upon quarterly reviews of costs incurred and estimated costs to complete the cultivating process. When costs incurred and the estimate to complete exceed the net realizable value of cordyceps cultivated, a loss provision is recorded.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The Company review and identify impaired inventory quarterly, including excess or obsolete inventory, based on expected production usage, abnormal production cycle. Impaired inventories are charged to cost of revenues in the period the impairment occurs.

#### Property, plant and equipment
Property and equipment primarily consist of cultivation equipment, office equipment, furniture, tools and construction in progress. Cultivation equipment, office equipment, furniture and tools are stated at cost less accumulated depreciation less any provision required for impairment in value. Depreciation is computed using the straight-line method with residual value rate of 5% based on the estimated useful lives as follows:

<u> Buildings and cultivation facilities </u>   <u> 20 years (by local laws) </u> <br> <u> Machinery and equipment </u>   <u> 3 – 10 years </u> <br> <u> Office equipment and furniture </u>   <u> 5 years </u>

The Company constructs its cultivation facilities, which is accounted for as construction in progress before completed. In addition to cost under the construction contracts, interest cost and external costs directly related to the construction of such facilities, including equipment installation and shipping costs, are capitalized.

Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statement of income.

#### Intangible assets, net
Purchased intangible assets are recognized and measured at fair value upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method based on their estimated useful lives.

#### Impairment of long-lived assets
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. No impairment of long-lived assets was recognized for the period from May 4, 2020 (Inception) to December 31, 2020 and the year ended December 31, 2021.

#### Operating lease
The Company leases are classified as operating leases in accordance with Topic 842. Under Topic 842, lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term.

At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. No impairment for right-of-use lease assets incurred in the years ended December 31, 2021 and 2020.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Comprehensive Income (Loss)
ASC 220 "Comprehensive Income" established standards for reporting and display of comprehensive income/loss, its components and accumulated balances. Components of comprehensive income/loss include net income/loss and foreign currency translation adjustments. The component of accumulated other comprehensive income (loss) consisted of foreign currency translation adjustments.

#### Revenue Recognition
The Company adopted ASC 606 upon inception. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

A performance obligation is a promise in a contract to transfer a distinct goods to the customer and is the unit of account in ASC 606. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised goods or services is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Revenue is recognized for sales of cordyceps at the point in time when the cordyceps are delivered to or picked up by, and accepted by customers. Costs accumulated during the cordyceps cultivating process are recognized as inventory; and charged to cost of goods sold upon cordyceps delivery to or pick up by customers.

The Company's return policy allows for the return of damaged or defective products, and the Company absorbs the shipping fee for the return. The Management believes the return is immaterial because the customers inspect and accept the goods upon delivery or pick up. There were no return in the years ended December 31, 2021 and 2020.

Payments for cordyceps sales received in advance in accordance to the contract is recognized as deferred revenues when received.

In 2020, the Company occasionally provided one customer with training service to lean Cordyceps related knowledge and preliminary artificial cultivation technology. The customer wished to cooperate with the Company to join the Cordyceps artificial cultivation field. The Company recognizes training service revenue for cordyceps cultivation service over time as performance obligations are satisfied over the life of the service. This was a onetime transaction. The Company does not intend and has not provided such training service after that. The Management does not consider training service constitute a reportable segment in accordance with ASC 280, "Segment Reporting".

#### Income Taxes
The Company accounts for income taxes under the provision of FASB ASC 740-10, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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

#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)

#### Earnings per share
Basic earnings per ordinary share is computed by dividing net earnings attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to ordinary shareholders by the sum of the weighted average number of ordinary share outstanding and of potential ordinary share (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential ordinary 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 earnings per share. For the period from May 4, 2020 (Inception) to December 31, 2020 and the year ended December 31, 2021, the Company had no dilutive stocks.

#### Concentration of Credit Risk
Financial instruments the Company holds that are subject to concentrations of credit risk are cash, restricted cash, notes receivables and accounts receivable arising from its normal business activities. The Company places its cash and restricted cash in what it believes to be credit-worthy financial institutions. The Company routinely assesses the credit status of its customers and, based upon factors surrounding the credit risks, establishes an allowance, if required, for uncollectible accounts. The company believes its notes receivable and accounts receivable credit risk exposure beyond such allowance is limited.

#### Related Parties Transactions
A related party is generally defined as (i) any person that holds 10% or more of the Company's securities and their immediate families, (ii) the Company's management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered as a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts of related party transactions due to their related party nature.

#### Segment Reporting
ASC 280, "Segment Reporting," requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's chief operating decision maker organizes segments within the Company for making operating decisions assessing performance and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company.

Management determined the Company's operations constitute a single reportable segment in accordance with ASC 280. The Company operates exclusively in one business and industry segment: cultivating and sales of cordyceps.

#### Recently Issued Accounting Pronouncements
In December 2019, the FASB issued ASU 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The standard is effective for the Company for fiscal years beginning after December 15, 2020, with early adoption permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.

The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on its the consolidated financial position, statements of operations and cash flows.

#### Note 3 — GOING CONCERN
The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

The Company has not yet established an ongoing source of revenues and cash flows sufficient to cover the operating costs and allow it to continue as a going concern. The Company incurred loss of $491,006 and $13,476 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively. As of December 31, 2021, the Company had an accumulated deficit of $504,482. These factors among others raise substantial doubt about the ability to continue as a going concern for a reasonable period of time.

In order to continue as a going concern, The Company will need, among other things, additional capital resources. Management's plan is to obtain such resources by obtaining capital from management sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

#### Note 4 — ACCOUNTS RECEIVABLE

---

| | | |
|:---|:---|:---|
|  **Accounts receivable consists of the following:** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Accounts receivable | $224097 | $— |
|  Accounts receivable-related party | 133909 |  |
|  Less: Allowance for doubtful accounts |  |  |
|  Accounts receivable, net | $358006 | $— |

---

Bad debt expense charged to operations was $0 for the year ended December 31, 2021 and the period from May 4, 2020 to December 31, 2020.

Refer to Note 7 (1) — Sales of Cordyceps to Related Party for accounts receivable of related party.

#### Note 5 — INVENTORIES

---

| | | |
|:---|:---|:---|
|  **Inventories consist of following:** | **December 31, <br>2021** | **December 31, <br>2020** |
|  Finished goods | $466449 | $20328 |
|  Work-in-progress | 390588 | 665082 |
|  Supplies and packing materials | 13878 |  |
|  Less: Allowance for obsolete inventory | (390563) |  |
|  Total, net | $480352 | $685410 |

---

The Company recorded impairment of obsolete or slow-moving inventory of $390,563 and $nil for the year ended December 31, 20201 and the period from May 4, 2020 (Inception) to December 31, 2020, respectively.

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**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 6 — PROPERTY, PLANT AND EQUIPMENT
The following is a summary of property, plant and equipment:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Buildings and cultivation facilities | $687318 | $670894 |
|  Machinery and equipment | 1102141 | 1065513 |
|  Office equipment and furniture | 104417 | 3918 |
|  Total | 1893876 | 1740325 |
|  Less: Accumulated depreciation | (179922) | (28163) |
|  Total property, plant and equipment, net | $1713954 | $1712162 |

---

Depreciation expense charged to operations was $149,238 for the year ended December 31, 2022, and $26,635 for period from May 4, 2020 (inception) to December 31, 2021. Depreciation expense with respect to production equipment was charged to production was $148,818 and $26,523 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively. The remainder, depreciation expense attributable to equipment used in administration, was $420 and $112 for the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020, respectively, and were included in general and administration expenses.

#### Note 7 — RELATED PARTY TRANSACTIONS
The Company had transactions with the following related parties:

---

| | |
|:---|:---|
|  **Name of Related Party** | **Nature of Relationship** |
|  Mr. Szuhao Huang | Director, Chief Executive Officer ("CEO") |
|  Mr. Yenhung Liu | Director of the Company |
|  Mr. Xusheng Niu | Legal Representative of Chengdu Skyherb |
|  Mrs. Xiangtao Yao | Wife of Xusheng Niu |
|  Chengdu Zhonghe sunshine Biotechnology Co., Ltd ("Chengdu Zhonghe") | A company whose legal representative is Mr. Yenhung Liu |
|  Gasar Biotechnology Co., Ltd | A company managed by Mr. Szuhao Huang, |
|  Foshan Xiongluyu Tea Co., Ltd. | A company whose legal representative is Mrs. Xiangtao Yao |
|  Chengdu Zangqingyuan Herb Co., Ltd. | A company whose legal representative is Mrs. Xiangtao Yao |

---

(1) Sales to related parties

The Company sold cordyceps of $182,775 and $43,458 to Chengdu Zangqingyuan Herb Co., Ltd, a related company whose legal representative and principal shareholder is Mrs. Xiangtao Yao, in the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, 2020 respectively. The Company sold cordyceps of $93,012 and $0 to Foshan Xiongluyu Tea Co., Ltd. In the year ended December 31, 2021 and the period from May 4, 2020 (inception) to December 31, respectively. All of these sales are made at prevalling market price.

Accounts receivable from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Chengdu Zangqingyuan Herb Co., | $133909 | $— |
|  Foshan Xiongluyu Tea Co., Ltd. |  |  |
|  Less: Allowance for doubtful accounts |  |  |
|  Accounts receivable, net | $133909 | $— |

---

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**CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

#### Note 7 — RELATED PARTY TRANSACTIONS (cont.)
(2) Loan receivable-related parties

The Company made loans to an unrelated party in the amount of $146,040 for the period from May 4, 2020 Inception) to December 31, 2020. The loan is non-interest bearing and has a maturity date of August 30, 2021 which was extended to August 30, 2023. The outstanding loan balance was $146,040 as of December 31, 2020.

On August 29, 2021, Mr. Szuhao Huang, our CEO, assumed the liability to payback this loan. The outstanding loan balance was $146,040 as of December 31, 2021.

(3) Purchase from a relate party

On June 28, 2020, the Company, Chengdu Zhonghe, and Chengdu Helian Industrial Park Investment Co., Ltd, from whom Chengdu Zhonghe bought the breeding center before it was completed, signed certain rights and obligation transfer agreement whereby Chengdu Zhonghe will transfer its rights to the breeding center to the Company for $670,891 (RMB 4,380,000). The Company has paid the full amount for the purchase as of December 31, 2020. The breeding center is located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China, with a construction area of 1,788 square meters. The construction of the breeding center was completed in December 2020, and Chengdu Skyherb began to use the center for its cordyceps cultivating since then. As of the filling date, the title transfer procedures are still in process.

On June 15, 2020, the Company purchased certain fixed assets and inventory from Chengdu Zhonghe in the amount of $1,574,603 (RMB10,280,000). The balance of accounts payable to Chengdu Zhonghe was $1,115,902 and $1,093,557 as of December 31, 2021 and 2020, respectively.

On September 10, 2021, the Company paid $100,000 to purchase certain office equipment and fixture from Gasar Biotechnology Co., Ltd to use in the Taiwan office. These fixed assets are depreciated over the office lease term of 49 months, using a straight-line method.

(4) Due from related parties

The Company advanced fund to Mr. Szuhao Huang, our CEO, to work as the petty cash fund for the Company, such as registering the Company's trademark in Taiwan, business entertainment for the Comoany, etc. The company also advanced fund to Gasar Biotechnology Co., Ltd, a company controlled by Mr. Szuhao Huang, to work as the petty cash fund for the Company. On the other hand, due to lack of cash resources, Mr. Szuhao Huang made fund to Cordyceps Sunshine Taiwan Branch to finance its operation. These funds are non-interest bearing, non-secured, due on demand, and without a written agreement.

Due from related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Mr. Szuhao Huang | $(12519) | $142182 |
|  Gasar Biotechnology Co., Ltd | 148900 | 98900 |
|  Less: Allowance for doubtful accounts |  |  |
|  Total, net | $136381 | $241082 |

---

(5) Due to related parties

On June 27, 2020, Chengdu Skyherb entered into a loan agreement to borrow $1,263,665 (RMB 8,250,000) from Mr. Xusheng Niu and Mrs. Xiangtao Yao as working capital to purchase fixed assets and inventory. The Company repaid $17,691 and accrued interest of $20,284 for the period from May 4, 2020 Inception) to December 31, 2020, the balances due to Mr. Xusheng Niu and Mrs. Xiangtao Yao was $1,285,559 as of December 31, 2020. Such balances bear annual interest of 5%, are personally guaranteed by Mr. Szuhao Huang, and with a maturity date of December 31, 2022.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 7 — RELATED PARTY TRANSACTIONS (cont.)
In 2021, Mr. Xusheng Niu and Mrs. Xiangtao Yao continued to make fund to Chengdu Skyherb to finance its operations due to lack of cash rescuers. Such funds bear annual interest of 5%, non-secured, due on demand, and without a written loan agreement. In the year ended December 31, 2021, the Company repaid $157,953 and accrued interest expenses of $12,350. The balance due to Mr. Xusheng Niu and Mrs. Xiangtoa Yao was $1,558,765 as of December 31, 2021.

Due to related parties consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Mr. Xusheng Niu | $768714 | $378799 |
|  Mrs. Xiangtao Yao | 790051 | 906760 |
|  Total | $1558765 | $1285559 |

---

#### Note 8 — LEASES
The Company has operating leases for corporate offices and employees' accommodation. These leases have remaining lease terms of 1 month to 4 years. The Company has elected to not recognize lease assets and liabilities for leases with a term less than twelve months.

The Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The discount rate used to calculate present value is incremental borrowing rate or, if available, the rate implicit in the lease. The Company determines the incremental borrowing rates for these leases based primarily on lease terms were 4.75% in PRC, and 3.94% in Taiwan.

The components of lease costs, lease term and discount rate with respect of corporate offices and employees' accommodation leases with an initial term of more than 12 months are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31, <br>2021** | **Year Ended <br>December 31, <br>2020** |
|  Operating lease cost | $74887 | $2176 |
|  Weighted Average Remaining Lease Term – Operating leases | 3.93 years | 3.58 years |
|  Weighted Average Discount Rate – Operating leases | 3.98% | 4.75% |

---

The following is a schedule, by years, of maturities of corporate offices and employees' accommodation lease liabilities as of December 31, 2021:

---

| | |
|:---|:---|
|  **For the years ended December 31,** | **Operating <br>Leases** |
| 2022 | $75608 |
| 2023 | 75932 |
| 2024 | 69789 |
| 2025 | 69789 |
|  Total undiscounted cash flows | 291118 |
|  Less: imputed interest | (21556) |
|  Present value of lease liabilities | $269562 |

---

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 9 — ACCRUED EXPENSES
Accrued expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2021** | **December 31, <br>2020** |
|  Accrued pension and employee benefit | $54203 | $26500 |
|  Accrued office expenses | 1785 | 771 |
|  Taxes payable | 419 | 2258 |
| &nbsp;&nbsp;&nbsp; Total | $56407 | $29529 |

---

#### Note 10 — LONG-TERM LOANS PAYABLE
In 2020, Cordyceps Sunshine Cayman entered into loan agreements to borrow totally $414,000 from six individuals to finance its operation. These loans were non-interest bearing, non-secured, and had a term of one year which was subsequently extended two more years. The outstanding balance of these loans amounted to $414,000 as of December 31, 2021 and 2020.

#### Note 11 — EQUITY CAPITAL
On May 4, 2020, Cordyceps Sunshine Cayman issued 1 common shares to Sertus Nominees (Cayman) Limited, and Sertus Nominees (Cayman) Limited then transferred the share to Mr. Szu Hao Huang.

On July 17, 2020, Cordyceps Sunshine Cayman repurchased all of the share of Mr. Szu Hao Huang and issued a total of 100,000,000 shares with a par value of $0.0001 per share for $10,000, which was subsequently received in 2021.

On August 13, 2021, the Company entered private replacement subscription agreements with 65 investors to offer a total of 11,120,000 shares of common stock, at a price of $0.02 per share for an aggregate purchase price amount of $222,400, which was received in 2021 and recorded as common stock to-be issued as of December 31, 2021, because such shares were subsequently issued in July 2022.

#### Note 12 — INCOME TAXES

#### Cayman Islands
Under the current laws of Cordyceps Sunshine Cayman is not subject to tax on income or capital gain. In addition, payments of dividends by the Company to their shareholders are not subject to withholding tax in the Cayman Islands.

#### Hong Kong
Cordyceps Sunshine HK is incorporated in Hong Kong and has no operating profit or tax liabilities during the periods. Cordyceps Sunshine HK is subject to tax at 8.25% on the first HKD2,000,000 profit and 16.5% on the remaining profits arising in or derived from Hong Kong.

#### Taiwan, Republic of China
Cordyceps Sunshine Biotech Holdings Co., Ltd. is incorporated in the Cayman Islands, and has established a branch in Taiwan. It is a branch office of a foreign company and is not an independent legal entity, subject to the provisions of the For-profit Income Tax Act. The applicable sales tax rate is 5%, and the applicable income tax rate is 20%.

#### China, PRC
Chengdu Skyherb was incorporated in the PRC and are subject to PRC Enterprise Income Tax ("EIT") on the taxable income in accordance with the relevant PRC income tax laws. On March 16, 2007, the National People's Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises.

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 12 — INCOME TAXES (cont.)
The components of income tax expense as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2013** | **December 31, <br>2012** |
|  Current income tax | $351 | $1942 |
|  Deferred income tax |  |  |
|  | $351 | $1942 |

---

Accounting for Uncertainty in Income Taxes

The tax authority of the PRC government conducts periodic and ad hoc tax filing reviews on business enterprises operating in the PRC after those enterprises complete their relevant tax filings. Therefore, the Company's PRC entities' tax filings results are subject to examination. It is therefore uncertain as to whether the PRC tax authority may take different views about the Company's PRC entities' tax filings, which may lead to additional tax liabilities.

ASC 740 requires recognition and measurement of uncertain income tax positions using a "more-likely-than-not" approach. The management evaluated the Company's tax positions and concluded that no provision for uncertainty in income taxes was necessary as of December 31, 2021 and 2020.

#### Note 13 — CONCENTRATIONS, RISKS AND UNCERTAINTIES

#### Concentration
The Company offers one product (cordyceps) for sale while depends on limited suppliers for materials. Accordingly, the Company has a concentration risk related to its customers and suppliers. Failure to maintain existing relationships with the customers and suppliers or to establish new relationships in the future could negatively affect the Company's ability to generate revenue and obtain materials in a timely manner.

The concentration on customers' sales is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br>December 31, 2021** | **For the Year Ended <br>December 31, 2021** | **For the Year Ended <br>December 31, 2020** | **For the Year Ended <br>December 31, 2020** |
|  | **Amount** | **%** | **Amount** | **%** |
|  Customer A | $— |  | $91262 | 68.0% |
|  Customer B-related party | 182775 | 20.8% | 43458 | 32.0% |
|  Customer C-related party | 93012 | 10.6% |  |  |
|  Customer D | 225410 | 25.6% |  |  |
|  Customer E | 137618 | 15.7% |  |  |
|  Customer F | 129692 | 14.7% |  |  |
|  | $768507 | 87.4% | $134720 | 100.0% |

---

The concentration on suppliers' purchases is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br>December 31, 2021** | **For the Year Ended <br>December 31, 2021** | **For the Year Ended <br>December 31, 2020** | **For the Year Ended <br>December 31, 2020** |
|  | **Amount** | **%** | **Amount** | **%** |
|  Supplier A | $— |  | $523483 | 90.0% |
|  Supplier B |  |  | 54462 | 9.0% |
|  Supplier C | 116564 | 42.5% |  |  |
|  Supplier D | 64481 | 23.5% |  |  |
|  Supplier E | 37476 | 13.7% |  |  |
|  | $218521 | 79.8% | $577945 | 99.0% |

---

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#### CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD AND SUBSIDIARIES<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### Note 13 — CONCENTRATIONS, RISKS AND UNCERTAINTIES (cont.)

#### Credit risk
Assets that potentially subject the Company to significant concentration of credit risk primarily consist of cash and cash equivalents. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. The Company held cash and cash equivalents which were deposited in financial institutions located in Mainland China, and each bank account is insured by the local government authority with the maximum limit of RMB 500,000 (equivalent to approximately $71,821). The Company also held cash and cash equivalents which were deposited in financial institutions located in Taiwan, and each bank account is insured by the local government authority with the maximum limit of TWD 3,000,000 (equivalent to approximately $108,147).To limit exposure to credit risk relating to deposits, the Company primarily place cash and cash equivalent deposits with large financial institutions which management believes are of high credit quality and the Company also continually monitors their credit worthiness.

The Company's operations are carried out in China. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC as well as by the general state of the PRC's economy. In addition, the Company's business may be influenced by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, rates and methods of taxation among other factors.

#### Liquidity risk
The Company is also exposed to liquidity risk which is risk that it is unable to provide sufficient capital resources and liquidity to meet its commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, the Company will turn to other financial institutions and the shareholders to obtain short-term funding to meet the liquidity shortage.

#### Foreign currency risk
Substantially all of the Company's operating activities and the Company's assets and liabilities are denominated in RMB, which 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.

#### Other risk
The Company's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, such as the COVID-19 outbreak and spread, which could significantly disrupt the Company's operations.

#### Note 14 — SUBSEQUENT EVENTS
On August 13, 2021, the Company entered private replacement subscription agreements with 65 investors to offer a total of 11,120,000 shares of common stock, at a price of $0.02 per share for an aggregate purchase price amount of $222,400, which was received by the Company in 2021. The 11,120,000 shares of common stock were subsequently issued in July 2022.

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#### 11,120,000 Ordinary Shares
**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

**____________________**

**PROSPECTUS** 

**____________________**

No dealer, sales representative or any other person has been authorized to give any information or to make any representations other than those contained in this prospectus and, if given or made, such information or representation must not be relied upon as having been authorized by the Company. This prospectus does not constitute an offer of any securities other than those to which it relates or an offer to sell, or a solicitation of any offer to buy, to any person in any jurisdiction where such an offer or solicitation would be unlawful. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create an implication that the information set forth herein is correct as of any time subsequent to the date hereof.

The Date of This Prospectus Is: _______, 2023

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.

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

#### Founding Transactions
We were incorporated in Cayman Islands as an exempted company on May 4, 2020. The subscriber received one ordinary share of our Company upon incorporation. On the same day, the subscriber transferred Szu Hao Huang the one ordinary share. *The transaction was not registered under the Securities Act in reliance on an exemption from registration set forth in Section 4(a)(2) and/or Regulation S thereof.*

In connection with the incorporation, on July 17, 2020, the Company issued 58,000,000, 20,000,000, 10,000,000, 5,000,000, and 7,000,000 ordinary shares, respectively to Dalan Vincent Holdings Limited, AJRD Holdings Limited, XXPK Holdings Limited, RJEP Holdings Limited, and Silver Spring Asia Holdings Limited. On the same day, the Company repurchased the one ordinary shares from Szu Hao Huang. *These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.*

On April 20, 2021, XXPK Holdings Limited transferred 7,847,400 and 2,152,600 ordinary shares, respectively to Dalan Vincent Holdings Limited and AJRD Holdings Limited. *These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.*

On May 21, 2021, AJRD Holdings Limited transferred 2,153,600 ordinary shares to 50 individual investors. *These shares were issued in reliance on the exemption under Section 4(a)(2) and/or Regulation S of the Securities Act.*

#### Private Placement Financings
In August 2021, we entered into subscription agreements and registration rights agreements, pursuant to which we sold through a Regulation S offering a total of 11,120,000 ordinary shares to 65 shareholders, at a price of $0.02 per share, for an aggregate purchase price of $222,400. *The transactions were not registered under the Securities Act in reliance on an exemption from registration set forth in Regulation S promulgated hereunder as a transaction by the Company not involving any public offering, because the securities were sold in an offshore transaction by a foreign issuer, to foreign investors, not using any directed selling efforts in the United States. These securities may not be offered or sold in the United States in the absence of an effective registration statement or an exemption from the registration requirements under the Securities Act.*

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#### Item 8. Exhibits and Financial Statement Schedules
**(a) Exhibits.** The following exhibits are included herein or incorporated herein by reference:

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

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description** |
|  3.1+ | [Memorandum and Articles of Association of Cordyceps Sunshine Biotech Holdings Co., Ltd.](ff12023ex3-1_cordyceps.htm) |
|  5.1\* | Opinion of [\*], Cayman Islands counsel of Cordyceps Sunshine Biotech Holdings Co., Ltd., as to the validity of the ordinary shares |
|  8.1\* | Opinion of Tianyuan Law firm, PRC counsel of Cordyceps Sunshine Biotech Holdings Co., Ltd., as to certain PRC tax matters (included in Exhibit 99.1) |
|  10.1+ | [Form of Private Placement Subscription Agreement for Regulation S investors](ff12023ex10-1_cordyceps.htm) |
|  10.2+ | [Employment Agreement by and between the Registrant and Szu Hao Huang dated May 6, 2020](ff12023ex10-2_cordyceps.htm) |
|  10.3+ | [Translation of Patent Licensed Agreement](ff12023ex10-3_cordyceps.htm) |
|  10.4+ | [Director Offer Letter with Yenhung Liu](ff12023ex10-4_cordyceps.htm) |
|  10.5+ | [Inventory Transfer Agreement between Chengdu Zhonghe and Chengdu Skyherb](ff12023ex10-5_cordyceps.htm) |
|  10.6+ | [Breeding Center Transfer Agreement](ff12023ex10-6_cordyceps.htm) |
|  10.7+ | [Form of Purchase Contract between Buyer and Chengdu Skyherb](ff12023ex10-7_cordyceps.htm) |
|  10.8+ | [Related Party Transaction — Loan Agreement and Debt Transfer Agreement](ff12023ex10-8_cordyceps.htm) |
|  10.9+ | [Asset Transfer Agreement between Chengdu Zhonghe and Chengdu Skyherb](ff12023ex10-9_cordyceps.htm) |
|  14.1+ | [Code of Business Conduct and Ethics of Cordyceps Sunshine Biotech Holdings Co., Ltd.](ff12023ex14-1_cordyceps.htm) |
|  21.1+ | [List of subsidiaries](ff12023ex21-1_cordyceps.htm) |
|  23.1+ | [Consent of Keith K Zhen CPA](ff12023ex23-1_cordyceps.htm) |
|  23.2\* | Consent of [--], Cayman Islands counsel of Cordyceps Sunshine Biotech Holdings Co., Ltd. (included in Exhibit 5.1) |
|  23.3\* | Consent of Tianyuan Law firm (included in Exhibit 99.1) |
|  23.4+ | [Consent of Professor Quangsen Li](ff12023ex23-4_cordyceps.htm) |
|  99.1\* | Opinion of Tianyuan Law firm, PRC counsel of Cordyceps Sunshine Biotech Holdings Co., Ltd., as to certain PRC legal matters |
|  107+ | [Calculation of Registration Fee](ff12023ex-fee_cordyceps.htm) |

---

____________

+ Filed herewith.

\* To be filed by amendment.

\*\* Filed previously.

**(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any Prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the Prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total

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

dollar value of securities offered would not exceed that was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of Prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any Preliminary Prospectus or Prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any free writing Prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The portion of any other free writing Prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: each Prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than Prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or Prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or Prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or Prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Taipei, Taiwan, on January 20, 2023.

---

| | |
|:---|:---|
|  **Cordyceps Sunshine Biotech Holdings Co., Ltd.** | **Cordyceps Sunshine Biotech Holdings Co., Ltd.** |
|  By: | */s/ Szu Hao Huang* |
|  | Szu Hao Huang |
|  | Chief Executive Officer, <br>Chief Financial Officer and Director |
|  | (Principal Executive Officer and <br>Principal Accounting and Financial Officer) |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Capacity** | **Date** |
|  */s/ Szu Hao Huang* | Director, Chief Executive Officer and Chief Financial Officer | January 20, 2023 |
|  Szu Hao Huang | Director, Chief Executive Officer and Chief Financial Officer |  |
|  */s/ Yenhung Liu* | Director | January 20, 2023 |
|  Yenhung Liu | Director |  |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement thereto in New York, NY on January 20, 2023.

---

| | | |
|:---|:---|:---|
|  By: | */s/ Colleen A. De Vries* | */s/ Colleen A. De Vries* |
|  | Name:  | Colleen A. De Vries |
|  | Title:  | Senior Vice-President on behalf of <br>Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

 

**THE CAYMAN ISLANDS**

**THE COMPANIES LAW**

**(AS AMENDED)**

**Memorandum of Association**

**of**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

 

**THE CAYMAN ISLANDS**

**THE COMPANIES LAW (AS AMENDED)**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

(the "Company")

1. Name

The name of the Company is Cordyceps Sunshine Biotech Holdings Co., Ltd.

2. Registered
Office

The registered office of the Company shall be situated at the Office of Sertus Incorporations (Cayman) Limited, Sertus Chambers, Governors Square, Suite # 5-204, 23 Lime Tree Bay Avenue, P.O. Box 2547, Grand Cayman, KY1-1104, Cayman Islands, or such other place in the Cayman Islands as the Directors may, from time to time decide, being the registered office of the Company.

3. General
Objects and Powers

The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by Section 7(4) of The Companies Law (As Amended) or as the same may be amended from time to time, or any other law of the Cayman Islands.

4. Limitations
on the Company's Business

4.1 For
 the purposes of the Companies Law (As Amended) the Company has no power to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) carry
 on the business of a Bank or Trust Company without being licensed in that behalf under the
 provisions of the Banks & Trust Companies Law (2013 Revision); or

&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 carry on 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 provisions
 of the Insurance Law (2010 Revision); or

&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 carry on the business of Company Management without being licensed in that behalf under the
 provisions of the Companies Management Law (2003 Revision).

4.2 The
 Company shall not trade in the Cayman Islands with any person, firm or corporation except
 in furtherance of the business of the Company carried on outside the Cayman Islands; provided
 that nothing in this section shall be construed as to prevent the Company effecting and concluding
 contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
 for the carrying on of its business outside the Cayman Islands.

5. Company
Limited by Shares

The Company is a company limited by shares. The liability of each member is limited to the amount, if any, unpaid on the shares held by such member.

 

6. Authorised
Shares

The capital of the Company is USD50,000.00 divided into 500,000,000 shares of a nominal or par value of USD0.0001 each. Subject to the provisions of the Companies Law (As Amended) and the Articles of Association of the Company, the Company shall have power to redeem or purchase any of its shares and to increase, reduce, sub-divide or consolidate the share capital and to issue all or any part of its capital whether original, redeemed, increased or reduced with or without any preference, priority or special privilege or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

7. Continuation

Subject to the provisions of the Companies Law (As Amended) and the Articles of Association of the Company, the Company may exercise the power contained in Section 206 of The Companies Law (As Amended) to deregister in the Cayman Islands and be registered by way of continuation under the laws of any jurisdiction outside the Cayman Islands.

We, the undersigned, whose name and address are hereto given below are desirous of being formed into a Company in pursuance of this Memorandum of Association, and agree to take the number of shares in the capital of the Company set opposite our name.

---

| | |
|:---|:---|
| **NAME AND ADDRESS** | **NUMBER OF SHARES TAKEN BY** |
| **OF SUBSCRIBER** | **SUBSCRIBER** |

---

---

| | |
|:---|:---|
| **Sertus Nominees (Cayman) Limited** | One (1) Ordinary Share |
| Sertus Chambers, Governors Square, |  |
| Suite # 5-204, 23 Lime Tree Bay Avenue, |  |
| P.O. Box 2547, Grand Cayman, KY1-1104, |  |
| Cayman Islands |  |

---

---

| | |
|:---|:---|
| ***<u>/s/ Susan Thompson</u>*** | **** |
| **Susan Thompson** |  |
| **Authorised Signatory** |  |

---

---

| | |
|:---|:---|
| **DATED this 4th day of May, 2020** |  |
| */s/ Burnette Pope* | |
| Witness to the above signature:<br> Burnette Pope |  |
| Sertus Chambers, Governors Square, |  |
| Suite # 5-204, 23 Lime Tree Bay Avenue, |  |
| P.O. Box 2547, Grand Cayman, KY1-1104,<br> Cayman Islands |  |

---

 

**THE CAYMAN ISLANDS**

**THE COMPANIES LAW (AS AMENDED)**

**Articles of Association of**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

 

**THE CAYMAN ISLANDS**

**THE COMPANIES LAW (AS AMENDED)**

**ARTICLES OF ASSOCIATION**

**OF**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

(the "Company")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Table A

The Table **'**A**'** in the First Schedule of The Companies Law (As Amended) shall not apply to this Company and the following shall constitute the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions and Interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 References in these Articles of Association (**"Articles"**) to the **"Companies Law"** shall mean The Companies Law (As Amended) of the Cayman Islands and any statutory amendments or re-enactment thereof. In
these Articles, save where the content otherwise requires:

"**Directors**" and "**Board of Directors**" means the Directors of the Company for the time being, or as the case may be, the Directors assembled as a board or as a committee thereof, and "Director" means any one of the Directors;

"**Members**" means those persons whose names are entered in the register of members as the holders of shares and includes each subscriber of the Memorandum pending the issue to him of the subscriber share or shares, and "Member" means any one of them;

"**Memorandum of Association**" means the Memorandum of Association of the Company, as amended and re-stated from time to time;

"**Ordinary Resolution**" means a resolution:

passed by a simple majority of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Member is entitled; or

approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments if more than one, is executed;

"**Paid up**" means paid up as to the par value and any premium payable in respect of the issue of any shares and includes credited as paid up;

"**Register of Members**" means the register to be kept by the Company in accordance with Section 40 of the Companies Law;

"**Seal**" means the Common Seal of the Company (if any) including any facsimile thereof;

 

"**Shares**" means shares in the capital of the Company, including a fraction of any of them and "Share" means any one of them;

"**Special Resolution**" means a resolution passed in accordance with Section 60 of the Companies Law, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a majority of not less than two-thirds of such Members as, being entitled to do so, vote in
person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose
the resolution as a Special Resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the
number of votes to which each Member is entitled, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one
or more instruments each signed by one or more of the Members and the effective date of the Special Resolution so adopted shall be the
date on which the instrument or the last of such instruments if more than one, is executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 In these Articles, words and expressions defined in the Companies Law shall have the same meaning and,
unless otherwise required by the context, (a) the singular shall include the plural and vice versa; (b) the masculine shall include the
feminine and the neuter and references to persons shall include companies and all legal entities capable of having a legal existence;
(c) "may" shall be construed as permissive and "shall" shall be construed as imperative; (d) a reference to a
dollar or dollars (or $) is a reference to dollars of the United States of America; and (e) references to a statutory enactment shall
include reference to any amendment or re-enactment thereof for the time being in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Share Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Every person whose name is entered as a Member in the Register of Members, shall without payment, be entitled
to a share certificate signed by a Director of the Company specifying the share or shares held and the amount paid up thereof, provided
that in respect of a share or shares held jointly by several persons, the Company shall not be bound to issue more than one share certificate
and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 If a share certificate is worn out, lost or defaced, it may be renewed on production of the worn out or
defaced certificate, or on satisfactory proof of its loss together with such indemnity as the Directors may reasonably require. Any Member
receiving a share certificate shall indemnify and hold the Company and its officers harmless from any loss or liability which it or they
may incur by reason of wrongful or fraudulent use or representation made by any person by virtue of the possession of such a share certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issue of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Subject to the provisions of these Articles, the unissued shares of the Company (whether forming part
of the original or any increased authorised shares) shall be at the disposal of the Directors who may offer, allot, grant options over
or otherwise dispose of them to such persons at such times and for such consideration, and upon such terms and conditions as the Directors
may determine.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Company may in so far as may be permitted by Companies Law, pay a commission to any person in consideration
of his subscribing or agreeing to subscribe whether absolutely or conditionally for any shares. Such commissions may be satisfied by the
payment of cash or the lodgement of fully or partly paid-up shares or partly in one way and partly in the other. The Company may also
on any issue of shares pay such brokerage as may be lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Variation of Rights Attaching to Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 If at any time the share capital of the Company is divided into different classes of shares, the rights
attaching to any class (unless otherwise provided by the terms of issue of the shares of that class) may be varied or abrogated with the
consent in writing of the holders of two-thirds of the issued shares of that class, or with the sanction of a resolution passed by at
least a two-thirds majority of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders
of the shares of the class. To every such separate general meeting the provisions of these Articles relating to general meetings of the
Company shall mutatis mutandis apply, but so that the necessary quorum shall be at least one person holding or representing by proxy at
least one-third of the issued shares of the class and that any holder of shares of the class present in person or by proxy may demand
a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The rights conferred upon the holders of the shares of any class issued with preferred or other rights
shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation
or issue of further shares ranking pari passu therewith or by the redemption or purchase of shares of any class by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Company shall not issue shares to bearer form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Transfer of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Subject to such of the restriction of these Articles as may be applicable, any Member may transfer all
or any of his shares by an instrument in writing in any usual or common form or any other form which the Directors may approve or on behalf
of the transferor and if in respect of a nil or partly paid up share or if so required by the Directors shall also be executed on behalf
of the transferee and shall be accompanied by the certificate of the shares to which it relates and such other evidence as the Directors
may reasonably require to show the right of the transferor to make the transfer. The transferor shall be deemed to remain a holder of
the share until the name of the transferee is entered in the Register of Members in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Directors may in their absolute discretion to decline to register any transfer of any share, whether
or not it is a fully paid share, without assigning any reason for so doing. If the Directors refuse to register a transfer they shall
within 2 months of the date on which the transfer was lodged with the Company send to the transferor and transferee notice of the refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 All instruments of transfer which shall be registered shall be retained by the Company, but any instrument
of transfer which the Directors may decline to register shall (except in any case of fraud) be returned to the person depositing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The registration of transfers may be suspended at such times and for such periods as the Directors may
from time to time determine, provided always that such registration shall not be suspended for more than 45 days in any year.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Transmission of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 In case of the death of a Member, the survivor or survivors, or the legal personal representatives of
the deceased survivor, where the deceased was a joint holder, and the legal personal representatives of the deceased, where he was a sole
holder, shall be the only persons recognized by the Company as having any title to the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Any person becoming entitled to a share in consequence of the death, bankruptcy, liquidation or dissolution
of a Member shall, upon such evidence being produced as may from time to time be properly required by the Directors, and subject as hereinafter
provided, elect either to be registered himself as holder of the share or to have some person nominated by him registered as the transferee
thereof, but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the
case of a transfer of the share by that Member before his death or bankruptcy, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 A person becoming entitled to a share by reason of the death, bankruptcy, liquidation or dissolution of
the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the registered holder
of the share, except that he shall not, before being registered as a Member in respect of the share, be entitled in respect of it to exercise
any right conferred by membership in relation to meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Redemption and Purchase of Own Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Subject to the provisions of the Companies Law, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company
on such terms and in such manner as the Directors may determine before the issue of such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own shares (including any redeemable shares) on such terms and in such manner as the Directors
may determine and agree with the Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own shares in any manner permitted by the
Companies Law, including out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 A share which is liable to be redeemed by the Company shall be redeemed by the Company giving to the Member
notice in writing of the intention to redeem such shares (a "Redemption Notice") and specifying the date of such redemption
which must be a day on which banks in the Cayman Islands are open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Any share in respect of which Redemption Notice has been given shall not be entitled to participate in
the profits of the Company in respect of the period after the date specified as the date of redemption in the Redemption Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The redemption or purchase of any share shall not be deemed to give rise to the redemption or purchase
of any other share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 At the date specified in the Redemption Notice, or the date on which the shares are to be purchased, the
holder of the shares being redeemed or purchased shall be bound to deliver up to the Company at its Registered Office the certificate
thereof for cancellation and thereupon the Company shall pay to him the redemption or purchase moneys in respect thereof.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Directors may when making payments in respect of redemption or purchase of shares, if authorised by
the terms of issue of the shares being redeemed or purchased or with the agreement of the holder of such shares, make such payment either
in cash or in specie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Fractional Shares** 

The Directors may issue fractions of a share of any class of shares, and, if so issued, a fraction of a share (calculated to three decimal points) shall be subject to and carry the corresponding fraction of liabilities (whether with respect to any unpaid amount thereon, contribution, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without limitation, voting and participation rights) and other attributes of a whole share of the same class of shares. If more than one fraction of a share of the same class is issued to or acquired by the same Member such fractions shall be accumulated. For the avoidance of doubt, in these Articles the expression "share" shall include a fraction of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Lien** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Company shall have a first priority lien and charge on every share (not being a fully paid up share)
for all moneys (whether presently payable or not) called or payable at a fixed time in respect of that share, and the Company shall also
have a first priority lien and charge on all shares (other than fully paid up shares) registered in the name of a member for all moneys
presently payable by him or his estate to the Company, but the Directors may at any time declare any share to be wholly or in part exempt
from the provisions of this Article. The Company's lien, if any, on a share shall extend to all dividends and other moneys payable
in respect thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Company may sell, in such manner as the Directors think fit, any shares on which the Company has a
lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable, nor until the expiration of
14 days after a notice in writing, stating and demanding payment of such part of the amount in respect of which the lien exists as is
presently payable, has been given to the registered holder for the time being of the share, or the persons entitled thereto of which the
Company has notice, by reason of his death or bankruptcy, winding up or otherwise by operation of Companies Law or court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 To give effect to any such sale the Directors may authorise some person to transfer the shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised in any such transfer, and he shall not
be bound to see to the application of the purchase money, nor shall his title to the shares be affected by any irregularity or invalidity
in the proceedings in reference to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The proceeds of the sale shall be received by the Company and applied in payment of such part of the amount
in respect of which the lien exists as is presently payable, and the residue, if any, shall (subject to a like lien for sums not presently
payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares at the date of the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Calls on Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Directors may from time to time make calls upon the Members in respect of any moneys unpaid on their
shares (whether on account of the nominal value of the shares or by way of premium or otherwise), and each Member shall (subject to receiving
at least 14 days' notice in writing specifying the time or times and place of payment) pay to the Company at the time or times and
place so specified the amount called on his shares. The non-receipt of a notice of any call by, or the accidental omission to give notices
of a call to, any Members shall not invalidate the call. A call may be revoked or postponed as the Directors may determine.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 If a sum called in respect of a share is remain unpaid before or on the day appointed for payment thereof,
the person from whom the sum is due shall pay interest on the sum from the day appointed for the payment thereof to the time of the actual
payment at such rate not exceeding 10 percent per annum as the Directors may determine, but the Directors shall be at liberty to waive
payment of that interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Any sum which by the terms of issue of a share becomes payable on allotment or at any fixed date, whether
on account of the nominal value of the share or by way of premium or otherwise, shall for the purposes of these Articles be deemed to
be a call duly made, notified and payable on the date on which by the terms of issue the same becomes payable, and in case of non-payment
all the relevant provisions of these Articles as to payment of interest and expenses, forfeiture or otherwise shall apply as if such sum
had become payable by virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes payable at a fixed time, whether on account
of the amount of the share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 The Directors may make arrangements on the issue of shares, differentiate between the Members, as to the
amount of calls to be paid and the times of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 The Directors may, if they think fit, receive from any Member willing to advance the same, all or any
part of the moneys uncalled and unpaid upon any shares held by him, and upon all or any of the moneys so advanced may (until the same
would, but for such advance, become presently payable) pay interest at such rate not exceeding 10 percent per annum (unless the Company
in general meeting shall otherwise direct), as may be agreed between the Directors and the Member paying the sum in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Forfeiture of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 If a Member fails to pay any call or instalment of a call with any interest on the day appointed for payment
thereof, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid, serve a notice
in writing on him requiring payment of so much of the call or instalment as is unpaid, together with any interest accrued and expenses
incurred by the reason of such non-payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The notice shall name a further day (not earlier than the expiration of 14 days from the date of the service
of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at
or before the time appointed the shares in respect of which the call was made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 If the requirements of any such notice as aforesaid are not complied with, any share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect and such forfeiture shall extend to all dividends declared in respect of the share so forfeited but not
actually paid before such forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 A forfeited share may be sold, cancelled or otherwise disposed of on such terms and in such manner as
the Directors in their absolute discretion think fit, and at any time before a sale, cancellation or disposition the forfeiture may be
cancelled on such terms as the Directors in their absolute discretion think fit.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 A person whose shares have been forfeited shall cease to be a Member in respect of the forfeited shares,
but shall, notwithstanding, remain liable to pay to the Company all moneys which, at the date of forfeiture, were payable by him to the
Company in respect of the shares, but his liability shall cease if and when the Company receives payment in full of the fully paid up
amount of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 A statutory declaration in writing that the declarant is a Director of the Company, and that a share in
the Company has been duly forfeited or surrendered or sold to satisfy a lien of the Company on a date stated in the declaration, shall
be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share. The Company may receive
the consideration, if any, given for the share on any sale or disposition thereof and may execute a transfer of the share in favour of
the person to whom the share is sold or disposed of and he shall thereupon be registered as the holder of the share, and shall not be
bound to see to the application of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity
in the proceedings in reference to the forfeiture, sale or disposal of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 When any shares have been forfeited, an entry shall be made in the Register of Members recording the forfeiture
and the date thereof, and so soon as the shares so forfeited have been sold or otherwise disposed of, an entry shall be made of the manner
and date of the sale or disposal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum, which
by the terms of issue of a share, becomes due and payable at any time, whether on account of the amount of the share, or by way of premium,
as if the same had been payable by virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Alteration of Share Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into shares of such classes and amount, as the resolution shall prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(b) subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision
the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the
share from which the reduced share is derived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;13.3 The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner, authorised and consent required by Companies Law.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Closing Register of Members or Fixing Record Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 For the purpose of determining those Members that are entitled to receive notice of, attend or vote at
any meeting of Members or any adjournment thereof, or those Members that are entitled to receive payment of any dividend, or in order
to make a determination as to who is a Member for any other purpose, the Directors may provide that the Register of Members shall be closed
for transfers for a stated period but not to exceed in any case 40 days. If the Register of Members shall be so closed for the purpose
of determining those Members that are entitled to receive notice of, attend or vote at a meeting of Members such register shall be so
closed for at least 10 days immediately preceding such meeting and the record date for such determination shall be the first day of the
closure of the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 In lieu of or apart from closing the Register of Members, the Directors may fix in advance a date as the
record date for any such determination of those Members that are entitled to receive notice of, attend or vote at a meeting of the Members
and for the purpose of determining those Members that are entitled to receive payment of any dividend the Directors may, at or within
90 days prior to the date of declaration of such dividend fix a subsequent date as the record date for such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 If the Register of Members is not so closed and no record date is fixed for the determination of those
Members that are entitled to receive notice of, attend or vote at a meeting of Members or those Members that are entitled to receive payment
of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend
is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of those Members that
are entitled to receive notice of, attend or vote at a meeting of Members has been made as provided in this section, such determination
shall apply to any adjournment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **General Meeting of Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The Directors, whenever they consider necessary or desirable, may convene meetings of the Members of the
Company. The Directors shall convene a meeting of Members upon the written requisition of any Members or Members entitled to attend and
vote at general meeting of the Company who hold not less than 10 percent of the paid up voting share capital of the Company in respect
to the matter for which the meeting is requested, deposited at the registered office of the Company specifying the objects of the meeting
for a date no later than 21 days from the date of deposit of the requisition signed by the requisitionists. If the Directors do not convene
such meeting for a date not later than 30 days after the date of such deposit, the requisitionists themselves may convene the general
meeting in the same manner, as nearly as possible, as that in which meetings may be convened by the Directors, and all reasonable expenses
incurred by the requisitionists as a result of the failure of the Directors shall be reimbursed to them by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 If at any time there are no Directors of the Company, any two Members (or if there is only one Member
then that Member) entitled to vote at general meetings of the Company may convene a general meeting in the same manner as nearly as possible
as that in which meetings may be convened by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Notice of General Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 At least seven days' notice counting from the date service is deemed to take place as provided in
these Articles specifying the place, the day and the hour of the meeting and, in case of special business, the general nature of that
business, shall be given in manner hereinafter provided or in such other manner (if any) as may be prescribed by the Company by Ordinary
Resolution to such persons as are, under these Articles, entitled to receive such notices from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Notwithstanding the aforesaid Article, a meeting of Members is held in contravention of the requirement
to give notice shall be deemed to have been validly held if the consent of all Members entitled to receive notice of some
particular meeting and attend and vote thereat, that meeting may be convened by such shorter notice or without notice and in such manner
as those Members may think fit.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The accidental omission to give notice of a meeting to, or the non-receipt of a notice of a meeting by
any Member shall not invalidate the proceedings at any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Proceedings at General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 No business shall be transacted at any general meeting unless a quorum of Members is present at the time
when the meeting proceeds to business. Save as otherwise provided by these Articles, a quorum shall consist of one or more Members present
in person or by proxy holding at least a majority of the paid up voting share capital of the Company. If the Company has only one Member,
that only Member present in person or by proxy shall be a quorum for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if
convened upon the requisition of Members, shall be dissolved. In any other case it shall stand adjourned to the same day in the next week,
at the same time and place or to such other day and at such other time and place as the Directors may decide, and if at the adjourned
meeting a quorum is not present within half an hour from the time appointed for the meeting the Member or Members present and entitled
to vote shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 At every meeting the Members present shall choose someone of their number to be the chairman (the "Chairman").
If the Members are unable to choose a Chairman for any reason, then the person representing the greatest number of voting shares present
at the meeting shall preside as Chairman, failing which the oldest individual Member present at the meeting or failing any Member personally
attending the meeting, the proxy present at the meeting representing the oldest Member of the Company, shall take the chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 The Chairman may, with the consent of any meeting, at which a quorum is present (and shall if so directed
by the meeting) adjourn any meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting
other than the business left unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for 10 days
or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid, it shall not be necessary
to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 All business carried out at a general meeting shall be deemed special with the exception of declaring
a dividend, the consideration of the accounts, balance sheets, and reports of the Directors and the Company's auditors, the appointment
and removal of Directors, and the appointment and the fixing of the remuneration of the Company's auditors. No special business
shall be transacted at any general meeting without the consent of all Members entitled to receive notice of that meeting unless notice
of such special business has been given in the notice convening that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Any one or more Members may participate in a general meeting by means of a conference telephone or similar
communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participating by such
means shall constitute presence in person at a meeting. A resolution in writing signed by all the Members for the time being entitled
to receive notice of and to attend and vote at general meetings (or being corporations by their duly authorized representatives) shall
be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Votes of Members** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Subject to any rights and restrictions for the time being attached to any class or classes of shares,
on a show of hands every Member present in person and every person representing a Member by proxy shall at a general meeting of the Company
have one vote and on a poll every Member and every person representing a Member by proxy shall have one vote for each share of which he
or the person represented by proxy is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands
by a simple majority, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairman; or
one or more Members present in person or by proxy entitled to vote and who together hold not less than 10 percent of the paid up voting
share capital of the Company. Unless a poll is so demanded, a declaration by the Chairman that a resolution has, on a show of hands, been
carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the book of the proceedings of the
Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of or against
such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 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. The demand for a poll may be withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 In the case of an equality of votes, whether on a show of hands, or on a poll, the Chairman of the meeting
at which the show of hands takes place, or at which the poll is demanded, shall be entitled to a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 A poll demanded on the election of a Chairman of a meeting or on a question of adjournment shall be taken
forthwith. A poll demanded on any other question shall be taken at such time as the Chairman of the meeting directs, and any business
other than that upon which a poll has been demanded may be proceeded with pending the taking of the poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall
be accepted to the exclusion of the votes of the joint holders and for this purpose seniority shall be determined by the order in which
the names stand in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 A Member of unsound mind, or in respect of whom an order has been made by any court having jurisdiction
in lunacy, may vote, whether on a show of hands or on a poll, by his committee, or other person in the nature of a committee appointed
by that court, and any such committee or other person, may on a poll, vote by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 No Member shall be entitled to vote at any general meeting unless all calls or other sums presently payable
by him in respect of shares in the Company held by him and carrying the right to vote have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Members' Proxies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney
duly authorised in writing or, if the appointor is a corporation, either under seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Member of the Company. An instrument appointing a proxy may be in any usual or common form or such other form as
the Directors may approve. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 On a poll votes may be given either personally or by proxy. The instrument appointing a proxy shall be
deposited at the Registered Office or at such other place appointed for the meeting before the time for holding the meeting at which the
person named in such instrument proposes to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Corporations Acting by Representatives at Meetings** 

Any corporation or other form of corporate legal entity which is a Member or a Director of the Company may, by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Members or any class of Members of the Company or of the Board of Directors or of a Committee of Directors, and the person so authorised shall be entitled to exercise the same powers on behalf of such corporation which he represents as that corporation could exercise if it were an individual Member or Director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 The name of the first Director(s) shall either be determined in writing by a majority (or in the case
of a sole subscriber that subscriber) of, or elected at a meeting of, the subscribers of the Memorandum of Association. The Company may
by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Subject to the provisions of these Articles, a Director shall hold office until such time as he is removed
from office by the Company by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Unless and until otherwise determined by an Ordinary Resolution of the Company, the Directors shall not
be less than one in number, and there shall be no maximum number of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The remuneration of the Directors shall from time to time be determined by the Company by Ordinary Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The shareholding qualification for Directors may be fixed by the Company by Ordinary Resolution and unless
and until so fixed no share qualification shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 The Directors shall have power at any time and from time to time to appoint any other person as a Director,
either to fill a casual vacancy or as an additional Director, subject to the maximum number (if any) imposed by the Company by Ordinary
Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Alternate Director** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Any Director may in writing appoint another Director or another person to be his alternate to act in his
place at any meeting of the Directors at which he is unable to be present and may at any time in writing to revoke the appointment of
an alternate appointed by him. Every such alternate shall be entitled to be given notice of meetings of the Directors and to attend and
vote thereat as a Director at any such meeting at which the person appointing him is not personally present and generally at such meeting
to have and exercise all the powers, right, duties and authorises of the Director appointing him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 An alternate shall not be an officer of the Company and shall be deemed to be the agent of the Director
appointing him. A Director may at any time in writing revoke the appointment of an alternate appointed by him. The remuneration of such
alternate shall be payable out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.
If a Director shall die or cease to hold the office of Director, the appointment of his alternate shall thereupon cease and terminate.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 Any Director may appoint any person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 The Directors of the Company may, by resolution of Directors, appoint officers of the Company at such
times as shall be considered necessary or expedient, and such officers may consist of a president, one or more vice presidents, a secretary,
and a treasurer and/or such other officers as may from time to time be deemed desirable. The officers shall perform such duties as shall
be prescribed at the time of their appointment subject to any modifications in such duties as may be prescribed by the Directors thereafter,
but in the absence of any specific allocation of duties it shall be the responsibility of the president to manage the day to day affairs
of the Company, the vice presidents to act in order of seniority in the absence of the president, but otherwise to perform such duties
as may be delegated to them by the president, the secretary to maintain the registers, minute books and records (other than financial
records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer
to be responsible for the financial affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 Any person may hold more than one office and no officer need be a Director or Member of the Company. The
officers shall remain in relevant office until removed from the said office by the Directors, whether or not a successor is appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 Any officer who is a body corporate may appoint any person its duly authorised representative for the
purpose of representing it and of transacting any of the business of the officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Powers and Duties of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1 The business of the Company shall be managed by the Directors who may pay all expenses incurred preliminary
to and in connection with the setup and registration of the Company, and may exercise all such powers of the Company necessary for managing
and for directing and supervising, the business affairs of the Company as are not required by the Companies Law or by these Articles required
to be exercised by the Members subject to any delegation of such powers as may be authorised by these Articles and permitted by the Companies
Law and to such requirements as may be prescribed by resolution of the Members, but no requirement made by resolution of the Members shall
prevail if it was inconsistent with these Articles nor shall such resolution invalidate any prior act of the Directors which would have
been valid if such resolution had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2 The Directors may from time to time and at any time by power of attorney or otherwise appoint any company,
firm or person or body of persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys of the Company
for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable by the Directors under
these Articles) and for such period and subject to such conditions as they may think fit, and any such powers of attorney may contain
such provisions for the protection and convenience of persons dealing with any such attorney as the Directors may think fit and may also
authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.3 The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its
undertaking, property, assets (present and future) and uncalled capital or any part thereof, to issue debentures, debenture stock and
other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Committees of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 The Directors may establish any committees, local boards or agencies for managing any of the businesses
and affairs of the Company, and may appoint any persons to be members of such committees, local boards, managers or agents for the Company
and may fix their remuneration and may delegate to any committees, local board, manager or agent any of the powers, authorities and discretions
vested in the Directors, with the power to sub-delegate, and may authorise the members of any committees, local boards or agencies, or
any of them, to fill any vacancies therein and to act notwithstanding vacancies, and any such appointment and delegation may be made upon
such terms and subject to such conditions as the Directors may think fit, and the Directors may remove any person so appointed and may
annul or vary any such delegation, but no person dealing in good faith and without notice of any such annulment or variation shall be
affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Disqualification of Directors** 

The office of Director shall be automatically vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is removed from office by Ordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is convicted of an arrestable offence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) dies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Proceedings of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 The meetings of the Board of Directors and any committee thereof shall be held at such place or places
as the Directors shall decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.2 The Directors may elect a chairman of their meetings and determine the period for which he is to hold
office. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes after the time appointed
for holding the meeting, the Directors present may choose one of their number to be chairman for the meeting. If the Directors are unable
to choose a chairman, for any reason, then the seniority Director present at the meeting shall preside as the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.3 The Directors may meet together (either within or without the Cayman Islands) for the dispatch of business,
adjourn and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. In case of an equality in votes the chairman shall have a second or casting vote. A Director may at any time summon
a meeting of the Directors. If the Company shall have only one Director, the provisions hereinafter contained for meetings of the Directors
shall not apply but such sole Director shall have full power to represent and act for the Company in all matters and in lieu of minutes
of a meeting shall record written resolutions and sign as a resolution of the Directors. Such note or memorandum shall constitute sufficient
evidence of such resolution for all purposes.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.4 Any one or more members of the Board of Directors or any committee thereof may participate in a meeting
of such Board of Directors or committee by means of a conference telephone or similar communications equipment allowing all persons participating
in the meeting to hear each other at the same time. Participating by such means shall constitute presence in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.5 The quorum necessary for the transaction of the business of the Directors may be fixed by the Directors,
and unless so fixed, if there be more than two Directors shall be two, and if there be two or less Directors shall be one. A Director
represented by proxy or by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether
or not a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.6 A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract
with the Company shall declare the nature of his interest at a meeting of the Directors. A general notice given to the Directors by any
Director to the effect that he is a member of any specified company or firm and is to be regarded as interested in any contract which
may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made.
A Director may vote in respect of any contract or proposed contract or arrangement notwithstanding that he may be interested therein and
if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors at which any such contract
or proposed contract or arrangement shall come before the meeting for consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.7 A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting whereat he or any other Director is appointed to hold any such office or place of
profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment or arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.8 The Directors shall cause to be entered and kept in books or files provided for the purpose minutes or
memoranda of the following (where applicable): -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors, and any alternate Director who is not also a Director, present at each meeting
of the Directors and of any committee of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings of all meetings of the Members, all meetings of the Directors and all
meetings of committees and, where the Company has only one Member and/or one Director, all written resolutions of the decisions of the
sole Member and/or the sole Director;

and any such minutes or memoranda of any meeting or decisions of the Directors, or any committee, or of the Company, if purporting to be signed by the chairman of such meeting, or by the chairman of the next succeeding meeting, shall be receivable as prima facie evidence of the matters stated therein.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.9 When the Chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.10 A resolution in writing signed by a majority of the Directors for the time being shall be as valid and
effectual for all purposes as a resolution of the Directors passed at a meeting of the Directors duly called and constituted. Such resolution
in writing may consist of several documents each signed by one or more of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 The continuing Directors may act notwithstanding any vacancy in their body but if and so long as their
number is reduced below the number fixed by or pursuant to the Articles of the Company as the necessary quorum of Directors, the continuing
Directors may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.12 A committee appointed by the Directors may elect a chairman of its meetings. If no such chairman is elected,
or if at any meeting the chairman is not present within 15 minutes after the time appointed for holding the same, the members present
may choose one of their number to be chairman of their meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.13 A committee appointed by the Directors may meet and adjourn as it thinks fit. Questions arising at any
meeting shall be determined by a majority of votes of the committee members present and in case of an equality of votes the chairman shall
have a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 All acts done bona fide by any meeting of the Directors or of a committee of Directors, or by any person
acting as a Director, shall notwithstanding that it was afterwards discovered that there was some defect in the appointment of any such
Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly
appointed and was qualified to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Dividends** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 Subject to any rights and restrictions for the time being attached to any class or classes of shares,
the Directors may from time to time declare dividends (including interim dividends) and other distributions on shares of the Company in
issue and authorise payment of the same out of the funds of the Company lawfully available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 Subject to any rights and restrictions for the time being attached to any class or classes of shares,
the Company may by Ordinary Resolution declare final dividends, but no dividend shall exceed the amount recommended by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution of the Company such sums as they think proper as a reserve or reserves which shall, at the absolute discretion of the
Directors be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly
applied and may pending such application, in the Directors' absolute discretion, either be employed in the business of the Company
or be invested in such investments (other than shares of the Company) as the Directors may from time to time think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 No dividend shall be paid otherwise than out of profits or, subject to the restrictions of the Companies
Law, the share premium account.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5 Any dividend may be paid by cheque or warrant sent through the post directed to the registered address
of the Member or person entitled thereto (or in case of joint holders, to the registered address of any one of such joint holders whose
name stands first on the Register of Members of the Company in respect of the joint holding) or addressed to such person at such address
as the holder or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to
whom it is sent, but in any event the Company shall not be liable or responsible for any cheque or warrant lost in transmission nor for
any dividend, bonus, interest or other monies lost to the Member or person entitled thereto by the forged endorsement of any cheque or
warrant. Any payment of the cheque or warrant by the Company's banker on whom it is drawn shall be a good discharge to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.6 The Directors when paying dividends to the Members in accordance with the foregoing provisions may make
such payment either in cash or in specie.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 Subject to the rights of persons, if any, entitled to shares with special rights as to dividend, all dividends
shall be declared and paid according to the amounts paid or credited as paid on the shares in respect whereof the dividend is paid, but
no amount paid or credited as paid on a share in advance of calls shall be treated for the purposes of this article as paid on the share.
All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares during any portion or
portions of the period in respect of which the dividend is paid but if any share is issued on terms providing that it shall rank for dividend
as from a particular date that share shall rank for dividend accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8 If several persons are registered as joint holders of any share, any of them may give effectual receipts
for any dividend or other moneys payable on or in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 No dividend shall bear interest against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Accounts and Audit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 The Directors shall cause books of account relating to the Company's affairs to be kept in such
manner as may be determined from time to time by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 The books of account shall be kept at the registered office of the Company, or at such other place or
places as the Directors think fit, and shall always be open to the inspection of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 The Directors shall from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members
not being Directors, and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company
except as conferred by the Companies Law or authorised by the Directors or by the Company by ordinary resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 The Directors shall from time to time determine whether and to what extent and at what times and places
and under what conditions the records, documents and registers of the Company or any of them shall be open to the inspection of Members
not being Directors, and no Member (not being a Director) shall have any right of inspecting any records, documents or registers of the
Company except as conferred by the Companies Law or authorised by resolution of the Directors.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Capitalisation of Profits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1 Subject to the Companies Law, the Directors may, with the authority of an Ordinary Resolution, resolve
that it is desirable to capitalise any part of the amount for the time being standing to the credit of any of the Company's reserve
accounts (including a share premium account and capital redemption reserve), or to the credit of the profit and loss account or otherwise
available for distribution, and accordingly that such sum be set free for distribution, amongst the Members who would have been entitled
thereto if distributed by way of dividend and in the same proportion, on condition that the same be not paid in cash but be applied either
in or towards paying up any amounts (if any) for the time being unpaid on any shares held by such Members respectively, or paying up in
full unissued shares or debentures of the Company to be allotted and distributed credited as fully paid up to and amongst such Members
in the proportion aforesaid or partly in the one way and partly in the other. Provided that a share premium account and a capital redemption
reserve fund may, for the purposes of this Article, only be applied in the paying up of unissued shares to be allotted to Members of the
Company as fully paid bonus shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2 Whenever such a resolution as aforesaid shall have been passed the Directors shall make all appropriations
and applications of the undivided profits resolved to be capitalised thereby, and all allotments and issues of fully paid shares or debentures,
if any and generally shall do all acts and things required to give effect thereto, with full power to the Directors to make such provision
by the issue of fractional certificates by payment in cash or otherwise as they think fit for the case of shares or debentures becoming
distributable in fractions, and also to authorise any person to enter on behalf of all the Members entitled thereto into an agreement
with the Company providing for the allotment to them respectively, credited as fully paid up, of any further shares or debentures to which
they may be entitled upon such capitalisation, or as the case may require, for the payment up by the Company on their behalf, by the application
thereto of their respective proportions of the profits resolved to be capitalised, of the amounts or any part of the amounts remaining
unpaid on their existing shares, and any agreement made under such authority shall be effective and binding on all such Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.** **Share Premium Account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 The Board of Directors shall in accordance with the Companies Law establish a share premium account and
shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any
share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 There shall be debited to any share premium account on the redemption or purchase of a share the difference
between the nominal value of such share and the redemption or purchase price provided always that at the discretion of the Board of Directors
such sum may be paid out of the profits of the Company or, if permitted by the Companies Law, out of capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32.** **Indemnity** 

Subject to the provisions of the Companies Law and in the absence of fraud or wilful default, the Company may indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings,
whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a Director, managing director,
agent, auditor, secretary and other officer for the time being of the Company; or

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a Director, managing director, agent, auditor, secretary
and other officer for the time being of, or in any other capacity is or was acting for, another company or a partnership, joint venture,
trust or other enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 Notice shall be in writing and may be given by the Company or by the person entitled to give notice to
any Member either personally by electronic mail, by facsimile or by sending it through the post in a prepaid letter or via a recognised
courier service, fees prepaid, addressed to the Member at his address as appearing in the Register of Members. Notices posted to addresses
outside the Cayman Islands shall be forwarded by prepaid airmail. A notice may be given by the Company to the joint holders of a share
by giving the notice to the joint holder first named in the Register of Members in respect of the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2 Any Member present, either personally or by proxy, at any meeting of the Company shall for all purposes
be deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.3 Any notice, if served by (a) post, shall be deemed to have been served 5 days after the time when the
letter containing the same is posted and if served by courier, shall be deemed to have been served 5 days after the time when the letter
containing the same is delivered to the courier or, (b) facsimile, shall be deemed to have been served upon confirmation of receipt or
(c) electronic mail, shall be deemed to have been served upon confirmation of receipt, or (d) recognised delivery service, shall be deemed
to have been served 48 hours after the time when the letter containing the same is delivered to the courier service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.4 A notice may be given by the Company to the persons entitled to a share in consequence of the death, bankruptcy
or insolvency of a Member by sending it through the post in a prepaid letter, by airmail if appropriate addressed to them by name or by
the title of representatives of the deceased or assignee or trustee of the bankrupt or insolvent or by a like description at the address,
if any, supplied for the purpose by the persons claiming to be so entitled, or, until such an address has been so supplied, by giving
the notice in any manner in which the same might have been given if the death, bankruptcy or insolvency had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.5 Notice of every general meeting shall be given in the manner hereinbefore authorised to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members who have a right to receive notice and who have supplied the Company with an address for the
giving of notices to them and in case of joint holder, the notice shall be sufficient if given to the first named joint holder in the
Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every person entitled to a share in consequence of the death or bankruptcy of a Member, who but for his
death or bankruptcy would be entitled to receive notice of the meeting.

No other person shall be entitled to receive notice of general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.** **Seal** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 The Directors shall provide for the safe custody of the Seal of the Company. The Seal when affixed to
any instrument shall be witnessed by a Director or the secretary or officer of the Company or any other person so authorised from time
to time by the Directors or of a committee of the Directors authorised by the Directors on that behalf. The Directors may provide for
a facsimile of the Seal and approve the signature of any Director or authorised person which may be reproduced by printing or other means
on any instrument and it shall have the same force and validity as if the Seal has been affixed to such instrument and the same had been
signed as hereinbefore described.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 Notwithstanding the foregoing, a director or officer, representative or attorney of the Company shall
have the authority to affix the Seal, or a duplicate of the Seal, over his signature alone on any instrument or document required to be
authenticated by him under Seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.** **Winding Up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1 If the Company shall be wound up the liquidator may, with the sanction of an Ordinary Resolution of the
Company and any other sanction required by the Companies Law, divide amongst the Members in specie or cash the whole or any part of the
assets of the Company whether they shall consist of property of the same kind or not and may, for such purpose set such value as he deems
fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Members or different
classes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts
for the benefit of the contributors as the liquidator shall think fit, but so that no Member shall be compelled to accept any shares or
other securities whereon there is any liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.2 Without prejudice to the rights of holders of shares issued upon special terms and conditions, if the
Company shall be wound up, and the assets available for distribution among the Members as such shall be insufficient to repay the whole
of the paid-up capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion
to the capital paid-up, or which ought to have been paid-up, at the commencement of the winding up on the shares held by them respectively.
If on a winding up the assets available for distribution among the Members shall be more than sufficient to repay the whole of the capital
paid-up at the commencement of the winding up, the excess shall be distributed among the Members in proportion to the capital paid up
at the commencement of the winding up on the shares held by them respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36.** **Amendment of Memorandum and Articles of Association** 

The Company may alter or modify the provisions contained in these Memorandum and Articles of Association as originally drafted or as amended from time to time by a Special Resolution and subject to the Companies Law and the rights attaching to the various classes of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.** **Registration By Way of Continuation** 

The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article. The Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken in accordance to the Companies Law to effect the transfer by way of continuation of the Company.

 

**NAME AND ADDRESS OF SUBSCRIBER**

**Sertus Nominees (Cayman) Limited**

Sertus Chambers, Governors Square,

Suite # 5-204, 23 Lime Tree Bay Avenue,

P.O. Box 2547, Grand Cayman, KY1-1104, Cayman Islands

---

| |
|:---|
| ***/s/ Susan Thompson*** |
| **Susan Thompson** |
| **Authorised Signatory** |

---

**DATED this 4th day of May, 2020**

---

| |
|:---|
| */s/ Burnette Pope* |
| Witness to the above signature: |
| Burnette Pope |
| Sertus Chambers, Governors Square, |
| Suite # 5-204, 23 Lime Tree Bay Avenue, |
| P.O. Box 2547, Grand Cayman, KY1-1104, |
| Cayman Islands |

---

## Exhibit 10.1

**Exhibit 10.1**

**PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT**

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (the "Agreement") is made on _________________, 2021, between (i) Cordyceps Sunshine Biotech Holdings Co., Ltd. (the "Company"), a Cayman Islands company, and (ii) each purchaser identified on the signature pages to this Agreement (each a "Purchaser" and collectively, the "Purchasers").

<u>Purchase of Ordinary Shares</u>

1. <u>Subscription</u> 

1.1 The undersigned Purchasers hereby subscribe for and agree to purchase from the Company for cash (the "Subscription Proceeds"), on the basis of the representations and warranties and subject to the terms and conditions set forth herein, ordinary shares of the Company, as defined and set with such par value in Company's Memorandum and Articles of Association (the "Ordinary Shares") and in an amount for subscription shares as set out on each Purchaser's signature page hereto (the "Subscription Shares", and each such subscription agreement to purchase being a "Subscription") at a purchase price of US$0.02 per Ordinary Share (the "Offering").

1.2 Subject to the terms hereof, the Subscription will be effective upon its acceptance by the Company. The Purchasers acknowledge that there is no minimum required to close any subscription under the offering.

2. <u>Payment</u> 

2.1 Each Purchaser acknowledges and agrees that its commitment to purchase Ordinary Shares of the Company hereunder is and shall be irrevocable upon delivery of the Subscription Proceeds to the Company. The Subscription Proceeds shall be paid by wire transfer to the following bank account.

**Title of the Account:** CORDYCEPS SUNSHINE BIOTECH HOLDINGS CO., LTD.

**Account #:**

**Beneficiary Bank:**

**Swift Code:**

**Bank Address:**

3. <u>Deliveries at or Prior to Closing</u> 

3.1 Prior to acceptance of this Subscription Agreement by the Company, each Purchaser must complete, sign and return to the Company, or Company's counsel Ortoli Rosenstadt LLP, an executed copy of this Subscription Agreement and wire transfer the Subscription Proceeds as described in Section 2.1, above.

3.2 Each Purchaser shall complete, sign and return to the Company as soon as possible, on request by the Company, any documents, questionnaires, notices and undertakings as may be required by regulatory authorities or by applicable law.

3.3 The Company shall deliver to each Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) at the Closing (as defined below), a counterpart of this
Subscription Agreement, duly executed by an authorized signatory of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(b) within 10 business days of the Closing (as defined below),
a certificate or evidence of electronic book entry representing the Ordinary Shares in the amount set forth on the signature page hereto.

4. <u>Closing</u> 

4.1 Completion of the sale of the Ordinary Shares contemplated in this Subscription Agreement (any such completion, a **"**Closing**"**) shall occur on such a date to be mutually agreed upon by the Company and the Purchaser.

4.2 The Company may, at its discretion, elect to close the Offering in one or more closings, in which event the Company may agree with one or more of the Purchasers (including the Purchaser hereunder) to complete delivery of the Ordinary Shares to such Purchaser(s) against payment therefore at any time on or prior to the furthest most date set by Section 4.1.

5. <u>Conditions to Closing</u> 

5.1 Upon acceptance of this Subscription Agreement, the obligations of the Company to Close on the Closing Date are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) that all of the representations and warranties of the Purchaser
made in this Subscription Agreement are accurate in all material respects when made and on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;(b) that all of the obligations, covenants and agreements of
the Purchaser required to be performed at or prior to the Closing Date shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) that the Company shall have received the Subscription Proceeds.

5.2 The obligations of the Purchaser hereunder to Close on the Closing Date are subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) that all of the representations and warranties of the Company
made in this Subscription Agreement are accurate in all material respects when made and on the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) that all of the obligations, covenants and agreements of
the Company required to be performed at or prior to the Closing Date shall have been performed.

6. <u>Representations, Warranties, Acknowledgements and Covenants of the Purchaser</u> 

6.1 Each Purchaser severally and not jointly hereby acknowledges and agrees as of the date hereof and as of the Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) none of the Ordinary Shares have been registered under the Securities Act of 1933, as amended, or under
any state securities or "blue sky" laws of any state of the United States or any other jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the decision to execute this Subscription Agreement and acquire the Ordinary Shares hereunder has not
been based upon any oral or written representation (other than representations set out in this Agreement) as to fact or otherwise made
by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(c) there are risks associated with an investment in the Company and the Ordinary Shares, including, but not
limited to, (i) the risk of intense competition in the PRC domestic market and (ii) the risk of severe financial hardship or bankruptcy
of one or more of our major clients;

&nbsp;&nbsp;&nbsp;&nbsp;(d) each purchaser has received all the information it considers necessary or appropriate for purposes of
deciding whether to purchase the Ordinary Shares. Each Purchaser further represents that it has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the Ordinary Shares and regarding the business, properties, prospects
and financial condition of the Company, and to obtain additional information (to the extent the Company possessed such information or
could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to it or to which
it had access;

&nbsp;&nbsp;&nbsp;&nbsp;(e) it has been advised to consult its own legal, tax and other advisors with respect to the merits and risks
of an investment in the Ordinary Shares and with respect to applicable resale restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;(f) it understands that the Company is making no representations and warranties regarding tax consequences
for its investment in the Ordinary Shares, the US Foreign Corrupt Practices Act or the securities law of the home or residential jurisdiction
of any Purchaser.

6.2 Each Purchaser severally and not jointly hereby represents and warrants to, and covenants with, the Company (which representations, warranties and covenants shall survive the Closing) as of the date hereof and as of the Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the legal capacity and competence to enter into and execute this Subscription Agreement and to
take all actions required hereby and, if the Purchaser is a corporation, it is duly incorporated and validly existing under the laws of
its jurisdiction of incorporation and all necessary approvals by its directors, shareholders and others have been obtained to authorize
execution and performance of this Subscription Agreement on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the entering into of this Subscription Agreement and the transactions contemplated hereby do not result
in the violation of any of the terms and provisions of any law or regulation applicable to the Purchaser or of any agreement, written
or oral, to which the Purchaser may be a party or by which the Purchaser is or may be bound;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the Purchaser has duly executed and delivered this Subscription Agreement and it constitutes a valid and
binding agreement of the Purchaser enforceable against the Purchaser in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Purchaser is not a "U.S. Person" as defined in Rule 902 under the 1933 Act and is resident
in the jurisdiction set out under the heading "Name and Address of Purchaser" on the signature page of this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(e) At the time Purchaser executed and delivered this Agreement, Purchaser was outside the United States and
is outside of the United States as of the date of the execution and delivery of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Purchaser is acquiring the Ordinary Shares for its own account and not on behalf of any U.S. person, and
the sale has not been pre-arranged with a purchaser in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchaser represents and warrants and hereby agrees that all offers and sales of any of the Ordinary Shares
prior to the expiration of a period commencing on the Closing Date and ending twelve months thereafter, unless adjusted as hereinafter
provided (the "Restricted Period"), shall only be made in compliance with the safe harbor contained in Regulation S, pursuant
to registration of the Ordinary Shares under the 1933 Act or pursuant to an exemption from registration, and all offers and sales after
the Restricted Period shall be made only pursuant to such a registration or to such exemption from registration;

&nbsp;&nbsp;&nbsp;&nbsp;(h) the Purchaser (i) has such knowledge and experience in business matters as to be capable of evaluating
the merits and risks of its prospective investment in the Ordinary Shares; and (ii) has the ability to bear the economic risks of its
prospective investment and can afford the complete loss of such investment;

&nbsp;&nbsp;&nbsp;&nbsp;(i) the Purchaser is not aware of any advertisement of any of the Ordinary Shares and is not acquiring any
of the Ordinary Shares as a result of any form of general solicitation or general advertising including advertisements, articles, notices
or other communications published in any newspaper, magazine or similar media or broadcast over radio or television, or any seminar or
meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no person has made any written or oral representations to
the Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that any person will resell or repurchase any of the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that any person will refund the purchase price of any of the Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the future price or value of any of the Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;(k) the Purchaser will indemnify and hold harmless the Company and, where applicable, its directors, officers,
employees, agents, advisors and shareholders, from and against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all fees, costs and expenses whatsoever reasonably incurred in investigating, preparing or defending against
any claim, lawsuit, administrative proceeding or investigation whether commenced or threatened) arising out of or based upon any representation
or warranty of the Purchaser contained herein or in any document furnished by the Purchaser to the Company in connection herewith being
untrue in any material respect or any breach or failure by the Purchaser to comply with any covenant or agreement made by the Purchaser
to the Company in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;(l) the Purchaser acknowledges and agrees that the Company shall not register any transfer of the Securities
not made in accordance with Regulation S or pursuant to registration under the Securities Act or an available exemption therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;(m) the Purchaser represents and warrants and hereby agrees that the Purchaser will not hedge the securities
except in compliance with the Securities Act.

6.3 Between the date of this Agreement and the Closing, the Purchaser shall notify the Company if any of the above representations and warranties ceases to be true.

6.4 Each Purchaser, severally but not jointly, acknowledges that the representations and warranties contained herein are made by it with the intention that they may be relied upon by the Company and its legal counsel in determining such Purchaser's eligibility to purchase the Ordinary Shares for which it is subscribing under applicable securities legislation. Each Purchaser further agrees that by accepting delivery of the certificates representing the Ordinary Shares on the Closing Date, it will be representing and warranting that the representations and warranties contained herein are true and correct as at the Closing Date with the same force and effect as if they had been made by the Purchaser at the Closing Date and that they will survive the purchase by the Purchaser of Ordinary Shares and will continue in full force and effect notwithstanding any subsequent disposition by the Purchaser of such Ordinary Shares.

7. <u>Representations and Warranties of the Company</u> 

7.1 The Company acknowledges and agrees that each Purchaser is entitled to rely upon the representations and warranties of the Company, contained in this Agreement and further acknowledges that each Purchaser will be relying upon such representations and warranties in purchasing the Ordinary Shares. The Company represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is duly incorporated, validly existing and in good standing under the laws of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has the requisite power and authority to own and use its properties and assets and to carry
on its business as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is not in violation or default of any of the provisions of its articles of association. The
Company is duly qualified to conduct its business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, could not reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of this Subscription Agreement, (ii) a material adverse effect on the results of operations,
assets, business or financial condition of the Company, taken as a whole, or (iii) a material adverse effect on the Company's ability
to perform in any material respect on a timely basis its obligations under this Subscription Agreement (any of (i), (ii) or (iii) being
hereafter referred to as a **"Material Adverse Effect"**), and no proceeding has been instituted in any such jurisdiction
revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Subscription Agreement and to carry out its obligations hereunder. The execution and delivery of this Subscription
Agreement by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary
action on the part of the Company and no further corporate authorization is required by the Company in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon delivery, this Subscription Agreement will have been duly executed by the Company and will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors'
rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution and delivery of this Subscription Agreement and the performance by the Company of the obligations
imposed on it in this Subscription Agreement, including the issuance and sale of the Ordinary Shares, do not and will not (i) conflict
with or violate any provision of the Company's articles of association, bylaws or other organizational or charter documents, or
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give
to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material
agreement, credit facility, debt or other instrument (evidencing a Company debt or otherwise) or other agreement to which the Company
is a party or by which any material property or material asset of the Company, or (iii) conflict with or result in a violation of any
law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company
is subject, or by which any material property or material asset of the Company is bound, except, in each case, as could not reasonably
be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person
in connection with the execution, delivery and performance by the Company of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The Ordinary Shares are duly authorized and, when issued and paid for in accordance with this Subscription
Agreement, will be validly issued as fully paid and non-assessable, free and clear of all liens and encumbrances other than restrictions
provided for in this Subscription Agreement, the Company's memorandum and articles of association and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The issue and sale of the Ordinary Shares will not obligate the Company to issue Ordinary Shares or other
securities to any person (other than the Purchasers and their designees) and will not result in a right of any holder of the Company's
securities to adjust the exercise, conversion, exchange or reset price under such securities.

8. <u>Legending of Subject Securities.</u> 

10.1 The Purchaser hereby acknowledges that upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and regulations, any certificates representing the Ordinary Shares may bear a restrictive legend pursuant to applicable laws and may include language substantially similar to the below:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE."

9. <u>Costs</u> 

9.1 The Purchaser acknowledges and agrees that all costs and expenses incurred by the Purchaser (including any fees and disbursements of any special counsel retained by the Purchaser) relating to the purchase of the Ordinary Shares shall be borne by the Purchaser.

10. <u>Governing Law</u> 

10.1 This Subscription Agreement is governed by the laws of the State of New York and the federal laws of the United States applicable therein. The Purchaser, in its personal or corporate capacity and irrevocably attorns to the jurisdiction of the state and federal courts located in New York County, New York. Each party agrees that the state and federal courts located in New York County, New York shall be the exclusive jurisdiction for settling all disputes hereunder.

11. <u>Independent Nature of Purchaser's Obligations and Rights</u> 

11.1 The obligations of each Purchaser under this Subscription Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser. Nothing contained herein, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Subscription Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of this Subscription Agreement or it has knowingly waived its right to do so and has proceeded without benefit of counsel.

12. <u>Survival</u> 

12.1 This Subscription Agreement, including without limitation the representations, warranties and covenants contained herein, shall survive and continue in full force and effect and be binding upon the parties hereto notwithstanding the completion of the purchase of the Ordinary Shares by the Purchaser pursuant hereto.

13. <u>Assignment</u> 

13.1 This Subscription Agreement is not transferable or assignable.

14. <u>Severability</u> 

14.1 If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

15. <u>Entire Agreement</u> 

15.1 Except as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided for herein, this Subscription Agreement contains the entire agreement between the parties with respect to the sale of the Ordinary Shares and there are no other terms, conditions, representations or warranties, whether expressed, implied, oral or written, by statute or common law, by the Company or by anyone else.

16. <u>Notices</u> 

16.1 All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given at the date received if mailed or transmitted by any standard form of telecommunication (including email, but not including facsimile). Notices to the Purchaser shall be directed to the address on the signature page of this Subscription Agreement and notices to the Company shall be directed to it at

Cordyceps Sunshine Biotech Holdings Co., Ltd.

6th Floor., No.26, Dongxin Road, Songshan District Taipei City, TAIWAN

Attn:

Email:

With a copy to (failure to provide such copy shall mean that no notice has been given hereunder):

Ortoli Rosenstadt LLP

366 Madison Avenue, 3<sup>rd</sup> Floor

New York, New York 10017

USA

Attn: William S. Rosenstadt <br> Jason Ye

Email: wsr@orllp.legal <br> jye@orllp.legal

17. <u>Counterparts and Electronic Means</u> 

17.1 This Subscription Agreement may be executed in any number of counterparts, each of which, when so executed and delivered, shall constitute an original and all of which together shall constitute one instrument. Delivery of an executed copy of this Subscription Agreement by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Subscription Agreement as of the date hereinafter set forth.

18. <u>Amendment and Waiver</u> 

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

[SIGNATURE PAGES TO FOLLOW]

**IN WITNESS WHEREOF** the Purchaser has duly executed this Subscription Agreement as of the date of acceptance by the Company.

---

| | |
|:---|:---|
| (Amount of Subscription in USD) | (Name of Purchaser – Please type or print) |
| (Number of Ordinary Shares Subscribed) | (Signature and, if applicable, Office) |
|  | (Address of Purchaser) |
|  | (City, State/Province, |
|  | Postal Code of Purchaser) |
|  | (Country of Purchaser) |

---

**A C C E P T A N C E**

The above-mentioned Subscription Agreement in respect of the Ordinary Shares is hereby accepted by Cordyceps Sunshine Biotech Holdings Co., Ltd.

DATED the________ day of __________________2021.

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

By:   <br> Name: Szu Hao Huang <br> Title: Chief Executive Officer

## Exhibit 10.2

**Exhibit 10.2**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement"</u>), is entered into as of May 5, 2020, by and between Cordyceps Sunshine Biotech Holdings Co., Ltd., a Cayman Islands corporation (the "<u>Company</u>"), and Szu Hao Huang, an individual (the "<u>Executive</u>"). Except with respect to the direct employment of the Executive by the Company, the term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities (collectively, the "<u>Group</u>").

**RECITALS**

A. The Company desires to employ the Executive as its Chief Executive Officer and Chief Financial Officer to assure itself of the services of the Executive during the term of Employment (as defined below).

B. The Executive desires to be employed by the Company as its Chief Executive Officer and Chief Financial Officer during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

**1.** **POSITION** 

The Executive hereby accepts a position of Chief Executive Officer and Chief Financial Officer (the "<u>Employment</u>") of the Company.

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the term of the Employment is from May 6, 2020 to December 31, 2025.

**3.** **DUTIES AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive's duties at the Company will include all jobs assigned by the Company's Board of the Directors (the " <u>Board</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws of the Company, as amended and restated from time to time (the "Charter Documents"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company engages (any such business or entity, a " <u>Competitor</u> "), provided that nothing in this clause shall preclude the Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities. The Executive shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

**4.** **NO BREACH OF CONTRACT** 

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

**5.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary.</u> The Executive's base salary shall be $0 annually, paid in accordance with the Company's regular payroll practices, and such compensation is subject to annual review and adjustment by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Bonus</u>. The Executive shall be eligible for Bonuses determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Benefits</u>. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Expenses</u>. The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company's policies and procedures.

**6.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Executive has been grossly negligent or acted dishonestly to the detriment of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Executive has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Executive violates Section 7 or 9 of this Agreement.

Upon termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For death and disability</u>. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Executive has died, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to perform the essential functions of his employment with the Company, with or without reasonable accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

Upon termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive's right to all other benefits will terminate, except as required by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon a prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash payment equal to 12 months of the Executive's base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for continued health benefits under the Company's health plans for 12 months fo1lowing the termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

Upon termination without, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Change of Control Transaction</u>. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the "<u>Change of Control Transaction</u>"), the Executive shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash payment equal to 12 months of the Executive's base salary at a rate equal to the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately preceding the termination; and (3) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with a prior written notice to the Company, if (1) there is a material reduction in the Executive's authority, duties and responsibilities, or (2) there is a material reduction in the Executive's annual salary. Upon the Executive's termination of the Employment due to either of the above reasons, the Company shall provide compensation to the Executive equivalent to 12 months of the Executive's base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Executive's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.

**7.** **CONFIDENTIALITY AND NON-DISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-disclosure</u>. The Executive hereby agrees at all times during the term of the Employment and after his termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior written consent of the Company, any Confidential Information. The Executive understands that " <u>Confidential Information</u> " means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject to inspection by the Company at any time. Upon termination of the Executive's employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his termination, in his possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

This Section 7 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 7, the Company shall have right to seek remedies permissible under applicable law.

**8.** **CONFLICTING EMPLOYMENT.** 

The Executive hereby agrees that, during the term of his employment with the Company, he or she will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

**9.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive in the Executive's capacity as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive will not assume employment with or provide services as a Executive or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination.

The provisions contained in Section 9 are considered reasonable by the Executive and the Company. In the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law.

**10.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**11.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

**12.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**13.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between the Executive and a member of the Group. The Executive acknowledges that he or she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**14.** **GOVERNING LAW; JURISDICTION** 

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands.

**15.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**16.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**17.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

**18.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

**19.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

 

*[remainder of this page left intentionally blank]*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Cordyceps Sunshine Biotech Holdings Co., Ltd.** | **Cordyceps Sunshine Biotech Holdings Co., Ltd.** |
| By: | */s/ Szu Hao Huang* |
| Name: | Szu Hao Huang |
| Title: | Director |

---

---

| | |
|:---|:---|
| **Executive** | **Executive** |
| By: | */s/ Szu Hao Huang* |
| Name: | Szu Hao Huang |

---

## Exhibit 10.3

**Exhibit 10.3**

**Patent Implementation License Agreement**

Between

Liu,Yen-Hung ("Licensor")

And

Chengdu Skyherb Biotechnology Co., Ltd. (China) ("Licensee")

June 6, 2020

**Patent Implementation License Agreement**

This patent implementation license agreement ("**this Agreement**") is executed in [ ] on June 6, 2021 by and between:

(1) Liu,Yen-Hung ("**Licensor**");

(2) Chengdu Skyherb Biotechnology Co., Ltd. (China) ("**Licensee**"), a limited liability company duly incorporated on June 5, 2020 under laws of China and validly existing.

**Whereas:** 

Licensor is the legal and exclusive applicant for and approved owner of the licensed patent as stated in the annex to this agreement, and Licensor desires to license to Licensee and Licensee desires to obtain from Licensor the rights to apply for and implement the licensed patent under the terms and conditions hereunder.

**Now therefore,** both parties hereby agree as follows:

**1. Definitions**

Unless specified otherwise herein, the following terms shall have the meaning as defined below:

1.1 Licensed Patent: means the patent owned by Licensor as stated
in the annex hereto.

1.2 Implementation of Licensed Patent: with respect to utility model
patents, includes manufacturing, use, sales and promised sales, and import of patented products for purpose of production operation,
or any activity acquiring products by use of patented method and use, sales and promised sales, and import of products directly acquired
by means of the patented method; with respect to appearance design patents, includes activities manufacturing, selling and importing
products under appearance design patent for purpose of production operation.

1.3 Affiliated Party: with respect to any person, means any person,
company, partnership, association or other entity or organization which, directly or indirectly, controls, is controlled by or under
common control of such person (here, "control" means having the right to decide its operation management).

1.4 Technical improvement and development: means any new improvement
and development to the patented technology as licensed based on the licensed patent.

**2. Grant of license**

2.1 Licensor hereby licenses to Licensee the right to apply for and
implement the licensed patent, on a non-exclusive basis;

2.2 Licensor agrees that, Licensee may sub-license third party the
right to apply for and implement the licensed patent under the terms and conditions herein.

2.3 Licensee agrees that, Licensor has the right to continue implementing
the licensed patent as licensed to Licensee, or license any third party to implement the licensed patent.

2.4 Both parties agree the license is valid around the globe ()"**Territory** ").

**3. Term of license**

3.1 Both parties agree that, the license for each patent shall be
valid as long as the patent is valid, and be terminated upon expiration of the patent.

**4. Representations the Warranties**

4.1 Each party represents and warrants that,

&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 it has been duly registered and effectively exists under
the laws of the jurisdiction where it operates, and has the necessary authority and authorization to (i) possess, lease and operate its
assets, and operate the business as stated on its operating license and Articles of Association; and (ii) execute, deliver and perform
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 it has carried out all necessary corporate actions and all
contents, approvals, authorizations and permits as required for execution, delivery and performance hereof (except specified otherwise
herein) so as to execute, deliver and perform this Agreement. If the other party has the right to execute, deliver and perform this Agreement,
this Agreement shall constitute its legal, effective and binding obligations exercisable under the terms and conditions herein. In addition,
the execution, delivery and performance hereof are not in breach of (i) its Articles of Association; (ii) its obligations under any other
contract; or (iii) any law currently in effect in the jurisdiction where it has been registered.

4.2 Licensor warrants to Licensee that,

&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 it is the legal owner of the licensed patent, and the licensed
patent has been duly and legally registered at the patent office, and it has obtained all necessary approvals and handled all registration
formalities;

&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 it has the right to license to Licensee the right to implement
licensed patent, and there is no claim arising from use of licensed patent or third-party registration, announcement or claim for licensed
patent within any jurisdiction where Licensee conducts production, operation and sales related to licensed patent;

&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 before execution hereof and within the term hereof, there
is or will not any termination or revocation of registration of licensed patent and relevant rights in it by the patent office or any
other related authorities;

&nbsp;&nbsp;&nbsp;&nbsp;4.2.4 it will pay related charges to maintain validity of licensed
patent.

4.3 Licensee warrants to Licensor that, it has all conditions necessary
for implementation of licensed patent.

**5. Maintenance and Improvement of Licensed Patent and Technical Service**

5.1 Licensor shall pay annual fee for licensed patent as scheduled
to maintain validity of licensed patent.

5.2 Any technical improvement and development to licensed patent made
by Licensee shall be owned by Licensee.

5.3 Where necessary for implementation of licensed patent, and on
Licensee's demand at any time, Licensor shall provide technical training on licensed patent for the staff assigned by Licensee, all on
Licensee's cost.

**6. Validity and Termination** 

6.1 This Agreement takes effect on the date of signature by both parties,
through the date of implementation of licensed patent by Licensee, and remains fully effective within term of licensed patent till termination
under the terms and conditions herein.

6.2 This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 under written agreement between both parties;

&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 upon expiration of 30 days of written notification from observing
party in case that either party breaches any of its representations and warranties hereunder, and fails to correct such breach even within
30 days of the notification;

&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 in case that either party becomes bankrupt or insolvent, is
liquidated, or shuts down;

&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 when Licensor is no longer the owner of licensed patent.

**7. Force Majeure**

7.1 In case that either party fails to perform or delays in performance
of its obligations hereunder due to force majeure, it shall be exempt from default liability.

7.2 For purpose of this Agreement, force majeure includes:

&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 earthquake, calamities, and fire;

&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 war, strike and political turmoil;

&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 any other affair not attributed to defaulting party and unpredictable
upon execution hereof.

7.3 Defaulting party shall, within 5 business days of occurrence of
force majeure, notify the other party of related information, and shall be liable for any loss incurred to the other party due to its
failure to do so.

7.4 Upon end of force majeure, the defaulting party shall make every
effort to continue performing its obligations hereunder.

**8. Governing Law and Dispute Settlement**

8.1 This Agreement is governed by and interpreted in accordance with
the laws of China.

8.2 Any dispute arising from or in connection with this Agreement
shall be settled by both parties through amicable negotiation. In case that related dispute fails to be settled through negotiation within
60 days of its occurrence, either party may file it to the court with jurisdiction for lawsuit.

**9. Notice**

9.1 Any notice or other communication made to either party under or
in accordance with this Agreement shall delivered to the party at the address or facsimile number by post, via fax or in person (including
express service).

**10. Miscellaneous**

10.1 This Agreement is the sole agreement concluded between both parties
hereto for the subject matter hereunder, and supersedes all agreements entered into previously for this purpose. Without prior written
consent of both parties, this Agreement shall not be amended nor terminated.

10.2 Without prior written approval of the other party, neither party
shall transfer this Agreement or its rights and interests or liabilities and obligations hereunder.

10.3 Any representations and warranties made by each party hereunder
shall survive the termination of this Agreement, unless agreed otherwise in writing by both parties.

10.4 This Agreement is written in Chinese. In case of any discrepancy
between the Chinese version and any other version in any other language, the former shall govern.

10.5 This Agreement is executed in two counterparts, and each has equal
legal force.

(End of Body)

**In witness whereof,** each party has made its duly authorized representative sign this Agreement on the date first stated above.

Licensor: Liu,Yen-Hung

Signed by (legal or authorized representative):

Name

Title

Licensee: Chengdu Skyherb Biotechnology Co., Ltd. (China)

Signed by (legal or authorized representative):

Name

Title

Appendix

Licensed Patents

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;No. | &nbsp;&nbsp;Type of Patent | &nbsp;&nbsp;Name of Patent | &nbsp;&nbsp;Location of Registration | &nbsp;&nbsp;Patent No. | &nbsp;&nbsp;Date of Application | &nbsp;&nbsp;Date of License Announcement |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Utility model | &nbsp;&nbsp;Cordyceps sinensis cultivation device with customized multiple dedicated | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;UM No. M540473 | &nbsp;&nbsp;Term of patent: | &nbsp;&nbsp;Term of patent: |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Utility model | &nbsp;&nbsp;Mobile type cultivation box storage device of fungi cultivation having cancer cell inhibition function | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;UM No. M543537 | &nbsp;&nbsp;Term of patent: | &nbsp;&nbsp;Term of patent: |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Utility model | &nbsp;&nbsp;Environmentally-controlled cultivation device | &nbsp;&nbsp;Taiwan | &nbsp;&nbsp;UM No. M540472 | &nbsp;&nbsp;Term of patent: | &nbsp;&nbsp;Term of patent: |

---

## Exhibit 10.4

**Exhibit 10.4**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

**July 1, 2022**

**Re: Director Offer Letter –** Mr.Yenhung Liu

Dear Mr.Yenhung Liu:

Cordyceps Sunshine Biotech Holdings Co.,Ltd, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as a Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as a 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 as of the date of this Agreement. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "Board") and upon re-appointment, 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 customary services as a Director (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and 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>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $0 for each calendar year of service under this Agreement on a pro-rated basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <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;**7. <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;&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: (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; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, 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;&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: (i) any information which becomes generally available or is readily 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; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>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 Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 may be 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. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the 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;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</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. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <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;**12. <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 gross 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;**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 Directors 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, |
| **Cordyceps Sunshine Biotech Holdings Co., Ltd.** | **Cordyceps Sunshine Biotech Holdings Co., Ltd.** |
| By: | */s/ Szu Hao Huang* |
|  | Szu Hao Huang |
|  | Chief Executive Officer and Chairman |

---

---

| |
|:---|
| **AGREED AND ACCEPTED:** |
| */s/ Yenhung Liu* |

---

Yenhung Liu

Address: No.212, Dingchang Street, Dingjin Village, Neighborhood 13, Sanmin District, Kaohsiung City, Taiwan

Phone Number:

Email:

## Exhibit 10.5

**Exhibit 10.5**

**Serial number**：____

**Inventory Items Transfer Agreement**

Party A: Chengdu Zhonghe Sunshine Biotechnology Co., Ltd.

Party B: Chengdu Skyherb Biotechnology Co., Ltd.

Date: / /

Page 1 of 3

**Inventory Items Transfer Agreement**

Assignor: Chengdu Zhonghe Sunshine Biotechnology Co., Ltd. (here in after referred to as Party A)

Unify social credit code:91510100MA6BGNXU3P

Legal representative: Yenhung Liu

Assignee: Chengdu Skyherb Biotechnology Co., Ltd. (here in after referred to as Party B)

Legal representative: Xusheng Niu

Residence: Building 1, Zone D, No.689 Boshi Road, Shouan Street, Pujiang County, Chengdu City, Sichuan Province

Whereas:

Party A and party B are both legally established and existing limited company in the People's Republic of China, Party A is willing to transfer its inventory items to party B in accordance with the terms hereof; Party B is also willing to receive Party A's inventory items in accordance with the terms hereof (see Annex I).

On the basis of fairness, reciprocity and good faith, the Contract concerning the transfer of inventory items (hereinafter referred to as the inventory) has been reached by both parties after negotiation.

Article 1. Party B shall purchase the following inventory items in accordance with Annex I. The followings are the name, quantity and price of the inventory items:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **quantity** | **Book value<br> (yuan)** | **Transferring<br> price<br> (yuan)** |
| Egg | 1200000 | 214798.00 | 170872.00 |
| Hatched alive worm | 1700000 | 644396.00 | 512619.00 |
| Box-packed alive worm | 1000000 | 644396.00 | 512619.00 |
| Bottle-packed alive worm | 300000 | 644396.00 | 512619.00 |
| Stiff worm | 300000 | 2147993.03 | 1708900.00 |
| Total | 4500000 | 4295979.03 | 3417629.00 |

---

Article 2. Requirment of quality: The merchandises sold by party A shall meet the standard of relevant industry.

Article 3. Acceptance methods: Party A shall pay Party B in full while Party B shall transfer the merchandises in accordance with Annex I. The risk of the inventory items shall be borne by Party B once the delivery is finished.

Article 4. Terms concerning the inventory items:

All the head-hunted products including the unfinished ones concerning the cultivating contract with existing clients shall belong to Party A and therefore shall not be transferred to Party B. Party A shall be responsible for finishing the production and delivering them to the client. The product mentioned in this term shall not be listed in Annex I.

Page 2 of 3

If the winter worms listed in Annex I are part of the cultivating contracts with clients, they shall be transferred alongside with the inventory items, and the contracts shall all be listed in Annex II, with the contractual right and obligation also transferred to Party B.

Article 5.Breach clause: If party A fails to deliver the merchandises in time, it shall pay Party B 4% of the total value of the merchandises as liquidated damages for each day's delay.

Article 6.Settlement of dispute: If dispute arises during the fulfillment of this contract, both parties shall negotiate or submit it to relevant department. If the negotiation fails, both parties shall hold the right to file a lawsuit to the courts.

Article 7. This Contract is made in duplicate with each party holding one copy respectively. The Contract shall come into effect from the day of signature and seal. During performance of the Contract, unsettled matters may be solved by both parties through supplementary provisions, which shall have the same legal effect as this contract.

---

| | | | |
|:---|:---|:---|:---|
| Party A:(seal)<br> Legal representative: (signature)<br>Date: / / | ![](ex10-5_001.jpg) | Party B: (seal)<br> Legal representative: (signature)  | ![](ex10-5_002.jpg) |

---

Annex I:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of<br> inventory** | **Category** | **Growth period** | **Scientific<br> name** | **Inventory name** | **Quantity** | **Book value<br> (yuan)** | **Transferrig**<br> **price<br> (yuan)** |
| 2011/11/6 | Cordyceps | Phase I, hatching | Egg | Egg | 1200000 | 214798.00 | 170872.00 |
| 2011/11/6 | Cordyceps | Phase II, hatching | Young worm | Hatched alive worm | 1700000 | 644396.00 | 512619.00 |
| 2011/11/6 | Cordyceps | Phase I, cultivating | Young worm | Box-packed alive worm | 1000000 | 644396.00 | 512619.00 |
| 2011/11/6 | Cordyceps | Phase II, cultivating | Matured worm | Bottle-packed alive worm | 300000 | 644396.00 | 512619.00 |
| 2011/11/6 | Cordyceps | Right before head-hunting | Stiff worm | Stiff worm | 300000 | 2147993.03 | 1708900.00 |
| &nbsp;&nbsp;&nbsp;Total | Cordyceps |  |  |  | 4500000 | 4295979.03 | 3417629.00 |

---

Note: Original weight 1450g≈4,500,000 eggs. There are already 3,000,000 young worms hatched except the stiff worms, and still 1,200,000 unhatched.

Principal in the plant (signature):

Principal of production (signature):

Inventory keeper (signature)

Annex II: cultivating contracts with client transferred to Party B

None

Page 3 of 3

## Exhibit 10.6

**Exhibit 10.6**

Assignment of Rights and Obligations

Party A: Chengdu Union Industrial Park Investment Co. Ltd.

Registered address: No.580, Boshi Road, Shouan Town, Pujiang County, Chengdu City

Legal representative: Lai Yong

Party B: Chengdu Zhonghe Sunshine Biotechnology Co., Ltd.

Legal representative: Yenhung Liu

Address: No.1, first floor, Building 1, No.689 Boshi Road, Shouan Street, Pujiang County, Chengdu City

Party C: Chengdu Skyherb Biotechnology Co., Ltd.

Legal representative: Xusheng Niu

Address: Building 1, Zone D, No.689 Boshi Road, Shouan Town, Pujiang County, Chengdu City

Whereas：

1. On February 2, 2015, Party A signed the Sales Contract of Standard Plant in Chengdu Union New Industrial Park (S CDHL-HT-01202015, hereinafter referred to as Plant Sales Contract) with Sichuan High-Tech Biochemical Research Institute Co. Ltd. (hereinafter referred to as High-Tech Biochemical Company). Party A sold the plant located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China.

2. On July 2, 2017, Party A, Jinniu District Mei Sheng Mei Shi Wedding Celebration Business Department (hereinafter referred to as MSMS), and High-Tech Biochemical Company signed the Assignment of Rights and Obligations, agreeing that all the rights and obligations under the Sales Contract of Standard Plant in Chengdu Union New Industrial Park (S CDHL-HT-01202015) are assigned to MSMS.

3. On April 30, 2019, Party A, Chengdu Zhonghe Sunshine Biotechnology Co., Ltd. (hereinafter referred to as Zhonghe Sunshine) and MSMS signed the Assignment of Rights and Obligations, agreeing that all the rights and obligations under the plant sales contract are assigned from MSMS to Zhonghe Sunshine.

According to the Contract Law and other relevant laws and regulations, the parties have reached an agreement on the assignment of Party B's rights and obligations under the plant sales contract to Party C upon negotiation, on the basis of equality and free will.

Article 1. Party B assigns all its rights and obligations under the plant sales contract to Party C. Party C agrees to accept the rights and obligations of the buyer of the plant sales contract.

Article 2. Party A, Party B and Party C agree that if any party violates any provisions herein leading to the loss of any other party, the default party shall compensate for the loss.

Article 3.Others

1. Party A, Party B and Party C agree that Party A is not obligated to return the plant purchasing funds it received under the plant sales contract, Party C is deemed to have paid Party A the plant purchasing funds.

2. Party A, Party B and Party C agree that, before the assignment of plant between Party B and Party C, Party B shall be liable for all the expenses of the plant located at No. 1, Floor 1-2, Building 1, No. 689, Boshi Road, Shouan Town, Pujiang County, Sichuan Province, China (including but not limited to land use tax, property management fee and utility fees). Party A has charged under the plant sales contract or supplemental agreement. Such expenses shall be borne by Party C since delivery of the plant to Party C.

3. The assignment of plant between Party B and Party C shall be deemed to be finished since the execution of this contract. Party A shall not longer be hold accountable for this issue.

4. Party A, Party B and Party C agree to apply for the ownership certificate of the plant after Party A has received full payment from Party C and the conditions to go through relevant formalities under the plant sales contract or relevant agreement have been met.

5. All the contractual obligations under the plant sales contract and relevant agreement Party A has fulfilled remains valid to Party B and Party C. After this assignment contract takes effect, Party A shall still hold the right to demand Party C to fulfill the obligations under original contract, whether Party B and Party C have disputed over the performance of this assignment contract or whether the contract has been terminated or dissolved. Additionally, any disputes over this contract shall be settled by Party B and Party C. Both parties shall not hold such disputes against any right Party A is entitled to in the original contract, and Party shall not be liable under any circumstance.

Article 4. Any unsettled issue shall be settled by the parties through friendly negotiation on the basis of mutual understanding. If the negotiation fails, a lawsuit can be filed to the competent people's court at the locality of the plant.

Article 5. This Contract shall come into effect after sealing of the parties. It is made in triplicate with each party holding one copy respectively having the equal legal effect. The contact address of the parties specified herein shall remain valid all the time and shall be used for the purpose of delivering legal instruments or notices during performance of the contract or during a lawsuit.

---

| | |
|:---|:---|
| Party A(signature and seal):<br> Legal representative:<br> Entrusted agent: | ![](ex10-6_002.jpg) |

---

---

| | |
|:---|:---|
| Party B(signature and seal):<br> Legal representative:<br> Entrusted agent: | ![](ex10-6_001.jpg) |

---

---

| | |
|:---|:---|
| Party C(signature and seal):<br> Legal representative:<br> Entrusted agent: | ![](ex10-6_003.jpg) |

---

This Contract is signed by the parties on June 28, 2020.

## Exhibit 10.7

**Exhibit 10.7**

Purchase Contract

Date:

Party A(buyer):

Party B(seller): Chengdu Skyherb Biotechnology Co., Ltd.

According to the Contract law of the People's Republic of China, both parties have reached the following agreement after truthful and sincere negotiation on the basis of equality, free will and mutual benefits.

Article 1. Name, specification, unit, quantity and amount of product

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Serial <br> number | Name | Specification | Price(tax included) | Quantity | Total amount<br> (RMB) |
| 1 | Cordyceps | &nbsp;&nbsp;First class | &nbsp;&nbsp;XXX yuan per gram | &nbsp;&nbsp;XXX gram | &nbsp;&nbsp;XXXXX yuan |
| Total |  | &nbsp;&nbsp;In words: xxx YUAN ONLY |  | &nbsp;&nbsp;In numbers: XXXXX.XX yuan |  |

---

Article 2. Product acceptance:

Standard of quality test: Meet the standard of Chinese Pharmacopoeia (issued at 2020); Sealed sample shall prevail.

② Party B shall guarantee the packaging is secured and unharmed.

② The product shall be hay with a water content not greater than
13%.

Article 3. Delivery: Party B shall have the goods delivered at the address assigned by Party A.

Article 4. Transportaion and fee: Party B shall be responsible for the delivery at its expenses.

Article 5. Standard of packaging, supply and recycle of package:

The delivery shall be finished no later than _________________.

Article 6. Payment and deadline: Party A shall finish all the payment before _______________.

Article 7. Method of payment: remittance. Party A shall remit the fund to the account designated by Party B, while Party B shall provide the goods.

Name of Party B: Chengdu Skyherb Biotechnology Co., Ltd.

Amount number of Party B:_________________

Deposit bank: ____________________

Article 8. Responsibility for breach of the Contract: If there comes any quality issue, the refund fee shall be borne by the supplier.

Article 9. Settlement of dispute: any dispute shall be arbitrated by the people's court at the locality of Chengdu Skyherb Biotechnology Co., Ltd.

Article 10. This Contract is made in duplicate with each party holding one copy respectively. Unsettled matters shall be negotiated by both parties.

Article 11. This Contract takes effect from __________ to_________________.

Article 12. Other terms: The faxed copy of this Contract is valid.

Party A: (seal)

Representative:

Tax number:

Address:

Contact number:

Party B: (seal) Chengdu Skyherb Biotechnology Co., Ltd.

Representative:

Tax number:

Address: Building 1, Zone D, No.689 Boshi Road, Shouan Street, Pujiang County, Chengdu <br> City, Sichuan Province

Contact number:

## Exhibit 10.8

**Exhibit 10.8**

**Debt Transfer Agreement**

Party A (new debtor): HUANG SZU HAO

Party B (original debtor): TANG CHI AN

Party C (creditor): Cordyceps Sunshine Biotech Holdings Co., Ltd.

To the "Loan Contract" signed by Party B and Party C on August 19, 2020, the amount owed by Party B to Party C is:

The matter of USD 146,040 has been negotiated and reached an agreement by Party A, Party C, Party C and other parties on an equal basis and voluntarily:

1. For this debt, Party A (HUANG SZU HAO) shall undertake all the repayment matters of this contract on behalf of Party B (TANG CHI AN);

2. Party C promises to extend the repayment time of Party A to August 31, 2023;

3. This agreement will come into effect after Party A, Party B and Party C sign and seal.

4. This agreement is in triplicate, each of the three parties holds one copy.

Party A (signature):

Party B (signature):

Party C (signature):

August 29, 2021

**Loan Contract**

Borrower (Party A): TANG CHI AN

Lender (Party B): Cordyceps Sunshine Biotech Holdings Co., Ltd.

Party A borrows USD 146,040 from Party B for personal matters,

Borrowing period: 2020/8/19 to 2021/8/30, the loan is a temporary loan, after the two parties

It is agreed through negotiation that the clause is interest-free and will be settled once due.

Party A asks Party B to pay to the following account designated by Party A:

Company Name:TANG CHI AN

Account Bank: Taiwan Shin Kong Commercial Bank Co., Led., Hong Kong Branch

Account: 6017-11-003535-4

Follow-up matters related to the above-mentioned loans shall be resolved by mutual agreement between the two parties.

To take necessary legal measures, the above loan shall be signed by both parties, Party A shall receive the loan from Party B. contract takes effect from the day the payment is received .

Borrower (signature or stamp):

Lender (signature or stamp):

August 19, 2020

## Exhibit 10.9

**Exhibit 10.9**

**Asset Transfer Agreement**

Asset transferor: Chengdu Zhonghe Sunshine Biotechnology Co., Ltd. (hereinafter referred to as "Party A")

Unified social credit code: [ ]

Legal representative: Liu Yenhung

Asset transferee: Chengdu Skyherb Biotechnology Co., Ltd. (hereinafter referred to as "Party B")

Legal representative: Niu Xusheng

Address: Building 1, Zone D, No. 689, Boshi Road, Shouan Street, Pujiang County, Chengdu City, Sichuan Province

Given:

Party A and Party B are limited liability companies legally established and existing in the People's Republic of China, and Party A is willing to Transfer its company assets to Party B according to the conditions stipulated in this contract; Party B is also willing to accept Party A's company's assets. Party A and Party B are based on the principle of fairness, reciprocity, and good faith.

With regard to the transfer of the assets of Party A (hereinafter referred to as the assets of Party A or assets of the target company), after negotiation and consensus, the contract is as follows:

Article 1 Target Company Assets

The assets of the target company include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. fixed assets

Production and office equipment of the target company (including equipment information and all target company files and spare parts and office supplies) are transferred to Party B, see the attached asset list for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Intellectual property rights

The target company owns the intellectual property rights (see the attached asset list for details), and Party A agrees to transfer the above intellectual property rights to Party B.

Article 2 Credits and debts of the target company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Debt. All creditor's rights of the target company prior to the handover date of June 15, 2020, shall be transferred to Party B, and Party A shall perform the obligation to notify the debtors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All debts incurred by the Party A before the signing of this contract shall be transferred to Party B, and Party A shall perform the obligation of notification to the creditors and obtain the consent of the creditors.

Article 3 Personnel of the target company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Some employees of Party A will be taken over by Party B. Under the premise of obtaining the consent of the employees of the target company, Party A and relevant employees shall terminate the labor contract on the day of handover, settle all rights and obligations, and Party B and relevant employees shall re-sign labor contracts. The employee roster is attached as appendix 2 of this agreement.

2, The wages and social insurance of employees before the date of handover shall be paid and paid by Party A.

The subsequent employee wages, social insurance, etc. shall be paid and paid by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Party A shall bear the legal responsibilities arising from the employee labor contract and social insurance disputes before the date of handover.

Article 4 Transfer Price and Payment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The two parties agreed that the overall sale price of assets (including creditor's rights and debts) is RMB 6,862,371 yuan. The price includes all asset prices and creditor's rights and debts transferred by Party A, but does not include the amount that should be borne by Party B during the transfer process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Party B shall pay the transfer price in one lump sum within 5 days from the date of signing this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The asset transfer and handover date under this agreement is June 15, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On the handover date of this contract, Party A and Party B jointly conduct an inventory of the target asset list and form a completed list of assets attached as annex 1 to this contract.

Article 5 Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Party A's representations and warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party A guarantees that the quality status, useful life, and the conditions are true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party A guarantees that the ownership of the assets transferred above is undisputed and unsecured, and that Party A represents that the properties have full title.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Before the signing of this contract, Party A shall perform internal approval procedures for this transfer.

The executive director of the company has made a resolution agreeing to transfer the target assets;

2, Party B's representations and warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Party B guarantees that it will perform its obligations in good faith in accordance with the provisions of this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Party B guarantees that the source of funds for the transferred target assets is legal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Before signing this contract, Party B shall perform internal approval procedures for this transfer, and the executive director of Party B's company has made a resolution approving the transfer of the target assets.

Article 6 Confidentiality Clause

For all business documents, data and information obtained by Party A and Party B about the other party in this target asset transfer, both parties are obliged to keep confidential the materials and other information, and shall not disclose them to any third party except as required by law.

Article 7 Liability for breach of contract

After this contract takes effect, both parties shall perform the contract in good faith. If any party violates the contract, it shall be liable for the breach.

Article 8 Attachments to the Contract

The annex to this contract is an integral part of this contract and is also a necessary condition for this contract to take effect.

Items include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Attachment 1: Detailed list of target assets;

&nbsp;&nbsp;&nbsp;&nbsp;2. Attachment 2: Employee roster;

&nbsp;&nbsp;&nbsp;&nbsp;3. Attachment 3: The executive directors of parties A and B have the authority to agree to the target asset transfer .

Article 9 Dispute Resolution

If a dispute occurs due to the performance of this contract, the two parties shall negotiate to resolve it. If it cannot be resolved through negotiation, either party may to sue in the court.

Article 10 Miscellaneous

1. Matters not covered in this contract and matters that need to be changed shall be determined in the form of a supplementary contract after negotiation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This contract is in quadruplicate, and each party holds two copies.

---

| | |
|:---|:---|
| Party A: (stamp) | Party B: (stamp) |
| Legal representative: (signature) | Signature of Legal Representative) |
| Liu Yenhung | Xusheng Niu |
|  | Date: June 15, 2020. |

---

Attachment 1: Detailed list of target assets

Attachment 2: Employee Roster

Attachment 3: The resolution of the executive directors of parties A and B agreeing to the transfer (acquisition) of the target assets

Annex I Detailed list of target assets unit: yuan

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset compilation and research** | **Asset Name** | **category** | **model** | **unit** | **quantity** | **Currency** | **original value original currency** | **accumulated depreciation** | **net worth** | **service life** | **service life** | **remaining life** | **purchase price** | **tax** | **Total price and tax** |
| SC001 | Fruit and vegetable radish washing machine | Production equipment |  |  | 1 | RMB | 14000 | 1329.96 | 12670.04 | Issue 120 | Issue 120 | Issue 109 | 12670.04 | 126.7 | 12796.74 |
| SC002 | Digital Biological Microscope | Production equipment |  | tower | 1 | RMB | 6000 | 570 | 5430 | 120 | Expect | Issue 109 | 5430 | 54.3 | 5484.3 |
| SC003 | Trough mixer | Production equipment |  | tower | 1 | RMB | 10000 | 950.04 | 9049.96 | Issue 120 |  | Issue 109 | 9049.96 | 90.5 | 9140.46 |
| SC004 | Rotary vibrating screen | Production equipment |  | tower | 1 | RMB | 9000 | 855 | 8145 | Issue 120 |  | Issue 109 | 8145 | 81.45 | 8226.45 |
| JY001 | incubator | operating equipment |  | indivual | 3000 | RMB | 36000 | 6270 | 29730 | Issue 60 |  | Issue 50 | 29730 | 297.3 | 30027.3 |
| JY002 | Plastic tray | operating equipment |  | indivual | 30 | RMB | 5400 | 940.5 | 4459.5 | Issue 60 |  | Issue 50 | 4459.5 | 44.6 | 4504.1 |
| JY003 | steel wood bench | operating equipment |  | tower | 3 | RMB | 15000 | 2612.5 | 12387.5 | Issue 60 |  | Issue 50 | 12387.5 | 123.88 | 12511.39 |
| JY004 | Clean bench | operating equipment |  | tower | 3 | RMB | 7920 | 1379.4 | 6540.6 | Issue 60 |  | Issue 50 | 6540.6 | 65.41 | bb06.01 |
| JY005 | incubator | operating equipment |  | set |  | RMB | 5760 | 1003.2 | 4756.8 | Issue 60 |  | Issue 50 | 4756.8 | 47.57 | 4804.37 |
| JY006 | dicing machine | operating equipment |  | tower | 1 | RMB | 3600 | 570 | 3030 | Issue 60 |  | Issue 51 | 3030 | 30.3 | 3060.3 |
| SC005 | Water purification equipment | Production equipment |  | tower |  | RMB | 150000 | 10687.5 | 139312.5 | Issue 120 |  | Issue 109 | 139312.5 | 1393.12 | 140705.63 |
| DZ001 | laptop | Electronic equipment |  | tower | 1 | RMB | 6800 | 1614.96 | 5185.04 | Issue 36 |  | Issue 28 | 5185.0 | 51.85 | 5236.89 |
| JY007 | blender | operating equipment |  | tower |  | RMB | 2500 | 356.22 | 2143.78 | Issue 60 |  | Issue 52 | 2143.78 | 21.44 | 2165.22 |
| DZ002 | Desktop PC | Electronic equipment |  | tower | 2 1 | RMB | 11749 | 2790.36 | 8958.64 | Issue 36 |  | Issue 28 | 8958.64 | 89.59 | 9048.23 |
| D2003 | printer | Electronic equipment | HPM281 | tower | 1 | RMB | 4890 | 1161.36 | 3728.6 | Issue 36 |  | Issue 28 | 3728.64 | 37.29 | 3765.93 |
| SC006 | Disinfection pool | Production equipment |  | indivual | 1 | RMB | 7000 | 498.78 | 6501.22 | Issue 120 |  | Issue 112 | 6501.22 | 65.01 | 6566.23 |
| SC007 | water tank | Production equipment |  | set |  | RMB | 61000 | 4346.28 | 56653.72 | Issue 120 |  | Issue 112 | 56653.72 | 566.54 | 57220.26 |
| SC008 | Fire facilities | Production equipment |  | set | 1 | RMB | 60000 | 8550 | 51450 | Issue 60 |  | Issue 52 | 51450 | 514.5 | 51964.5 |
| JY008 | plastic box | operating equipment |  | indivual | 2000 | RMB | 24000 | 3420 | 20580 | Issue 60 |  | Issue 52 | 20580 | 205.8 | 20785.8 |
| JY009 | desk | operating equipment |  | set | 1 | RMB | 25000 | 3166.64 | 21833.36 | Issue 60 |  | Issue 52 | 21833.36 | 218.33 | 22051.69 |
| JYO10 | Crate | operating equipment |  | indivual | 500 | RMB | 110000 | 13933.36 | 96066.64 | Issue 60 |  | Issue 53 | 96066.6 | 960.67 | 97027.27 |
| DZ004 | Instruments for non-metallic mineral products | Electronic equipment |  | indivual | 1 | RMB | 697.75 | 147.28 | 550.47 | Issue 36 |  | Issue 29 | 550.47 | 5.5 | 555.97 |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset compilation and research** | **Asset Name** | **category** | **model** | **unit** | | **quantity** | **Currency** | **original value original currency** | **accumulated depreciation** | **net worth** | **service life** | **remaining life** | **purchase price** | **tax** | **Total price and tax** |
| JYO11 | Tissue culture tray | operating equipment |  | indivual |  | 600 | RMB | 4320 | 547.2 | 3772.8 | Issue 60 | Issue 53 | 3772.8 | 37.73 | 3810.53 |
| DZ005 | Desktop PC | Electronic equipment |  | tower |  | 1 | RMB | 2259 | 417.27 | 1841.73 | Issue 36 | 30 issues | 1841.73 | 18.42 | 1860.15 |
| JY012 | Blast drying oven | operating equipment |  | tower |  |  | RMB | 3465 | 329.16 | 3135.84 | Issue 60 | Issue 54 | 3135.84 | 31.36 | 3167.2 |
| JY013 | Vertical sterilizer | operating equipment |  | tower |  | 1 | RMB | 3215 | 305.4 | 2909.6 | Issue 60 | Issue 54 | 2909.6 | 29.1 | 2938.7 |
| JYO14 | Electronic Daping | operating equipment | JA5003 | tower |  | 1 | RMB | 1880 | 178.62 | 1701.38 | Issue 60 | Issue 54 | 1701.38 | 17.01 | 1718.39 |
| SC009 | Haier refrigerator | Production equipment | 630 liters | tower |  | 1 | RMB | 5998.98 | 284.94 | 5714.04 | Issue 120 | Issue 114 | 5714.04 | 57.14 | 5771.18 |
| JY015 | Tissue Culture Bottle | operating equipment | 100ML | indivual | 2 | 60000 | RMB | 133900 | 8480.32 | 125419.68 | Issue 60 | Issue 51 | 125419.06 | 1254.19 | 126673.25 |
| JY016 | Insect bottle | operating equipment | 100ML | indivual | 2 | 60000 | RMB | 143000 | 9056.68 | 133943.32 | Issue 60 | Issue 56 | 133944.2 | 1339.44 | 135283.64 |
| SC010 | Biological training unit | Production equipment |  | set |  | 11 | RMB | 3150300 | 74819.64 | 3075480.36 | Issue 120 | Issue 117 | 3075180.36 | 30754.76 | 3106235.12 |
| DZ006 | Ozone generator | Electronic equipment |  | tower |  | 1 | RMB | 1448.8] | 114.69 | 1334.12 | Issue 36 | 30 issues | 1334.12 | 13.34 | 1347.46 |
| DZ007 | heater | Electronic equipment | pioneer | tower |  | 1 | RMB | 1197 | 94.77 | 1102.23 | Issue 36 | Issue 28 | 1102.23 | 11.02 | 1113.25 |
| DZ008 | Vacuum cleaner | Electronic equipment | Supor | tower |  | 1 | RMB | 895.6 | 70.89 | 824.71 | Issue 36 | Issue 29 | 824.7 | 8.25 | 832.96 |
| SC011 | Biochemical incubator | Production equipment | SHP-250 | tower |  | 1 | RMB | 6300 | 299.25 | 6000.75 | Issue 60 | Issue 58 | 6000.75 | 60.01 | 6060.76 |
|  | Biological training unit | Production equipment |  | set |  | 4 |  | 2265330 |  | 2265330 |  |  | 2265330.12 | 22653.41 | 2287983.53 |
|  | Biological culture supervision platform | Production equipment |  | set |  |  |  | 664370 |  | 664370 |  |  | 664370 | 6643.72 | 671013.72 |
|  | **total** |  |  |  |  |  |  | **6964196.14** | **162152.2** | **6802043.97** |  |  | **6802044.33** | **68020.55** | **6870064.88** |

---

Annex II: employee roster

**Decision made by the executive director of Chengdu Skyherb Biotechnology Co., Ltd.**

According to the provisions of the company's articles of association, the executive director of Chengdu Zhonghe Sunshine Biotechnology Co., Ltd. decided as follows:

Considering the company's financial situation, it is agreed that the company will transfer its assets to Chengdu Skyherb Biotechnology Co., Ltd. According to the principle that people go with assets, all personnel of the company are also transferred to Chengdu Skyherb Biotechnology Co., Ltd.

---

| |
|:---|
| executive Director |
| (signature) |
| June 14, 2020 |

---

**Decision made by the executive director of Chengdu Skyherb Biotechnology Co., Ltd.**

According to the provisions of the company's articles of association, the executive director of Chengdu Skyherb Biotechnology Co.,

Ltd. decided as follows:

Considering the company's business development, it is agreed that the company will get the transfer of the assets of Chengdu Zhonghe Sunshine Biotechnology Co., Ltd, and receive its personnel at the same time.

---

| |
|:---|
| Executive Director |
| **June 14, 2020** |

---

## Exhibit 14.1

**Exhibit 14.1**

**CODE OF BUSINESS CONDUCT AND ETHICS**

**OF**

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

Adopted by Cordyceps Sunshine Biotech Holdings Co., Ltd. on this 28th day of September, 2021

**I. INTRODUCTION**

This Code of Business Conduct and Ethics (the "Code") helps ensure compliance with legal requirements and our standards of business conduct. This Code applies to directors, officers, and employees of Cordyceps Sunshine Biotech Holdings Co., Ltd. (the "Corporation"). Therefore, all directors, officers and employees of the Corporation are expected to read and understand this Code, uphold these standards in day-to-day activities, comply with all applicable policies and procedures, and ensure that all agents and contractors are aware of, understand and adhere to these standards.

This Code supersedes all other such codes, policies, procedures, instructions, practices, rules or written or verbal representations to the extent they are inconsistent.

**II. YOUR RESPONSIBILITIES TO THE CORPORATION AND ITS SHAREHOLDERS**

**A. General Standards of Conduct**

The Corporation expects all directors, officers, employees, agents, and contractors to exercise good judgment to ensure the safety and welfare of employees, agents, and contractors and to maintain a cooperative, efficient, positive, harmonious, and productive work environment and business organization. These standards apply while working on our premises, at offsite locations where our business is being conducted, at Corporate-sponsored business and social events, or at any other place where any director, officer or employee is acting as a representative of the Corporation.

**B. Applicable Laws**

All Corporate directors, officers, employees, agents, and contractors must comply with all applicable laws, regulations, rules, and regulatory orders. Corporate directors, officers and employees located outside of the United States must comply with laws, regulations, rules, and regulatory orders of the United States, including the Foreign Corrupt Practices Act, in addition to applicable local laws.

Violations of laws, regulations, rules, and orders may subject the director, officer, employee, agent or contractor to individual criminal or civil liability, as well as to discipline by the Corporation. Such individual violations may also subject the Corporation to civil or criminal liability or the loss of business.

**C. Conflicts of Interest**

Although this duty does not prevent any director, officer, and employee from engaging in personal transactions and investments, it does demand avoiding situations where a conflict of interest might occur or appear to occur. The Corporation is subject to scrutiny from many different individuals and organizations. Each director, officer and employee should always strive to avoid even the appearance of impropriety.

**D. Corporate Opportunities**

Employees, officers, and directors may not exploit for their own personal gain opportunities that are discovered using corporate property, information, or position unless the opportunity is disclosed fully in writing to the Corporation's Board and the Board declines to pursue such opportunity.

**E. Protecting the Corporation's Confidential Information**

The Corporation's confidential information is an asset. The Corporation's confidential information includes our database of customer contacts; details regarding our equipment procurement sources; names and lists of customers, suppliers, and employees; and financial information. This information is the property of the Corporation. Every director, officer, employee, agent, and contractor must safeguard it.

This responsibility includes not disclosing the Corporation's confidential information such as information regarding the Corporation's products or business over the internet.

**F. Obligations under Securities Laws "Insider" Trading**

Obligations under the U.S. securities laws apply to everyone. In the normal course of business, officers, directors, employees, agents, contractors, and consultants of the Corporation may come into possession of significant, sensitive information. This information is the property of the Corporation, and any director, officer, or employee in possession of such information has been entrusted with it.

No director, officer or employee may profit from it by buying or selling securities on their own behalf, or passing on the information to others to enable them to profit or for them to profit on behalf of such director, officer, or employee.

**G. Prohibition against Short Selling of Corporate Stock**

No Corporate director, officer or other employee, agent or contractor may, directly or indirectly, sell any equity security of the Corporation. No Corporate director, officer or other employee, agent or contractor may engage in short sales.

**H. Use of Corporation's Assets**

Protecting the Corporation's assets is a key fiduciary responsibility of every director, officer, employee, agent, and contractor. Corporate directors, officers, employees, agents, contractors must not use corporate funds, computers and software for any personal purpose.

**I. Maintaining and Managing Records**

Records include paper documents, CDs, computer hard disks, email, floppy disks, microfiche, microfilm, or all other media. All original executed documents that evidence contractual commitments or other obligations of the Corporation must be forwarded for recording keeping promptly upon completion. Such documents will be maintained and retained in accordance with the Corporation's record retention policies.

**III. DISCIPLINARY ACTIONS**

The matters covered in this Code are of the utmost importance to the Corporation, its stockholders, and its business partners, and are essential to the Corporation's ability to conduct its business in accordance with its stated values. The Corporation expects all its directors, officers, employees, agents, contractors, and consultants to adhere to these rules in carrying out their duties for the Corporation.

The Corporation will take appropriate action against any director, officer, employee, agent, contractor, or consultant whose actions are found to violate these policies or any other policies of the Corporation. Disciplinary actions may include immediate termination of employment or business relationship at the Corporation's sole discretion. Where the Corporation has suffered a loss, it may pursue its remedies against the individuals or entities responsible. Where laws have been violated, the Corporation will cooperate fully with the appropriate authorities.

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Cordyceps Sunshine Biotech Holdings Co., Ltd.**

---

| | |
|:---|:---|
| **Subsidiaries** | **Place of Incorporation** |
| Cordyceps Sunshine Biotech Co., Limited. (Hong Kong) | Hong Kong SAR |
| Chengdu Skyherb Biotechnology Co., Ltd. (China) | People's Republic of China |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders

Cordyceps Sunshine Biotech Holdings Co., Ltd.

We hereby consent to the use of our report dated September 20, 2022, with respect to the financial statements of Cordyceps Sunshine Biotech Holdings Co., Ltd., incorporated in the Registration Statement on Form F-1 of Cordyceps Sunshine Biotech Holdings Co., Ltd. to be filed on about January 20, 2023. We also consent to the use of our name and the reference to us in the Experts section of the Registration Statement.

/s/Keith K Zhen CPA

Keith K Zhen CPA

Brooklyn, New York,

January 20, 2023

## Exhibit 23.4

**Exhibit 23.4**

December 5, 2022

**Cordyceps Sunshine Biotech Holdings Co., Ltd.**

6th Fl., No. 15, Lane 548, Ruiguang Road

Neihu District, Taipei City, Taiwan

**<u>Re: Consent of Professor Quansen Li</u>**

Ladies and Gentlemen,

Reference is made to the registration statement on Form F-1 (the "Registration Statement") filed by Cordyceps Sunshine Biotech Holdings Co., Ltd. (the "Company") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended.

I hereby consent to the use of and references to my name and the inclusion of the statement that "currently there is no other institution that can completely cultivate and produce Cordyceps like Chengdu Skyherb Biotechnology Co., Ltd, [operating subsidiary of the Company]", (i) in the Registration Statement and any amendments thereto; (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K and other SEC filings (collectively, the "SEC Filings"), and (iv) on the websites or in the publicity materials of the Company and its subsidiaries and affiliates.

I further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings by the Company for the use of my statement cited for the above-mentioned purposes.

Yours faithfully,

---

| |
|:---|
| */s/ Quansen Li* |
| Name: Quansen Li |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

… F-1 …

(Form Type)

…………………………… Cordyceps Sunshine Biotech Holdings Co., Ltd..………………………..…

(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 Unsold<br> Securities to<br> be 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 Paid | Equity | Ordinary Shares, par value US$0.0001 per share (1) | 457 (o) | 11120000 | $0.02 | $222400 | $0.00011020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |  |  |  |  |
| **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 Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  | $40050797 |  |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  | $4415 |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $0 |  |  |  |  |  |

---

(1) Pursuant to Rule 416 under the Securities Act, there are
also being registered such indeterminate number of additional securities as may be issued to prevent dilution resulting from share splits,
share dividends or similar transactions.

(2) The 11,120,000 ordinary shares being registered were issued to
certain selling shareholders in private placements conducted on August 13, 2021.