# EDGAR Filing Document

**Accession Number:** 0002007702
**File Stem:** 0001213900-25-096731
**Filing Date:** 2025-10
**Character Count:** 97127
**Document Hash:** 40382884d4bedfe21ba71fd7333cc9d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-096731.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001213900-25-096731

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251006

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hong Kong Pharma Digital Technology Holdings Ltd
- **CENTRAL INDEX KEY:** 0002007702
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42468
- **FILM NUMBER:** 251377957

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM B1, 5/F. WELL TOWN IND. BUILDING
- **STREET 2:** 13 KO FAI ROAD, YAU TONG
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** (852) 26189289

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM B1, 5/F. WELL TOWN IND. BUILDING
- **STREET 2:** 13 KO FAI ROAD, YAU TONG
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** K3

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16**

**OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of October 2025

Commission File Number 001-42468

**Hong Kong Pharma Digital Technology Holdings Limited**

(Registrant's Name)

**Room B1, 5/F., Well Town Industrial Building,<br> 13 Ko Fai Road, Yau Tong, Kowloon**

**Hong Kong**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

**<u>Resignation of Chief Executive Officer, Director, Chief Financial Officer and Chief Operating Officer</u>**

On October 6, 2025, the Board of Directors (the "Board") of Hong Kong Pharma Digital Technology Holdings Limited (the "Company") received and accepted the resignation of Mr. Wong Lap Sun ("Mr. Wong") from his position as Chief Executive Officer, the resignation of Mr. Zhifang Zhang ("Mr. Zhang") from his position as Executive Director, and the resignation of Mr. Kwok Man Bun ("Mr. Kwok") from his position as Chief Financial Officer effective immediately. Each of Mr. Wong, Mr. Zhang and Mr. Kwok resigned for personal reasons and not due to any disagreement with the Company or the Board on any matter relating to the Company's operations, policies, or practices.

Previously on April 30, 2025, the Board received and accepted the resignation of Ms. Yingying Li ("Ms. Li") from her position as Chief Operating Officer, effective immediately. Ms. Li resigned for personal reasons and not due to any disagreement with the Company or the Board on any matter relating to the Company's operations, policies, or practices.

**<u>Appointment of Chief Executive Officer, Chief Financial Officer and Chief Strategy Officer</u>**

Effective on October 6, 2025, the Board appointed Mr. Chenyu Liang ("Mr. Liang") as Director and Chief Executive Officer, Ms. Shu Liu ("Ms. Liu") as Chief Financial Officer and Mr. Zifeng Wang ("Mr. Wang") as Chief Strategy Officer of the Company.

Mr. Liang's experience spans several industries and includes both managing day-to-day business activities and directing long-term initiatives, including experience serving as a CEO. From September 2023 to September 2025, he held the position of Chief Executive Officer at Jiangsu Miaodong Trading Group, where he was responsible for multinational corporate operations, supply chain management, strategic planning, and organizational oversight. Mr. Liang received a Bachelor of Laws degree from Dongbei University of Finance and Economics in 2023. Mr. Liang will contribute to the Company's overall management and support the execution of its strategic objectives.

Ms. Liu has rich experience in financial management and compliance, including key roles such as Chief Executive Officer, investment advisors and finance manager with responsibilities encompassing accounting, budgeting, internal controls, and the implementation of financial systems. From August 2024, she serves as Chief Executive Officer of Shenzhen Yingdatongli Investment Group Co., Ltd., where she was responsible for the company's acquisition work. From August 2023 to August 2024, she held an Investment Advisor position at Guosen Securities Co., Ltd., where she was responsible for providing advice to investors. Ms. Liu received a Master's degree from Sun Yat-sen University in 2019 and qualified as an Intermediate Economist. Ms. Liu will contribute to the Company's financial operations and ongoing compliance initiatives.

Mr. Zifeng Wang has over 25 years of experience of enterprise management, investment operation and property management, including those in biotechnology sectors. He currently serves as the Chairman of the Board of Zhejiang Shengyan Biotechnology Co., Ltd from November 2024, where he previously served as the General Manager from November 2020 to October 2024. From January 2015 to October 2020, Mr. Wang served as Chairman of the Board of Hangzhou Jinqi Automobile Co., Ltd. He received a Master's degree in management from Huazhong University of Science and Technology in 2009. With his core leadership roles in multiple companies, Mr. Wang will contribute to the Company's overall business operation, strategic planning, and cross-industry resource integration.

The Company entered into employment agreements with Mr. Liang, Ms. Liu and Mr. Wang, respectively, which establish other terms and conditions governing their respective service to the Company. Mr. Liang, Ms. Liu and Mr. Wang will receive an annual base salary of HKD100,000, HKD100,000 and HKD70,000, respectively, for their services as the Chief Executive Officer, Chief Financial Officer, and Chief Strategy Officer.

Each of the employment agreements with Mr. Liang, Ms. Liu and Mr. Wang is qualified in its entirety by reference to the complete text of such employment agreement, which is filed hereto as Exhibit 99.1, 99.2 and 99.3, respectively.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibits<br> Number | Description |
| 99.1 | [Employment Agreement, dated October 6, 2025 by and between the Company and Chenyu Liang](ea026047201ex99-1_hongkong.htm) |
| 99.2 | [Employment Agreement, dated October 6, 2025 by and between the Company and Shu Liu](ea026047201ex99-2_hongkong.htm) |
| 99.3 | [Employment Agreement, dated October 6, 2025 by and between the Company and Zifeng Wang](ea026047201ex99-3_hongkong.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: October 6, 2025

---

| | |
|:---|:---|
| **Hong Kong Pharma Digital Technology Holdings Limited** | **Hong Kong Pharma Digital Technology Holdings Limited** |
| */s/ Liang Chenyu* | */s/ Liang Chenyu* |
| Name: | Liang Chenyu |
| Title: | Director and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement"</u>), is entered into as of [06/10/2025] (the "<u>Effective Date</u>"), by and between Hong Kong Pharma Digital Technology Holdings Limited, a Cayman Islands exempted company (the "<u>Company</u>") and Chenyu Liang, 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 variable interest entity (collectively, the "<u>Group</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as its Chief Executive Officer, and member of the board of directors and to assure itself of the services of the Executive during the term of Employment (as defined below); and

WHEREAS, the Executive desires to be employed by the Company as its Chief Executive Officer and member of the board of directors during the term of Employment and upon the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:

**1.** **POSITION** 

The Executive hereby accepts the position of Chief Executive Officer and member of the board of directors (the "<u>Employment</u>") of the Company.

**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be [one] years commencing on the Effective Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party within thirty (30) days prior to the expiration of the applicable term.

**3.** **DUTIES AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive's duties at the Company will include all the duties
and responsibilities associated with a Chief Executive Officer of a U.S. listed public company with its primary operations in Hong Kong.
As Chief Executive Officer of the Company, the Executive shall be primarily responsible for the day-to-day operations and affairs of the
Company, as well as all tasks and responsibilities normally associated with the offices of Chief Executive Officer of a business of similar
size and nature to the Company. During the term of his Employment, Executive shall report to and be responsible to the Company's
board of directors (including any designated audit or other committee thereof) (the " <u>Board</u> "). Executive shall also
perform such other duties and responsibilities as may be determined by the Board, as long as such duties and responsibilities are consistent
with those of the Company's Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive shall devote all of his working time, attention and skills
to the performance of his duties to the Company and the Group and shall faithfully and diligently serve the Company and the Group in accordance
with this Agreement, the memorandum and articles of association of the Company, as amended and restated from time to time, and the guidelines,
policies and procedures of the Company approved from time to time by the Board.

&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 member of the Group, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company or any member of the Group engages (any such business or entity, a "Competitor"), provided that nothing in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding equity of any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his 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 his 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 from 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.** **LOCATION** 

The Executive will be based in [Shenzhen City]. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance with its operational requirements.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Base Salary. The Executive's initial pre-tax base salary shall
be [100,000HKD] per year, paid [annually] in arrears in accordance with the Company's regular payroll practices, and such compensation
is subject to annual review and adjustment by the Board in its sole discretion. The Executive shall also be entitled to receive salary,
as and in the amount approved by the Board, from any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Bonus. The Executive shall be eligible for cash bonuses as
determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Equity Incentives. To the extent the Company adopts and maintains
an equity 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;(d) Benefits. 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, provided that such plans shall
be subject to review and approval by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) D&O Insurance. The Company shall use its commercially
reasonable efforts to purchase a director and officer insurance policy and include the Executive as an insured officer under such policy
during the term of Executive's employment.

**7.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) By the Company.

&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;(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;(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;(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 not less than fifteen (15) days to cure such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Executive violates Sections 8, 9 or 10 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;(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;(1) the Executive has died, or

&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;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon thirty (30) days' prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: a cash payment of three months of the Executive's base salary as of the date of such termination.

Upon termination without cause, the Executive shall also be entitled to the amount of base salary earned and not paid prior to termination.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&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 three months of the Executive's base salary at a rate equal to the greater of his annual salary in effect immediately prior to the termination, or his then current annual 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; (3) payment of premiums for continued health benefits under the Company's health plans for three months following the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with thirty (30) days' prior written notice to the Company without cause, if (1) there is a material reduction in the Executive's authority, duties and responsibilities unless such reduction was made with his consent, or (2) there is a material reduction in the Executive's annual salary (the occurrences in (1) and (2) being referred to as " <u>Good Reason</u> "). 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 three 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.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination</u>. Any termination of the Executive's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>. The Executive hereby agrees at all times during the term of the Employment and after its 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 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;(b) <u>Company Property. 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.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information. 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.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**9.** **CONFLICTING EMPLOYMENT** 

The Executive hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

**10.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the salary paid to the Executive by the Company, the Executive agrees that during the term of the Employment and for a period of twelve (12) months following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive will not approach clients, customers or contacts of the Company or the Group, users of the Company's or the Group's services, or other persons or entities introduced to the Executive in the Executive's capacity as a representative of the Company or the Group for the purposes of doing business with such persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Executive will not assume employment with or provide services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

&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 officer, director, or employee of or consultant to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months preceding such termination.

The provisions contained in Section 10 are considered reasonable by the Executive in order to protect the legitimate business interest of the Company and the Group. 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 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Executive acknowledges that there will be no adequate remedy at law, and the Company or the applicable member of the Group 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 or any applicable member of the Group shall have right to seek all remedies permissible under applicable law.

**11.** **INDEMNIFICATION.** 

The Company shall, to the maximum extent provided under applicable law, indemnify and hold the Executive harmless from and against any expenses, including reasonable attorneys' fees, judgments, fines, settlements and other legally permissible amounts ("<u>Losses</u>"), incurred in connection with any proceeding arising out of, or related to, his performance of the Employment, other than any such Losses incurred as a result of the Executive's fraud, willful default, gross negligence or willful misconduct. The Company shall advance to the Executive 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 the Executive 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 the Executive or on his behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that the Executive is not entitled to be indemnified by the Company.

**12.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

**13.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a 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.

**14.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

**15.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

**16.** **GOVERNING LAW; JURISDICTION** 

This Agreement and all issues pertaining to the Employment or the termination of the Employment shall be governed and interpreted in accordance with the laws of New York without regard to choice of law principles, except the arbitration provision which shall be governed by the Federal Arbitration Act. Executive agrees that if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement will nonetheless remain binding and in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive relief available under Section 10 hereof, which cannot be resolved by negotiations between the Executive and the Company shall be submitted to, and solely determined by, final and binding arbitration conducted by the American Arbitration Association ("<u>AAA</u>") in accordance with its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award of the arbitrator in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation or enforcement of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions regarding whether or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in the AAA New York City Office, or such other place as the parties may mutually agree. Judgment upon the award by the arbitrator may be entered in any court having jurisdiction, including in the People's Republic of China or Hong Kong. The arbitrator shall award costs and attorney fees to the prevailing party. As part of this Agreement, Executive agrees that Executive may not participate in a representative capacity or as a member of any class of claims pertaining to any claim against the Company. There is no right or authority for any claims subject to this Agreement to be arbitrated on a class or collective action basis or on any basis involving claims brought in a purported representative capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited. Furthermore, claims brought by or against either the Company or the Executive may not be joined or consolidated in the arbitration with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties involved.

**17.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

**18.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

**19.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery, or (iv) by email, to the last known address of the other party, with communications to the Company being to the attention of the Company's Board of Directors.

**20.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic or electronic copies of such signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered by electronic means.

**21.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, or he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of this page has been intentionally left blank.]*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Hong Kong Pharma Digital Technology Holdings Limited** | **Hong Kong Pharma Digital Technology Holdings Limited** |
| By: | /s/ Wong Lap Sun |
| Name: | Wong Lap Sun |
| Title: | Director |

---

---

| | |
|:---|:---|
| **Executive** | **Executive** |
| Signature: | /s/ Chenyu Liang |
| Name: | Chenyu Liang |

---

## Exhibit 99.2

**Exhibit 99.2**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement"</u>), is entered into as of Oct 06, 2025 (the "<u>Effective Date</u>"), by and between Hong Kong Pharma Digital Technology Holdings Limited, a Cayman Islands exempted company (the "<u>Company</u>") and Shu Liu , 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 variable interest entity (collectively, the "<u>Group</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as its Chief Financial Officer and to assure itself of the services of the Executive during the term of Employment (as defined below); and

WHEREAS, the Executive desires to be employed by the Company as its Chief Financial Officer during the term of Employment and upon the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:

1. POSITION

The Executive hereby accepts the position of Chief Financial Officer (the "<u>Employment</u>") of the Company.

2. TERM

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be one year commencing on the Effective Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one (1) terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party within thirty (30) days prior to the expiration of the applicable term.

3. DUTIES AND RESPONSIBILITIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive's duties at the Company will include
all the duties and responsibilities associated with a Chief Financial Officer of a U.S. listed public company with its primary operations
in Hong Kong. As Chief Financial Officer of the Company, the Executive shall be primarily responsible for the financial operations and
ongoing compliance initiatives, as well as all tasks and responsibilities normally associated with the offices of Chief Financial Officer
of a business of similar size and nature to the Company. During the term of his Employment, Executive shall report to and be responsible
to the Company's board of directors (including any designated audit or other committee thereof) (the " <u>Board</u> ").
Executive shall also perform such other duties and responsibilities as may be determined by the Board, as long as such duties and responsibilities
are consistent with those of the Company's Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive shall devote all of his working time, attention
and skills to the performance of his duties to the Company and the Group and shall faithfully and diligently serve the Company and the
Group in accordance with this Agreement, the memorandum and articles of association of the Company, as amended and restated from time
to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&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 member of the Group, and shall not be concerned or interested in any business or entity that engages in the same business in
which the Company or any member of the Group engages (any such business or entity, a "Competitor"), provided that nothing
in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding equity of any Competitor that
is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his
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 his 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 from 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. LOCATION

The Executive will be based in [Shenzhen]. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance with its operational requirements.

6. COMPENSATION AND BENEFITS

&nbsp;&nbsp;&nbsp;&nbsp;(a) Base Salary. The Executive's initial pre-tax base salary
shall be 100,000HKD per year, paid annually in arrears in accordance with the Company's regular payroll practices, and such compensation
is subject to annual review and adjustment by the Board in its sole discretion. The Executive shall also be entitled to receive salary,
as and in the amount approved by the Board, from any member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Bonus. The Executive shall be eligible for cash bonuses as
determined by the Board in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Equity Incentives. To the extent the Company adopts and maintains
an equity 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;(d) Benefits. 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, provided that such plans shall
be subject to review and approval by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) D&O Insurance. The Company shall use its commercially
reasonable efforts to purchase a director and officer insurance policy and include the Executive as an insured officer under such policy
during the term of Executive's employment.

7. TERMINATION OF THE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;(a) By the Company.

&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;(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;(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;(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 not less than fifteen (15) days to cure such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Executive violates Sections 8, 9 or 10 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;(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;(1) the Executive has died, or

&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;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon thirty (30) days' prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: a cash payment of three months of the Executive's base salary as of the date of such termination.

Upon termination without cause, the Executive shall also be entitled to the amount of base salary earned and not paid prior to termination.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&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 three months of the Executive's base salary at a rate equal to the greater of his annual salary in effect immediately prior to the termination, or his then current annual 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; (3) payment of premiums for continued health benefits under the Company's health plans for three months following the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive</u>. The Executive may terminate the
Employment at any time with thirty (30) days' prior written notice to the Company without cause, if (1) there is a material reduction
in the Executive's authority, duties and responsibilities unless such reduction was made with his consent, or (2) there is a material
reduction in the Executive's annual salary (the occurrences in (1) and (2) being referred to as " <u>Good Reason</u> ").
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 three 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.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination</u>. Any termination of the Executive's
employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.
The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

8. CONFIDENTIALITY AND NONDISCLOSURE

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>. The Executive
hereby agrees at all times during the term of the Employment and after its 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 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;(b) <u>Company Property. 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.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information. 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.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Party Information</u>. The Executive recognizes
that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject
to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes.
The Executive agrees that the Executive owes the Company and such third parties, during the Executive's employment by the Company
and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to
any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement
with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

9. CONFLICTING EMPLOYMENT

The Executive hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

10. NON-COMPETITION AND NON-SOLICITATION

In consideration of the salary paid to the Executive by the Company, the Executive agrees that during the term of the Employment and for a period of twelve (12) months following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive will not approach clients, customers or contacts
of the Company or the Group, users of the Company's or the Group's services, or other persons or entities introduced to the
Executive in the Executive's capacity as a representative of the Company or the Group for the purposes of doing business with such
persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Executive will not assume employment with or provide
services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise,
in any Competitor; and

&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 officer, director, or employee of or consultant
to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months
preceding such termination.

The provisions contained in Section 10 are considered reasonable by the Executive in order to protect the legitimate business interest of the Company and the Group. 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 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Executive acknowledges that there will be no adequate remedy at law, and the Company or the applicable member of the Group 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 or any applicable member of the Group shall have right to seek all remedies permissible under applicable law.

11. INDEMNIFICATION.

The Company shall, to the maximum extent provided under applicable law, indemnify and hold the Executive harmless from and against any expenses, including reasonable attorneys' fees, judgments, fines, settlements and other legally permissible amounts ("<u>Losses</u>"), incurred in connection with any proceeding arising out of, or related to, his performance of the Employment, other than any such Losses incurred as a result of the Executive's fraud, willful default, gross negligence or willful misconduct. The Company shall advance to the Executive 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 the Executive 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 the Executive or on his behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that the Executive is not entitled to be indemnified by the Company.

12. WITHHOLDING TAXES

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

13. ASSIGNMENT

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a 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.

&nbsp;&nbsp;&nbsp;&nbsp;14. SEVERABILITY

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

15. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;16. GOVERNING LAW; JURISDICTION

This Agreement and all issues pertaining to the Employment or the termination of the Employment shall be governed and interpreted in accordance with the laws of New York without regard to choice of law principles, except the arbitration provision which shall be governed by the Federal Arbitration Act. Executive agrees that if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement will nonetheless remain binding and in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive relief available under Section 10 hereof, which cannot be resolved by negotiations between the Executive and the Company shall be submitted to, and solely determined by, final and binding arbitration conducted by the American Arbitration Association ("<u>AAA</u>") in accordance with its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award of the arbitrator in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation or enforcement of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions regarding whether or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in the AAA New York City Office, or such other place as the parties may mutually agree. Judgment upon the award by the arbitrator may be entered in any court having jurisdiction, including in the People's Republic of China or Hong Kong. The arbitrator shall award costs and attorney fees to the prevailing party. As part of this Agreement, Executive agrees that Executive may not participate in a representative capacity or as a member of any class of claims pertaining to any claim against the Company. There is no right or authority for any claims subject to this Agreement to be arbitrated on a class or collective action basis or on any basis involving claims brought in a purported representative capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited. Furthermore, claims brought by or against either the Company or the Executive may not be joined or consolidated in the arbitration with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties involved.

17. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

18. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

19. NOTICES

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery, or (iv) by email, to the last known address of the other party, with communications to the Company being to the attention of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;20. COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic or electronic copies of such signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;21. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, or he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

*[Remainder of this page has been intentionally left blank.]*

 

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **Hong Kong Pharma Digital Technology Holdings Limited** | **Hong Kong Pharma Digital Technology Holdings Limited** |
| By: | /s/ Chenyu Liang |
| Name: | Chenyu Liang |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| **Executive** | **Executive** |
| Signature: | /s/ Shu Liu |
| Name: | Shu Liu |

---

## Exhibit 99.3

**Exhibit 99.3**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "<u>Agreement"</u>), is entered into as of October 06, 2025 (the "<u>Effective Date</u>"), by and between Hong Kong Pharma Digital Technology Holdings Limited, a Cayman Islands exempted company (the "<u>Company</u>") and Zifeng Wang , 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 variable interest entity (collectively, the "<u>Group</u>").

**RECITALS**

WHEREAS, the Company desires to employ the Executive as its Chief Strategy Officer and to assure itself of the services of the Executive during the term of Employment (as defined below); and

WHEREAS, the Executive desires to be employed by the Company as its Chief Strategy Officer during the term of Employment and upon the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **POSITION** 

The Executive hereby accepts the position of Chief Strategy Officer (the "<u>Employment</u>") of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **TERM** 

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be 1 year commencing on the Effective Date, unless terminated earlier pursuant to the terms of this Agreement.

**3.** **DUTIES AND RESPONSIBILITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive's duties at the Company will include all the duties and responsibilities associated with a Chief Strategy Officer of a U.S. listed public company with its primary operations in Hong Kong. As Chief Strategy Officer of the Company, the Executive shall be primarily responsible for the support of the execution of its strategic objectives, as well as all tasks and responsibilities normally associated with the offices of Chief Strategy Officer of a business of similar size and nature to the Company. During the term of his Employment, Executive shall report to and be responsible to the Company's board of directors (including any designated audit or other committee thereof) (the " <u>Board</u> "). Executive shall also perform such other duties and responsibilities as may be determined by the Board, as long as such duties and responsibilities are consistent with those of the Company's Chief Strategy Officer.

(b) The Executive shall devote all of his working time, attention and skills to the performance of his duties to the Company and the Group and shall faithfully and diligently serve the Company and the Group in accordance with this Agreement, the memorandum and articles of association of the Company, as amended and restated from time to time, 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;(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 member of the Group, and shall not be concerned or interested in any business or entity
that engages in the same business in which the Company or any member of the Group engages (any such business or entity, a "Competitor"),
provided that nothing in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding equity of
any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company
in writing of his 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 his 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 from 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.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **LOCATION** 

The Executive will be based in Shenzhen. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance with its operational requirements.

**6.** **COMPENSATION AND BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Base Salary. The Executive's initial pre-tax base salary shall be 70,000 HKD per year, paid annually in arrears in accordance with the Company's regular payroll practices, and such compensation is subject to annual review and adjustment by the Board in its sole discretion. The Executive shall also be entitled to receive salary, as and in the amount approved by the Board, from any member of the Group.

(b) Bonus. The Executive shall be eligible for cash bonuses as determined by the Board in its sole discretion.

(c) Equity Incentives. To the extent the Company adopts and maintains an equity incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

(d) Benefits. 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, provided that such plans shall be subject to review and approval by the Board.

(e) Expenses. 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.

(f) D&O Insurance. The Company shall use its commercially reasonable efforts to purchase a director and officer insurance policy and include the Executive as an insured officer under such policy during the term of Executive's employment.

**7.** **TERMINATION OF THE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By the Company.

&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;(1) the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

(2) the Executive has been grossly negligent or acted dishonestly to the detriment of the Company;

(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 not less than fifteen (15) days to cure such failure; or

(4) the Executive violates Sections 8, 9 or 10 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;(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;(1) the Executive has died, or

(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;(iii) <u>Without Cause</u>. The Company may terminate the Employment without cause, at any time, upon thirty (30) days' prior written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: a cash payment of three months of the Executive's base salary as of the date of such termination.

Upon termination without cause, the Executive shall also be entitled to the amount of base salary earned and not paid prior to termination.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&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 three months of the Executive's base salary at a rate equal to the greater of his annual salary in effect immediately prior to the termination, or his then current annual 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; (3) payment of premiums for continued health benefits under the Company's health plans for three months following the termination; and (4) 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;(b) <u>By the Executive</u>. The Executive may terminate the Employment at any time with thirty (30) days' prior written notice to the Company without cause, if (1) there is a material reduction in the Executive's authority, duties and responsibilities unless such reduction was made with his consent, or (2) there is a material reduction in the Executive's annual salary (the occurrences in (1) and (2) being referred to as " <u>Good Reason</u> "). 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 three 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.

In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination</u>. Any termination of the Executive's employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

**8.** **CONFIDENTIALITY AND NONDISCLOSURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentiality and Non-Disclosure</u>. The Executive hereby agrees at all times during the term of the Employment and after its 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 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.

(b) <u>Company Property. 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.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information. 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.</u> 

(d) <u>Third Party Information</u>. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third parties, during the Executive's employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company's agreement with such third party.

This Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek remedies permissible under applicable law.

**9.** **CONFLICTING EMPLOYMENT** 

The Executive hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive's employment, nor will the Executive engage in any other activities that conflict with his obligations to the Company without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **NON-COMPETITION AND NON-SOLICITATION** 

In consideration of the salary paid to the Executive by the Company, the Executive agrees that during the term of the Employment and for a period of twelve (12) months following the termination of the Employment for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive will not approach clients, customers or contacts of the Company or the Group, users of the Company's or the Group's services, or other persons or entities introduced to the Executive in the Executive's capacity as a representative of the Company or the Group for the purposes of doing business with such persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

(b) the Executive will not assume employment with or provide services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

(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 officer, director, or employee of or consultant to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months preceding such termination.

The provisions contained in Section 10 are considered reasonable by the Executive in order to protect the legitimate business interest of the Company and the Group. 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 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Executive acknowledges that there will be no adequate remedy at law, and the Company or the applicable member of the Group 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 or any applicable member of the Group shall have right to seek all remedies permissible under applicable law.

**11.** **INDEMNIFICATION.** 

The Company shall, to the maximum extent provided under applicable law, indemnify and hold the Executive harmless from and against any expenses, including reasonable attorneys' fees, judgments, fines, settlements and other legally permissible amounts ("<u>Losses</u>"), incurred in connection with any proceeding arising out of, or related to, his performance of the Employment, other than any such Losses incurred as a result of the Executive's fraud, willful default, gross negligence or willful misconduct. The Company shall advance to the Executive 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 the Executive 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 the Executive or on his behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that the Executive is not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **WITHHOLDING TAXES** 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **ASSIGNMENT** 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a 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.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **SEVERABILITY** 

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **ENTIRE AGREEMENT** 

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in writing and signed by the Executive and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **GOVERNING LAW; JURISDICTION** 

This Agreement and all issues pertaining to the Employment or the termination of the Employment shall be governed and interpreted in accordance with the laws of New York without regard to choice of law principles, except the arbitration provision which shall be governed by the Federal Arbitration Act. Executive agrees that if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement will nonetheless remain binding and in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive relief available under Section 10 hereof, which cannot be resolved by negotiations between the Executive and the Company shall be submitted to, and solely determined by, final and binding arbitration conducted by the American Arbitration Association ("<u>AAA</u>") in accordance with its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award of the arbitrator in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation or enforcement of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions regarding whether or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in the AAA New York City Office, or such other place as the parties may mutually agree. Judgment upon the award by the arbitrator may be entered in any court having jurisdiction, including in the People's Republic of China or Hong Kong. The arbitrator shall award costs and attorney fees to the prevailing party. As part of this Agreement, Executive agrees that Executive may not participate in a representative capacity or as a member of any class of claims pertaining to any claim against the Company. There is no right or authority for any claims subject to this Agreement to be arbitrated on a class or collective action basis or on any basis involving claims brought in a purported representative capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited. Furthermore, claims brought by or against either the Company or the Executive may not be joined or consolidated in the arbitration with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties involved.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **AMENDMENT** 

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **WAIVER** 

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **NOTICES** 

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day delivery, or (iv) by email, to the last known address of the other party, with communications to the Company being to the attention of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.

Photographic or electronic copies of such signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **NO INTERPRETATION AGAINST DRAFTER** 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, or he has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms.

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IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

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| | |
|:---|:---|
| **Hong Kong Pharma Digital Technology Holdings Limited** | **Hong Kong Pharma Digital Technology Holdings Limited** |
| By: | /s/ Chenyu Liang |
| Name: | Chenyu Liang |
| Title: | Chief Executive Officer |
| **Executive** | **Executive** |
| Signature: | /s/ Zifeng Wang |
| Name: | Zifeng Wang |

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